How Much Does 2016 BMW 5 Series Insurance Cost?

Want better auto insurance rates for your BMW 5 Series? Shopping for lower priced auto insurance online is somewhat intimidating for consumers new to comparing rates and buying auto insurance on the web. Since there are so many companies competing online, how are consumers expected to have the ability to compare them all to find the cheapest available price?

How to shop car insurance online

All major car insurance companies like State Farm, Allstate and GEICO give prices from their websites. The process is very simple as you just enter into a form. Once you submit the form, their rating system will obtain reports for credit and driving violations and generates a price based on these factors.

This simplifies rate comparisons, but the time it takes to visit multiple sites and type in your information can be a bit repetitive. But it is imperative to perform this step if you are searching for better car insurance pricing.

There is a better way to compare rates

The easiest way to lower your car insurance bill uses just one form that obtains quotes from more than one company. It saves time, requires much less work on your part, and makes online shopping much simpler. As soon as you send your information, it is rated and you can choose any one of the quotes returned. If you find a better price you can simply submit the application and buy the policy. The entire process can be completed in a matter of minutes and may save quite a bit of money.

To quickly find out how much you can save on car insurance, click here to open in new window and submit the form. If you currently have coverage, we recommend you enter your coverages identical to your current policy. This helps ensure you will receive rate comparison quotes based on similar coverages.

The BMW 5 Series insurance rate equation

Consumers need to have an understanding of some of the factors that help calculate your policy premiums. When you understand what determines premiums, this helps enable you to make changes that may reward you with lower car insurance prices. Many different elements are taken into consideration when you quote your car insurance policy. Most are fairly basic like an MVR report, although some other factors are more transparent such as your credit history or your commute time.

  • Males are more aggressive – Statistics show that females tend to be a little less risky than males. The data does not necessarily mean that females are better drivers. They both are in auto accidents at a similar rate, but males cause more damage and cost insurance companies more money. Men also get more serious tickets like driving under the influence (DUI). Teenage male drivers generally have the highest accident percentage and are penalized with high car insurance rates.
  • Combining policies can get discounts – Some insurance companies give lower prices to policyholders that purchase more than one policy, otherwise known as a multi-policy discount. The amount of the discounts can be ten percent or more. Even if you qualify for this discount already, consumers should still compare other insurance prices to ensure the best deal. Drivers may still find lower rates even if you have your coverage with different companies
  • Stay claim-free and save – If you frequently file small claims, don’t be surprised to see higher rates. Companies award better rates to people that do not abuse their auto insurance. Your insurance policy is intended to be relied upon for major claims that would cause financial hardship.
  • How many miles do you drive? – The higher the miles on your BMW every year the higher the price you pay to insure it. A lot of insurance companies rate vehicles based on how the vehicle is used. Cars and trucks that are left in the garage qualify for better rates than vehicles that are driven to work every day. Make sure your declarations sheet reflects the right rating data. A policy that improperly rates your 5 Series is throwing money out the window.
  • Prevent car insurance policy lapses – Having a lapse in insurance coverage is a sure-fire way to pay more for car insurance. In addition to paying higher rates, being ticketed for driving with no insurance may earn you fines or a revoked license. You could then be forced to submit proof of financial responsibility or a SR-22 with your state motor vehicle department to get your license reinstated.
  • Rates can be impacted by your employer – Occupations like real estate brokers, business owners and financial analysts are shown to have higher average rates in part from intense work situations and lots of time spent at work. Conversely, careers like actors, engineers and homemakers pay the least on 5 Series insurance.
  • Optional features can affect rates – Buying a car with advanced anti-theft systems can save you a little every year. Anti-theft devices such as OnStar, LoJack tracking, and tamper alarms can help prevent vehicle theft.

Insurance rates and discounts

Companies offering auto insurance don’t always publicize all possible discounts very well, so the following is a list of some of the best known in addition to some of the lesser obvious discounts that you may qualify for.

  • Multi-policy Discount – If you have multiple policies with the same insurance company you may earn up to 20% off your total premium.
  • Discount for Life Insurance – Not every insurance company offers life insurance, but if they do you may earn better insurancerates if you take out life insurance.
  • Passive Restraint Discount – Vehicles equipped with air bags and/or automatic seat belt systems may earn rate discounts of 25 to 30%.
  • Defensive Driving Course – Successfully completing a safe driver class could earn you a small percentage discount if your company offers it.
  • Seat Belt Discounts – Using a seat belt and requiring all passengers to use a seat belt can save 10% or more off the PIP or medical payment premium.
  • Discount for Swiching Early – Some insurance companies give discounts for renewing your policy before your current policy expires. The savings is around 10%.
  • Good Students Pay Less – A discount for being a good student can get you a discount of up to 25%. This discount can apply up to age 25.
  • Payment Discounts – By making one initial payment rather than paying monthly you can actually save on your bill.
  • 55 and Retired – Seniors may qualify for a small discount on rates on 5 Series insurance.
  • No Accidents – Insureds with no claims or accidents pay less when compared with drivers with a long claim history.

Consumers should know that some of the credits will not apply to the entire cost. Some only apply to specific coverage prices like comprehensive or collision. Just because it seems like adding up those discounts means a free policy, companies don’t profit that way.

Larger insurance companies and some of the discounts are included below.

  • Progressive includes discounts for multi-vehicle, continuous coverage, good student, online signing, online quote discount, and homeowner.
  • Farmers Insurance may include discounts for teen driver, bundle discounts, multi-car, youthful driver, electronic funds transfer, distant student, and early shopping.
  • Farm Bureau has discounts for good student, safe driver, multi-policy, multi-vehicle, youthful driver, renewal discount, and 55 and retired.
  • State Farm may offer discounts for anti-theft, driver’s education, multiple autos, good student, safe vehicle, Drive Safe & Save, and passive restraint.
  • GEICO policyholders can earn discounts including federal employee, seat belt use, good student, driver training, defensive driver, and daytime running lights.
  • SAFECO discounts include safe driver, bundle discounts, anti-lock brakes, teen safety rewards, and accident prevention training.
  • Liberty Mutual offers premium reductions for multi-policy, teen driver discount, new graduate, newly retired, and multi-car.

Before you buy a policy, ask every prospective company which discounts can lower your rates. Some of the earlier mentioned discounts may not apply to policyholders in every state.

Situations that may require an agent’s advice

When it comes to buying adequate coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Each situation is unique.

For example, these questions may help highlight if you will benefit from professional help.

  • What is high-risk coverage and where do I buy it?
  • Does my 2016 BMW 5 Series need full coverage?
  • How can I get my company to pay me more for my totalled car?
  • Is my babysitter covered when using my vehicle?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Do I need replacement cost coverage?
  • Does my insurance cover damage caused when ticketed for reckless driving?

If you can’t answer these questions but you know they apply to you then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form.

Coverages available on your policy

Knowing the specifics of auto insurance helps when choosing which coverages you need and the correct deductibles and limits. The terms used in a policy can be ambiguous and even agents have difficulty translating policy wording.

Medical costs insurance – Coverage for medical payments and/or PIP pay for short-term medical expenses such as funeral costs, EMT expenses, doctor visits and nursing services. They are often used in conjunction with a health insurance plan or if there is no health insurance coverage. Coverage applies to both the driver and occupants and also covers any family member struck as a pedestrian. Personal injury protection coverage is only offered in select states and may carry a deductible

Liability auto insurance – Liability coverage protects you from damages or injuries you inflict on other’s property or people. It protects you against claims from other people, and does not provide coverage for your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 100/300/100 which means $100,000 bodily injury coverage, a limit of $300,000 in injury protection per accident, and property damage coverage for $100,000.

Liability insurance covers things like repair costs for stationary objects, structural damage, pain and suffering, loss of income and legal defense fees. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.

Collision coverage – Collision insurance pays for damage to your 5 Series resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage pays for claims such as hitting a mailbox, hitting a parking meter, driving through your garage door, crashing into a ditch and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible to get cheaper collision coverage.

Comprehensive or Other Than Collision – This pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as fire damage, vandalism and hitting a deer. The highest amount a auto insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

UM/UIM Coverage – Your UM/UIM coverage provides protection when other motorists are uninsured or don’t have enough coverage. This coverage pays for injuries to you and your family as well as your vehicle’s damage.

Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is a good idea.

Final considerations

A few companies do not offer online rate quotes and usually these small insurance companies work with local independent agents. Cheap 2016 BMW 5 Series insurance can be bought online in addition to many insurance agents, and you need to price shop both to have the best rate selection.

When trying to cut insurance costs, it’s a bad idea to skimp on coverage in order to save money. In many cases, someone sacrificed liability limits or collision coverage to discover at claim time that the savings was not a smart move. The goal is to buy enough coverage at the best cost, not the least amount of coverage.

We just showed you some good ideas how to shop for 2016 BMW 5 Series insurance online. It’s most important to understand that the more companies you get prices for, the better likelihood of getting cheaper auto insurance. You may be surprised to find that the lowest priced insurance coverage comes from the least-expected company.

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Comments About 2016 BMW 5 Series Insurance

  1. Karlene Cook

    Found cheapest coverage with USAA for my 5 Series and saved about $350 a year. Left Hartford to switch.

  2. Jayme Stafford

    2016 BMW 5 Series + 21st Century = GOOD RATES!

  3. Marylou Villarreal

    Cheaper not always better. I live on the east side of Pittsburgh, Pennsylvania. Quoted with 21st Century, Amica, and Encompass for my BMW and I think I saved around $40 each month. I even had a DUI years ago. Bought it from an online quote.

  4. Juliann Wynn

    If you don’t have tickets and live in the vicinity of Owensboro, KY, check out Allstate. I saved quite a bit. Insured with GMAC before. I think they have home insurance too. Not sure if rates are cheaper online or not.

  5. Sebastian Leblanc

    Does South Dakota require liability coverage?

  6. Arnette Conner

    Compared auto insurance prices with Allstate and GEICO but still not cheap enough.

  7. Roland Tillman

    If you have a good history and live in the vicinity of Cleveland, OH, check out GEICO. You might save some money. Left Allstate to switch.

  8. Ariel Hoffman

    Found cheapest coverage with Eastwood for my BMW and am saving around $280 a year. Insured with The General before. I have a couple other vehicles on the policy. Online quotes are the way to go.

  9. Remedios Bailey

    I’ve had 21st Century for years. I’m in Little Rock, Arkansas.

  10. Corrie Jacobson

    If you’re a decent driver and live in the vicinity of Fargo, ND, check out GEICO. You might get cheaper rates. Hopefully won’t need it.

  11. Cammy Howell

    What exactly does liability cover?

  12. Maryann Mclaughlin

    Just my two cents. I live in a small town just outside of Aurora, IL. Checked online prices for a 2016 BMW 5 Series. Ended up at about $220 savings annually. Went with State Farm. They have free quotes online.