2010 BMW 5 Series Gran Turismo Insurance Rates – 6 Tips for Best Quotes

Trying to find cheaper auto insurance rates for your BMW 5 Series Gran Turismo? Nobody likes having to buy auto insurance, particularly when the cost is too high. With so many choices, it can be challenging to find the best company.

More discounts equal less premium

The cost of insuring your cars can be expensive, but companies offer discounts that you may not even be aware of. Some trigger automatically when you quote, but less common discounts must be asked about before being credited. If you aren’t receiving every discount you deserve, you are paying more than you should be.

  • Seat Belt Usage – Requiring all passengers to wear their seat belts could save 15% off your medical payments premium.
  • Defensive Driving Course – Completing a course teaching defensive driving skills could possibly earn you a 5% discount if your company offers it.
  • Multi-policy Discount – If you insure your home and vehicles with one company you will save approximately 10% to 15%.
  • One Accident Forgiven – Some insurance companies allow you one accident before hitting you with a surcharge if you are claim-free for a particular time prior to the accident.
  • Pay Upfront and Save – If you pay your bill all at once rather than paying monthly you can actually save on your bill.
  • Theft Prevention Discount – Cars that have factory anti-theft systems prevent vehicle theft and will save you 10% or more.

As a disclaimer on discounts, some of the credits will not apply to the entire policy premium. The majority will only reduce individual premiums such as medical payments or collision. Even though it may seem like all the discounts add up to a free policy, it doesn’t quite work that way. Any qualifying discounts will help reduce the amount you have to pay.

To see a list of companies offering insurance discounts, click here.

How to Compare Insurance Costs

Getting a cheaper price on 2010 BMW 5 Series Gran Turismo insurance can be quick and easy. The only requirement is to take a few minutes getting comparison quotes online from several insurance companies. This can be done using a couple different methods.

  • The fastest way consumers can analyze rates would be an industry-wide quote request form like this one (opens in new window). This form keeps you from doing separate quotation requests for each company you want a rate for. One form submission compares rates direct from many companies.
  • A slightly less efficient method to get quotes online consists of going to the website of each company and complete a new quote form. For sake of this example, let’s assume you want rates from Nationwide, Esurance and State Farm. To get rate quotes you would need to visit each site and enter your policy data, and that’s why the first method is more popular. To view a list of companies in your area, click here.
  • The least efficient method to get comparison rates is to waste gas driving to insurance agents’ offices. Shopping for insurance online has reduced the need for local agents unless you have a need for the professional advice only provided by licensed agents. However, consumers can compare online quotes but buy from a local insurance agent. We’ll cover that shortly.

Which method you use is up to you, but make sure you use exactly the same coverage limits with each company. If you are comparing different values for each quote you will not be able to make an equal comparison.

It’s not one size fits all

When it comes to buying adequate coverage, there really is not a perfect coverage plan. Everyone’s needs are different so your insurance needs to address that. For instance, these questions can help discover if your situation could use an agent’s help.

  • Why am I required to buy liability insurance?
  • Am I covered if I wreck a rental car?
  • How can I find cheaper teen driver insurance?
  • Do I need rental car coverage?
  • Is a new car covered when I drive it off the dealer lot?
  • How do I file an SR-22 for a DUI in my state?

If you don’t know the answers to these questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you don’t have a local agent, complete this form or you can go here for a list of companies in your area. It only takes a few minutes and can help protect your family.

Can you really save $488 a year?

Drivers can’t get away from ads for the lowest price auto insurance from the likes of State Farm, GEICO and Progressive. All the companies make the same claim that you’ll save big after switching your coverage to them.

But how can every company say the same thing? It’s all in the numbers.

Insurance companies have a preferred profile for the right customer they prefer to insure. For instance, a driver they prefer could possibly be between the ages of 40 and 55, owns a home, and has great credit. A propective insured that hits that “sweet spot” will get very good rates and therefore will save a lot of money.

Drivers who are not a match for these standards will be quoted a more expensive rate and this can result in the driver buying from a lower-cost company. The ads say “customers that switch” not “people who quote” save that much money. That’s the way companies can make those claims.

This emphasizes why you absolutely need to get quotes from several different companies. You cannot predict which insurance company will give you the biggest savings on BMW 5 Series Gran Turismo insurance.

Auto insurance coverage information

Knowing the specifics of a car insurance policy can be of help when determining the best coverages at the best deductibles and correct limits. The coverage terms in a policy can be impossible to understand and reading a policy is terribly boring. These are typical coverages found on the average car insurance policy.

Liability insurance

This coverage will cover injuries or damage you cause to other’s property or people that is your fault. This insurance protects YOU from claims by other people. It does not cover your injuries or vehicle damage.

Coverage consists of three different limits, 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 stand for $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery. Another option is one number which is a combined single limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage protects against claims such as bail bonds, repair costs for stationary objects, medical expenses, court costs and legal defense fees. How much coverage you buy is your choice, but consider buying as much as you can afford.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses like prosthetic devices, funeral costs, hospital visits, doctor visits and EMT expenses. They are used in conjunction with a health insurance plan or if you do not have health coverage. They cover both the driver and occupants and will also cover being hit by a car walking across the street. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage

Comprehensive or Other Than Collision

This coverage will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for claims such as fire damage, theft, a broken windshield and hitting a bird. The most a car insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Collision coverage

This will pay to fix damage to your 5 Series Gran Turismo caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims like hitting a mailbox, hitting a parking meter, scraping a guard rail and backing into a parked car. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to raise the deductible in order to get cheaper collision rates.

UM/UIM Coverage

Uninsured or Underinsured Motorist coverage provides protection from other motorists when they are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your 2010 BMW 5 Series Gran Turismo.

Since a lot of drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage should not be overlooked. Usually these limits are similar to your liability insurance amounts.

Better coverage you can count on

The cheapest 2010 BMW 5 Series Gran Turismo insurance is definitely available on the web as well as from independent agents, so you should compare both in order to have the best price selection to choose from. A few companies don’t offer the ability to get a quote online and most of the time these small insurance companies sell through independent agents.

As you restructure your insurance plan, don’t be tempted to buy poor coverage just to save money. In too many instances, consumers will sacrifice liability coverage limits and found out when filing a claim that it was a big mistake. Your goal should be to buy enough coverage at a price you can afford, not the least amount of coverage.

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