Lower Your 1991 BMW 5 Series Insurance Rates

Cutting costs on insurance can seem to be hard for consumers new to comparing rates online. There are so many options available that it can be a real hassle to find the best price.

It’s a good habit to compare prices once or twice a year because prices fluctuate regularly. Even if you think you had the lowest rates on 5 Series insurance on your last policy you can probably find a better price now. Forget all the misinformation about insurance because I’m going to let you in on the secrets to the best way to get good coverage at a lower rate.

If you have car insurance now, you stand a good chance to be able to save some money using these methods. The purpose of this article is to instruct you on how car insurance quotes work and some money-saving tips. Although consumers can benefit by having an understanding of the methods companies use to sell insurance online and apply this information to your search.

Comprehensive Car Insurance Comparison Quotes

There are several ways you can shop for BMW 5 Series car insurance but there is one way that is less time-consuming than others. You could spend the better part of a day talking to insurance agencies in your area, or you can stay home and use online quotes to get rates in a matter of minutes.

Most car insurance companies enroll in a system that allows shoppers to enter their policy data once, and every company can give them a price based on that information. This system prevents you from having to do quote forms to every company.

To enter your information into the quoting system, click to open in new window.

The only drawback to comparing rates this way is you are unable to specify which insurance companies you will receive quotes from. So if you want to select from a list of companies to compare prices, we have assembled a list of low cost car insurance companies in your area. Click here to view list.

However you get your quotes, ensure you’re using identical quote information for every quote you compare. If you use different deductibles it will be next to impossible to find the best deal for your BMW 5 Series. Quoting even small variations in coverages could mean much higher rates. Just keep in mind that having more price comparisons helps you find the best offered rates.

Take advantage of discounts

Car insurance can cost a lot, but companies offer discounts to help bring down the price. Certain discounts will be applied when you complete an application, but less common discounts must be specially asked for prior to getting the savings.

  • Use Seat Belts – Drivers who require all occupants to wear their seat belts can save 10% or more off your PIP or medical payments premium.
  • Auto/Life Discount – Larger companies have lower rates if you buy life insurance from them.
  • One Accident Forgiven – A handful of insurance companies allow you one accident before raising your premiums so long as you haven’t had any claims for a particular time prior to the accident.
  • Theft Prevention System – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and therefore earn up to a 10% discount.
  • Federal Employees – Being employed by or retired from a federal job may qualify you for a discount on 5 Series insurance with select insurance companies.
  • No Claims – Drivers with accident-free driving histories can earn big discounts compared to bad drivers.

Keep in mind that most credits do not apply to the entire policy premium. Most only apply to individual premiums such as liability, collision or medical payments. Just because it seems like you can get free auto insurance, companies don’t profit that way. Any qualifying discounts will reduce the cost of coverage.

Insurance companies that may offer these money-saving discounts include:

Double check with each insurance company how you can save money. Some discounts might not apply in every state.

How to know if you need help

When buying coverage, there isn’t really a “best” method to buy coverage. Every insured’s situation is different.

For instance, these questions can aid in determining whether or not you will benefit from professional help.

  • Should I sign the liability waiver when renting a car?
  • Can I rent a car in Mexico?
  • Am I covered if I wreck a rental car?
  • Where can I find high-risk insurance?
  • Do I really need UM/UIM coverage?
  • Is my 1991 BMW 5 Series covered for flood damage?
  • Does my policy cover my teen driver if they drive my company car?
  • Can I pay claims out-of-pocket if I buy high deductibles?
  • Should I drop comprehensive coverage on older vehicles?

If you don’t know the answers to these questions but a few of them apply then you might want to talk to a licensed agent. To find lower rates from a local agent, complete this form.

Insurance coverage considerations

Having a good grasp of a insurance policy can be of help when determining which coverages you need and proper limits and deductibles. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Collision coverages – This coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision insurance covers claims like sideswiping another vehicle, rolling your car and hitting a parking meter. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. You can also bump up the deductible to get cheaper collision coverage.

Auto liability insurance – Liability insurance provides protection from damage or injury you incur to people or other property by causing an accident. This coverage protects you from legal claims by others. It does not cover 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 might see limits 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. Occasionally you may see a combined single limit or CSL that pays claims from the same limit without having the split limit caps.

Liability coverage pays for claims like repair costs for stationary objects, emergency aid and repair bills for other people’s vehicles. How much liability should you purchase? That is your choice, but buy as much as you can afford.

Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage kick in for expenses for things like dental work, funeral costs, EMT expenses and doctor visits. They can be used in conjunction with a health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and also covers being hit by a car walking across the street. PIP coverage is not an option in every state and may carry a deductible

Uninsured/Underinsured Motorist coverage – This protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as damage to your BMW 5 Series.

Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Frequently the UM/UIM limits are set the same as your liablity limits.

Comprehensive coverage – Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive can pay for things like rock chips in glass, hitting a bird, theft and hitting a deer. The most a insurance company will pay at claim time is the cash value of the vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.