Cheap 1993 BMW 5 Series Insurance Quotes

Trying to find lower auto insurance rates for your BMW 5 Series? Are you intimidated by the crazy number of auto insurance companies? You’re not the only one! Consumers have so many choices that it can quickly become a big hassle to find lower rates.

Smart consumers take time to take a look at other company’s rates yearly because prices go up and down regularly. If you had the best price on 5 Series coverage a couple years back there may be better deals available now. You’ll find quite a bit of inaccurate information about auto insurance online but I’m going to show you some of the best ways to find affordable auto insurance.

If you have car insurance now, you stand a good chance to be able to lower your premiums substantially using these tips. Locating the best insurance coverage coverage is simple if you know the tricks. But vehicle owners do need to learn the way insurance companies price online insurance.

What determines your BMW 5 Series insurance premium

An important part of buying insurance is that you know the rating factors that play a part in calculating the rates you pay for insurance. Having a good understanding of what influences your rates allows you to make educated decisions that could result in much lower annual insurance costs.

  • Do you know you’re credit rating? – Your credit score is a important factor in calculating your insurance rates. If your credit score is lower than you’d like, you could be paying less to insure your 1993 BMW 5 Series by improving your credit score. Consumers who have high credit scores tend to be less risk to insure than drivers who have poor credit.
  • Your car’s features help determine rates – Choosing a vehicle with a theft deterrent system can help lower your rates. Theft prevention devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can thwart car theft.
  • More than one policy can earn a discount – Some insurance companies will give a discount to insureds who have multiple policies with them. It’s known as a multi-policy discount. Discounts can add up to ten or even up to twenty percent in some cases. Even though this discount sounds good, it’s still a good idea to compare rates to make sure you are getting the best deal. Drivers may still find better rates by buying insurance from more than one company.
  • High numbers of claims are not good – If you are a frequent claim filer, you can look forward to either policy cancellation or increased premiums. Car insurance companies generally give discounts to policyholders who file claims infrequently. Your insurance policy is intended for larger claims.
  • Older drivers pay less – Teen drivers tend to be careless and easily distracted when driving so insurance rates are higher. Adding a teen driver onto your insurance can really hurt. More mature drivers are more cautious drivers, tend to cause fewer accidents and get fewer tickets.
  • Drive less and save money – The higher the mileage driven in a year the more you’ll pay to insure your vehicle. Most companies apply a rate determined by how the vehicle is used. Autos used primarily for pleasure use qualify for better rates than those used for commuting. Double check that your insurance declarations sheet is showing the correct usage for each vehicle. Incorrect usage on your 5 Series may be wasting your money.
  • High crash test scores lower rates – Vehicles with good safety scores get lower rates. These vehicles protect occupants better and fewer injuries means lower claim amounts passed on to you as lower rates. If your BMW 5 Series scored better than four stars on or an “acceptable” rating on it is probably cheaper to insure.

Save big with these discounts

The cost of insuring your cars can be expensive, but companies offer discounts that can drop the cost substantially. Certain discounts will be triggered automatically when you purchase, but some may not be applied and must be asked about in order for you to get them.

  • Multi-policy Discount – If you insure your home and vehicles with the same company you will save at least 10% off all policies.
  • Accident Waiver – Some insurance companies will forgive one accident before hitting you with a surcharge if you are claim-free for a particular time prior to the accident.
  • College Student – Children living away from home attending college and do not have access to a covered vehicle can be insured at a reduced rate.
  • Fewer Miles Equal More Savings – Keeping the miles down on your BMW can earn discounted rates on garaged vehicles.
  • Sign Early and Save – Select companies give a discount for buying a policy before your current expiration date. It can save you around 10%.
  • Anti-theft Discount – Vehicles with anti-theft systems are stolen less frequently and earn discounts up to 10%.
  • Sign Online – Certain companies will give a small break for buying your policy over the internet.
  • More Vehicles More Savings – Insuring multiple cars or trucks on the same auto insurance policy could earn a price break for each car.

As a disclaimer on discounts, most of the big mark downs will not be given the the whole policy. A few only apply to individual premiums such as comprehensive or collision. Just because it seems like all the discounts add up to a free policy, companies wouldn’t make money that way. Any qualifying discounts will help reduce your premiums.

Companies that possibly offer some of the above discounts may include but are not limited to:

Double check with each company which discounts they offer. All car insurance discounts may not apply in your area.

Don’t believe everything you hear

Companies like Progressive, Allstate and GEICO continually stream television and radio advertisements. All the ads make the same claim of big savings after switching to them. But how can every company make the same claim? It’s all in the numbers.

Insurance companies are able to cherry pick for the driver that makes them money. For instance, a profitable customer could be over the age of 40, is a homeowner, and drives less than 10,000 miles a year. A driver who fits that profile receives the best rates and most likely will pay quite a bit less when switching companies.

Potential customers who don’t qualify for the requirements must pay more money which leads to the customer not buying. The ads state “people who switch” not “everyone that quotes” save money. This is how insurance companies can advertise the savings.

This illustrates why you should quote coverage with many companies. It’s impossible to know which company will fit your personal profile best.

But I don’t know anything about car insurance

When it comes to choosing proper insurance coverage for your personal vehicles, there isn’t really a “best” method to buy coverage. Each situation is unique.

For example, these questions can help discover whether your personal situation might need professional guidance.

  • What companies insure drivers after a DUI or DWI?
  • How high should my uninsured/underinsured coverage be in my state?
  • Why am I required to buy high-risk coverage?
  • Will I be non-renewed for getting a DUI or other conviction?
  • I have a DUI can I still get coverage?
  • Am I covered when driving in Canada or Mexico?
  • Is borrowed equipment or tools covered if stolen or damaged?

If you don’t know the answers to these questions, you might consider talking to an agent. If you want to speak to an agent in your area, take a second and complete this form.

Coverages available on your policy

Understanding the coverages of auto insurance aids in choosing the right coverages and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Uninsured or Underinsured Motorist coverage provides protection when the “other guys” either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW 5 Series.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea. Usually these limits do not exceed the liability coverage limits.

Comprehensive auto coverage

Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things such as hitting a deer, theft, hitting a bird and a broken windshield. The maximum payout you’ll receive from a claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Auto liability insurance

This coverage can cover damages or injuries you inflict on other people or property. This insurance protects YOU from claims by other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 100/300/100 which means a limit of $100,000 per injured person, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged propery. Another option is a combined limit which limits claims to one amount rather than limiting it on a per person basis.

Liability coverage protects against things such as repair costs for stationary objects, pain and suffering, loss of income, medical expenses and funeral expenses. How much coverage you buy is up to you, but buy as large an amount as possible.

Collision coverage

Collision coverage pays for damage to your 5 Series from colliding with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers things like crashing into a ditch, hitting a parking meter and damaging your car on a curb. Collision is rather expensive coverage, so consider removing coverage from vehicles that are 8 years or older. You can also raise the deductible to save money on collision insurance.

Medical payments and PIP coverage

Medical payments and Personal Injury Protection insurance pay for expenses such as ambulance fees, prosthetic devices and pain medications. They are utilized in addition to your health insurance policy or if you are not covered by health insurance. It covers both the driver and occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage

Compare but don’t skimp

Budget-conscious 1993 BMW 5 Series insurance can be sourced from both online companies as well as from independent agents, and you should compare price quotes from both to have the best selection. Some companies don’t offer online price quotes and many times these regional insurance providers only sell through independent insurance agents.

When shopping online for auto insurance, it’s not a good idea to skimp on coverage in order to save money. In many cases, drivers have reduced liability limits or collision coverage and learned later that the small savings ended up costing them much more. Your strategy should be to purchase plenty of coverage at the best price while not skimping on critical coverages.

You just read many tips how you can compare insurance prices online. It’s most important to understand that the more rate quotes you have, the better likelihood of reducing your rate. You may be surprised to find that the lowest priced auto insurance comes from the least-expected company.

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