Cheap 1990 BMW 5 Series Car Insurance Cost

Wish you could get out of overpriced auto insurance? Believe me, many drivers feel the same as you.

You have multiple insurance companies to choose from, and though it is a good thing to have multiple companies, more options can take longer to compare rates and cut insurance costs.

Finding the lowest cost coverage is simple if you know the tricks. In a nutshell, every driver who buys insurance most likely will be able to find better rates. But consumers must learn how the larger insurance companies sell online and use this information to your advantage.

More affordable rates with discounts

Auto insurance companies don’t always advertise every possible discount in an easy-to-find place, so the next list breaks down a few of the more common and the harder-to-find discounts that you may qualify for. If you check and find you aren’t receiving every discount you deserve, you could be paying more than you need to.

  • Own a Home and Save – Owning a home may trigger a policy discount on insurance coverage because of the fact that having a home requires personal responsibility.
  • Safety Restraint Discount – Drivers who always wear seat belts and also require passengers to buckle their seat belts can save 10% or more off PIP or medical payments premium.
  • Fewer Miles Equal More Savings – Keeping the miles down on your BMW could earn lower insurance coveragerates due to less chance of an accident.
  • One Accident Forgiven – This one isn’t a discount, but companies like Progressive and Allstate will forgive one accident without getting socked with a rate hike so long as you are claim-free for a certain period of time.
  • Full Payment Discount – If you pay your entire premium ahead of time rather than spreading payments over time you could save 5% or more.
  • ABS Brakes – Cars, trucks, and SUVs that have anti-lock braking systems can reduce accidents and the ABS can save up to 10%.
  • Sign Early and Save – A few companies offer discounts for renewing your policy before your current expiration date. You can save around 10% with this discount.
  • Life Insurance – Larger companies have a discount if you purchase some life insurance too.
  • Discount for New Cars – Buying a new car model can save you some money because newer models are generally safer.
  • No Claims – Claim-free drivers can earn big discounts as opposed to drivers who are more careless.

Discounts save money, but please remember that most of the big mark downs will not be given to the entire policy premium. Some only reduce the price of certain insurance coverages like comprehensive or collision. So even though they make it sound like having all the discounts means you get insurance for free, you’re out of luck.

A few popular companies and some of the premium reductions they offer are detailed below.

  • AAA may offer discounts for anti-theft, multi-car, education and occupation, multi-policy, and good student.
  • Progressive has savings for continuous coverage, online quote discount, multi-policy, good student, homeowner, multi-vehicle, and online signing.
  • State Farm discounts include anti-theft, Steer Clear safe driver discount, multiple autos, driver’s education, multiple policy, good driver, and Drive Safe & Save.
  • Esurance policyholders can earn discounts including claim free, emergency road assistance, anti-lock brakes, renters, and paid-in-full.
  • Nationwide may have discounts that include easy pay, multi-policy, accident-free, business or organization, family plan, and anti-theft.

If you need lower rates, check with each company or agent to apply every possible discount. Some credits may not be available in every state. To see insurers that have a full spectrum of discounts, follow this link.

The best way we recommend to compare insurance rates from multiple companies is to know most of the larger companies allow for online access to compare their rates. The only thing you need to do is give the companies some data including how much education you have, the type of vehicles you drive, whether the vehicles are used for commuting, and if the car is leased. That rating data is instantly sent to all major companies and you get price estimates with very little delay.

How insurance companies calculate BMW 5 Series insurance costs

Smart consumers have a good feel for the rating factors that are used to determine your premiums. When you know what positively or negatively impacts premium levels, this enables informed choices that will entitle you to lower auto insurance prices. Many different elements are part of the calculation when pricing auto insurance. Some are obvious such as your driving history, although some other factors are more transparent like your vehicle usage or how safe your car is.

  • Marriage is a bonus – Having a wife or husband can get you a discount when buying auto insurance. Having a significant other is viewed as being more mature than a single person and it’s statistically proven that married drivers get in fewer accidents.
  • High credit score translates to low prices – Your credit rating can be an important factor in determining what you pay. So if your credit is lower than you’d like, you could save money insuring your 1990 BMW 5 Series by taking the time to improve your credit score. People that have good credit tend to be more responsible and file fewer claims than drivers who have poor credit.
  • What are good liability limits? – Your auto insurance policy’s liability coverage is the protection if you are found to be at fault for causing damage or personal injury in an accident. It provides legal defense coverage to attempt to prove you were not liable. This coverage is very inexpensive compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.
  • Too many policy claims and you’ll pay more – Car insurance companies give lower rates to people who file claims infrequently. If you file claims often, you can definitely plan on higher premiums or even policy non-renewal. Your car insurance is intended to be relied upon for claims that you cannot pay yourself.
  • Men drivers tend to cost more – Statistics show that females take fewer risks when driving. However, don’t assume that females are better at driving than males. Males and females tend to get into fender benders at about the same rate, but guys cause more damage. Men also tend to get higher numbers of serious violations such as DWI and reckless driving. Young males are several times more likely to be in an accident and therefore pay the highest rates.
  • Deter theft and save – Choosing a vehicle that has a built-in theft deterrent system can help lower your premiums. Theft prevention features like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all hinder vehicle theft.
  • Lower stress equals lower auto insurance rates – Do you have a high-stress occupation? Careers like military personnelpolice officers and medical professionals usually pay higher average rates in part from intense work situations and long work days. Conversely, careers such as actors, athletes and retirees get better rates for 5 Series insurance.

What is the best car insurance coverage?

When choosing coverage for your vehicles, there really is no cookie cutter policy. Everyone’s needs are different and your policy should reflect that. These are some specific questions might point out if you might need an agent’s assistance.

  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Is my ex-spouse still covered by my policy?
  • Do I need added coverage for expensive stereo equipment?
  • Is a new car covered when I drive it off the dealer lot?
  • Will my rates increase for filing one claim?
  • Do I need PIP (personal injury protection) coverage in my state?
  • How do I buy GAP insurance?

If it’s difficult to answer those questions but you think they might apply to your situation, then you may want to think about talking to a licensed agent. To find lower rates from a local agent, fill out this quick form or you can also visit this page to select a carrier

Car insurance coverage breakdown

Having a good grasp of a car insurance policy helps when choosing which coverages you need and proper limits and deductibles. The terms used in a policy can be ambiguous and coverage can change by endorsement. Shown next are typical coverage types offered by car insurance companies.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses for surgery, X-ray expenses, doctor visits, ambulance fees and chiropractic care. The coverages can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. They cover all vehicle occupants and will also cover any family member struck as a pedestrian. PIP is not an option in every state and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM) – This provides protection when other motorists do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Frequently the UM/UIM limits do not exceed the liability coverage limits.

Collision coverage – Collision insurance pays for damage to your 5 Series resulting from a collision with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage pays for things like colliding with another moving vehicle, hitting a mailbox and rolling your car. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. It’s also possible to choose a higher deductible to bring the cost down.

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

Comprehensive coverage protects against claims like falling objects, damage from flooding, a tree branch falling on your vehicle, hail damage and a broken windshield. The maximum amount your car insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Liability coverages – This coverage will cover injuries or damage you cause to other people or property in an accident. It protects you from legal claims by others. Liability doesn’t 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 might see liability limits of 50/100/50 which stand for a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property. Occasionally you may see one limit called combined single limit (CSL) which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage protects against things like structural damage, pain and suffering, bail bonds, court costs and repair costs for stationary objects. How much liability should you purchase? That is your choice, but buy as large an amount as possible.

More quotes mean more savings

Cheaper 1990 BMW 5 Series insurance can be sourced both online in addition to local insurance agencies, so you should compare both in order to have the best price selection to choose from. There are still a few companies who may not offer online price quotes and most of the time these small, regional companies sell through local independent agencies.

When getting car insurance quotes online, never buy lower coverage limits just to save a few bucks. There have been many cases where consumers will sacrifice full coverage only to regret that the few dollars in savings costed them thousands. Your strategy should be to find the BEST coverage at the best possible price, not the least amount of coverage.

You just learned a lot of techniques to get a better price on 1990 BMW 5 Series insurance. The key concept to understand is the more companies you get prices for, the higher the chance of saving money. Consumers could even find that the biggest savings come from a smaller regional carrier. Some small companies may only write in your state and offer lower prices than their larger competitors like Allstate and Progressive.

Other learning opportunities

Comments About 1990 BMW 5 Series Insurance

  1. Edythe Ashley

    Will GEICO do a SR22 in Montgomery, AL?

  2. Cristine Finch

    Great info, thanks for posting. I live just outside Fairbanks, Alaska. I got free quotes with USAA, Auto-Owners, Liberty Mutual, and Safeco for my 1990 BMW 5 Series and I think I saved around $20 each month. Online quotes are the way to go. I don’t put full coverage on it.

  3. Alene Fowler

    IT’S ALL TOO EXPENSIVE! Found cheapest coverage with Erie for my BMW and saved about $60 a year. I think they have home insurance too.

  4. Alysha Kinney

    I’m just east of Grand Forks, ND. Don’t remember every company but I ended up saving about $20 each month. Insured with Western Auto Insurance before. Not worth enough to pay for comprehensive and collision.

  5. Lolita Saunders

    Cheap is not always the best policy. Live in the northern part of Detroit, MI. I got free rates from USAA, Amica, Liberty Mutual, and MetLife for my 1990 BMW 5 Series and I think I saved around $30 each month. My new agent seems to be really good. I used their website to get prices.

  6. Twanda Strong

    Compared rates with GEICO and AIG Insurance but still pricey.

  7. Adelle Maldonado

    Nice post. I live just to the north of New Orleans, LA. Checked online prices for a 1990 BMW 5 Series. Ended up at about $90 savings annually. Went with State Farm. Good multi-policy discounts. :P Just liability coverage since it’s getting old.