1992 BMW 5 Series Insurance Quotes

Nobody that owns a car gets a kick out of paying for insurance, especially knowing the cost is way too high. Because you have many insurance companies to choose from, it can be diffult for drivers to choose a lower cost insurer.

It’s a good idea to compare premium rates every six months because insurance prices are variable and change quite frequently. If you had the best rate on 5 Series insurance a few years ago a different company probably has better premium rates today. You’ll find quite a bit of inaccurate information about insurance online, but in this article, you’re going to get some of the best ways to buy insurance cheaper.

Smart consumers can lower their insurance rates

Lots of things are used when you quote your car insurance policy. Some are pretty understandable such as your driving history, but other factors are less obvious like where you live or your commute time.

• More people means more accidents – Having an address in a small town may provide you with better prices when shopping for auto insurance. Drivers in populated areas tend to have more road rage incidents and higher rates of accident claims. Lower population means a lower chance of having an accident.
• How much liability do you need? – Liability coverage will afford coverage when you are ruled to be at fault for damages caused by your negligence. Liability insurance provides you with a defense in court which can be incredibly expensive. Carrying liability coverage is mandatory and cheap compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.
• Save money by eliminating add-on coverages – Insurance policies have a lot of add-on coverages that may not really be needed if you don’t pay attention. Coverages like roadside assistance, accident forgiveness, and membership fees may be costing you every month. They may seem good when buying your policy, but your needs may have changed so get rid of them and save.
• Where do you drive? – The more you drive every year the higher the price you pay to insure it. Almost all companies rate vehicles based upon how you use the vehicle. Autos that have low annual miles can be on a lower rate level than those that get driven frequently. It’s always a good idea to double check that your insurance coverage is rated on the correct usage for each vehicle, because improper ratings can cost you money. Having an incorrect usage rating on your 5 Series can result in significantly higher rates.
• Gender and car insurance costs – Over time, data shows females are less aggressive when driving. However, don’t assume that males are worse at driving than females. Females and males have at-fault accidents in similar numbers, but the males cause more damage. Men also get higher numbers of serious violations such as driving while intoxicated (DWI) or driving recklessly.
• Never let your policy expire – Driving without insurance is a misdemeanor and your next policy will cost more because you let your insurance coverage expire. In addition to paying higher rates, not being able to provide proof of insurance could result in fines or a revoked license.
• Cautious drivers pay lower costs – Whether or not you get tickets has a big impact on rates. Having just one ticket can increase the cost of insurance by as much as thirty percent. Good drivers tend to pay less for car insurance compared to bad drivers. Drivers who have license-revoking citations such as DUI or willful reckless driving may face state-mandated requirements to prove financial responsibility with their state motor vehicle department in order to continue driving.

Verify you’re receiving every discount

Companies that sell car insurance don’t always list every discount they offer in an easy-to-find place, so here is a list a few of the more common and also the lesser-known discounts that you may qualify for.

• Discounts for Responsible Drivers – Insureds who avoid accidents could pay up to 40% less on 5 Series insurance than less cautious drivers.
• Senior Citizen Discount – Mature drivers may be able to get a discount up to 10% on 5 Series insurance.
• Bundled Policy Discount – If you can bundle your homeowners and auto insurance with one company you could save up to 20% and get you cheap auto insurance.
• New Car Discount – Insuring a vehicle that is new can save you some money compared to insuring an older model.
• Anti-theft System – Cars with anti-theft systems are stolen with less frequency and will save you 10% or more.
• Paper-free Discount – Many insurance coverage companies will give you a small discount for buying your policy on the web.
• Full Payment Discount – By paying your policy upfront instead of paying each month you could save up to 5%.
• Defensive Driver Discounts – Participating in a course in defensive driver can save you 5% or more and easily recoup the cost of the course.
• Seat Belt Discounts – Drivers who require all vehicle occupants to use their safety belts can save 10% or more off the medical payments premium.
• Drive Less and Save – Driving less may enable drivers to earn lower insurance coveragerates on the low mileage vehicles.

As is typical with insurance, some credits don’t apply to the entire policy premium. Some only apply to specific coverage prices like comprehensive or collision. So even though you would think you could get a free insurance coverage policy, you aren’t that lucky. But all discounts will lower your overall bill.

A few popular companies and the discounts they provide are outlined below.

• State Farm has discounts for safe vehicle, Steer Clear safe driver discount, driver’s education, Drive Safe & Save, defensive driving training, multiple policy, and multiple autos.
• Progressive discounts include continuous coverage, homeowner, multi-policy, online quote discount, online signing, and multi-vehicle.
• Progressive may have discounts that include homeowner, multi-vehicle, multi-policy, online quote discount, and online signing.
• MetLife may include discounts for multi-policy, accident-free, good driver, good student, defensive driver, and claim-free.
• Farm Bureau policyholders can earn discounts including multi-vehicle, renewal discount, 55 and retired, good student, driver training, safe driver, and multi-policy.
• Geico has savings for anti-theft, military active duty, membership and employees, defensive driver, emergency military deployment, and federal employee.
• SAFECO offers premium reductions for safe driver, anti-lock brakes, multi-car, bundle discounts, and homeowner.

Before purchasing a policy, check with every company which discounts can lower your rates. Some credits might not apply in your area. If you would like to see a list of insurers that provide some of the discounts listed above, click here.

But they said I’d save $401 a year!

Consumers get pounded daily by advertisements that claim the cheapest prices by companies like Progressive, Geico, Allstate and State Farm. They all seem to make the point of big savings if you switch your insurance coverage policy to them.

How is it possible that every company can lower your prices? Here is how they do it.

Most companies can use profiling for the driver that is profitable for them. For example, a profitable risk profile might have to be over the age of 40, has never had a claim, and has a high credit rating. Any new insured who fits those characteristics will qualify for the lowest rates and will probably save a lot of money.

Drivers who do not meet these criteria may be required to pay a higher rate which results in the customer buying from someone else. If you listen to the ad wording, they say “drivers who switch” not “everybody who quotes” save the amount stated. That’s why insurance companies can make it sound like they have such great prices. Different companies use different criteria so you really need to do a quote comparison often. It’s just not possible to know which company will give you the biggest savings.

When should I discuss my situation with an agent?

When it comes to buying the best insurance coverage coverage for your personal vehicles, there isn’t really a one size fits all plan. Each situation is unique and your policy should reflect that. For example, these questions can aid in determining whether or not you could use an agent’s help.

• Am I better off with higher deductibles on my 1992 BMW 5 Series?
• Can I rate high risk drivers on liability-only vehicles?
• I have health insurance so do I need medical payments coverage?
• What is UM/UIM insurance?
• Why do I only qualify for high-risk insurance?
• Am I covered if I crash into my own garage door?
• Is my 1992 BMW 5 Series covered for smoke damage?

If you’re not sure about those questions, then you may want to think about talking to an agent. To find an agent in your area, fill out this quick form or click here for a list of insurance coverage companies in your area. It is quick, free and you can get the answers you need.

Auto insurance policy coverages for a BMW 5 Series

Learning about specific coverages of your auto insurance policy helps when choosing appropriate coverage and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement. Listed below are typical coverage types found on most auto insurance policies.

Coverage for liability

This coverage will cover injuries or damage you cause to other people or property by causing an accident. It protects you against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 25/50/25 which stand for $25,000 bodily injury coverage, $50,000 for the entire accident, and property damage coverage for $25,000.

Liability insurance covers things such as loss of income, legal defense fees, court costs and pain and suffering. How much coverage you buy is a decision to put some thought into, but you should buy higher limits if possible.

Coverage for uninsured or underinsured drivers

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

Because many people only purchase the least amount of liability that is required, their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important.

Collision coverage protection

This coverage covers damage to your 5 Series from colliding with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things such as driving through your garage door, sustaining damage from a pot hole and crashing into a building. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to increase the deductible to save money on collision insurance.

Coverage for medical expenses

Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses for things like EMT expenses, pain medications, hospital visits and rehabilitation expenses. They can be used in conjunction with a health insurance plan or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover getting struck while a pedestrian. PIP is only offered in select states and gives slightly broader coverage than med pay

Comprehensive auto insurance

Comprehensive insurance will pay to fix damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things like a tree branch falling on your vehicle, theft, damage from flooding and hitting a bird. The maximum amount a auto insurance company will pay at claim time is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Save your cold hard cash

When buying insurance coverage, it’s very important that you do not sacrifice coverage to reduce premiums. In too many instances, an accident victim reduced comprehensive coverage or liability limits and learned later that they should have had better coverage. The goal is to purchase plenty of coverage at a price you can afford while not skimping on critical coverages.

Some insurance companies may not offer rate quotes online and these smaller companies only sell coverage through independent agencies. Low-cost 1992 BMW 5 Series insurance is possible online in addition to local insurance agencies, so you should compare both to have the best selection.

More information can be read at the links below

• State Car Insurance Guides (Geico)
• Eight Auto Insurance Myths (Insurance Information Insitute)
• Get the Right Protection (InsureUonline.org)
• Child Safety Seats (Insurance Information Insitute)
• What Determines the Price of My Auto Insurance Policy? (Insurance Information Insitute)
• Young Drivers: The High Risk Years Video (iihs.org)