Cheaper 1993 BMW 5 Series Insurance Cost

Did you fall for a flashy sales pitch and buy overpriced insurance? Believe me, there are many people just like you.

Numerous insurance companies battle for your hard-earned dollar, so it’s not easy to compare every insurer and get the definite best rate

If you currently have a car insurance policy, you stand a good chance to be able to reduce your rates substantially using these methods. Finding affordable coverage is easy if you know what you’re doing. Although consumers benefit from understanding the way insurance companies determine prices and apply this information to your search.

The quickest method we recommend to compare insurance rates from multiple companies is to know almost all companies actually pay money for the chance to give free rates quotes. The only thing you need to do is provide details including if you require a SR-22, what you do for a living, how you use your vehicles, and the year, make and model of vehicles. Your information is then submitted to all major companies and they return cost estimate within a short period of time.

Verify you’re applying every discount

Car insurance companies do not list every discount in a way that’s easy to find, so the next list breaks down some of the best known as well as some of the hidden discounts you could be receiving when you buy insurance online. If you’re not getting every credit available, you’re paying more than you need to.

• College Student – Older children who live away from home to go to college and do not have access to a covered vehicle may be able to be covered for less.
• Pay Early and Save – By making one initial payment rather than paying monthly you may reduce your total bill.
• Discount for Passive Restraints – Vehicles equipped with air bags or motorized seat belts may earn rate discounts of up to 25% or more.
• Multi-Vehicle Discounts – Purchasing coverage when you have multiple cars on one policy can get a discount for every vehicle.
• Bundled Policy Discount – If you combine your homeowners and auto policies with one company you could save over 10 percent off each policy depending on the company.
• Student Discounts – A discount for being a good student may save you up to 25%. You can use this discount normally until age 25.

Remember that most discounts do not apply to all coverage premiums. A few only apply to the cost of specific coverages such as liability, collision or medical payments. So when the math indicates you could get a free insurance coverage policy, you aren’t that lucky. Any qualifying discounts will lower the amount you pay for coverage.

To see providers with the best discounts, click here.

When should I discuss my situation with an agent?

When choosing coverage for your vehicles, there is no “perfect” insurance plan. Everyone’s situation is a little different and your policy should reflect that. These are some specific questions might point out if you would benefit from an agent’s advice.

• At what point should I drop full coverage?
• Are my friends covered when driving my car?
• Will I lose any money if I cancel my policy before it expires?
• Is a blown tire covered by insurance?
• When should my teen driver be added to my policy?
• Do I have coverage when making deliveries for my home business?

If you’re not sure about those questions but you think they might apply to your situation, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, complete this form or you can go here for a list of companies in your area.

Auto insurance 101

Knowing the specifics of your policy can help you determine the right coverages at the best deductibles and correct limits. The terms used in a policy can be ambiguous and nobody wants to actually read their policy. Below you’ll find the usual coverages found on most auto insurance policies.

Collision coverage protection

This covers damage to your 5 Series from colliding with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.

Collision can pay for things such as damaging your car on a curb, backing into a parked car, sideswiping another vehicle, crashing into a building and sustaining damage from a pot hole. Collision is rather expensive coverage, so consider removing coverage from lower value vehicles. Another option is to increase the deductible in order to get cheaper collision rates.

Medical expense coverage

Med pay and PIP coverage kick in for expenses like doctor visits, hospital visits, rehabilitation expenses, prosthetic devices and ambulance fees. The coverages can be used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover all vehicle occupants as well as being hit by a car walking across the street. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Comprehensive protection

Comprehensive insurance will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as damage from a tornado or hurricane, hitting a bird, falling objects, theft and rock chips in glass. The maximum payout your auto insurance company will pay is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Uninsured or underinsured coverage

This coverage protects you and your vehicle from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries and damage to your BMW 5 Series.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Liability auto insurance

This coverage protects you from damages or injuries you inflict on other’s property or people. It protects YOU against claims from other people, and doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have liability limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and a limit of $100,000 paid for damaged property.

Liability insurance covers claims like funeral expenses, attorney fees, bail bonds and repair bills for other people’s vehicles. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.