1992 BMW 5 Series Insurance Quotes

Looking for lower car insurance rates for your BMW 5 Series? Are you a victim of an expensive car insurance policy? Trust us, there are a lot of people just like you who feel imprisoned by their car insurance policy.

Many auto insurance companies compete to insure your vehicles, and because of this it can be hard to compare insurance companies and get the best coverage at the best rate

The fastest way that we advise to compare rate quotes is to realize most insurance companies provide online access to give rate comparisons. To begin a comparison, all you need to do is spend a couple of minutes providing details including how you use your vehicles, if you lease or own, whether or not you need a SR-22, and if it has an alarm system. Your information is instantly provided to all major companies and they return cost estimate very quickly.

Lower rates by qualifying for discounts

Insurance is not cheap nor is it fun to buy but there could be significant discounts that could help you make your next renewal payment. Some discounts apply automatically at quote time, but a few need to be asked for before being credited.

  • Payment Method – By paying your entire bill at once instead of monthly or quarterly installments you can avoid monthly service charges.
  • Discounts for New Vehicles – Buying insurance coverage on a new vehicle can get you a discount because new model year vehicles are generally safer.
  • Theft Deterent System – Vehicles with anti-theft systems prevent vehicle theft and will qualify for a discount on a insurance coverage quote.
  • Membership in Organizations – Being in certain professional organizations could earn you a nice discount on your next renewal.
  • Senior Discount – Seniors may qualify for a discount up to 10% on 5 Series coverage.

As a sidenote, most credits do not apply to the overall cost of the policy. The majority will only reduce individual premiums such as medical payments or collision. Even though it may seem like you can get free auto insurance, insurance companies aren’t that generous.

Some of the larger companies that may offer most of the discounts above include:

Double check with each insurance company what discounts are available to you. Some of the earlier mentioned discounts may not be offered in every state.

Auto insurance is unique, just like you

When buying the right insurance coverage, there really is no one size fits all plan. Every insured’s situation is different so this has to be addressed. For instance, these questions can aid in determining if you would benefit from professional advice.

  • Is a new car covered when I drive it off the dealer lot?
  • If I drive on a suspended license am I covered?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Are there companies who specialize in insuring high-risk drivers?
  • Do I need higher collision deductibles?
  • What are the best liability limits?
  • Am I insured when driving a different vehicle?

If you can’t answer these questions but one or more may apply to you, you might consider talking to an insurance agent. If you don’t have a local agent, complete this form or go to this page to view a list of companies.

BMW 5 Series insurance premiums can be lower

An important part of buying insurance is that you know the rating factors that aid in calculating the price you pay for auto insurance. When you understand what determines premiums, this allows you to make educated decisions that will entitle you to cheaper rates.

The itemized list below are some of the things that factor into your rate level.

  • Improve your credit rating – Having a good credit rating can be a huge factor in determining what you pay for auto insurance. So if your credit score is low, you could pay less to insure your 1992 BMW 5 Series by improving your rating. Consumers who have excellent credit tend to be more responsible than drivers with lower credit ratings.
  • Lower rates by increasing coverage deductibles – Comp and collision deductibles represent how much money you are required to pay in the event of a claim. Coverage for physical damage, termed comprehensive and collision coverage on your policy, insures against damage to your car. Examples of some claims that would be covered are colliding with a stationary object, damage from fire, and damage from wind. The larger the amount the insured has to pay upfront, the lower your rates will be on 5 Series coverage.
  • Rate your vehicle for proper use – Driving more miles in a year’s time the more you will pay for auto insurance. The majority of insurers apply a rate partially by how you use the vehicle. Cars and trucks not used for work or commuting receive better premium rates than vehicles that have high annual mileage. Verify your auto insurance coverage correctly shows the correct usage for each vehicle. Having the wrong rating on your 5 Series may be costing you higher rates.
  • Little extras can really add up – Insurance policies have a lot of optional add-on coverages that can waste your money if you don’t pay attention. Things like personal injury protection, accident forgiveness, and extra life insurance coverage may not be needed and are just wasting money. You may think they are a good idea when talking to your agent, but if you don’t need them eliminate them to save money.
  • Minor frequent insurance claims are not good – Auto insurance companies award the best rates to policyholders who do not rely on their insurance for small claims. If you frequently file small claims, you can definitely plan on higher rates. Your car insurance is designed for the bigger claims that can’t be paid out-of-pocket.

Can you really save $490 a year?

Companies like Progressive, Allstate and GEICO regularly use television, radio, and online ads. All the ads have a common claim that you’ll save big after switching your insurance policy to them. How is it plausible that every one can offer drivers better rates? It’s all in the numbers.

Companies have an ideal profile for a prospective insured that will add to their bottom line. A good example of a profitable customer could be a female over age 40, carries high limits, and does not commute to work. A propective insured that hits that “sweet spot” is entitled to the best price and will save when they switch companies.

Insureds who fall short of those criteria will have to pay higher premium rates and this can result in the customer not purchasing. Company advertisements say “drivers that switch” not “all people who quote” save that much money. This is how insurance companies can state the savings. This illustrates why you really need to quote coverage with many companies. It is impossible to predict with any certainty which company will have the lowest rates.

Car insurance coverages for a 1992 BMW 5 Series

Knowing the specifics of a insurance policy helps when choosing appropriate coverage for your vehicles. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording. Below you’ll find the usual coverages found on the average insurance policy.

Collision – Collision insurance pays to fix your vehicle from damage caused by collision with another car or object. You have to pay a deductible then your collision coverage will kick in.

Collision can pay for things such as colliding with a tree, rolling your car, hitting a mailbox, backing into a parked car and hitting a parking meter. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible to save money on collision insurance.

Comprehensive auto coverage – This coverage covers damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like falling objects, theft and a broken windshield. The most you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Auto liability – Liability coverage provides protection from damage that occurs to other people or property that is your fault. This insurance protects YOU from legal claims by others. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 50/100/50 that translate to $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property.

Liability insurance covers things such as pain and suffering, emergency aid and repair bills for other people’s vehicles. The amount of liability coverage you purchase is up to you, but buy as much as you can afford.

UM/UIM (Uninsured/Underinsured Motorist) coverage – This coverage gives you protection from other drivers when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW 5 Series.

Due to the fact that many drivers only carry the minimum required liability limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Medical payments and PIP coverage – Personal Injury Protection (PIP) and medical payments coverage kick in for bills for things like prosthetic devices, ambulance fees and funeral costs. They can be utilized in addition to your health insurance policy or if you lack health insurance entirely. It covers both the driver and occupants in addition to any family member struck as a pedestrian. PIP is only offered in select states and gives slightly broader coverage than med pay

Quote often and quote early

As you quote insurance coverage, you should never sacrifice coverage to reduce premiums. There are too many instances where someone sacrificed full coverage and discovered at claim time that their decision to reduce coverage ended up costing them more. The ultimate goal is to buy the best coverage you can find at an affordable rate while still protecting your assets.

We’ve covered some good ideas how to reduce 1992 BMW 5 Series insurance prices online. The key thing to remember is the more you quote insurance coverage, the better chance you’ll have of finding cheaper insurance coverage. Consumers may even find the biggest savings come from a smaller regional carrier. Smaller companies can often insure niche markets at a lower cost than their larger competitors like Progressive and GEICO.

More detailed insurance coverage information is available by following these links: