How Much Does 1993 BMW 5 Series Insurance Cost?

Looking for lower insurance coverage rates? Shoppers have many options when shopping for the best price on BMW 5 Series insurance. You can either waste hours calling around getting price quotes or utilize the internet to make rate comparisons.

There are both good and bad ways to buy insurance coverage and we’ll show you the proper way to compare rates for a new or used BMW and obtain the cheapest rates either online or from local insurance agents.

It’s important to do rate comparisons on a regular basis since prices are rarely the same from one policy term to another. Just because you had the lowest rate for 5 Series coverage on your last policy there may be better deals available now. There are a lot of ways to save on insurance coverage online but in a few minutes you can learn some tested techniques to quit paying high insurance coverage rates.

Eight things that determine your insurance costs

Multiple criteria are used when you get a price on insurance. Some are pretty understandable like a motor vehicle report, although others are more transparent like where you live or how safe your car is.

  • Urban residents pay more – Choosing to live in small towns and rural areas can save you money when shopping for auto insurance. City drivers have to deal with traffic congestion and more time behind the wheel. Lower population translates into fewer accident claims and a lower car theft rate.
  • Never go without insurance – Driving your car without having proper coverage can get you a ticket and companies may charge more for letting your coverage cancel without a new policy in place. Not only will you pay higher rates, being ticketed for driving with no insurance can result in a license revocation or jail time.
  • Your job and insurance rates – Careers like fire fightersairline pilots and financial analysts generally have the highest rates attributed to stressful work requirements and long work hours. Conversely, occupations like scientists, historians and performers generally pay rates lower than average for 5 Series coverage.
  • Lower rates come with age – Older insureds are shown to be more cautious, statistically cause fewer accidents and receive fewer citations.Drivers with little experience are statistically shown to be less responsible in a vehicle therefore insurance rates are much higher.
  • Guys pay more for auto insurance – Over time, data shows women tend to be less risk to insure than men. The data does not necessarily mean that females are better drivers. Men and women tend to get into auto accidents in similar percentages, but the men get into accidents with more damage. Not only are claims higher, but men get cited for more serious violations like reckless driving and DUI.
  • You might have higher costs if you are single – Your spouse may save some money on your policy. Having a significant other may mean you are more financially stable and insurance companies reward insureds because married drivers get in fewer accidents.
  • No claims equals better premiums – If you file a lot of claims you shouldn’t be surprised to get increased rates or even have your policy non-renewed. Car insurance companies generally give cheaper rates to policyholders that do not abuse their auto insurance. Auto insurance is intended for more catestrophic claims.
  • Long commutes cost more – Driving more miles annually the more it will cost to insure it. Almost all companies rate vehicles determined by how the vehicle is used. Autos used primarily for pleasure use get more affordable rates compared to those used for work or business. Having the wrong rating on your 5 Series is throwing money out the window. Make sure your insurance policy reflects the right rating data.

Don’t overlook these insurance coverage discounts

Some providers don’t always publicize all available discounts very clearly, so we took the time to find some of the best known and also the lesser-known credits available to bring down your rates.

  • Club Memberships – Belonging to a professional or civic organization could trigger savings on your policy.
  • Good Driver Discount – Drivers who don’t get into accidents could pay up to 40% less for 5 Series coverage than drivers with accidents.
  • Seat Belts Save – Drivers who require all occupants to fasten their seat belts can save a little on medical payment and PIP coverage.
  • Theft Prevention Discount – Cars with anti-theft systems have a lower chance of being stolen and can earn a small discount on your policy.
  • No Accidents – Good drivers with no accidents pay much less when compared with drivers who are more careless.
  • Save over 55 – Older drivers may be able to get better insurance coverage rates for 5 Series coverage.
  • Multiple Cars – Having multiple cars or trucks with the same company can reduce the rates for all insured vehicles.

As a footnote on discounts, most discounts do not apply to your bottom line cost. A few only apply to the price of certain insurance coverages like medical payments or collision. Despite the appearance that you can get free auto insurance, you’re out of luck.

A partial list of companies that may offer policyholders some of the above discounts include:

It’s a good idea to ask all companies you are considering what discounts are available to you. Discounts may not be available everywhere. If you would like to choose from a list of providers that offer multiple discounts, click here.

Beware of misleading insurance coverage ads

Consumers can’t avoid all the ads for cheaper insurance coverage by State Farm, GEICO and Progressive. All the companies make an identical promise that you’ll save big if you change your policy.

How does each company make almost identical claims?

Many companies quote their cheapest rates for the type of driver that makes them money. For example, a desirable insured might be described as a mature driver, has had continuous coverage, and the vehicle is rated for pleasure use. Any customer that matches those criteria receive the lowest rate quotes and will probably save some money.

Consumers who do not meet these standards will be quoted a more expensive rate and this results in business not being written. If you listen to the ad wording, they say “people that switch” but not “all drivers who get quotes” save money. That’s why insurance companies can lure you into getting a quote.

This illustrates why it is so important to do a rate comparison at every renewal. It’s just not possible to know which insurance coverage company will provide the lowest rates.

When to get professional advice

When buying proper insurance coverage, there really is no perfect coverage plan. Every insured’s situation is different.

For instance, these questions could help you determine whether or not you would benefit from professional advice.

  • If my pet gets injured in an accident are they covered?
  • Should I sign the liability waiver when renting a car?
  • When do I need to add a new car to my policy?
  • Do I have coverage when pulling a U-Haul trailer?
  • How much can I save by bundling my policies?
  • What is covered by UM/UIM coverage?
  • If my 1993 BMW 5 Series is totaled, can I afford another vehicle?
  • Am I covered if I hit a deer?
  • Does medical payments coverage apply to all occupants?
  • When should I drop full coverage on my 1993 BMW 5 Series?

If it’s difficult to answer those questions then you might want to talk to a licensed agent. If you don’t have a local agent, complete this form. It only takes a few minutes and may give you better protection.

Coverage specifics

Understanding the coverages of insurance can be of help when determining which coverages you need and the correct deductibles and limits. Policy terminology can be impossible to understand and nobody wants to actually read their policy.

Collision coverage

Collision coverage pays for damage to your 5 Series from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things such as driving through your garage door, sustaining damage from a pot hole, hitting a parking meter, backing into a parked car and scraping a guard rail. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to bump up the deductible to get cheaper collision coverage.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM 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 as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Frequently these limits do not exceed the liability coverage limits.

Liability insurance

Liability coverage protects you from damage or injury you incur to other people or property by causing an accident. This coverage protects you from claims by other people, and doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: 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 25/50/25 which means $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Alternatively, you may have a combined limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability coverage pays for claims like legal defense fees, repair bills for other people’s vehicles, court costs and emergency aid. The amount of liability coverage you purchase is up to you, but buy higher limits if possible.

Comprehensive auto coverage

Comprehensive insurance pays for damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims such as falling objects, hitting a bird, rock chips in glass and theft. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Medical payments and PIP coverage

Med pay and PIP coverage pay for short-term medical expenses such as surgery, prosthetic devices, funeral costs, EMT expenses and nursing services. They are used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and also covers getting struck while a pedestrian. PIP coverage is not an option in every state but can be used in place of medical payments coverage

A penny saved is a penny earned

Drivers leave their current company for many reasons like poor customer service, policy non-renewal, unfair underwriting practices and even an unsatisfactory settlement offer. It doesn’t matter why you want to switch choosing a new insurance company is not as hard as you think.

Some insurance coverage companies do not offer online rate quotes and usually these small, regional companies prefer to sell through independent insurance agents. Cheap 1993 BMW 5 Series insurance can be bought both online and with local insurance agents, so you should compare both so you have a total pricing picture.

You just read many ways to get a better price on 1993 BMW 5 Series insurance. The most important thing to understand is the more providers you compare, the better your chances of lowering your prices. Consumers could even find that the best premium rates are with an unexpected company.

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