Lower Your 1993 BMW 8 Series Insurance Cost

Trying to find cheaper auto insurance rates for your BMW 8 Series? If shopping for auto insurance quotes online is new to you, you can easily be confused by the confusing number of local and online companies competing for business.

You should take the time to shop coverage around before your policy renews because rates are adjusted regularly by insurance companies. Even if you think you had the best rate on 8 Series insurance a few years ago other companies may now be cheaper. You can search a lot of auto insurance online but you can learn some tested techniques to find cheap auto insurance.

More affordable rates with these auto insurance discounts

Auto insurance is easily one of your largest bills, but there are discounts available that you may not know about. Some discounts will apply at the time of quoting, but some need to be specially asked for prior to getting the savings. If you aren’t receiving every discount you qualify for, you’re just leaving money on the table.

  • Homeowners Savings – Being a homeowner can help you save on auto insurance due to the fact that maintaining a home shows financial diligence.
  • Switch and Save Discount – A few larger companies offer discounts for buying a policy prior to your current policy expiring. This can save 10% or more.
  • Theft Prevention Discount – Cars and trucks equipped with anti-theft or alarm systems are stolen with less frequency and that can save you a little bit as well.
  • Accident Forgiveness – Not necessarily a discount, but some companies like GEICO, Allstate and Liberty Mutual will let one accident slide before hitting you with a surcharge so long as you are claim-free prior to being involved in the accident.
  • No Accidents – Drivers who stay claim-free are rewarded with significantly better rates on auto insurance quote in comparison with insureds who have frequent claims or accidents.

As is typical with insurance, some credits don’t apply to the overall cost of the policy. Most only reduce individual premiums such as collision or personal injury protection. Even though the math looks like it’s possible to get free car insurance, company stockholders wouldn’t be very happy.

Large auto insurance companies and some of the discounts are included below.

  • GEICO discounts include anti-lock brakes, air bags, driver training, membership and employees, and anti-theft.
  • SAFECO may offer discounts for safe driver, anti-theft, multi-car, teen safe driver, and teen safety rewards.
  • State Farm offers discounts for Drive Safe & Save, safe vehicle, anti-theft, Steer Clear safe driver discount, passive restraint, multiple autos, and good driver.
  • MetLife may include discounts for claim-free, multi-policy, good student, defensive driver, accident-free, and good driver.
  • 21st Century offers discounts including air bags, homeowners, theft prevention, early bird, automatic seat belts, good student, and defensive driver.
  • Progressive offers premium reductions for multi-vehicle, homeowner, online signing, good student, and online quote discount.

When getting a coverage quote, ask each insurance company how many discounts you can get. Some discounts may not be available in your area.

Learn how to get insurance coverage at a discount

Many factors are used in the calculation when you quote your car insurance policy. Some are pretty understandable like your driving record, although some other factors are more obscure like your vehicle usage or how financially stable you are.

  • More stress means more cost – Did you know your occupation can influence how much you pay for insurance coverage? Careers such as judgesairline pilots and medical professionals generally pay the highest average rates due to job stress and lots of time spent at work. Other occupations like actors, historians and homemakers receive lower rates on 8 Series insurance.
  • Buy as much liability as you can afford – Your policy’s liability coverage provides coverage if ever you are responsible for an accident. Liability insurance provides legal defense coverage which can cost thousands of dollars. It is affordable coverage as compared to coverage for physical damage, so do not cut corners here.
  • Safer vehicles lower prices – Safer cars get lower rates. Safe vehicles help reduce the chance of injuries in an accident and better occupant protection means less claims paid and more competitive rates for policyholders.
  • Annual mileage impacts rates – The more you drive your BMW in a year’s time the more you’ll pay to insure your vehicle. The majority of insurers price each vehicle’s coverage based on their usage. Autos left parked in the garage can be on a lower rate level than vehicles that are driven to work every day. Double check that your insurance coverage policy correctly shows annual mileage. Having an incorrect usage rating on your 8 Series may be costing you.
  • Pay more by driving carelessly – Having a single moving violation can boost insurance rates by as much as twenty percent. Good drivers pay less for auto insurance as compared to careless drivers. Drivers who get serious citations such as DWI, reckless driving or hit and run convictions may face state-mandated requirements to submit a SR-22 form with their state’s department of motor vehicles in order to legally drive.
  • Continuous insurance coverage coverage saves money – Driving without insurance is a big no-no and insurance coverage companies will penalize you for letting your coverage cancel without a new policy in place. And not only will insurance be more expensive, being ticketed for driving with no insurance may result in fines and jail time. You may then be required to submit proof of financial responsibility or a SR-22 with your state department of motor vehicles.

Insurance coverage can get complicated

When buying adequate coverage, there isn’t really a perfect coverage plan. Everyone’s needs are different.

For instance, these questions can help discover whether you would benefit from professional advice.

  • Do I need PIP coverage since I have good health insurance?
  • What if I don’t agree with a claim settlement offer?
  • Can I afford to buy a different vehicle if my 1993 BMW 8 Series is totaled?
  • What is the ISO rating for a 1993 BMW 8 Series?
  • Does having multiple vehicles earn me a discount?
  • How do I insure my teen driver?
  • How much liability insurance is required?
  • Should I get collision insurance on every vehicle?
  • Can I afford low physical damage deductibles?

If you can’t answer these questions, then you may want to think about talking to an agent. If you don’t have a local agent, take a second and complete this form.

Car insurance 101

Having a good grasp of insurance can help you determine the best coverages for your vehicles. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording.

Comprehensive insurance – Comprehensive insurance will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against claims like hitting a bird, falling objects and a tree branch falling on your vehicle. The most you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Uninsured/Underinsured Motorist (UM/UIM) – This coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your BMW 8 Series.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is a good idea. Usually these limits are set the same as your liablity limits.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses such as surgery, ambulance fees, doctor visits and hospital visits. The coverages can be used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. It covers both the driver and occupants as well as if you are hit as a while walking down the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay

Collision coverage – This coverage pays for damage to your 8 Series caused by collision with another car or object. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers things like colliding with another moving vehicle, colliding with a tree, scraping a guard rail, sideswiping another vehicle and driving through your garage door. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. Drivers also have the option to raise the deductible to bring the cost down.

Liability insurance – This can cover damages or injuries you inflict on people or other property in an accident. This insurance protects YOU from claims by other people. It does not cover damage sustained by your vehicle in an accident.

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. Your policy might show policy limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Occasionally you may see one number which is a combined single limit which provides one coverage limit rather than limiting it on a per person basis.

Liability coverage protects against things such as repair costs for stationary objects, emergency aid, loss of income and pain and suffering. How much liability should you purchase? That is up to you, but buy as high a limit as you can afford.

Be a Smart Shopper

Drivers switch companies for a number of reasons such as being labeled a high risk driver, delays in responding to claim requests, questionable increases in premium or extreme rates for teen drivers. It doesn’t matter why you want to switch finding a new company is pretty easy and you might even save some money in the process.

When trying to cut insurance costs, never skimp on critical coverages to save a buck or two. There have been many cases where someone dropped uninsured motorist or liability limits only to find out that it was a big mistake. The proper strategy is to buy the best coverage you can find at the best price, but don’t skip important coverages to save money.

Some insurance providers do not offer rate quotes online and most of the time these small, regional companies prefer to sell through local independent agencies. Affordable 1993 BMW 8 Series insurance can be bought both online and from local agencies, so you should be comparing quotes from both to get a complete price analysis.

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