1995 BMW 5 Series Car Insurance Rates – 5 Ways to Save

Searching for the cheapest auto insurance rates for your BMW 5 Series? Have you finally had enough of robbing Peter to pay Paul each month for auto insurance? You are in the same boat as many other consumers.

Many auto insurance companies vie for your insurance dollar, and because of this it can be hard to compare insurers to find the absolute best rate

You should make it a habit to compare premium rates quite often since prices fluctuate regularly. Just because you had the best rate for 5 Series coverage two years ago a different company probably has better premium rates today. There are a lot of ways to save on auto insurance on the internet, but you can learn some solid techniques on how to lower your auto insurance rates.

If you are paying for car insurance now, you stand a good chance to be able to save some money using these methods. Finding affordable coverage is not rocket science. But drivers must comprehend the methods companies use to price online insurance and take advantage of how the system works.

Low cost auto insurance prices

To get affordable insurance coverage quotes, there a variety of ways to obtain and compare prices from local auto insurance companies. The quickest method to comparison shop consists of obtaining rate quotes online. This is very easy and can be done by using one of the methods below.

  1. The easiest and least time consuming way to get the best comparison quotes would be an industry-wide quote request form (click to open form in new window). This method eliminates the need for separate quote forms for each company you want a rate for. One simple form gets you price quotes from several companies.
  2. A different way to get comparison quotes requires you to visit the website of each company to request a price quote. For instance, we’ll assume you want to compare rates from State Farm, Progressive and American Family. To get each rate you have to spend time going to each site individually to input your insurance information, which is why most consumers use the first method.

    For a list of links to insurance companies in your area, click here.

  3. The last method to get rate quotes is to spend time driving to each insurance agency near you. Comparing rates online eliminates this option unless you have a complicated situation and need the guidance that only an agent can give. If you prefer, some companies allow you to price shop online but purchase the actual policy in an agency.

It doesn’t matter which method you choose, just make darn sure you compare equivalent coverages for every quote you compare. If your comparisons have unequal deductibles or liability limits then you won’t be able to determine the best price for your BMW 5 Series. Slightly different insurance coverages can mean a large discrepancy in price. And when quoting auto insurance, remember that comparing a wide range of rates helps you find better pricing. Some insurance companies are not set up to provide quotes online, so you also need to get price estimates on coverage from those companies, too.

Do you really save 40% when you switch?

Car insurance providers like State Farm, GEICO and Progressive constantly bombard you with television and radio advertisements. All the companies try to convey promises that drivers can save some big amount if you just switch your policy. How do they all sell you cheaper insurance coverage? Here is the trick they use.

Different companies have specific guidelines for the type of insured that will be a good risk. One example of a profitable risk profile may need to be a female over age 40, has a clean driving record, and chooses high deductibles. Any driver who matches those parameters will most likely get cheap premium rates and will also save when they switch companies.

Potential customers who cannot meet the requirements may be required to pay higher premium rates which usually ends up with the customer not buying. The ads state “people that switch” not “everybody who quotes” save that much when switching. That’s why insurance companies can make claims like that. Each company has different criteria, so it’s extremely important to compare free insurance coverage quotes often. It is impossible to predict with any certainty which company will give you lower auto insurance rates than your current company.

Five discounts for lower-cost car insurance quotes

Car insurance is not cheap, but you may be missing some discounts that can dramatically reduce your bill. Certain credits will be shown when you quote, but a few must be asked for prior to receiving the credit.

  • Professional Memberships – Affiliation with certain professional organizations can get you a small discount on your policy.
  • Auto/Home Discount – If you combine your auto and home policies with one insurance company they may give you a discount of over 10 percent off each policy depending on the company.
  • Driver Safety – Taking part in a safe driver class can save you 5% or more and easily pay for the cost of the class.
  • Accident Forgiveness – This one isn’t a discount, but a handful of insurance companies allow you one accident before hitting you with a surcharge as long as you don’t have any claims prior to the accident.
  • Low Mileage – Driving less could qualify for cheaper premium rates.

As a footnote on discounts, most credits do not apply to the entire policy premium. Some only apply to specific coverage prices like collision or personal injury protection. So even though you would think you would end up receiving a 100% discount, companies don’t profit that way.

Companies and their offered discounts are outlined below.

  • American Family discounts include bundled insurance, accident-free, multi-vehicle, defensive driver, and Steer into Savings.
  • State Farm offers discounts for anti-theft, multiple autos, student away at school, safe vehicle, and defensive driving training.
  • 21st Century may include discounts for automatic seat belts, 55 and older, anti-lock brakes, defensive driver, and early bird.
  • Travelers may have discounts that include multi-car, driver training, multi-policy, payment discounts, new car, early quote, and home ownership.
  • GEICO offers premium reductions for good student, anti-lock brakes, emergency military deployment, membership and employees, and military active duty.

When quoting, ask each insurance company which discounts can lower your rates. Some discounts might not be offered in your area. To find companies who offer cheap car insurance quotes, click this link.

You may need specialized insurance coverage

When it comes to buying the best insurance coverage for your vehicles, there isn’t really a “perfect” insurance plan. Your needs are not the same as everyone else’s and your policy should reflect that. These are some specific questions may help highlight if your insurance needs might need professional guidance.

  • Do I need replacement cost coverage?
  • Why am I required to buy high-risk coverage?
  • Does my 1995 BMW 5 Series need full coverage?
  • What can I do if my company won’t pay a claim?
  • Is my cargo covered for damage or theft?
  • Will my rates increase for filing one claim?
  • Do I need higher collision deductibles?

If you don’t know the answers to these questions then you might want to talk to a licensed agent. If you don’t have a local agent, fill out this quick form or you can also visit this page to select a carrier

Specifics of your auto insurance policy

Understanding the coverages of your policy aids in choosing the best coverages and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy. Below you’ll find the usual coverages found on the average auto insurance policy.

Collision coverage – Collision coverage pays for damage to your 5 Series from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like hitting a mailbox, rolling your car and scraping a guard rail. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. Drivers also have the option to raise the deductible to bring the cost down.

Medical costs insurance – Med pay and PIP coverage provide coverage for short-term medical expenses for pain medications, nursing services and rehabilitation expenses. The coverages can be used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. They cover all vehicle occupants and also covers any family member struck as a pedestrian. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family and damage to your BMW 5 Series.

Because many people only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage should not be overlooked.

Comprehensive or Other Than Collision – This coverage 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 rock chips in glass, a tree branch falling on your vehicle, falling objects, damage from a tornado or hurricane and vandalism. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Liability coverages – This will cover injuries or damage you cause to other people or property by causing an accident. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property.

Liability insurance covers things like pain and suffering, repair costs for stationary objects, attorney fees and legal defense fees. How much coverage you buy is up to you, but consider buying higher limits if possible.

Power to the consumer

In this article, we covered some good ideas how to reduce 1995 BMW 5 Series insurance rates online. It’s most important to understand that the more providers you compare, the higher your chance of finding inexpensive insurance coverage. You may even find the lowest priced auto insurance comes from a small mutual company. These smaller insurers may often insure only within specific states and give getter rates than their larger competitors like GEICO and State Farm.

When buying insurance coverage, you should never reduce coverage to reduce premium. In many instances, someone dropped liability limits or collision coverage and found out when filing a claim that the few dollars in savings costed them thousands. Your focus should be to buy a smart amount of coverage at the lowest possible cost and still be able to protect your assets.

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