1993 BMW 5 Series Car Insurance Rates – 7 Savings Tips

Searching for cheaper insurance coverage rates for your BMW 5 Series? Nobody looks forward to buying insurance coverage, especially knowing the cost is way too high.

Lots of auto insurance companies contend for your insurance dollar, so it’s not easy to compare every company to find the absolute best price available.

The best way we recommend to compare insurance rates in your area utilizes the fact all the major auto insurance companies have advanced systems to quote your coverage. The only thing you need to do is provide information including whether or not you need a SR-22, how many miles driven, if the car is leased, and if you have a valid license. The data gets transmitted to all major companies and they return rate quotes instantly.

To get price quotes for your BMW 5 Series , click here and find out if you can get cheaper insurance.

Be sure to get all your discounts

Properly insuring your vehicles can get expensive, but companies offer discounts to cut the cost considerably. Certain discounts will be applied when you complete an application, but less common discounts must be specially asked for before being credited.

  • New Vehicle Savings – Adding a new car to your policy can be considerably cheaper due to better safety requirements for new cars.
  • Drive Safe and Save – Drivers who don’t get into accidents can get discounts for up to 45% lower rates for 5 Series coverage than their less cautious counterparts.
  • Accident Waiver – A few companies allow you one accident before hitting you with a surcharge so long as you haven’t had any claims for a set time period.
  • Federal Employees – Simply working for the federal government can save as much as 8% for 5 Series coverage with select insurance companies.
  • Military Rewards – Having a family member in the military could be rewarded with lower premiums.
  • No Claims – Claim-free drivers can save substantially as compared to accident-prone drivers.
  • Multiple Policy Discount – If you have multiple policies with one company you may earn at least 10% off all policies.

It’s important to note that some of the credits will not apply to all coverage premiums. Most only apply to the cost of specific coverages such as liability and collision coverage. So even though it sounds like it’s possible to get free car insurance, it just doesn’t work that way. Any amount of discount will bring down the cost of coverage.

Companies who might offer these discounts may include but are not limited to:

It’s a good idea to ask each insurance company which discounts you may be entitled to. Savings may not apply in your state.

How do I know if I need professional advice?

When choosing coverage for your vehicles, there isn’t really a “best” method to buy coverage. Every insured’s situation is different so your insurance should reflect that These are some specific questions might help in determining whether your personal situation would benefit from an agent’s advice.

  • Is borrowed equipment or tools covered if stolen or damaged?
  • Does insurance cover tools stolen from my truck?
  • Can I afford low physical damage deductibles?
  • What is covered by UM/UIM coverage?
  • Why am I required to get a high-risk car insurance policy?
  • Why am I required to buy liability insurance?
  • How much liability insurance is required?
  • Can I pay claims out-of-pocket if I buy high deductibles?

If it’s difficult to answer those questions but you think they might apply to your situation, you may need to chat with a licensed agent. If you don’t have a local agent, complete this form or you can also visit this page to select a carrier

Is there truth in advertising?

Insurance companies such as 21st Century, Allstate and State Farm consistently run ads on television and other media. They all seem to make the same claim about savings if you change to them. How can each company say the same thing? It’s all in the numbers.

All companies have a preferred profile for the driver that makes them money. For example, a desirable insured might be profiled as between the ages of 40 and 55, insures multiple vehicles, and drives newer vehicles. A driver who fits that profile gets the lowest rates and as a result will probably save a lot of money.

Potential insureds who don’t qualify for the requirements will be quoted higher rates which leads to business not being written. The ad wording is “customers who switch” but not “drivers who get quotes” save that much money. That’s why companies can truthfully advertise the savings.

This emphasizes why it’s extremely important to quote coverage with many companies. It’s just too difficult to predict which insurance company will have the lowest BMW 5 Series insurance rates.

Insurance coverage considerations

Having a good grasp of your policy aids in choosing the best coverages and proper limits and deductibles. Insurance terms can be confusing and even agents have difficulty translating policy wording. Below you’ll find typical coverage types available from insurance companies.

Medical payments coverage and PIP

Coverage for medical payments and/or PIP kick in for short-term medical expenses such as EMT expenses, pain medications and prosthetic devices. They can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers both the driver and occupants and will also cover getting struck while a pedestrian. PIP coverage is not available in all states and may carry a deductible

Uninsured/Underinsured Motorist coverage

Your UM/UIM coverage protects you and your vehicle from other drivers when they either have no liability insurance or not enough. 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 have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea. Most of the time your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Liability

Liability coverage will cover damages or injuries you inflict on other people or property by causing an accident. Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have policy limits of 25/50/25 which means $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage 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 limits claims to one amount with no separate limits for injury or property damage.

Liability coverage pays for things such as bail bonds, court costs, repair bills for other people’s vehicles, repair costs for stationary objects and attorney fees. How much liability should you purchase? That is a personal decision, but it’s cheap coverage so purchase as high a limit as you can afford.

Comprehensive coverage

This pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things such as a broken windshield, rock chips in glass and hail damage. The maximum payout your insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Collision protection

Collision insurance will pay to fix 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 insurance covers claims such as hitting a parking meter, crashing into a ditch, rolling your car and colliding with a tree. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. You can also increase the deductible to get cheaper collision coverage.

Buy online or local, you save

As you go through the steps to switch your coverage, you should never buy lower coverage limits just to save a few bucks. There have been many cases where an insured dropped uninsured motorist or liability limits only to regret that their decision to reduce coverage ended up costing them more. Your goal should be to get the best coverage possible at an affordable rate.

Cheap 1993 BMW 5 Series insurance can be found both online and with local insurance agents, so compare prices from both to have the best chance of lowering rates. Some companies do not offer you the ability to get quotes online and these regional insurance providers work with independent agents.

Much more information about auto insurance can be found on the following sites: