Save on 1992 BMW 5 Series Insurance Quotes

Looking for lower car insurance rates for your BMW 5 Series? Did you come to the realization that you have an expensive car insurance policy? Believe me when I say many consumers feel financially strained by their car insurance policy.

Popular companies such as Progressive, State Farm and GEICO all promote huge savings with advertising and it is challenging if not impossible to ignore the flashy ads and find the best price available.

How to get car insurance rate quotes

Shopping for lower car insurance rates can be a lot of work if you don’t understand the most efficient way to do it. You could waste a few hours talking about coverages with agents in your area, or you can utilize the internet to maximize your effort.

All the larger companies participate in an industry program that allows shoppers to only type in their quote data once, and each company then returns a price quote determined by their information. This prevents consumers from doing quote forms for each company.

To find out how much you can save on car insurance click to open in new window.

The one disadvantage to using this type of system is you can’t choose which carriers you will receive quotes from. If you would rather choose from a list of companies for rate comparison, we have a page of low cost car insurance companies in your area. Click here to view list.

Whichever way you choose to compare rates, ensure you’re using nearly identical coverage limits and deductibles for each comparison quote. If you have different liability limits then you won’t be able to find the best deal for your BMW 5 Series. Just a small difference in insurance coverages may cause a big price difference. And when comparison shopping, comparing a large number of companies helps increase your odds of locating a lower rate. Some smaller insurers to not give rate quotes online, so it’s necessary to compare price estimates from them as well.

What determines BMW 5 Series insurance rates?

Many things are taken into consideration when quoting car insurance. Some are obvious such as your driving record, although some other factors are not quite as obvious such as your credit history or your financial responsibility.

  • Prevent insurance policy lapses – Having a lapse in insurance coverage will be a guaranteed way to increase your renewal premiums. And not only will insurance be more expensive, not being able to provide proof of insurance may result in a revoked license or a big fine.
  • How much liability insurance – Your policy’s liability coverage kicks in if ever you are found liable for physical damage or personal injury to other. This coverage provides for a legal defense to attempt to prove you were not liable. Liability insurance is pretty cheap compared to other policy coverages, so buy as much as you can afford.
  • Younger drivers are expensive to insure – Drivers with little experience have been known to be less responsible when at the wheel of a vehicle and because of this, their insurance rates are much higher. Older insureds are shown to be more cautious, tend to cause fewer accidents , and are generally more financially stable.
  • What’s your car’s NHTSA crash test rating? – Cars with high safety ratings are cheaper to insure. Safe vehicles result in less severe injuries and better occupant protection means lower claim amounts and cheaper rates on your policy. If your BMW 5 Series has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website you may pay a lower rate.
  • Reserve insurance claims for larger damages – If you are a frequent claim filer, you should expect increased rates or even have your policy non-renewed. Insurance companies generally give cheaper rates to drivers who are not frequent claim filers. Insurance coverage is intended to be relied upon for major claims that would cause financial hardship.
  • Your career may increase premiums – Did you know your job can affect your rates? Jobs such as lawyers, architects and dentists are shown to have higher rates than the rest of us attributed to stressful work requirements and long work hours. Other occupations such as farmers, athletes and retirees generally pay rates lower than average on 5 Series coverage.
  • Which gender costs less? – The statistics show females are less aggressive when driving. However, don’t assume that males are worse at driving than females. Males and females get in at-fault accidents at a similar rate, but men get into accidents with more damage. Not only that, but men also get more serious tickets such as driving while intoxicated (DWI) or driving recklessly. Male drivers age 16 to 19 are the most expensive to insure and therefore pay the highest rates.
  • Keep the miles off and save – The more you drive your BMW in a year the more it will cost to insure it. Most companies rate vehicles based upon how much you drive. Cars used primarily for pleasure use cost less to insure than cars that get driven a lot. Incorrect rating for your 5 Series is just wasting money. Make sure your policy is rated on annual mileage, because improper ratings can cost you money.

Get affordable rates with these discounts

Insurance coverage can be pricey, but you might be missing out on some discounts to reduce the price significantly. A few discounts will automatically apply at quote time, but lesser-known reductions have to be manually applied before being credited.

  • Safety Course Discount – Taking a safe driver class could cut 5% off your bill and easily recoup the cost of the course.
  • No Claim Discounts – Insureds with no claims or accidents pay less as opposed to insureds who have frequent claims or accidents.
  • Early Signing – Some insurance companies reward drivers for switching to them prior to the expiration date on your current policy. The savings is around 10%.
  • Active Service Discounts – Having an actively deployed family member could be rewarded with lower prices.
  • Anti-theft System – Vehicles optioned with advanced anti-theft systems are less likely to be stolen and qualify for as much as a 10% discount.
  • Federal Government Employee – Being employed by or retired from a federal job may qualify for a discount when you quote car insurance on 5 Series coverage depending on your insurance coverage provider.
  • New Vehicle Savings – Buying a new car instead of a used car can save up to 30% because new model year vehicles have to meet stringent safety requirements.
  • Multiple Cars – Insuring multiple vehicles on a single policy can reduce the rates for all insured vehicles.
  • Discounts for Good Drivers – Drivers without accidents can get discounts for up to 45% lower rates on 5 Series coverage as compared to drivers with claims.

You should keep in mind that most credits do not apply to the entire cost. A few only apply to the price of certain insurance coverages like collision or personal injury protection. So when the math indicates you can get free auto insurance, companies wouldn’t make money that way. But any discount will help reduce the premium cost.

A list of insurance coverage companies and their offered discounts can be read below.

  • State Farm has savings for multiple autos, defensive driving training, safe vehicle, Steer Clear safe driver discount, passive restraint, good driver, and accident-free.
  • Farmers Insurance may have discounts that include switch companies, bundle discounts, alternative fuel, early shopping, pay in full, and teen driver.
  • Progressive offers discounts including online signing, homeowner, multi-policy, multi-vehicle, good student, and continuous coverage.
  • GEICO may offer discounts for multi-policy, air bags, defensive driver, membership and employees, and military active duty.
  • Auto-Owners Insurance discounts include safe driver, anti-lock brakes, multi-policy, company car, and student away at school.
  • The Hartford may include discounts for bundle, defensive driver, anti-theft, vehicle fuel type, and air bag.
  • Farm Bureau includes discounts for multi-vehicle, multi-policy, 55 and retired, good student, renewal discount, and youthful driver.
  • USAA has discounts for loyalty savings, safe driver, multi-vehicle, annual mileage, military installation, multi-policy, and vehicle storage.

Double check with all the companies the best way to save money. Some of the discounts discussed earlier may not be available in your area.

Insurance can be complex

When it comes to choosing the best insurance coverage, there isn’t really a one size fits all plan. Every insured’s situation is different so your insurance needs to address that. For instance, these questions might help in determining whether or not you will benefit from professional help.

  • What is the difference between comprehensive and collision coverage?
  • Are my tools covered if they get stolen from my vehicle?
  • How can I find cheaper teen driver insurance?
  • Am I covered if I drive in a foreign country?
  • Is upholstery damage covered by car insurance?
  • Why am I required to buy liability insurance?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Is my cargo covered for damage or theft?

If you can’t answer these questions but a few of them apply then you might want to talk to a licensed agent. If you want to speak to an agent in your area, take a second and complete this form or you can also visit this page to select a carrier

Insurance policy specifics

Learning about specific coverages of a insurance policy aids in choosing the best coverages at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy. These are typical coverages offered by insurance companies.

Comprehensive (Other than Collision) – Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like damage from flooding, fire damage, rock chips in glass, damage from a tornado or hurricane and falling objects. The highest amount a insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

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

Collision insurance covers claims like damaging your car on a curb, crashing into a ditch and backing into a parked car. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from lower value vehicles. Drivers also have the option to increase the deductible to bring the cost down.

Coverage for liability – Liability coverage provides protection from damages or injuries you inflict on other’s property or people by causing an accident. It protects you against other people’s claims. Liability doesn’t 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. Your policy might show values of 100/300/100 which means $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and a limit of $100,000 paid for damaged property.

Liability coverage protects against claims such as emergency aid, repair bills for other people’s vehicles, attorney fees and legal defense fees. The amount of liability coverage you purchase is a decision to put some thought into, but buy higher limits if possible.

Medical expense insurance – Med pay and PIP coverage provide coverage for immediate expenses for surgery, hospital visits, prosthetic devices and rehabilitation expenses. They are utilized in addition to your health insurance plan or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is not an option in every state and gives slightly broader coverage than med pay

Protection from uninsured/underinsured drivers – Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” 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.

Since a lot of drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Don’t be a big spender

Cheap 1992 BMW 5 Series insurance can be purchased both online in addition to many insurance agents, so you should be comparing quotes from both in order to have the best price selection to choose from. Some companies do not offer online price quotes and these regional carriers only sell coverage through local independent agencies.

In this article, we covered many ideas to reduce 1992 BMW 5 Series insurance prices online. The most important thing to understand is the more providers you compare, the better your chances of lowering your rates. Drivers may discover the biggest savings come from the least-expected company. These companies may cover specific market segments cheaper than the large multi-state companies such as Progressive and GEICO.

When shopping online for insurance, it’s not a good idea to buy lower coverage limits just to save a few bucks. In too many instances, someone dropped full coverage only to regret that a couple dollars of savings turned into a financial nightmare. The ultimate goal is to buy enough coverage at the lowest possible cost while still protecting your assets.

Additional information can be read at the links below