1993 BMW M5 Insurance Rates – 8 Discounts for Cheaper Quotes

Expensive insurance coverage can consume your savings account and force you to make sacrifices. Comparing price quotes is a great way to reduce premiums and put more money in your pocket.

Multiple auto insurance companies compete to insure your vehicles, so it can be very hard to choose a insurance company to discover the definitive lowest rate

How to lower your insurance cost

Performing a rate comparison is a ton of work if you don’t know the fastest way to get free quotes. You can waste a lot of time talking about coverages with insurance companies in your area, or you could save time and use online quotes to get rates in a matter of minutes.

Most major companies belong to an insurance system where insurance shoppers enter their coverage request one time, and each company returns a rated price based on that data. This prevents consumers from doing form submissions for every insurance company.

To participate in this free quote system, click here to start a free quote.

The only drawback to pricing coverage this way is you are unable to specify the companies to receive prices from. So if you want to choose specific providers for rate comparison, we have a page of insurance companies in your area. Click here for list of insurance companies.

Take whichever approach you prefer, but make darn sure you compare equivalent coverage information for each comparison quote. If you have different deductibles it’s impossible to determine the lowest rate for your BMW M5. Slightly different coverages could mean much higher rates. And when comparison shopping, more quotes provides better odds of finding more affordable insurance. Some smaller insurers to not give online price quotes, so you need to compare price quotes from them as well.

It’s not one size fits all

When it comes to buying adequate coverage, there really is no one size fits all plan. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. Here are some questions about coverages that can aid in determining whether your personal situation would benefit from an agent’s advice.

  • Should I bundle my homeowners policy with my auto?
  • Will I lose any money if I cancel my policy before it expires?
  • Does my personal policy cover me when driving out-of-state?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Do I need roadside assistance coverage?

If you don’t know the answers to these questions but one or more may apply to you then you might want to talk to an insurance agent. To find lower rates from a local agent, take a second and complete this form or go to this page to view a list of companies.

Auto insurance coverage basics

Knowing the specifics of a auto insurance policy helps when choosing appropriate coverage for your vehicles. The coverage terms in a policy can be confusing and reading a policy is terribly boring. Below you’ll find the normal coverages available from auto insurance companies.

Comprehensive coverages – This 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 such as fire damage, falling objects, hail damage, theft and a tree branch falling on your vehicle. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Coverage for liability – Liability insurance will cover damage that occurs to a person or their property in an accident. Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 50/100/50 that means you have $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000.

Liability can pay for things like bail bonds, court costs, emergency aid and repair bills for other people’s vehicles. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as high a limit as you can afford.

Uninsured and underinsured coverage – Uninsured or Underinsured Motorist coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW M5.

Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Collision coverages – Collision coverage covers damage to your M5 from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things such as rolling your car, sideswiping another vehicle and damaging your car on a curb. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. It’s also possible to bump up the deductible in order to get cheaper collision rates.

Coverage for medical payments – Coverage for medical payments and/or PIP reimburse you for immediate expenses for things like pain medications, surgery, hospital visits and funeral costs. They are often used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. They cover all vehicle occupants and will also cover if you are hit as a while walking down the street. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage