Compare 1994 BMW 5 Series Insurance Cost

Wish you could get out of overpriced auto insurance? You’re in good company because many consumers are feeling buyer’s remorse and feel like there’s no way out.

Big-name insurance companies like Progressive, State Farm and Geico increase brand awareness with catchy ads and it can be hard to ignore the promise of big savings and do the work needed to find the best deal.

It’s smart to get comparison quotes at least once a year since insurance prices are variable and change quite frequently. Just because you found the best quotes for 5 Series insurance at your last renewal you can probably find a lower rate today. There is a lot of wrong information about auto insurance online but I’m going to show you some good information on how to slash your auto insurance rates.

If you are paying for car insurance now, you will most likely be able to reduce your rates substantially using this information. Buying car insurance is quite easy. But car owners should learn the way insurance companies sell insurance online.

Components of your BMW 5 Series insurance prices

It’s important that you understand the factors that come into play when calculating your insurance rates. When consumers understand what determines base rates, this empowers consumers to make smart changes that can earn you lower rates. Multiple criteria are part of the equation when quoting car insurance. Some factors are common sense such as traffic violations, but other factors are not as apparent such as whether you are married or your vehicle rating.

  • Mileage impacts prices – The higher the miles on your BMW annually the higher the price you pay to insure it. The majority of insurers apply a rate based upon how the vehicle is primarily used. Vehicles that are left in the garage qualify for better rates as compared to vehicles used primarily for driving to work. Verify your declarations sheet is showing the correct driver usage, because it can save money. An improperly rated 5 Series may be costing you higher rates.
  • Insurance rates for married couples – Getting married may cut your premiums on your insurance policy. Having a spouse demonstrates that you tend to be more financially stable and insurance companies like that married drivers get in fewer accidents.
  • Teen drivers are expensive to insure – Teen drivers are statistically shown to be more careless when at the wheel of a vehicle so they pay higher insurance rates. If you’ve ever had to add a youthful driver to your insurance policy can really hurt. More experienced drivers are viewed as being more responsible, cost insurance companies less in claims and receive fewer citations.
  • City dwellers may pay more – Residing in a rural area has it’s advantages when insuring your vehicles. Fewer drivers on the road means reduced accidents in addition to fewer liability claims. Drivers in populated areas have traffic congestion and much longer commute distances. Longer commute distances means a statistically higher chance of an accident.
  • Gals tend to be lower risk – Over time, data shows women are more cautious behind the wheel. Now that doesn’t mean females are better at driving than males. Both sexes get in fender benders at about the same rate, but men cause more damage and cost insurance companies more money. They also get higher numbers of serious violations like driving under the influence (DUI).

How to lower your car insurance cost

When looking for inexpensive car insurance quotes, there are a couple ways to compare rate quotes from local car insurance companies. One of the best ways to find competitive 1994 BMW 5 Series insurance rates is to perform an online rate comparison. This can be accomplished in several different ways.

Experts agree that the best way to find low rates is to use a rate comparison form like this one (opens in new window). This quick form keeps you from doing separate quotation requests for each price estimate. A single, simple form gets rate comparisons from multiple companies.

A slightly less efficient method to find lower rates requires a visit to the website for each individual company and fill out a new quote form. For example, let’s say you want comparison quotes from Liberty Mutual, Geico and GMAC. To do that, you would have to visit each site and enter your information, and that explains why we recommend the first method.

For a handy list of car insurance company links in your area, click here.

How you compare quotes is your choice, just compare equivalent information for each comparison quote. If each company quotes higher or lower deductibles you will not be able to make a fair rate comparison. Quoting even small variations in insurance coverages or limits can mean a large discrepancy in price. And when comparison shopping, quoting more helps you find the best offered rates. Some regional insurers cannot provide rate quotes online, so you also need to get quotes from them, too.

Buyer beware of car insurance advertising tricks

Car insurance providers like State Farm, Allstate and Geico continually stream ads on TV and radio. All the ads state the claim that you can save if you move your coverage. Is it even possible that every company can charge you a lower premium? Here is how they do it.

Insurance companies quote their best rates for the type of driver that will be a good risk. For example, a profitable risk profile might have to be a mature driver, has never had a claim, and drives a car with an anti-theft system. Anyone who meets those qualifications will probably get the lowest premium rates as well as cut their rates substantially.

Potential insureds who don’t qualify for these criteria must pay a higher premium and this results in the customer buying from someone else. The trick is to say “customers who switch” but not “all drivers who get quotes” save that much when switching. That’s the way insurance companies can confidently state the savings. This emphasizes why it is so important to compare quotes as often as possible. It’s impossible to know which company will be your best fit.

Discount auto insurance rates

Properly insuring your vehicles can get expensive, but there could be significant discounts that you may not even know about. Many of these discounts will be applied automatically when you quote, but a few must be asked about in order for you to get them.

  • Accident Waiver – This one isn’t a discount, but some insurance companies will let one accident slide before your rates go up if you have no claims before the accident.
  • Use Seat Belts – Drivers who always wear seat belts and also require passengers to wear their seat belts could cut 10% or more on the medical payments or PIP coverage costs.
  • E-sign Discounts – Some insurance companies will provide an incentive shop car insurance on the web.
  • Multi-car Discount – Buying coverage for multiple vehicles on the same auto insurance policy can get a discount on all vehicles.
  • Good Student – Excelling in school can earn a discount of 20% or more. This discount can apply until age 25.
  • Low Mileage – Low annual miles can earn lower prices on the low mileage vehicles.
  • Organization Discounts – Being a member of a professional or civic organization could earn you a nice discount when shopping for auto insurance.
  • Driving Data Discount – Drivers who agree to allow driving data submission to analyze when and where they use their vehicle by using a telematics device in their vehicle such as Drivewise from Allstate or Snapshot from Progressive could possibly reduce rates as long as they are good drivers.

A little disclaimer on discounts, most discounts do not apply to the overall cost of the policy. The majority will only reduce the cost of specific coverages such as physical damage coverage or medical payments. If you do the math and it seems like having all the discounts means you get insurance for free, you’re out of luck.

Companies and a selection of discounts are detailed below.

  • 21st Century offers discounts including anti-lock brakes, 55 and older, air bags, teen driver, and good student.
  • State Farm discounts include passive restraint, defensive driving training, student away at school, driver’s education, good student, and anti-theft.
  • AAA policyholders can earn discounts including multi-car, education and occupation, pay-in-full, multi-policy, and AAA membership discount.
  • Liberty Mutual offers discounts for preferred payment discount, exclusive group savings, multi-policy, new vehicle discount, new graduate, newly retired, and multi-car.
  • Progressive has savings for multi-vehicle, continuous coverage, homeowner, online quote discount, online signing, multi-policy, and good student.

Before you buy a policy, ask every prospective company to give you their best rates. A few discounts might not be offered in your area.

Tailor your insurance coverage to you

When choosing proper insurance coverage for your personal vehicles, there is no one size fits all plan. Your needs are not the same as everyone else’s so your insurance needs to address that. For example, these questions might point out if your situation could use an agent’s help.

  • Do I need higher collision deductibles?
  • Do I have coverage when pulling a U-Haul trailer?
  • Why am I required to buy high-risk coverage?
  • Is rental equipment covered for theft or damage?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • What is the minimum liability in my state?
  • Will filing a claim cost me more?
  • Should I drop comprehensive coverage on older vehicles?
  • Will I be non-renewed for getting a DUI or other conviction?

If you’re not sure about those questions but you know they apply to you, you may need to chat with an agent. If you want to speak to an agent in your area, complete this form or click here for a list of insurance companies in your area.

Insurance coverage options for a BMW 5 Series

Understanding the coverages of a insurance policy can help you determine appropriate coverage for your vehicles. Policy terminology can be confusing and nobody wants to actually read their policy. Shown next are typical coverage types found on most insurance policies.

Comprehensive insurance

This will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as hail damage, vandalism, hitting a bird, rock chips in glass and damage from a tornado or hurricane. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Auto liability

Liability coverage will cover damage that occurs to people or other property that is your fault. It protects you from claims by other people. Liability doesn’t cover your injuries or vehicle damage.

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 which means $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged propery.

Liability can pay for things like legal defense fees, repair costs for stationary objects, emergency aid, medical expenses and bail bonds. How much liability coverage do you need? That is a personal decision, but consider buying higher limits if possible.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP reimburse you for expenses such as X-ray expenses, rehabilitation expenses and nursing services. The coverages can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. They cover both the driver and occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants and damage to your BMW 5 Series.

Due to the fact that many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked.

Collision protection

Collision insurance pays for damage to your 5 Series from colliding with another car or object. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage protects against things such as colliding with a tree, sustaining damage from a pot hole, damaging your car on a curb and driving through your garage door. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. You can also raise the deductible to bring the cost down.

A penny earned…

In this article, we covered some good ideas how you can get a better price on 1994 BMW 5 Series insurance. The key thing to remember is the more rate comparisons you have, the better your chances of lowering your prices. Consumers could even find that the lowest priced insurance comes from a smaller regional carrier. Regional companies often have lower prices on specific markets as compared to the big name companies such as Allstate, Geico and Progressive.

Low-cost 1994 BMW 5 Series insurance can be purchased both online and from local agencies, so get free car insurance quotes from both of them to have the best selection. There are still a few companies who do not offer the ability to get quotes online and usually these small, regional companies provide coverage only through independent agencies.

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