How Much Does 1991 BMW 5 Series Car Insurance Cost?

Finding better rates for insurance can seem to be challenging for consumers not familiar with comparing rates online. People have so many choices that it can easily become a real challenge to find the best price.

Cut your premium with discounts

Auto insurance companies don’t always publicize every discount in an easy-to-find place, so the following is a list of some of the more common and the harder-to-find discounts you could be receiving.

  • Military Discounts – Being on active duty in the military may qualify for rate reductions.
  • Driver Safety – Successfully completing a driver safety course could cut 5% off your bill depending on where you live.
  • Multiple Cars – Buying insurance for all your vehicles with the same company qualifies for this discount.
  • Discount for New Cars – Insuring a new car can save up to 30% compared to insuring an older model.
  • Theft Prevention System – Anti-theft and alarm systems prevent vehicle theft and qualify for as much as a 10% discount.
  • Fewer Miles Equal More Savings – Driving fewer miles could be rewarded with a substantially lower rate.
  • Own a Home – Owning a home can save you money due to the fact that maintaining a home shows financial diligence.
  • Safe Driver Discount – Drivers who avoid accidents may save up to 50% more on 5 Series insurance than drivers with accidents.
  • One Accident Forgiven – A few companies will forgive one accident before hitting you with a surcharge as long as you don’t have any claims for a certain period of time.
  • Memberships – Participating in a professional or civic organization is a good way to get lower rates when buying auto insurance on 5 Series insurance.

A little note about advertised discounts, many deductions do not apply to the entire policy premium. Most only apply to the cost of specific coverages such as comprehensive or collision. So when the math indicates having all the discounts means you get insurance for free, auto insurance companies aren’t that generous.

For a list of insurers offering auto insurance discounts, follow this link.

Insurance Coverage Prices

There are several ways to get quotes from insurance coverage companies in your area. The easiest way by far to find competitive 1991 BMW 5 Series insurance rates consists of shopping online. This can be done in several different ways.

  1. The easiest and least time consuming way consumers can make multiple comparisons would be an industry-wide quote request form click here to open form in new window. This type of form saves time by eliminating separate quote forms to each individual insurance coverage company. One form submission gets you price quotes from multiple companies. This is by far the quickest method.
  2. A slightly less efficient method to shop for insurance coverage online consists of going to the website for each individual company to complete their respective quote request forms. For sake of this example, we’ll pretend you want rates from Geico, Liberty Mutual and GMAC. To find out each rate you need to go to every website to input your insurance information, and that’s why the first method is more popular.

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

It’s up to you how you get prices quotes, just be sure to compare the exact same information for each comparison quote. If you use different liability limits you can’t possibly determine which rate is truly the best. Quoting even small variations in coverages may cause a big price difference. And when comparing insurance coverage rates, know that quoting more provides better odds of finding the best rates.

Why your BMW 5 Series might be costing you more

Smart consumers have a good feel for the different types of things that help determine the rates you pay for insurance coverage. Understanding what impacts premium levels enables informed choices that could result in big savings.

The following are some of the factors insurance coverage companies consider when setting premiums.

  • Your age impacts your rates – Mature drivers are more cautious drivers, file fewer claims and get fewer tickets. Youthful drivers have a tendency to be careless and easily distracted in a vehicle and because of this, their insurance coverage rates are much higher.
  • Protect your assets with liability insurance – Liability insurance is the protection if you are found to be at fault for personal injury or accident damage. It will provide legal defense coverage which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so drivers should carry high limits.
  • Having a spouse can save you money – Being married can get you a discount on your policy. Marriage usually means you are more mature than a single person it has been statistically shown that married couples file fewer claims.
  • You might want pay the small claims yourself – Auto insurance companies give lower rates to insureds who do not rely on their insurance for small claims. If you file claims often, you can look forward to either policy cancellation or increased premiums. Insurance coverage is intended to be relied upon for major claims that would cause financial hardship.

What is the best insurance coverage?

When it comes to buying coverage for your personal vehicles, there really is not a best way to insure your cars. Coverage needs to be tailored to your specific needs.

For example, these questions may help highlight whether you could use an agent’s help.

  • Why am I required to buy liability insurance?
  • Is my cargo covered for damage or theft?
  • Do I need medical payments coverage since I have good health insurance?
  • Am I covered if I crash into my own garage door?
  • Do I need replacement cost coverage on my 1991 BMW 5 Series?
  • If my pet gets injured in an accident are they covered?
  • Is business property covered if stolen from my car?

If you can’t answer these questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. To find an agent in your area, fill out this quick form.

Insurance coverages explained

Knowing the specifics of your policy aids in choosing the best coverages at the best deductibles and correct limits. Insurance terms can be confusing and even agents have difficulty translating policy wording.

Uninsured/Underinsured Motorist (UM/UIM)

This protects you and your vehicle when other motorists either have no liability insurance or not enough. This coverage pays for injuries to you and your family and also any damage incurred to your BMW 5 Series.

Because many people 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 is a good idea.

Comprehensive insurance

Comprehensive insurance pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things like fire damage, hail damage, damage from getting keyed, rock chips in glass and damage from flooding. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Liability coverages

This provides protection from damage that occurs to other people or property in an accident. It protects you against claims from other people, and doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property.

Liability can pay for things like pain and suffering, repair costs for stationary objects and loss of income. The amount of liability coverage you purchase is up to you, but you should buy as high a limit as you can afford.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses for things like nursing services, pain medications, dental work, X-ray expenses and ambulance fees. They are utilized in addition to your health insurance program or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage

Auto collision coverage

This pays for damage to your 5 Series from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims like driving through your garage door, rolling your car, sustaining damage from a pot hole, hitting a mailbox and crashing into a ditch. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are older. Another option is to bump up the deductible to get cheaper collision coverage.

Power to the consumer

Drivers switch companies for a variety of reasons including extreme rates for teen drivers, unfair underwriting practices, delays in responding to claim requests and even denial of a claim. It doesn’t matter why you want to switch finding a new auto insurance company is not as hard as you think.

In this article, we presented many ideas to get a better price on 1991 BMW 5 Series insurance. The key thing to remember is the more price quotes you have, the better chance you’ll have of finding lower rates. You may even discover the most savings is with a company that doesn’t do a lot of advertising.

Cheaper insurance is possible from both online companies 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 provide the ability to get a quote online and most of the time these small insurance companies sell through independent agents.

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