How Much Does 1990 BMW 5 Series Car Insurance Cost?

Having to pay for overpriced insurance can dwindle your personal savings and force you to make sacrifices. Comparing price quotes is free, only takes a few minutes, and is a good way to lower your monthly bill.

Companies like GEICO, Progressive and Allstate persitently shower you with fancy advertisements and it is challenging if not impossible to not get sucked in by the cute commercials and take the time to shop coverage around.

How to Lower Your Insurance Cost

There are multiple methods you can shop for 1990 BMW 5 Series insurance but one way is more efficient than others. You could spend your day discussing policy coverages with agents in your area, or you could use online quoting to get pricing more quickly.

Many insurance companies belong to an insurance system that enables customers to enter their coverage request one time, and at least one company then gives them pricing based on that data. This system prevents you from having to do quote forms for every insurance company.

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

The single downside to using this type of system is you don’t know exactly which carriers you will receive quotes from. If you prefer to choose specific insurance companies to request quotes from, we put together a list of the cheapest insurance companies in your area. Click here to view list.

It’s up to you which method you use, but make darn sure you compare exactly the same coverages and limits for every company. If you use higher or lower deductibles then you won’t be able to find the best deal for your BMW 5 Series. Slightly different insurance coverages could mean much higher rates. Just keep in mind that getting more free quotes provides better odds of finding lower pricing.

Don’t pay full price with these discounts

Insurance can cost an arm and a leg, but you can get discounts to reduce the price significantly. A few discounts will automatically apply at the time of quoting, but less common discounts must be specially asked for prior to receiving the credit.

  • Life Insurance – Companies who offer life insurance give a break if you buy a life insurance policy as well.
  • Defensive Driving Course – Taking part in a course in driver safety could possibly earn you a 5% discount depending on where you live.
  • Early Signing – A few companies offer discounts for switching policies prior to your current policy expiration. This can save 10% or more.
  • Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems may earn rate discounts of more than 20%.
  • Government Employees – Active or retired federal employment can earn a discount up to 10% for 5 Series coverage depending on your company.
  • Accident Waiver – A few companies will forgive one accident without raising rates as long as you don’t have any claims for a certain period of time.
  • Discounts for Safe Drivers – Insureds without accidents can get discounts for up to 45% lower rates for 5 Series coverage than drivers with accidents.
  • Drivers Ed for Students – Have your child complete a driver education course in school.
  • Good Student – A discount for being a good student can get you a discount of up to 25%. This discount can apply well after school through age 25.

Consumers should know that some of the credits will not apply to the entire cost. Some only apply to the price of certain insurance coverages like physical damage coverage or medical payments. So even though they make it sound like all the discounts add up to a free policy, insurance coverage companies aren’t that generous. Any qualifying discounts will reduce the amount you have to pay.

For a list of insurance companies offering insurance coverage discounts, click here.

Why your BMW 5 Series insurance rates may be high

An important part of buying insurance is that you know the rating factors that go into determining the rates you pay for car insurance. Having a good understanding of what determines base rates helps enable you to make changes that may reward you with lower car insurance prices.

Listed below are some of the items that factor into rates.

  • High credit ratings translate to low rates – A driver’s credit score is a big factor in determining what you pay for car insurance. Therefore, if your credit history is lower than you’d like, you could potentially save money when insuring your 1990 BMW 5 Series by improving your credit score. Consumers who have good credit tend to be less risk to insure than drivers who have poor credit.
  • Marriage pays dividends – Having a wife or husband can get you a discount on car insurance. It means you’re more responsible and statistics show married couples file fewer claims.
  • Policy add-ons can waste money – There are quite a few extra bells and whistles that you can get tricked into buying on your 5 Series policy. Insurance for personal injury protection, accidental death and term life insurance may be costing you every month. These may sound like a good investment initially, but if they’re wasting money eliminate the coverages to reduce your premium.
  • Safer cars cost less to insure – Safer cars can get you lower premiums. Safe vehicles have better occupant injury protection and fewer injuries translates into fewer and smaller insurance claims and more competitive rates for policyholders. If the BMW 5 Series earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
  • Men fork out a little more – The statistics show women tend to be less risk to insure than men. However, this does not mean women are BETTER drivers than men. They both cause accidents at about the same rate, but the men have costlier accidents. Men also statistically receive more costly citations like DUI and reckless driving. Male drivers age 16 to 19 are the most expensive to insure and therefore have the most expensive car insurance rates.
  • How many coverages with the same company – The majority of insurance companies will give a discount to people who consolidate policies with them. It’s known as a multi-policy discount. Discounts can be 10 percent or more. If you currently are using one company, it’s still a good idea to compare other company rates to confirm you are receiving the best rates possible. Consumers may find better rates by buying car insurance from a different company.

Your personal situation dictates your coverage

When it comes to buying coverage, there really is not a one size fits all plan. Your needs are not the same as everyone else’s so your insurance needs to address that. For instance, these questions may help you determine if your situation would benefit from professional advice.

  • When should I buy a commercial auto policy?
  • Does my medical payments coverage pay my health insurance deductible?
  • Does my liability insurance cover pulling a trailer or camper?
  • Should I carry comprehensive and collision coverage?
  • Does my policy cover my teen driver if they drive my company car?
  • Should I buy full coverage?
  • How do I buy GAP insurance?
  • Do I get a pro-rated refund if I cancel my policy early?

If you’re not sure about those questions, you may need to chat with an insurance agent. If you don’t have a local agent, fill out this quick form or go to this page to view a list of companies.

Save 15 percent in 15 minutes? Is it for real?

Car insurance providers like State Farm, GEICO and Progressive consistently run ads on TV and radio. They all make an identical promise that you can save if you change to them. But how can every company say the same thing? This is how they do it.

All the different companies are able to cherry pick for the right customer they prefer to insure. For instance, a preferred risk could be between the ages of 40 and 55, is a homeowner, and has great credit. A driver who meets those qualifications gets the lowest rates and as a result will probably save when they switch companies.

Consumers who don’t qualify for the requirements will have to pay higher prices which leads to the customer not buying. The ads say “customers who switch” not “everybody who quotes” save that kind of money. That is how insurance companies can confidently make those claims.

Because of the profiling, drivers must get as many comparisons as possible. It’s not possible to predict the company that will have the lowest BMW 5 Series insurance rates.

Specifics of your insurance policy

Knowing the specifics of insurance helps when choosing which coverages you need and the correct deductibles and limits. Insurance terms can be ambiguous and coverage can change by endorsement. Below you’ll find typical coverages found on the average insurance policy.

Collision protection

Collision coverage covers damage to your 5 Series caused by collision with an object or car. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims such as rolling your car, scraping a guard rail, driving through your garage door and colliding with a tree. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to increase the deductible in order to get cheaper collision rates.

Liability coverage

This provides protection from damages or injuries you inflict on other people or property. This insurance protects YOU against claims from other people. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 25/50/25 that means you have a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Another option is a combined single limit or CSL 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 costs for stationary objects, emergency aid and pain and suffering. How much coverage you buy is a personal decision, but buy as large an amount as possible.

Protection from uninsured/underinsured drivers

This protects you and your vehicle when other motorists do not carry enough liability coverage. This coverage pays for injuries to you and your family as well as damage to your BMW 5 Series.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Frequently your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Medical expense insurance

Personal Injury Protection (PIP) and medical payments coverage kick in for bills such as pain medications, hospital visits, prosthetic devices and funeral costs. They are used to fill the gap from your health insurance plan or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Comprehensive (Other than Collision)

Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things such as hail damage, damage from flooding, damage from a tornado or hurricane, fire damage and vandalism. The most a insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Shop smart and save

When trying to cut insurance costs, make sure you don’t skimp on critical coverages to save a buck or two. There are a lot of situations where someone sacrificed comprehensive coverage or liability limits and found out when filing a claim that it was a big mistake. Your goal should be to buy a smart amount of coverage at a price you can afford, not the least amount of coverage.

Throughout this article, we presented many ideas to lower your 1990 BMW 5 Series insurance rates. The most important thing to understand is the more providers you compare, the higher your chance of finding lower rates. Drivers may discover the biggest savings come from a company that doesn’t do a lot of advertising. These smaller insurers can often provide lower rates in certain areas than the large multi-state companies such as Allstate, GEICO and Progressive.

For more information, link through to these articles: