How Much Does 1992 BMW 5 Series Insurance Cost?

Trying to find lower car insurance rates for your BMW 5 Series? Are you a victim of high-priced car insurance? Believe me, there are a lot of people just like you who feel imprisoned by their car insurance policy. Having so many options, it’s nearly impossible to choose the best insurer.

Buying more affordable insurance coverage is simple if you know the tricks. If you have a policy now or need new coverage, you can follow these tips to shop for the lowest rates and possibly find even better coverage. Drivers just need to learn the most efficient way to shop online.

How to Lower Your Insurance Cost

Effectively comparing insurance prices can be a lot of work if you don’t utilize the most efficient way. You could waste a few hours talking to insurance agencies in your area, or you can stay home and use the internet to get rate comparisons in just a few minutes.

Many insurance companies are enrolled in a marketplace where prospective buyers send in one quote, and every company can give them a price determined by their information. This prevents consumers from doing quote requests for each company you want a rate for.

To use this form to compare 1992 BMW 5 Series insurance rates click here (opens in new window).

The one downside to comparing rates this way is you cannot specify which insurance companies to get pricing from. If you wish to select individual companies to compare rates, we have a page of companies who write insurance in your area. View list of insurance companies.

It’s up to you which method you use, but ensure you’re using exactly the same coverages on every quote. If the quotes have differing limits it’s impossible to determine the best price for your BMW 5 Series.

Lower rates by qualifying for discounts

Car insurance can cost a lot, buy you may qualify for discounts to help bring down the price. Some trigger automatically when you quote, but some may not be applied and must be asked about before being credited. If you aren’t receiving every discount available, you are throwing money away.

  • Paperwork-free – A few companies may give you up to $50 for buying a policy and signing up digitally online.
  • Discounts for Safe Drivers – Insureds without accidents can pay as much as 50% less on 5 Series coverage than drivers with accidents.
  • Clubs and Organizations – Affiliation with a professional or civic organization could trigger savings on your policy on 5 Series coverage.
  • Anti-lock Brake System – Cars that have steering control and anti-lock brakes can reduce accidents and qualify for as much as a 10% discount.
  • Discount for Life Insurance – Some companies give lower rates if you buy life insurance from them.

Consumers should know that some credits don’t apply to all coverage premiums. Most only reduce specific coverage prices like liability, collision or medical payments. So despite the fact that it appears it’s possible to get free car insurance, you’re out of luck. Any qualifying discounts will reduce your overall premium however.

Insurance companies who might offer some of the above discounts include:

It’s a good idea to ask each insurance company which discounts you may be entitled to. Savings may not apply everywhere.

BMW 5 Series insurance premiums are calculated by many factors

Consumers need to have an understanding of the factors that play a part in calculating your auto insurance rates. Having a good understanding of what determines base rates helps enable you to make changes that will entitle you to lower auto insurance prices.

  • Better crash test results mean better rates – Vehicles with high crash test scores tend to have better insurance rates. These vehicles reduce injuries and lower injury rates means lower claim amounts and thus lower rates. If your BMW scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may qualify for a discount.
  • A clean driving record saves money – Your driving citation history has a lot to do with how much you pay for insurance. Just one speeding ticket can increase rates forty percent or more. Good drivers tend to pay less for car insurance than people who have multiple driving citations. Drivers who have severe citations such as DWI, reckless driving or hit and run convictions may need to submit a SR-22 or proof of financial responsibility with their state DMV in order to drive a vehicle legally.
  • Bundling policies can get discounts – Some insurers will give a discount to customers who buy several policies from them. It’s known as a multi-policy discount. Discounts can amount to five, ten or even twenty percent. Even if you’re getting this discount you may still want to compare other company rates to ensure the best deal.
  • Younger drivers pay higher rates – Youthful drivers are statistically proven to be careless and easily distracted behind the wheel so they pay higher auto insurance rates. Adding a youthful driver onto a policy can really hurt. Older drivers are more cautious drivers, tend to cause fewer accidents and tend to be better behind the wheel.
  • Liability insurance protects assets – Liability insurance is the coverage that protects you when you are found liable for personal injury or accident damage. Liability provides for a legal defense which can be incredibly expensive. Liability insurance is quite affordable compared to physical damage coverage, so do not skimp.
  • Better credit scores mean better rates – Your credit rating is a large factor in your rate calculation. Drivers with good credit tend to file fewer claims and have better driving records than drivers who have lower credit scores. Therefore, if your credit history can use some improvement, you could potentially save money when insuring your 1992 BMW 5 Series by spending a little time repairing your credit.
  • Never let your coverage lapse – Driving your car without having proper coverage is against the law and as a result your rates will increase for letting your insurance expire. Not only will rates go up, failure to provide proof of insurance may earn you a license revocation or jail time.

Car insurance is unique, just like you

When choosing the best insurance coverage for your personal vehicles, there is no cookie cutter policy. Everyone’s needs are different so your insurance should reflect that For example, these questions may help highlight whether or not you will benefit from professional help.

  • Exactly who is provided coverage by my policy?
  • Do I really need UM/UIM coverage?
  • Can I rate high risk drivers on liability-only vehicles?
  • How much liability do I need to cover my assets?
  • I have health insurance so do I need medical payments coverage?
  • Do I need medical payments coverage since I have good health insurance?
  • Does my policy cover my teen driver if they drive my company car?
  • Who is covered when they drive my 1992 BMW 5 Series?
  • Should I drop comprehensive coverage on older vehicles?
  • Why am I required to buy high-risk coverage?

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with a licensed agent. To find lower rates from a local agent, complete this form or you can also visit this page to select a carrier It’s fast, doesn’t cost anything and may give you better protection.

Don’t listen to company ads

Drivers get pounded daily by advertisements that promise big savings from the likes of State Farm, Allstate and GEICO. All the companies have a common claim that you’ll save big if you switch your coverage to them.

How can each company say the same thing?

All companies are able to cherry pick for the type of driver that is profitable for them. An example of a driver they prefer could be between 25 and 40, has no prior claims, and has great credit. A driver who meets those qualifications gets the lowest rates and is almost guaranteed to cut their rates substantially.

Drivers who do not match the requirements will be quoted more money and this can result in business going elsewhere. The ads state “customers that switch” not “everyone that quotes” save that kind of money. That’s the way insurance companies can confidently state the savings.

This emphasizes why you absolutely need to get a wide range of price quotes. You cannot predict the company that will give you the biggest savings on BMW 5 Series insurance.

Auto insurance coverages

Knowing the specifics of a insurance policy helps when choosing appropriate coverage for your vehicles. The terms used in a policy can be impossible to understand and coverage can change by endorsement. Listed below are typical coverages available from insurance companies.

Uninsured/Underinsured Motorist coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they do not carry enough liability coverage. It can pay for medical payments for you and your occupants as well as damage 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. So UM/UIM coverage is important protection for you and your family. Usually your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Medical payments coverage and PIP

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses like prosthetic devices, chiropractic care, nursing services and ambulance fees. They are often used in conjunction with a health insurance policy or if you lack health insurance entirely. They cover all vehicle occupants and will also cover getting struck while a pedestrian. PIP is not available in all states and gives slightly broader coverage than med pay

Comprehensive coverage

This coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims like rock chips in glass, a tree branch falling on your vehicle, damage from a tornado or hurricane and damage from flooding. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Auto liability insurance

This can cover injuries or damage you cause to other people or property that is your fault. It protects you against other people’s claims, and doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 25/50/25 which means $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Alternatively, you may have a combined limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability coverage protects against claims such as repair bills for other people’s vehicles, structural damage, legal defense fees, repair costs for stationary objects and emergency aid. The amount of liability coverage you purchase is a decision to put some thought into, but buy as high a limit as you can afford.

Auto collision coverage

This coverage pays for damage to your 5 Series caused by collision with another car or object. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against things such as hitting a mailbox, sustaining damage from a pot hole, crashing into a ditch, colliding with another moving vehicle and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. Drivers also have the option to bump up the deductible in order to get cheaper collision rates.

Stretch your dollar

Discount 1992 BMW 5 Series insurance is attainable from both online companies as well as from independent agents, and you need to comparison shop both so you have a total pricing picture. There are still a few companies who don’t offer online price quotes and many times these regional insurance providers only sell through independent insurance agents.

We just presented many tips how you can shop for insurance online. The most important thing to understand is the more rate comparisons you have, the better chance you’ll have of finding lower rates. Consumers could even find that the best prices are with a small mutual company. Smaller companies can often insure niche markets at a lower cost than their larger competitors like State Farm or Progressive.

As you restructure your insurance plan, never buy lower coverage limits just to save a few bucks. There are a lot of situations where an insured dropped comprehensive coverage or liability limits only to regret that a couple dollars of savings turned into a financial nightmare. The proper strategy is to buy a smart amount of coverage at the best price, not the least amount of coverage.

Much more information about insurance coverage can be read at these links: