Lower Your 1993 BMW M5 Insurance Quotes

Looking for lower insurance rates for your BMW M5? Finding low-cost insurance for a new or used BMW M5 could be difficult, but you can follow the following methods to save time.

There is a right way and a wrong way to buy insurance and we’ll show you the best way to compare rates on a BMW and locate the lowest possible price.

Quick Insurance Coverage Quotes

Performing a rate comparison can be a daunting task if you aren’t aware of the most efficient way to do it. You could waste a few hours talking about coverages with insurance companies in your area, or you could use online quoting to accomplish the same thing much quicker.

All the larger companies are enrolled in a marketplace that allows shoppers to enter their coverage request one time, and at least one company then gives them pricing based on that data. This prevents consumers from doing quote forms to each individual insurance coverage company.

To compare pricing click to open in new window.

The only drawback to comparing rates this way is that you can’t choose the providers to get quotes from. If you prefer to choose specific insurance companies to compare prices, we have assembled a list of low cost insurance coverage companies in your area. View list of insurance companies.

Whichever method you choose, compare exactly the same coverage information with each company. If you use mixed coverages you will not be able to decipher which rate is best.

Insurance coverage ads bend the truth

Consumers get pounded daily by advertisements for car insurance savings from companies such as State Farm and Allstate. All the companies have a common claim that you’ll save big if you move your policy.

But how can every company make the same claim?

All companies can use profiling for the right customer that earns them a profit. A good example of a preferred risk could possibly be over the age of 50, insures multiple vehicles, and chooses high deductibles. A customer that hits that “sweet spot” is entitled to the best price and most likely will save a lot of money.

Potential insureds who don’t measure up to this ideal profile will be quoted higher premiums which usually ends up with the customer not buying. The ads state “drivers who switch” not “everyone that quotes” save money. That’s why insurance companies can confidently advertise the way they do.

This emphasizes why drivers should get a wide range of price quotes. You cannot predict which company will provide you with the cheapest BMW M5 insurance rates.

BMW M5 insurance rates consist of many parts

An important part of buying insurance is that you know some of the elements that play a part in calculating the rates you pay for auto insurance. When you know what positively or negatively determines base rates allows you to make educated decisions that will entitle you to big savings.

  • Where you live can impact rates – Residing in a small town can be a good thing when talking about auto insurance. Fewer drivers means reduced accidents and a lower car theft rate. City drivers have much more traffic to deal with and longer commutes to work. More time commuting means more change of being in an accident.
  • Bad driving skills means higher rates – Your driving record has a huge affect on how much you pay. Even a single ticket can boost insurance rates by twenty percent. Careful drivers tend to pay less for car insurance compared to drivers with tickets. Drivers who get flagrant violations such as reckless driving, hit and run or driving under the influence may be required to submit a SR-22 form with the DMV in their state in order to keep their license.
  • Drive a safer car and pay less – Vehicles with high crash test scores get lower rates. Safer cars reduce injuries and any reduction in injury severity translates into savings for insurance companies and thus lower rates. If your BMW has ratings of a minimum 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.
  • Males pay more for insurance – Statistics show women tend to be less risk to insure than men. That doesn’t necessarily mean that women are BETTER drivers than men. They both cause accidents in similar numbers, but the male of the species cause more damage. Men also tend to get more serious tickets like DUI and reckless driving. Youthful male drivers are the most expensive to insure and therefore have the most expensive auto insurance rates.

Policy discounts you shouldn’t miss

The cost of insuring your cars can be expensive, but discounts can save money and there are some available to cut the cost considerably. Certain discounts will be triggered automatically when you quote, but less common discounts must be asked about before you will receive the discount. If you aren’t receiving every discount you qualify for, you’re just leaving money on the table.

  • Defensive Driving Course – Completing a defensive driving course could save 5% or more if your company offers it.
  • Low Mileage – Keeping the miles down on your BMW can qualify you for lower rates on the low mileage vehicles.
  • 55 and Retired – Older drivers can possibly qualify for reduced rates on M5 coverage.
  • Discount for Life Insurance – Some companies give a break if you buy auto and life insurance together.
  • Accident Waiver – A handful of insurance companies permit an accident without raising rates if your claims history is clear for a set time period.
  • Homeowners Savings – Owning a home can save you money due to the fact that maintaining a home requires personal responsibility.
  • Discount for Swiching Early – Select companies give a discount for switching policies before your current expiration date. The savings is around 10%.
  • Drivers Ed for Students – Cut your cost by having your teen driver take driver’s ed class in school.

It’s important to understand that most of the big mark downs will not be given to the entire cost. The majority will only reduce individual premiums such as medical payments or collision. Just because it seems like you would end up receiving a 100% discount, companies wouldn’t make money that way. Any amount of discount will bring down your premiums.

Companies that may offer these discounts include:

Before buying, ask each insurance company how you can save money. Some discounts might not be offered in your area.

Insurance agents can help

When buying coverage, there really is not a one size fits all plan. Each situation is unique.

For instance, these questions could help you determine whether you would benefit from an agent’s advice.

  • Can I get a multi-policy discount?
  • Am I better off with higher deductibles on my 1993 BMW M5?
  • Is my camper covered by my car insurance policy?
  • Should I buy only the required minimum liability coverage?
  • Why is insurance for a teen driver so high?
  • Are split liability limits better than a combined single limit?
  • What are the best liability limits?
  • When can my company non-renew my policy?
  • Does my 1993 BMW M5 need full coverage?
  • Is rental equipment covered for theft or damage?

If you can’t answer these questions, you may need to chat with a licensed insurance agent. To find an agent in your area, take a second and complete this form. It is quick, free and can provide invaluable advice.

Insurance coverage options for a BMW M5

Having a good grasp of your policy helps when choosing which coverages you need at the best deductibles and correct limits. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Comprehensive coverage (or Other than Collision)

Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things like hitting a bird, theft and vandalism. The maximum payout a insurance company will pay at claim time is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Collision coverage protection

This coverage pays for damage to your M5 resulting from a collision with another car or object. A deductible applies then your collision coverage will kick in.

Collision coverage pays for things like sustaining damage from a pot hole, colliding with another moving vehicle and crashing into a building. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. Another option is to increase the deductible in order to get cheaper collision rates.

Coverage for liability

Liability insurance can cover damages or injuries you inflict on a person or their property that is your fault. This insurance protects YOU against claims from other people. Liability doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 25/50/25 that means you have a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000. Another option is a combined limit which limits claims to one amount with no separate limits for injury or property damage.

Liability insurance covers things such as medical expenses, repair costs for stationary objects, pain and suffering, legal defense fees and medical services. How much coverage you buy is your choice, but you should buy as large an amount as possible.

Insurance for medical payments

Med pay and PIP coverage provide coverage for bills for prosthetic devices, X-ray expenses, funeral costs and dental work. They are often used to fill the gap from your health insurance plan or if you do not have health coverage. Coverage applies to all vehicle occupants in addition to if you are hit as a while walking down the street. PIP is only offered in select states and gives slightly broader coverage than med pay

Uninsured Motorist or Underinsured Motorist insurance

Uninsured or Underinsured Motorist coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. It can pay for injuries to you and your family and damage to your BMW M5.

Since many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Usually these coverages are similar to your liability insurance amounts.

Don’t throw your cash in the trash

Discount 1993 BMW M5 insurance is possible on the web as well as from independent agents, and you need to comparison shop both in order to have the best chance of saving money. Some insurance coverage companies don’t offer you the ability to get quotes online and many times these smaller companies only sell through independent insurance agents.

People switch companies for any number of reasons including questionable increases in premium, denial of a claim, policy cancellation and even poor customer service. It doesn’t matter why you want to switch switching companies can be pretty painless.

When trying to cut insurance costs, it’s a bad idea to buy lower coverage limits just to save a few bucks. In many instances, an insured dropped liability coverage limits to discover at claim time that it was a big mistake. Your focus should be to get the best coverage possible at an affordable rate.

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