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BMW BMW 5-Series Insurance Rates

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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UPDATED: May 12, 2022

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Buyers have lots of choices when searching for the best price on BMW 5 Series insurance. You can either waste hours driving around to get rate comparisons or save time using the internet to compare rates. There is a better way to find insurance online so we’re going to tell you the absolute fastest way to price shop coverage on a BMW and locate the cheapest rates from local insurance agents and online providers.

Discounts mean cheaper 1994 BMW 5 Series insurance rates

Companies offering auto insurance don’t always publicize all available discounts in a way that’s easy to find, so we took the time to find some of the more common as well as the least known auto insurance savings. If you aren’t receiving every discount possible, you’re just leaving money on the table.

  • Multiple Cars – Having all your vehicles on one policy may reduce the rate for each vehicle.
  • Life Insurance Discount – Larger companies have a break if you buy auto and life insurance together.
  • Anti-theft Discount – Vehicles with anti-theft systems help deter theft and therefore earn up to a 10% discount.
  • Drive Less and Save – Driving fewer miles could be rewarded with better rates on cars that stay parked.
  • No Charge for an Accident – A handful of insurance companies will forgive one accident without raising rates if your claims history is clear for a set time period.
  • E-sign – A handful of insurance companies will discount your bill up to fifty bucks just for signing your application digitally online.
  • Senior Discount – Older drivers may be able to get a discount up to 10% for 5 Series coverage.
  • Driver Safety – Successfully completing a course teaching defensive driving skills could save 5% or more and easily recoup the cost of the course.

Consumers should know that most credits do not apply to the entire cost. Some only apply to the price of certain insurance coverages like medical payments or collision. Just because it seems like all those discounts means the company will pay you, you won’t be that lucky.

A partial list of companies that possibly offer these discounts include:

Check with each insurance company how you can save money. Discounts may not be available in your area.

Insurance Coverage Prices Online

There are a variety of methods to compare 1994 BMW 5 Series insurance coverage quotes, but one way is less labor-intensive and much quicker. You can spend your afternoon driving to local insurance agents in your area, or you could save time and use online quoting to get pricing more quickly.

Most of the larger companies participate in an industry program that enables customers to enter their coverage request one time, and each company can provide price quotes based on the submitted data. This eliminates the need for quote requests to every company.

To enter your information into the quoting system, click here to open in new window.

The single downside to comparing rates this way is you can’t choose which companies to receive prices from. So if you prefer to pick specific insurance companies for rate comparison, we have a listing of insurance coverage companies in your area. Click here to view list.

It’s up to you how you get prices quotes, just ensure you’re using exactly the same coverage limits for each comparison quote. If you enter higher or lower deductibles it will be very difficult to make a fair comparison for your BMW 5 Series.

These factors can influence what you pay for BMW 5 Series insurance

An important part of buying insurance is that you know the rating factors that come into play when calculating the price you pay for insurance. When you know what positively or negatively impacts premium levels allows you to make educated decisions that could result in lower insurance prices.

The list below includes a few of the “ingredients” companies use to determine premiums.

  • Choose a safe vehicle and save – Vehicles with good safety scores can get you lower premiums. These vehicles reduce injuries and lower injury rates translates into fewer and smaller insurance claims and more competitive rates for policyholders. If your BMW 5 Series earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website it may be receiving lower rates.
  • No coverage gaps is important – Driving without insurance is a misdemeanor and insurance companies will penalize you for letting your coverage have a gap. Not only will you pay more, but not being able to provide proof of insurance may earn you a revoked license or a big fine.Then you may be required to prove you have insurance by filing a SR-22 with your state motor vehicle department.
  • Do you need the policy add-ons? – There are a lot of extra coverages that you can buy if you aren’t careful. Things like vanishing deductibles, towing coverage and additional equipment coverage are some examples. They may seem like a good idea initially, but now you might not need them so remove them from your policy.
  • Lower deductibles cost more – Physical damage deductibles represent how much money you are required to spend in the event of a claim. Physical damage coverage, otherwise known as comp (or other than collision) and collision, covers damage that occurs to your car. Some instances where coverage would apply could be colliding with a building, damage caused by hail, and burglary. The more money you are required to pay out-of-pocket, the less your insurance will be for 5 Series coverage.
  • Rates may be lower depending on your job – Did you know your occupation can influence how much you pay for insurance? Careers like judges, business owners and financial analysts have higher average rates attributed to high stress and long work hours. Conversely, occupations like pilots, engineers and performers get better rates for 5 Series coverage.
  • Men fork out a little more – Statistics have proven women tend to be less risk to insure than men. However, this does not mean women are better drivers. Men and women are in accidents at a similar rate, but the men have costlier accidents. Men also statistically get more serious tickets like reckless driving and DUI. Teenage male drivers tend to get in the most accidents and are penalized with high insurance rates.

Tailor your coverage to you

When it comes to choosing coverage for your personal vehicles, there really is no “best” method to buy coverage. Coverage needs to be tailored to your specific needs.

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For example, these questions could help you determine whether you might need professional guidance.

  • What is covered by UM/UIM coverage?
  • Do I get a pro-rated refund if I cancel my policy early?
  • How do I file an SR-22 for a DUI in my state?
  • What is high-risk coverage and where do I buy it?
  • What are the financial responsibility laws in my state?
  • Do I have coverage when pulling a U-Haul trailer?
  • Will I be non-renewed for getting a DUI or other conviction?
  • How can I find cheaper teen driver insurance?
  • Am I covered when driving in Canada or Mexico?

If you’re not sure about those questions but you know they apply to you, you may need to chat with a licensed insurance agent. To find lower rates from a local agent, complete this form. It is quick, free and can help protect your family.

Are auto insurance companies telling the truth?

Drivers constantly see and hear ads for cheaper car insurance from companies such as 21st Century, Allstate and State Farm. They all say the same thing about savings if you move your policy.

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How does each company say the same thing?

All the different companies have a preferred profile for the type of driver they prefer to insure. A good example of a profitable customer might be profiled as over the age of 40, owns a home, and chooses high deductibles. A customer getting a price quote who matches those parameters will get the preferred rates and most likely will pay quite a bit less when switching companies.

Potential insureds who don’t meet this ideal profile must pay a more expensive rate which leads to the driver buying from a lower-cost company. The ad wording is “drivers who switch” not “everyone that quotes” save money. That’s why companies can truthfully make those claims. This illustrates why drivers must get a wide range of price quotes. Because you never know which company will provide you with the cheapest BMW 5 Series insurance rates.

Car insurance 101

Learning about specific coverages of a auto insurance policy can be of help when determining the right coverages at the best deductibles and correct limits. The terms used in a policy can be impossible to understand and nobody wants to actually read their policy.

Coverage for liability – This coverage provides protection from injuries or damage you cause to other people or property in an accident. This insurance protects YOU against claims from other people. It does not cover damage to your own property or vehicle.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have values of 50/100/50 that translate to $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged property.

Liability insurance covers claims such as medical services, pain and suffering, repair costs for stationary objects, legal defense fees and funeral expenses. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive (Other than Collision) – Comprehensive insurance coverage covers 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 coverage pays for claims like hitting a deer, rock chips in glass and fire damage. The highest amount a auto insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Medical expense insurance – Coverage for medical payments and/or PIP provide coverage for expenses such as EMT expenses, funeral costs and nursing services. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. It covers all vehicle occupants in addition to getting struck while a pedestrian. PIP is not an option in every state but can be used in place of medical payments coverage

Protection from uninsured/underinsured drivers – Your UM/UIM coverage protects you and your vehicle’s occupants when other motorists are uninsured or don’t have enough coverage. Covered claims include injuries sustained by your vehicle’s occupants and damage to your 1994 BMW 5 Series.

Since a lot of drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages should not be overlooked.

Collision – Collision coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. A deductible applies then your collision coverage will kick in.

Collision can pay for claims like sideswiping another vehicle, rolling your car, hitting a mailbox and crashing into a ditch. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. It’s also possible to increase the deductible to bring the cost down.

Quote more. Save more.

Insureds who switch companies do it for a variety of reasons including unfair underwriting practices, delays in paying claims, being labeled a high risk driver or an unsatisfactory settlement offer. Regardless of your reason for switching companies, finding a new insurance coverage company is less work than it seems.

Cheaper 1994 BMW 5 Series insurance can be sourced on the web as well as from independent agents, so compare prices from both to have the best rate selection. There are still a few companies who don’t offer the ability to get a quote online and many times these small, regional companies only sell through independent insurance agents.

When you buy insurance online, do not sacrifice coverage to reduce premiums. There are too many instances where an insured cut uninsured motorist or liability limits and discovered at claim time that the small savings ended up costing them much more. The proper strategy is to buy enough coverage for the lowest price while not skimping on critical coverages.

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