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1994 BMW 8 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: Mar 31, 2020

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Trying to find cheaper insurance rates for your BMW 8 Series? Nobody cherishes buying insurance, especially knowing they are paying too much. There are many insurers to pick from, and even though it’s nice to have a choice, having more insurance companies makes it harder to compare rates and cut insurance costs.

You should make it a habit to price shop coverage at least once a year because insurance rates trend upward over time. Just because you had the lowest price for 8 Series insurance a year ago you may be paying too much now. Don’t believe everything you read about insurance on the internet, so by reading this article, you’re going to learn a bunch of ideas how to slash your insurance rates.

Finding the best protection is quite easy. If you are insured now or are looking for a new policy, you can follow these tips to find better prices and still get good coverage. Drivers only need an understanding of the proper way to compare price quotes online.

BMW 8 Series rate determination is complex

An important part of buying insurance is that you know the factors that come into play when calculating your auto insurance rates. Understanding what determines base rates enables informed choices that could result in lower auto insurance prices.

  • Never let your coverage lapse – Allowing your coverage to lapse is a guaranteed way to trigger a rate increase. And not only will insurance be more expensive, but not being able to provide proof of insurance may earn you a license revocation or jail time.You may then be required to file a SR-22 with your state motor vehicle department.
  • Tickets mean higher rates – Your driving record has a lot to do with how much you pay for insurance. Careful drivers receive lower rates than people who have multiple driving citations. Even one ticket can boost insurance rates by twenty percent. Drivers who get severe violations such as reckless driving, hit and run or driving under the influence may be required to file a SR-22 to the state department of motor vehicles in order to drive a vehicle legally.
  • You might want pay the small claims yourself – Car insurance companies provide better rates to policyholders who file claims infrequently. If you are a frequent claim filer, you can definitely plan on either higher rates or even cancellation. Car insurance is designed for major claims that would cause financial hardship.
  • Multiple policies with one company can save – Most companies give discounts to customers who carry more than one policy in the form of a multi-policy discount. Even with this discount, you still need to compare other company rates to make sure you are getting the best deal. You may still be able to find a better deal by splitting coverages up.
  • Extra coverages can waste money – There are a ton of extra coverages that you can buy if you aren’t careful. Things like rental car reimbursement, towing coverage and additional equipment coverage may be wasting your money. These coverages may sound good when talking to your agent, but now you might not need them so remove them from your policy.
  • Having a spouse can save you money – Being married actually saves money on auto insurance. Marriage usually means you are more mature and it’s statistically proven that being married results in fewer claims.

Companies offer discounts so take them!

The price of auto insurance can be rather high, but there could be available discounts that you may not know about. Most are applied at the time of purchase, but a few need to be requested specifically prior to receiving the credit. If you aren’t receiving every discount you deserve, you are throwing money away.

  • No Charge for an Accident – Certain companies permit an accident before hitting you with a surcharge if you are claim-free prior to the accident.
  • New Vehicle Savings – Insuring a new car can cost up to 25% less since new cars are generally safer.
  • Auto/Home Discount – When you combine your home and auto insurance with one insurance company you may earn up to 20% off your total premium.
  • Anti-theft System – Vehicles with anti-theft systems can help prevent theft and therefore earn up to a 10% discount.
  • Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to buckle their seat belts can save up to 15% off your medical payments premium.
  • Defensive Driver – Taking a driver safety course could possibly earn you a 5% discount and easily recoup the cost of the course.
  • Drive Less and Save – Driving fewer miles could be rewarded with better rates on cars that stay parked.
  • Passive Restraint Discount – Vehicles equipped with air bags can receive discounts of up to 25% or more.

Keep in mind that most credits do not apply to all coverage premiums. Most only apply to individual premiums such as collision or personal injury protection. So when it seems like you would end up receiving a 100% discount, you’re out of luck. Any qualifying discounts will reduce your premiums.

Insurance companies that possibly offer these benefits include:

Check with each company what discounts are available to you. All car insurance discounts might not be offered in every state.

Do I just need basic coverages?

When it comes to choosing the best insurance coverage for your vehicles, there really is not a single plan that fits everyone. Everyone’s situation is a little different and your policy should reflect that. These are some specific questions can aid in determining if your situation may require specific advice.

  • When do I need to add a new car to my policy?
  • What are the financial responsibility laws in my state?
  • Am I covered if hit by an uninsured driver?
  • Are all vehicle passengers covered by medical payments coverage?
  • Should I bundle my homeowners policy with my auto?
  • What should my uninsured motorist coverage limits be in my state?

If it’s difficult to answer those questions but a few of them apply then you might want to talk to an agent. To find lower rates from a local agent, fill out this quick form or click here for a list of insurance companies in your area. It’s fast, free and can provide invaluable advice.

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Learn about insurance coverages for a BMW 8 Series

Having a good grasp of insurance aids in choosing which coverages you need and the correct deductibles and limits. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy. Below you’ll find typical coverage types found on most insurance policies.

Liability coverages

This coverage can cover damage or injury you incur to people or other property by causing an accident. This insurance protects YOU from claims by other people, and does not provide coverage for damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 50/100/50 which stand for a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property. Another option is a combined limit that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage protects against claims like pain and suffering, attorney fees, medical services, repair bills for other people’s vehicles and bail bonds. How much coverage you buy is up to you, but buy higher limits if possible.

Comprehensive coverage (or Other than Collision)

Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for claims such as vandalism, damage from getting keyed, a tree branch falling on your vehicle, theft and hitting a deer. The maximum payout your insurance company will pay is the market value of your vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Insurance for medical payments

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for doctor visits, surgery and rehabilitation expenses. They can be used to cover expenses not covered by your health insurance plan or if you do not have health coverage. Coverage applies to both the driver and occupants in addition to being hit by a car walking across the street. PIP is not universally available and may carry a deductible

Collision protection

This covers damage to your 8 Series resulting from colliding with an object or car. You first must pay a deductible then your collision coverage will kick in.

Collision coverage pays for claims such as damaging your car on a curb, sustaining damage from a pot hole and backing into a parked car. Collision coverage makes up a good portion of your premium, so consider dropping it from older vehicles. Another option is to choose a higher deductible to bring the cost down.

Uninsured Motorist or Underinsured Motorist insurance

This protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Due to the fact that many drivers only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is important protection for you and your family. Frequently the UM/UIM limits are identical to your policy’s liability coverage.

More quotes. Lower rates.

The cheapest 1994 BMW 8 Series insurance is attainable from both online companies in addition to many insurance agents, and you need to price shop both to have the best chance of lowering rates. Some insurance providers do not provide the ability to get a quote online and these small, regional companies work with independent agents.

In this article, we presented quite a bit of information on how to save on insurance. The most important thing to understand is the more quotes you get, the higher the chance of saving money. Drivers may discover the best prices are with some of the lesser-known companies. Smaller companies may cover specific market segments cheaper than the large multi-state companies such as State Farm, GEICO and Nationwide.

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