1993 BMW 8 Series Insurance Cost

Trying to find the cheapest insurance for a BMW 8 Series can turn out to be difficult, but you can learn the following methods to save time.

There are both good and bad ways to find car insurance online and you need to know the quickest way to price shop coverage on a BMW and get the lowest price either online or from local insurance agents.

If you have a policy now or are just looking to switch companies, you can learn to reduce the price you pay and still get good coverage. Pricing cheaper insurance coverage is easy if you know what you’re doing. Consumers just need to learn how to shop online.

BMW 8 Series rate determination is complex

Consumers need to have an understanding of the factors that help determine auto insurance rates. Knowing what determines base rates enables informed choices that will entitle you to much lower annual insurance costs.

  • Men are more aggressive – Statistics have proven women tend to be less risk to insure than men. Now that doesn’t mean men are worse drivers. Men and women are in accidents at a similar rate, but the males tend to have more serious accidents. They also get more serious tickets such as DWI and reckless driving.
  • Low deductibles can be expensive – Physical damage coverage, termed comprehensive and collision coverage on your policy, is used to repair damage to your BMW. Examples of covered claims are colliding with a building, collision with an animal, and rolling your vehicle. The deductibles are how much you are required to spend in the event of a claim. The higher the amount you’re willing to pay, the less your company will charge you for insurance for 8 Series coverage.
  • Do you have enough liability coverage? – Liability coverage is the protection when a jury decides you are liable for damages from an accident. Liability provides for a legal defense which can cost thousands of dollars. Liability insurance is quite affordable when compared with rates for comp and collision, so drivers should carry high limits.
  • Cautious drivers pay less – Even a single speeding ticket can boost insurance rates by twenty percent. Careful drivers tend to pay less for car insurance than people who have multiple driving citations. Drivers who get severe violations such as reckless driving, hit and run or driving under the influence may be required to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to drive a vehicle legally.
  • More miles equals more premium – Driving more miles every year the more you’ll pay to insure your vehicle. The majority of insurers charge to insure your cars based upon how you use the vehicle. Autos not used for work or commuting get more affordable rates as compared to vehicles used primarily for driving to work. Ask your agent if your auto insurance coverage shows the proper vehicle usage. Incorrect usage on your 8 Series may be wasting your money.
  • Don’t cancel a policy without a new one in place – Allowing your coverage to lapse is a sure-fire way to pay more for auto insurance. And not only will insurance be more expensive, but not being able to provide proof of insurance will get you a steep fine or even jail time.
  • How many coverages with the same company – Most insurance companies give discounts to insureds who carry more than one policy such as combining an auto and homeowners policy. Discounts can amount to 10 percent or more. Even though this discount sounds good, it’s still a good idea to shop around to confirm you are receiving the best rates possible. You may still be able to find better rates by buying insurance from more than one company.

Finding Auto Insurance Deals

Performing a rate comparison can take time and effort if you don’t understand the easiest way. You can waste a lot of time talking to insurance companies in your area, or you can stay home and use the web to accomplish the same thing much quicker.

Most of the best insurance companies participate in an industry program where insurance shoppers enter their policy data once, and every company can give them a price based on that data. This system prevents you from having to do quote requests to each company.

To find out how much you can save on auto insurance click here to start a free quote.

The only downside to using this type of form is you don’t know exactly the insurers you want pricing from. So if you prefer to pick specific insurance companies to compare rates, we have a listing of the cheapest auto insurance companies in your area. View list of insurance companies.

Which method you use is up to you, but ensure you’re using identical coverages and limits on every quote. If you enter differing limits you can’t possibly make an equal comparison.

Discounts are basically free money

Insurance can cost an arm and a leg, but discounts can save money and there are some available that can drop the cost substantially. Larger premium reductions will be automatically applied when you get a quote, but some must be asked for prior to receiving the credit. If you’re not getting every credit possible, you are paying more than you should be.

  • No Accidents – Drivers with accident-free driving histories pay much less when compared with frequent claim filers.
  • Multiple Policy Discount – When you combine your home and auto insurance with the same company you may save up to 20% off your total premium.
  • Payment Discounts – By paying your policy upfront instead of paying each month you can actually save on your bill.
  • Safe Driver Discount – Insureds without accidents may save up to 50% more for 8 Series coverage than less cautious drivers.
  • Multiple Vehicles – Buying coverage for multiple vehicles with the same company can get a discount on all vehicles.
  • Seat Belt Usage – Using a seat belt and requiring all passengers to use a seat belt could cut 10% or more off the personal injury premium cost.
  • Organization Discounts – Affiliation with a professional or civic organization could qualify you for a break when buying auto insurance for 8 Series coverage.
  • Accident Waiver – Some insurance companies will forgive one accident before raising your premiums if your claims history is clear prior to the accident.

It’s important to note that most of the big mark downs will not be given to the entire policy premium. Most only apply to the price of certain insurance coverages like liability and collision coverage. Just because it seems like all the discounts add up to a free policy, companies wouldn’t make money that way. But any discount will bring down your premiums.

Companies who might offer these discounts may include but are not limited to:

It’s a good idea to ask all companies you are considering what discounts are available to you. Discounts might not be offered in your area.

Which insurance is the “right” coverage?

When buying the right insurance coverage, there isn’t really a “perfect” insurance plan. Each situation is unique.

For instance, these questions might help in determining if you might need an agent’s assistance.

  • What is the ISO rating for a 1993 BMW 8 Series?
  • Does my 1993 BMW 8 Series need full coverage?
  • Can I afford low physical damage deductibles?
  • Am I covered if I hit my neighbor’s mailbox?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Do I need replacement cost coverage on my 1993 BMW 8 Series?
  • Why am I required to buy liability insurance?
  • Who is covered when they drive my 1993 BMW 8 Series?

If it’s difficult to answer those questions but one or more may apply to you, you might consider talking to an insurance agent. If you don’t have a local agent, take a second and complete this form. It only takes a few minutes and can provide invaluable advice.

Auto insurance coverages

Having a good grasp of a insurance policy can be of help when determining which coverages you need for your vehicles. Policy terminology can be ambiguous and nobody wants to actually read their policy.

Auto liability insurance

Liability coverage provides protection from injuries or damage you cause to other people or property that is your fault. It protects YOU against claims from other people, and does not provide coverage for your own vehicle damage or injuries.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 100/300/100 which means a $100,000 limit per person for injuries, a limit of $300,000 in injury protection per accident, and a limit of $100,000 paid for damaged property. Some companies may use a combined single limit or CSL which combines the three limits into one amount with no separate limits for injury or property damage.

Liability coverage pays for claims such as loss of income, court costs, repair bills for other people’s vehicles and structural damage. How much liability coverage do you need? That is a personal decision, but consider buying higher limits if possible.

Comprehensive protection

Comprehensive insurance covers damage from a wide range of events other than collision. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things such as a tree branch falling on your vehicle, fire damage, theft and hitting a deer. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Medical expense coverage

Coverage for medical payments and/or PIP kick in for expenses for things like nursing services, chiropractic care and pain medications. They are often used to fill the gap from your health insurance program or if there is no health insurance coverage. Medical payments and PIP cover all vehicle occupants and also covers getting struck while a pedestrian. PIP coverage is not an option in every state and gives slightly broader coverage than med pay

Collision protection

Collision coverage pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for things like colliding with a tree, crashing into a ditch, hitting a mailbox and damaging your car on a curb. Collision is rather expensive coverage, so consider dropping it from vehicles that are older. It’s also possible to bump up the deductible to bring the cost down.

Uninsured or underinsured coverage

This protects you and your vehicle’s occupants when the “other guys” do not carry enough liability coverage. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your BMW 8 Series.

Since 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 very important. Frequently the UM/UIM limits are set the same as your liablity limits.

Shop smart and save

When trying to cut insurance costs, never skimp on coverage in order to save money. There have been many cases where drivers have reduced full coverage only to discover later that it was a big error on their part. Your focus should be to find the BEST coverage at a price you can afford while still protecting your assets.

People change insurance companies for a number of reasons such as extreme rates for teen drivers, policy non-renewal, lack of trust in their agent or questionable increases in premium. It doesn’t matter why you want to switch choosing a new insurance company can be less work than you think.

We just showed you a lot of techniques to lower your 1993 BMW 8 Series insurance rates. It’s most important to understand that the more times you quote, the better your comparison will be. Consumers could even find that the best prices are with some of the lesser-known companies.

Much more information about insurance coverage is located at these links: