Tired of sacrificing to pay auto insurance each month? You’re in the same situation as millions of other consumers. Due to the fact that there are so many online and local companies to choose from, it is hard for the average consumer to find the most cost effective auto insurance company.
Locating affordable auto insurance is not that difficult. If you are insured now or are looking for a new policy, you will benefit by learning to find better prices while maintaining coverages. Drivers just need to know the tricks to buy auto insurance on the web.
Comparing auto insurance rates can take time and effort if you don’t understand the most efficient way to do it. You can waste hours talking about coverages with local insurance agents in your area, or you could use the web to maximize your effort.
Most of the larger companies are enrolled in a marketplace where insurance shoppers submit their information once, and every company provides a quote for coverage. This prevents consumers from doing repetitive form submissions to every company. To find out how much you can save on auto insurance click here to start a free quote.
The only drawback to using this type of system is you are unable to specify the insurers to get quotes from. So if you prefer to choose individual companies to compare, we put together a list of the cheapest auto insurance companies in your area. Click here to view list.
Whichever way you choose to compare rates, do your best to use exactly the same coverage limits for each price quote. If you enter higher or lower deductibles it’s not possible to get a fair rate comparison.
Some companies don’t always publicize every possible discount very well, so the below list has some of the best known and the harder-to-find savings tricks you should be using when you buy insurance online.
Drivers should understand that most discounts do not apply to the overall cost of the policy. Most only cut specific coverage prices like comp or med pay. Even though it may seem like all those discounts means the company will pay you, that’s just not realistic.
A list of companies and a partial list of their discounts can be read below.
When comparing rates, check with each insurance company which discounts you qualify for. Some discounts listed above might not be available to policyholders in your area. To choose insurers with the best car insurance discounts, click here.
When choosing coverage for your personal vehicles, there is no one size fits all plan. Everyone’s situation is a little different and your policy should reflect that. For example, these questions may help you determine whether or not you may require specific advice.
If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to an insurance agent. To find an agent in your area, simply complete this short form or go to this page to view a list of companies. It’s fast, free and may give you better protection.
Learning about specific coverages of your policy can be of help when determining which coverages you need and the correct deductibles and limits. Policy terminology can be ambiguous and coverage can change by endorsement. Shown next are typical coverage types found on most insurance policies.
Medical expense insurance – Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses like surgery, hospital visits, doctor visits and nursing services. They are often utilized in addition to your health insurance plan or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. PIP is not available in all states and gives slightly broader coverage than med pay
Comprehensive (Other than Collision) – This coverage pays to fix your vehicle from damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.
Comprehensive coverage pays for claims like a broken windshield, theft and damage from flooding. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.
Auto liability – This coverage can cover injuries or damage you cause to people or other property in an accident. It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show limits of 100/300/100 that translate to $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged propery. Occasionally you may see a combined single limit or CSL which provides one coverage limit with no separate limits for injury or property damage.
Liability insurance covers claims such as attorney fees, repair bills for other people’s vehicles, pain and suffering and emergency aid. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible.
Protection from uninsured/underinsured drivers – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. Covered claims include medical payments for you and your occupants and also any damage incurred to your BMW M5.
Due to the fact that many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Frequently these coverages are identical to your policy’s liability coverage.
Collision coverage – Collision coverage pays to fix your vehicle from damage from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers things such as backing into a parked car, crashing into a building, scraping a guard rail, rolling your car and hitting a parking meter. This coverage can be expensive, so consider dropping it from older vehicles. You can also increase the deductible in order to get cheaper collision rates.
Cost effective 2001 BMW M5 insurance is possible from both online companies in addition to many insurance agents, so you need to quote insurance with both to have the best selection. Some insurance companies do not offer the ability to get quotes online and many times these smaller providers provide coverage only through local independent agents.
In this article, we presented quite a bit of information on how to lower your 2001 BMW M5 insurance rates. The key concept to understand is the more quotes you get, the higher your chance of finding affordable insurance. You may even discover the lowest rates come from a smaller regional carrier. These companies can often insure niche markets at a lower cost than their larger competitors like Progressive and Geico.
Does GEICO offer multi-policy discounts?
Not sure what I should be paying. Proud to be from San Jose, CA. Quoted quotes with Progressive, Amica, and Eastwood for my 2001 BMW M5 and I think I saved about $30 each month. Are quotes cheaper online?
I’m in the suburbs of Idaho Falls, Idaho. Checked online prices for a 2001 BMW M5. Ended up at about $80 savings annually. Went with Allstate. Wish I didn’t have to insure at all.
It’s all a rip off. I’m in the north part of Warwick, RI. I quoted with 21st Century, Erie, and GMAC for my M5 and am saving around $110 a year. Switched homeowners coverage too. I recommend comparing lots of rates.
From northwest of Green Bay, Wisconsin. I quoted with AAA, Esurance, and Sentry for my BMW and I’m now saving $22 a month.
Lots of useful info here. Live in Lexington, Kentucky. I got free rates from Progressive, Liberty Mutual, and Encompass for my 2001 BMW M5 and I think I cut my rates about $20 each month. Left Farmers to switch. Did it all online. My BMW doesn’t have full coverage.
Not sure if this is cheap. From a town just southwest of Cleveland, OH. Quoted prices online for a 2001 BMW M5. Ended up at about $80 savings annually. Went with Allstate. I have kids on my policy, too. They were helpful in switching over. I’m thinking about dropping full coverage though.
I chose to switch to GEICO from Auto-Owners. I live in Fort Smith, Arkansas.
Can you buy custom paint coverage for a 2001 BMW M5?
I think I’m paying too much. I’m in Great Falls, Montana. Quoted with Progressive, The General, and Eastwood for my BMW and saved $92 a year. A clean driving record helps. I think I’ll get rid of full coverage next time.
Nice info. Went with AIG Insurance for my 2001 BMW M5 and cut my rates about $60 a year. Insured with Hartford before. I dropped full coverage awhile back.
For me, Progressive was by far the cheapest in Aurora, Illinois.
This is too expensive. Proud to be from Paterson, NJ. I compared lots of rates. Saved roughly $30 a month. Allstate was the cheapest for me. Ask about discounts. I got a quote from their website.
I’m in the west part of Portland, Oregon. Quoted with American Family, MetLife, and Western Auto Insurance for my 2001 BMW M5 and I’m now saving $13 a month. Insured with American Family before. BTW speeding tickets are not good. LOL I don’t put full coverage on it.
This is too expensive. Quoted with Liberty Mutual for my M5 and saved about $80 a year. Thankfully I have a good driving record. They offer free online rate quotes.