2003 BMW M5 Car Insurance Rates

No car owner rejoices having to buy auto insurance, especially when they are aware that they are paying too much. Companies like State Farm, Progressive and Geico continually bombard you with catchy ads and consumers find it hard to not get sucked in by the cute commercials and take the time to shop coverage around.

You should take the time to get comparison quotes quite often because prices fluctuate regularly. Just because you had the best rate on M5 coverage two years ago you will most likely find a better premium rate today. Forget all the misinformation about auto insurance because you’re about to find out the proper way to properly buy coverages while reducing your premium.

If you are insured now or need a new policy, you can follow these tips to reduce the price you pay and still get good coverage. Finding the best rates is not rocket science. Drivers just need to learn the most effective way to shop for auto insurance online.

Informed drivers can reduce their insurance rates

Lots of factors are part of the equation when quoting car insurance. A few of the factors are predictable like a motor vehicle report, but others are more transparent such as whether you are married or your commute time.

• Rate your vehicle for proper use – The higher the miles on your BMW each year the higher your rate. A lot of companies calculate rates based on their usage. Cars and trucks that sit idle most of the time cost less to insure as compared to vehicles used primarily for driving to work. It’s always a good idea to double check that your vehicle rating properly reflects the proper vehicle usage. An improperly rated M5 can cost quite a bit.
• Which gender costs less? – Over time, data shows women are more cautious behind the wheel. The data does not necessarily mean that women are BETTER drivers than men. Both genders are responsible for at-fault accidents in similar percentages, but guys cause more damage. Not only that, but men also get higher numbers of serious violations like DWI (DUI) or reckless driving.
• Certain employers raise rates – Occupations such as lawyersair traffic controllers and accountants generally have higher rates than average because of high stress levels and extremely grueling work hours. On the other hand, jobs such as professors, historians and retirees pay the least on M5 coverage.
• Where you live factors in – Living in smaller towns and rural areas of the country can be a good thing when it comes to car insurance. Less people corresponds to lower accident rates in addition to fewer liability claims. Residents of big cities have to deal with more traffic problems and higher rates of accident claims. More time behind the wheel statistically corresponds to a higher accident and claim rate.
• Liability insurance is peace of mind – A critical coverage on your policy, liability insurance will protect you if ever you are ruled to be at fault for causing personal injury or damage in an accident. This coverage provides for a legal defense which can cost a lot. Carrying liability coverage is mandatory and cheap when compared to the cost of physical damage coverage, so drivers should make sure they buy enough to cover all assets.
• Rates can drop if you have more than one policy – Most major insurers provide lower prices to insureds who carry more than one policy such as combining an auto and homeowners policy. Discounts can add up to as much as ten percent or more Even though this discount sounds good, it’s always a smart idea to comparison shop to ensure the best deal.
• Credit history impacts prices – Credit score can be a huge factor in calculating your premium rate. Drivers with very good credit scores tend to be less risk to insure than drivers who have poor credit scores. So if your credit can use some improvement, you could save money insuring your 2003 BMW M5 by improving your credit score.
• Teenage drivers cost more – Teenage drivers have been known to be less responsible when driving with friends so they pay higher car insurance rates. If you’ve ever had to add a teenage driver to your car insurance policy can be quite pricey. Older, more experienced drivers are shown to be more cautious, tend to file fewer claims .

Affordable insurance coverage quotes

Finding a better price on insurance coverage is not rocket science. You just need to invest a little time getting comparison quotes from different insurance companies. Insurance prices can be quoted in a couple of different ways.

1. One of the fastest ways to get quotes for comparison is an all-inclusive rate comparison like this one (opens in new window). This style of form saves time by eliminating separate quote forms for every prospective company. One simple form gets prices estimates from multiple companies.
2. A harder way to compare prices is going to the website for each individual company to complete a price quote. For instance, let’s say you want rates from Auto-Owners, Farmers and American Family. You would need to take the time to go to each site and enter your policy data, which can be really labor intensive. For a list of companies in your area, click here.
3. Even if you have time, the least recommended method to get price estimates is actually driving to different agent offices. The fact that you can get quotes online eliminates this option unless you want the professional guidance that only a licensed agent can provide. Although, it is possible compare the best prices online but have a local agent actually write the policy.

Whichever way you choose to compare rates, be certain you are entering apples-to-apples quote information for every quote you compare. If your comparisons have unequal deductibles or liability limits you will not be able to truly determine the lowest rate.

Save 15 percent in 15 minutes? Is it for real?

Consumers get pounded daily by advertisements that claim the best prices by companies like Geico, State Farm and Progressive. All the companies state the claim that people will save if you change your policy.

How do they all charge lower premium rates?

Insurance companies require specific criteria for the type of driver that earns them a profit. An example of this type of insured might be over the age of 50, has never had a claim, and the vehicle is rated for pleasure use. A propective insured who fits those characteristics is entitled to the best price and will probably save when switching.

Potential insureds who do not match the ideal profile will get a higher premium with the end result being the driver buying from a lower-cost company. The trick is to say “people that switch” but not “all drivers who get quotes” save that much money. That’s the way companies can truthfully advertise the savings.

Because of the profiling, you should compare free insurance quotes often. You cannot predict which insurance company will provide the lowest premium rates.

Discounts can really help lower rates

Car insurance companies don’t list every available discount very clearly, so we break down a few of the more common and the more hidden savings tricks you should be using when you buy insurance online.

• Early Signing – Some insurance coverage companies give discounts for buying a new policy before your current coverage expires. It’s a savings of about 10%.
• Student in College – Children who are enrolled in higher education away from home and don’t have a car may be able to be covered for less.
• Discount for Passive Restraints – Factory options such as air bags or automatic seat belts can qualify for discounts of more than 20%.
• One Accident Forgiven – Not a discount per se, but companies like Allstate, State Farm and Geico will turn a blind eye to one accident before hitting you with a surcharge as long as you don’t have any claims for a certain period of time.
• Organization Discounts – Having an affiliation with qualifying employment or professional organizations is a simple method to lower premiums when getting a insurance quote.
• Discounts for Safe Drivers – Insureds without accidents may receive a discount up to 45% on M5 coverage than their less cautious counterparts.
• Drive Less and Save – Driving fewer miles could be rewarded with discounted prices on garaged vehicles.

One thing to note about discounts is that most discounts do not apply to your bottom line cost. Some only apply to specific coverage prices like physical damage coverage or medical payments. So even though they make it sound like adding up those discounts means a free policy, it doesn’t quite work that way.

If you would like to choose from a list of insurers with the best insurance coverage discounts, click here.

Will just any policy work for me?

When it comes to choosing the best insurance coverage for your personal vehicles, there is no single plan that fits everyone. Everyone’s situation is unique so this has to be addressed. For example, these questions may help you determine if your insurance needs would benefit from an agent’s advice.

• Am I better off with higher deductibles on my 2003 BMW M5?
• Should I buy only the required minimum liability coverage?
• What can I do if my company won’t pay a claim?
• What is the difference between comprehensive and collision coverage?
• What is covered by UM/UIM coverage?
• Is motorclub coverage worth it?
• Am I covered if my car is in a flood?
• When would I need rental car insurance?
• What are the financial responsibility laws in my state?
• Should I buy additional glass protection?

If you don’t know the answers to these questions then you might want to talk to an insurance agent. If you don’t have a local agent, fill out this quick form or go to this page to view a list of companies. It only takes a few minutes and can help protect your family.

Information about specific coverages

Learning about specific coverages of a auto insurance policy can help you determine which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording. Listed below are typical coverages found on most auto insurance policies.

Auto collision coverage

Collision insurance will pay to fix damage to your M5 from colliding with an object or car. 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 another moving vehicle, hitting a mailbox, rolling your car and crashing into a building. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are older. Another option is to raise the deductible to save money on collision insurance.

Comprehensive or Other Than Collision

Comprehensive insurance coverage covers damage from a wide range of events other than collision. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive can pay for claims like damage from flooding, rock chips in glass, a broken windshield, damage from getting keyed and falling objects. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

UM/UIM Coverage

This coverage protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. This coverage pays for hospital bills for your injuries and damage to your BMW M5.

Since many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Normally these coverages are set the same as your liablity limits.

Medical costs insurance

Med pay and PIP coverage pay for immediate expenses for things like surgery, chiropractic care, dental work, rehabilitation expenses and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance program or if you are not covered by health insurance. Coverage applies to all vehicle occupants and also covers if you are hit as a while walking down the street. PIP is not available in all states and gives slightly broader coverage than med pay

Liability

Liability coverage provides protection from injuries or damage you cause to people or other property. This coverage protects you from legal claims by others. Liability doesn’t cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 100/300/100 that means you have a $100,000 limit per person for injuries, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000. Some companies may use one limit called combined single limit (CSL) which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability insurance covers claims such as legal defense fees, bail bonds, loss of income and repair costs for stationary objects. How much coverage you buy is a personal decision, but it’s cheap coverage so purchase higher limits if possible.

Quote more, save more

Cheaper car insurance can be purchased online and from local agencies, so you should be comparing quotes from both to have the best selection. Some insurance providers may not provide rate quotes online and many times these regional carriers only sell coverage through independent insurance agencies.

When buying insurance coverage, make sure you don’t buy lower coverage limits just to save a few bucks. There are too many instances where drivers have reduced collision coverage to discover at claim time that it was a big error on their part. The proper strategy is to get the best coverage possible at an affordable rate, not the least amount of coverage.

Additional information is located on the following sites:

• How to Avoid Common Accidents (State Farm)
• Collision Insurance Coverage (Nationwide)
• Uninsured Motorist Statistics (Insurance Information Insitute)
• Airbag FAQ (iihs.org)