Want the cheapest auto insurance rates for your BMW M5? Have you had enough of scraping the payment together to pay high auto insurance rates every month? You are no different than the majority of other vehicle owners. With so many choices, it is hard for the average consumer to find a lower cost auto insurance company.
It’s a good idea to price shop coverage quite often since prices are variable and change quite frequently. Even if you got the best deal on M5 coverage a couple years back a different company probably has better premium rates today. Ignore everything you know about auto insurance because you’re about to find out the fastest way to reduce your cost while improving coverage.
Performing a rate comparison is a ton of work if you don’t know the best way to get rate quotes. You could waste a few hours talking about coverages with insurance companies in your area, or you can utilize the web to accomplish the same thing much quicker.
Most of the larger companies enroll in a system where prospective buyers complete one form, and each participating company then returns a price quote. This system prevents you from having to do repetitive form submissions to each individual car insurance company. To fill out one form to compare multiple rates now click here (opens in new window).
The only drawback to comparing rates this way is buyers cannot specifically choose the companies to receive prices from. So if you prefer to choose individual companies to request quotes from, we put together a list of companies who write car insurance in your area. View list of insurance companies.
Compare rates however you want, just do your best to enter equivalent coverages on every quote. If your comparisons have higher or lower deductibles it’s not possible to truly determine the lowest rate.
Not too many consumers would say insurance coverage is affordable, but you may be missing some discounts that can dramatically reduce your bill. Some discounts will apply when you purchase, but a few must be inquired about before you will receive the discount.
As a footnote on discounts, most of the big mark downs will not be given to your bottom line cost. Most cut specific coverage prices like physical damage coverage or medical payments. Even though it may seem like adding up those discounts means a free policy, insurance coverage companies aren’t that generous.
A few popular companies and their offered discounts are detailed below.
It’s a good idea to ask every company how many discounts you can get. All car insurance discounts might not apply in your area.
When buying coverage, there really is not a “best” method to buy coverage. Coverage needs to be tailored to your specific needs and your policy should reflect that. For instance, these questions could help you determine if your insurance needs could use an agent’s help.
If you’re not sure about those questions but one or more may apply to you, then you may want to think about talking to an insurance agent. If you don’t have a local agent, simply complete this short form or go to this page to view a list of companies. It is quick, free and can help protect your family.
Knowing the specifics of a auto insurance policy helps when choosing the right coverages for your vehicles. Policy terminology can be confusing and coverage can change by endorsement. Below you’ll find typical coverages found on most auto insurance policies.
Liability coverages – Liability insurance provides protection from damage that occurs to people or other property in an accident. This coverage protects you from claims by other people. It does not cover damage to your own property or vehicle.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have values of 100/300/100 that means you have a $100,000 limit per person for injuries, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property.
Liability coverage pays for claims such as pain and suffering, court costs, bail bonds, repair costs for stationary objects and loss of income. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase as high a limit as you can afford.
Uninsured or underinsured coverage – Your UM/UIM coverage protects you and your vehicle from other motorists when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW M5.
Since a lot of drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.
Collision coverages – Collision insurance pays to fix your vehicle from damage resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible and then insurance will cover the remainder.
Collision coverage pays for claims like scraping a guard rail, rolling your car, crashing into a building and backing into a parked car. This coverage can be expensive, so consider dropping it from older vehicles. Drivers also have the option to bump up the deductible to bring the cost down.
Medical expense coverage – Personal Injury Protection (PIP) and medical payments coverage kick in for immediate expenses for things like chiropractic care, X-ray expenses and dental work. The coverages can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and will also cover any family member struck as a pedestrian. PIP is not universally available but it provides additional coverages not offered by medical payments coverage
Comprehensive protection – This pays for damage from a wide range of events other than collision. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against claims like a tree branch falling on your vehicle, damage from flooding and hitting a deer. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.
I compared a lot of rate quotes for a 2006 BMW M5 in Cleveland, OH. Ended up at right around $290 every six months with American Family. They have a lot of discounts available.
This is too expensive. I live just outside Phoenix, Arizona. Quoted with Auto-Owners, Nationwide, and Travelers for my M5 and cut my rates about $500 a year. I recommend comparing lots of rates.
21st Century was cheapest for my 2006 BMW M5 in Rio Rancho, NM.
All companies are crooks. From northwest of Rio Rancho, NM. Got free quotes online for a 2006 BMW M5. Ended up at about $350 savings annually. Went with Allstate. Even increased my liability limits. Are quotes cheaper online?
Well-written and thought out article. Went with GMAC for my 2006 BMW M5 and am saving around $150 a year. BTW speeding tickets are not good.
Thought I’d throw in my experience. Checking in from Jersey City, NJ. Received quotes with The General, Amica, Safeco, and a couple others for my BMW and I’m now saving $38 a month. Are quotes cheaper online?
All companies are crooks. Got a quote with Eastwood for my M5 and saved around $240 a year. BTW speeding tickets are not good. Can still barely afford it.
In Kansas City, Kansas, GEICO is a good choice. Got better coverage too. Wish I didn’t have to insure at all.
Great info, thanks for posting. I live just outside Tucson, Arizona. I don’t recall every quote but I ended up saving about $40 each month. Still almost need a second mortgage.
Not sure if this is cheap. From a town just southwest of Rochester, Minnesota. Not sure of all the companies but I ended up saving about $60 each month. Wish I didn’t have to insure at all.
Located in Springfield, Missouri. I quoted with American Family, MetLife, and USAA for my M5 and I think I saved around $60 each month. I have several vehicles insured with them.
Great site. I’m in the east part of Burlington, Vermont. Quoted with State Farm, AAA, and Eastwood for my 2006 BMW M5 and saved $467 a year. A clean driving record helps. LOL