Searching for better insurance coverage rates for your BMW M5? Shopping for the lowest cost insurance coverage might appear overwhelming for vehicle owners that are not comfortable with quoting and buying insurance over the internet. With so many insurers available, how can vehicle owners have time to compare every insurance coverage company to find the lowest price?
There are a lot of ways to compare insurance quotes, but one way is more efficient than others. You could spend the better part of a day talking about coverages with agents in your area, or you could save time and use online quoting to get rates in a matter of minutes.
Most car insurance companies are enrolled in a marketplace that allows shoppers to enter their policy data once, and each participating company then gives them pricing determined by their information. This system prevents you from having to do quote requests for each company you want a rate for.
To submit your quote information now, click to open in new window.
The one downside to getting quotes like this is you cannot specify which carriers to get quotes from. So if you want to choose individual companies to request quotes from, we have assembled a list of companies who write insurance in your area. View list of insurance companies.
Whichever way you use, make absolute certain that you use identical deductibles and coverage limits with every price quote. If the quotes have unequal deductibles or liability limits then you won’t be able to get a fair rate comparison. Slightly different limits may cause a big price difference. Just keep in mind that more quotes will increase your chances of finding better pricing. Some smaller insurers to not give online rate quotes, so it’s necessary to compare price estimates from them, too.
Some companies do not list the complete list of policy discounts in an easy-to-find place, so below is a list a few of the more well known and the more hidden credits available to bring down your rates. If you do not double check each discount you qualify for, you’re just leaving money on the table.
Don’t be shocked that most discounts do not apply to all coverage premiums. Most cut specific coverage prices like physical damage coverage or medical payments. So even though it sounds like you would end up receiving a 100% discount, car insurance companies aren’t that generous.
Insurance companies that may include these discounts are:
It’s a good idea to ask all companies you are considering which discounts can lower your rates. A few discounts might not be offered on policies everywhere. To find providers offering car insurance discounts, click this link.
When buying adequate coverage, there is no single plan that fits everyone. Everyone’s situation is a little different.
Here are some questions about coverages that could help you determine whether your personal situation may require specific advice.
If it’s difficult to answer those questions then you might want to talk to an agent. To find lower rates from a local agent, take a second and complete this form.
Learning about specific coverages of insurance aids in choosing the right coverages for your vehicles. Policy terminology can be impossible to understand and nobody wants to actually read their policy.
Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance reimburse you for immediate expenses like nursing services, surgery, pain medications and prosthetic devices. They can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. It covers both the driver and occupants and will also cover being hit by a car walking across the street. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage
Comprehensive coverage – This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers things like hail damage, hitting a bird, falling objects and hitting a deer. The maximum amount your insurance company will pay is the cash value of the vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Auto liability – Liability insurance can cover injuries or damage you cause to other people or property by causing an accident. This insurance protects YOU from legal claims by others, and doesn’t cover damage to your own property or vehicle.
Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 25/50/25 which means a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000. Another option is one number which is a combined single limit which provides one coverage limit with no separate limits for injury or property damage.
Liability can pay for claims like bail bonds, funeral expenses and court costs. How much liability should you purchase? That is your choice, but buy as large an amount as possible.
Uninsured/Underinsured Motorist coverage – This protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants as well as your vehicle’s damage.
Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is important protection for you and your family. Normally these limits are identical to your policy’s liability coverage.
Collision coverage – This will pay to fix damage to your M5 resulting from a collision with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims like hitting a parking meter, colliding with another moving vehicle and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. It’s also possible to raise the deductible to bring the cost down.
Lifelong resident of Chesapeake, Virginia. Quoted a bunch of companies. Saved right around $40 a month. 21st Century was the most affordable for me. Was with Safeco. Thankfully I’m not a high risk driver.
Lots of useful info here. I’m in the east part of Omaha, NE. I quoted with GEICO, Erie, and GMAC for my BMW and I’m now saving $19 a month. Was with Hartford. Hopefully won’t need it. :)
Just my two cents. I live in Anchorage, AK. Received prices from Amica, Mercury, and a few others for my M5 and saved $153 a year. Was with Safeco. I have a couple other vehicles on the policy.
Does Allstate insure teenage drivers?
Mine is so expensive. I’m from Baton Rouge, Louisiana. Quoted quotes from USAA, Amica, Hartford, and Sentry for my BMW and I’m now saving $30 a month. Was with 21st Century. Ask about discounts. They were helpful in switching over.
Live in Las Vegas, NV. Quoted a bunch of companies. Saved about $50 a month. GEICO was the cheapest for me. I get lower rates because of my clean driving record.
Anyone know if Allstate does SR-22s?
Will GEICO give discounts for good grades?
I’m in the suburbs of Madison, WI. Can’t remember who all I quoted but I ended up saving about $50 each month. Left MetLife to switch. I recommend comparing lots of rates.
Does 21st Century settle claims fairly?
Does Allstate settle claims fairly?
I live in Mobile, Alabama. Don’t remember every company but I ended up saving about $60 each month.