2008 BMW M5 Insurance Rates – 7 Tricks for Best Quotes

Want cheaper car insurance rates for your BMW M5? No normal person looks forward to paying premiums for car insurance, especially when they are aware that the cost is way too high.

Because you have many insurance companies to choose from, it can be challenging to locate the right car insurance provider.

It’s a good idea to compare rates before your policy renews because prices change quite often. Just because you had the lowest price for M5 coverage a few years ago you may be paying too much now. Ignore everything you know about car insurance because you’re about to find out the fastest and easiest way to reduce your cost while improving coverage.

Shopping for affordable protection is not that difficult. Basically, everyone who is shopping for insurance will most likely be able to save money. Although vehicle owners can benefit by having an understanding of how insurance companies determine prices and apply this information to your search.

Which insurance coverage is cheapest?

The majority of larger companies like Allstate, Geico and Progressive give price estimates online. Getting online rates is fairly straightforward because you just enter into the quote form. Upon sending the form, the company’s rating system pulls credit information and your driving record and gives you a price quote based on these factors. This helps simplify price comparisons, but the work required to visit a lot of sites and type in the same data is a big time waster. But it’s also necessary to get many rate quotes if you want to find the lowest possible prices on insurance coverage.

The better way to compare rates

The preferred way to find lower prices is to use a quote form to return rates from a lot of companies. This type of form saves time, eliminates form submissions, and makes online price comparison much more enjoyable. After your information is entered, your coverage is rated and you can choose your choice of the quote results.

If the quotes result in lower rates, you simply finish the application and buy the new coverage. It takes 15 minutes at the most and may save quite a bit of money.

To use this form to compare rates, click here to open in new window and enter your information. If you currently have coverage, we recommend you copy the coverages just like they are on your policy. This way, you will receive an apples-to-apples comparison for exact coverage.

Get cheap auto insurance quotes with discounts

Car insurance can cost a lot, but there’s a good chance there are discounts that you may not even know about. A few discounts will be applied at quote time, but lesser-known reductions have to be manually applied prior to getting the savings.

• Organization Discounts – Having an affiliation with qualifying employment or professional organizations can get you a small discount on your next renewal.
• Sign Early and Save – Select companies give a discount for signing up prior to your current policy expiration. This discount can save up to 10%.
• ABS and Traction Control Discounts – Cars, trucks, and SUVs with ABS braking systems or traction control are safer to drive so companies give up to a 10% discount.
• Driving Data Discount – Drivers who agree to allow their auto insurance company to monitor their driving habits by using a telematics device in their vehicle like In-Drive from State Farm and Progressive’s Snapshot might see lower rates as long as the data is positive.
• Air Bags and Passive Restraints – Vehicles equipped with air bags or automatic seat belts may get savings of 20% or more.
• Student in College – Any of your kids who are enrolled in a college that is more than 100 miles from home and do not take a car to college may qualify for this discount.
• Use Seat Belts – Drivers who require all occupants to wear their seat belts can save a little on medical payment and PIP coverage.

A little disclaimer on discounts, most credits do not apply to your bottom line cost. Most only apply to individual premiums such as collision or personal injury protection. So when it seems like you can get free auto insurance, company stockholders wouldn’t be very happy.

To choose insurers who offer cheap auto insurance quotes, follow this link.

Tailor your auto insurance coverage to you

When choosing coverage, there isn’t really a single plan that fits everyone. Your needs are not the same as everyone else’s so this has to be addressed. For instance, these questions can help discover if your situation could use an agent’s help.

• Is my 2008 BMW M5 covered for flood damage?
• Can I make deliveries for my home business?
• What is the difference between comprehensive and collision coverage?
• Should I have a commercial auto policy?
• Do I get a pro-rated refund if I cancel my policy early?
• What are the financial responsibility laws in my state?
• Should I sign the liability waiver when renting a car?
• Do I need an umbrella policy?

If you’re not sure about those questions but you know they apply to you, you may need to chat with an agent. If you don’t have a local agent, simply complete this short form or click here for a list of auto insurance companies in your area.

Smaller companies may have the best rates

Big name companies like Allstate, Geico and Progressive consistently run ads on TV and radio. All the ads tend to make the same promise that you’ll save big if you just switch your coverage to them. How does each company cost less than your current company? It’s all in the wording.

Many companies have a preferred profile for the type of customer that will not have excessive claims. A good example of this type of driver could be over the age of 50, has no driving citations, and drives less than 10,000 miles a year. Any new insured that fits those parameters will get the preferred premium rates and is almost guaranteed to save quite a bit of money when switching.

People who cannot meet these standards may be required to pay a more expensive rate which leads to the customer not buying. The ads say “customers who switch” not “everyone that quotes” save the amount stated. That’s the way insurance companies can confidently make those claims.

That is why you really should compare price quotes frequently. It’s just not possible to know the company that will fit you best based on your risk profile.

Learn about insurance coverages for a BMW M5

Knowing the specifics of a insurance policy aids in choosing the best coverages for your vehicles. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy. Listed below are typical coverages available from insurance companies.

UM/UIM Coverage

This coverage protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your BMW M5.

Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked. Frequently the UM/UIM limits are similar to your liability insurance amounts.

Medical costs insurance

Medical payments and Personal Injury Protection insurance kick in for short-term medical expenses for pain medications, dental work, hospital visits, surgery and EMT expenses. They are utilized in addition to your health insurance policy or if you do not have health coverage. They cover not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Auto liability

This coverage can cover damage or injury you incur to people or other property. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show policy limits of 25/50/25 that means you have a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Alternatively, you may have a combined limit which provides one coverage limit rather than limiting it on a per person basis.

Liability coverage protects against claims such as pain and suffering, medical services and medical expenses. How much coverage you buy is up to you, but consider buying as much as you can afford.

Comprehensive or Other Than Collision

This pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things like damage from getting keyed, theft, a broken windshield, fire damage and rock chips in glass. The maximum payout a insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Auto collision coverage

Collision insurance pays to fix your vehicle from damage 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 coverage pays for things like backing into a parked car, hitting a parking meter, driving through your garage door and sustaining damage from a pot hole. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. Another option is to bump up the deductible to get cheaper collision coverage.

A penny saved is a penny earned

Some car insurance companies do not offer the ability to get quotes online and these small, regional companies provide coverage only through independent agencies. Budget-conscious 2008 BMW M5 insurance can be found both online and from local insurance agents, and you should be comparing both so you have a total pricing picture.

When getting insurance coverage quotes online, it’s very important that you do not skimp on coverage in order to save money. There have been many cases where someone dropped comprehensive coverage or liability limits only to discover later that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to find the BEST coverage at a price you can afford, but do not skimp to save money.

More information can be found on the following sites:

• Help Your Teen Be a Better Driver (State Farm)
• Reducing Your Risks in a Car Crash Video (iihs.org)
• Car Insurance: When not to Skimp (BankRate.com)
• Car Insurance FAQ (Trusted Choice)