2014 BMW M5 Insurance Quotes – 7 Discounts for Cheapest Rates

Looking for cheaper insurance coverage rates for your BMW M5? Nobody likes paying for insurance coverage, especially when they could lower their rates if they shopped around. Drivers have so many car insurance companies to purchase coverage from, and though it is a good thing to have multiple companies, having more auto insurance companies makes it harder to adequately compare rates.

Consumers need to do price comparisons once or twice a year because prices are adjusted regularly by insurance companies. Even if you got the best price on M5 coverage on your last policy you can probably find a lower rate today. You can find a lot of misleading information regarding insurance coverage online but in just a couple of minutes you can learn some good information on how to lower your insurance coverage premiums.

This information will help educate you on how to effectively get price quotes and some tricks to saving. If you are paying for car insurance now, you should be able to lower your premiums substantially using this strategy. Vehicle owners only need an understanding of the most efficient way to compare price quotes online.

Which car insurance is cheapest?

There are a lot of ways to compare car insurance prices but some are less time-consuming than others. You could spend your day discussing policy coverages with agents in your area, or you can stay home and use the internet for quick rates.

Many popular insurance companies participate in a marketplace that enables customers to submit their information once, and each company returns a rated price based on that information. This eliminates the need for repetitive form submissions to each individual car insurance company.

To compare rates now click here to open in new window.

The one disadvantage to doing it this way is that you can’t choose which providers to get pricing from. If you prefer to choose from a list of companies to compare rates, we put together a list of companies who write car insurance in your area. Click here for list of insurance companies.

The method you choose is up to you, but make darn sure you compare identical coverages and limits on every quote. If your comparisons have unequal deductibles or liability limits it will be nearly impossible to determine the lowest rate for your BMW M5.

Insurance rates and discounts

The cost of insuring your cars can be expensive, but you might find some hidden discounts to help offset the cost. Many discounts should be triggered when you complete an application, but some must be asked about before they will apply.

  • Distant Student Discount – College-age children who live away from home at college and do not have access to a covered vehicle could get you a discount.
  • Multiple Cars – Having multiple cars on one policy can get a discount for every vehicle.
  • Anti-lock Brake System – Anti-lock brake equipped vehicles have fewer accidents so companies give up to a 10% discount.
  • Telematics Data Discounts – Insureds who allow data collection to look at driving patterns remotely such as Progressive’s Snapshot and State Farm’s In-Drive could save a few bucks if they show good driving skills.
  • Discount for Good Grades – Getting good grades can save 20 to 25%. Many companies even apply the discount to college students until age 25.
  • Senior Citizen Discount – Mature drivers can possibly qualify for a slight reduction on a insurance coverage quote on M5 coverage.
  • Military Discounts – Having a family member in the military may lower your rates slightly.

We need to note that most discount credits are not given to all coverage premiums. The majority will only reduce the cost of specific coverages such as liability, collision or medical payments. So despite the fact that it appears you would end up receiving a 100% discount, companies wouldn’t make money that way.

If you would like to see a list of companies that provide some of the discounts listed above, click this link.

Situations that may require an agent’s advice

When buying coverage, there is no “perfect” insurance plan. Everyone’s needs are different so your insurance needs to address that. Here are some questions about coverages that can help discover if your situation might need an agent’s assistance.

  • Where can I get insurance after a DUI in my state?
  • What if I owe more than I can insure my car for?
  • How high should deductibles be on a 2014 BMW M5?
  • When should I buy a commercial auto policy?
  • What should my uninsured motorist coverage limits be in my state?
  • Is business equipment covered while in my vehicle?
  • Why am I required to get a high-risk car insurance policy?
  • Does my policy cover me when driving someone else’s vehicle?
  • Can my teen drive my company car?

If you’re not sure about those questions but a few of them apply, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, complete this form or you can go here for a list of companies in your area. It is quick, free and can provide invaluable advice.

Car insurance coverages and their meanings

Understanding the coverages of car insurance can help you determine which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy. Shown next are the normal coverages available from car insurance companies.

Protection from uninsured/underinsured drivers – This coverage protects you and your vehicle when the “other guys” do not carry enough liability coverage. Covered claims include medical payments for you and your occupants and damage to your 2014 BMW M5.

Since a lot of drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important. Normally these limits are similar to your liability insurance amounts.

Collision coverages – This coverage covers damage to your M5 from colliding with another car or object. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims such as sideswiping another vehicle, hitting a parking meter, driving through your garage door, sustaining damage from a pot hole and damaging your car on a curb. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. It’s also possible to choose a higher deductible to get cheaper collision coverage.

Comprehensive (Other than Collision) – This coverage will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers claims like hail damage, damage from getting keyed, vandalism and a tree branch falling on your vehicle. The most your car insurance company will pay is the market value of your vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Liability auto insurance – Liability coverage provides protection from damages or injuries you inflict on a person or their property that is your fault. It protects YOU from legal claims by others, and does not provide coverage for your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see values of 100/300/100 that means you have a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property. Another option is one number which is a combined single limit which provides one coverage limit rather than limiting it on a per person basis.

Liability insurance covers things like structural damage, pain and suffering, legal defense fees, repair costs for stationary objects and court costs. How much liability should you purchase? That is your choice, but consider buying as much as you can afford.

Medical expense insurance – Coverage for medical payments and/or PIP reimburse you for expenses like EMT expenses, doctor visits, X-ray expenses, pain medications and hospital visits. They are often utilized in addition to your health insurance policy or if there is no health insurance coverage. Coverage applies to all vehicle occupants in addition to being hit by a car walking across the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay

Comments About 2014 BMW M5 Insurance

  1. Kaycee Ashley

    Cheap is relative. Live in Evansville, IN. Got quotes with American Family, Esurance, and Mercury for my M5 and saved just over $510 a year. Was with Esurance. :)

  2. Gabriel Glass

    Hope my rates come down. Live in the western part of Rockford, Illinois. Got car insurance prices from Auto-Owners, Esurance, and Safeco for my BMW and saved just over $90 a year. Was with AIG Insurance.

  3. Arcelia Huff

    Proud to be from Kailua, HI. I got free prices from State Farm, Farmers, and Hartford for my M5 and saved just over $160 a year. Even increased my liability limits.

  4. Neida Snider

    Located in Oklahoma City, OK. I got free rates from State Farm, Erie, and GMAC for my 2014 BMW M5 and saved just over $150 a year.

  5. Doretta Dejesus

    All companies are crooks. I live just to the east of Aberdeen, SD. Compared quite a few companies. Saved about $40 a month. State Farm was the cheapest option for me. Left Erie to switch. Good savings if you bundle. Highly recommended.

  6. Maudie Key

    Thanks for putting this site together. I’m in the suburbs of San Diego, California. I got free quotes from Western Auto Insurance, Amica, Hanover, and Safeco for my BMW and saved just over $370 a year. I have a teen driver too. I just quoted rates online.

  7. Dorene Ramos

    Got pretty cheap 2014 BMW M5 insurance from Allstate in Portland, OR.

  8. Genia Yates

    Can I get replacement cost coverage for a 2014 BMW M5?

  9. Georgianna Dalton

    Located in Philadelphia, PA. Got quotes from 21st Century, The General, and Farmers for my BMW and cut my rates about $320 a year. I have several vehicles insured with them. I quoted rates online then called them.

  10. Merideth Gomez

    Proud to be from Tacoma, WA. Got free quotes online for a 2014 BMW M5. Ended up at about $550 savings annually. Went with Allstate.

  11. Yi Atkins

    If you don’t have tickets and live around Atlanta, GA, check out GEICO. You might save some money. Was with MetLife. Even increased coverage a bit. It never hurts to quote around.

  12. Homer Gardner

    If you’re a decent driver and live in the vicinity of Kansas City, MO, check out GEICO. They seem to be cheaper. Insured with Amica before.

  13. Laquanda Tate

    Live in San Diego, CA. I compared lots of rates. Saved roughly $40 a month. Progressive was the cheapest option for me. Insured with Erie before. I get multi-vehicle and multi-policy discounts.

  14. Lewis Barr

    If you have a good history and live around Lincoln, NE, check out State Farm. You might save some money. They have free quotes online.

  15. Bobbye Fields

    From east side of Manchester, NH. I got free quotes with GEICO, AIG Insurance, and Farmers for my 2014 BMW M5 and saved just over $560 a year.

  16. Christia Byrd

    Is Allstate cheaper than GEICO in Cedar Rapids, IA?