Cheap 2015 BMW M5 Insurance Rates

Finding better insurance prices for your BMW M5 can normally be a painful process, but you can follow a few tricks to find lower rates.

There is a right way and a wrong way to shop for auto insurance and we’ll show you the absolute fastest way to get price quotes for a new or used BMW and find the lowest possible price.

You should take the time to compare rates every six months because prices change frequently. Even if you think you had the best price on M5 coverage six months ago a different company probably has better rates today. Forget all the misinformation about auto insurance because I’m going to teach you the things you must know in order to find lower rates on auto insurance.

How to buy auto insurance online

Cutting your auto insurance rates isn’t really that difficult. All you need to do is invest a little time comparing price quotes to find out which insurance company has cheap auto insurance quotes. This can be accomplished in a couple of different ways.

  1. If you don’t have a lot of time, the easiest way to get the best comparison quotes is a comparison rater form click to view form in new window. This quick form keeps you from doing multiple quote forms for every company. One form submission compares rates from auto insurance companies with the best prices. It’s definitely the quickest method.
  2. A different way to get quotes online requires you to visit each company website and repeat the quote process again and again. For sake of this example, let’s say you want to get rates from GEICO, Safeco and GMAC. To do that, you would have to go to every website and repeatedly type in your coverage information, which explains why we recommend starting with the first method. For a list of links to insurance companies in your area, click here.
  3. The most time-consuming method to get rate quotes is actually driving to and from local insurance agencies. Quoting and buying insurance online eliminates this option unless you want the extra assistance that can only be provided by a licensed insurance agent. Although you can get the lowest quotes online but buy the policy through an agent.

How you compare quotes is your choice, just do your best to enter apples-to-apples quote data with every price quote. If your comparisons have different data it’s impossible to determine the best price for your BMW M5.

Take policy discounts and save

Car insurance is not inexpensive, but you might be missing out on some discounts that many consumers don’t even know exist. Many discounts should be triggered at the time of quoting, but occassionally some discounts must be specifically requested in order for you to get them.

  • Safety Course Discount – Taking a course that instructs on driving safety can save you 5% or more and easily recoup the cost of the course.
  • Student in College – Youth drivers who are enrolled in a college that is more than 100 miles from home and won’t have access to an insured vehicle may be insured at a cheaper rate.
  • Low Mileage Discounts – Fewer annual miles on your BMW may enable drivers to earn discounted premium rates on garaged vehicles.
  • Passive Restraints and Air Bags – Factory options such as air bags or motorized seat belts can get savings of 20% or more.
  • Sign Early and Save – Select car insurance companies give a discount for switching policies before your current expiration date. You may see this discount when you get auto insurance quotes online.
  • Senior Citizen Rates – Seniors may qualify for a small decrease in premiums on M5 coverage.
  • Buy New and Save – Buying insurance coverage on a new vehicle can save up to 30% since newer vehicles are generally safer.

A quick disclaimer, most discounts do not apply the the whole policy. Most only apply to specific coverage prices like comprehensive or collision. Just because you may think adding up those discounts means a free policy, companies wouldn’t make money that way.

Insurance companies who may offer most of the discounts above include:

Double check with all the companies to give you their best rates. Discounts might not be available to policyholders in your area.

Educated choices result in lower insurance costs

Lots of things are considered when you quote your car insurance policy. Some of the criteria are obvious such as your driving history, although others are less obvious such as your marital status or how safe your car is.Part of the insurance buying process is learning some of the elements that are used to determine your premiums. When you know what positively or negatively determines premiums, this enables informed choices that could help you find lower insurance prices.

  • Costs impacted by vehicle usage – Driving a lot of miles each year the more you will pay for insurance. A lot of companies apply a rate based upon how the vehicle is primarily used. Vehicles not used for work or commuting receive better premium rates than vehicles that have high annual mileage. Incorrect rating for your M5 may be costing you higher rates. It’s always a good idea to double check that your vehicle rating properly reflects how each vehicle is driven.
  • Does auto insurance cost more for men? – Over the last 50 years, statistics have shown that females take fewer risks when driving. This data doesn’t prove that men are WORSE drivers than women. Women and men cause fender benders at a similar rate, but guys have accidents that have higher claims. Not only are claims higher, but men get more serious tickets such as DWI and reckless driving.
  • Get a ticket, pay higher rates – Even one chargable violation can increase rates substantially. Drivers with clean records have lower premiums than people who have multiple driving citations. Drivers who have gotten severe tickets such as hit and run, DWI or reckless driving convictions may face state-mandated requirements to prove financial responsibility with their state in order to continue driving.
  • City traffic equals higher rates – Being located in areas with lower population can be a good thing when trying to find low car insurance rates. Fewer people means fewer accidents in addition to lower liability claims Urban drivers regularly have more traffic problems and a longer drive to work. More time behind the wheel can result in more accidents.

Which policy gives me the best coverage?

When it comes to choosing adequate coverage for your personal vehicles, there really is not a “perfect” insurance plan. Everyone’s needs are different.

For example, these questions may help highlight if your insurance needs would benefit from an agent’s advice.

  • I have a DUI can I still get coverage?
  • Can I rent a car in Mexico?
  • Which companies will insure high-risk drivers?
  • Is there coverage for injuries to my pets?
  • Do I have coverage if my license is suspended?
  • Am I covered when driving a rental car?
  • Am I covered when pulling a rental trailer?

If you’re not sure about those questions, then you may want to think about talking to a licensed agent. If you don’t have a local agent, take a second and complete this form. It only takes a few minutes and can help protect your family.

Be skeptical of insurance coverage ads

Drivers can’t ignore all the ads that promise big savings for switching from companies such as State Farm, GEICO and Progressive. All the companies seem to make the promise about saving some big amount if you switch your insurance coverage coverage to their company.

How does every insurance coverage company have lower policy pricing? You have to listen carefully.

Insurance coverage companies quote their best rates for the type of customer they prefer to insure. For instance, a driver they prefer might be married and over the age of 30, carries high limits, and drives less than 7,500 miles a year. A customer getting a price quote who fits that profile gets the lowest car insurance rates and therefore will save when they switch companies.

Potential customers who cannot meet these criteria will be quoted a more expensive rate which translates to business not being written. The ads state “customers that switch” but not “all drivers who get quotes” save money. That’s why insurance companies can state the savings.

This emphasizes why it’s extremely important to do a rate comparison at every renewal. Because without a comparison, you cannot know with any certainty which company will give you the biggest savings.

Insurance coverage basics

Learning about specific coverages of your policy can help you determine the best coverages and the correct deductibles and limits. The terms used in a policy can be ambiguous and even agents have difficulty translating policy wording.

Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills such as doctor visits, funeral costs and dental work. They are often utilized in addition to your health insurance policy or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

Comprehensive coverage – This will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things like fire damage, falling objects and a broken windshield. The highest amount you’ll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Collision coverages – This coverage covers damage to your M5 from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for claims such as backing into a parked car, sustaining damage from a pot hole, damaging your car on a curb, crashing into a ditch and scraping a guard rail. This coverage can be expensive, so consider removing coverage from older vehicles. Another option is to raise the deductible in order to get cheaper collision rates.

Liability insurance – Liability coverage protects you from damage that occurs to people or other property. This insurance protects YOU from legal claims by others. It does not cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have values of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, a limit of $300,000 in injury protection per accident, and a total limit of $100,000 for damage to vehicles and property. Some companies may use a combined limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability coverage pays for things like emergency aid, pain and suffering, legal defense fees, repair bills for other people’s vehicles and funeral expenses. How much liability coverage do you need? That is your choice, but you should buy higher limits if possible.

Uninsured/Underinsured Motorist coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as damage to your 2015 BMW M5.

Due to the fact that many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea. Most of the time your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Get your money’s worth

More affordable insurance is definitely available online and from local insurance agents, and you should be comparing both to have the best chance of lowering rates. A few companies do not offer price quotes online and many times these regional carriers only sell through independent insurance agencies.

We just showed you a lot of techniques to get a better price on 2015 BMW M5 insurance. The key concept to understand is the more companies you get car insurance rates for, the higher the chance of saving money. You may be surprised to find that the lowest rates are with a company that doesn’t do a lot of advertising.

Drivers who switch companies do it for many reasons like lack of trust in their agent, high rates after DUI convictions, unfair underwriting practices or policy non-renewal. Regardless of your reason, switching insurance companies can be easy and end up saving you some money.

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Comments About 2015 BMW M5 Insurance

  1. Jefferey Wooten

    When do I drop full coverage?

  2. Darnell Beard

    In Las Vegas, NV, 21st Century is a good choice. I have several vehicles insured with them. Get lots of quotes to find the best rate.

  3. An Hardy

    Does Allstate do SR22s in Kentucky?

  4. Sharmaine Woodward

    If you have a clean record and are close to Grand Forks, North Dakota, check out GEICO. They seem to be cheaper. Left 21st Century to switch. I’m a pretty good driver though.

  5. Candra Ford

    Cheap car insurance? What’s that? I live in Eugene, Oregon. I quoted with Amica, Farmers, and Sentry for my M5 and I think I am saving around $50 each month. Left Auto-Owners to switch. Not sure if rates are cheaper online or not.

  6. Demetrius Pearson

    Progressive and Allstate were both pretty cheap in Tampa, FL.

  7. Winifred Petty

    $100 to anyone who understands their policy.

  8. Arielle Bartlett

    Found cheapest coverage with The General for my 2015 BMW M5 and am saving around $490 a year. Good savings if you bundle.

  9. Athena Sullivan

    Cheap is not always the best policy. Went with Eastwood for my 2015 BMW M5 and cut my rates about $260 a year. I’m a pretty low risk driver. Not sure if rates are cheaper online or not.

  10. Hilde Pickett

    I found cheap 2015 BMW M5 insurance in Chicago, IL with GEICO.

  11. Angie Carson

    Good detail in your article. I live on the east side of Nashville, TN. Got free quotes online for a 2015 BMW M5. Ended up at about $210 savings annually. Went with GEICO. Even increased my liability limits.

  12. Wava Carrillo

    Enjoyed the article. From west side of Rochester, MN. Received quotes from State Farm, Eastwood, and Hartford for my 2015 BMW M5 and am saving around $270 a year.

  13. Carlo Wiley

    IT’S ALL TOO EXPENSIVE! From North Charleston, South Carolina. Not sure of all the companies but I ended up saving about $60 each month. Might find lower rates online.

  14. Kurtis Medina

    State Farm was cheapest for my 2015 BMW M5 in Colorado Springs, Colorado.

  15. Buffy Glass

    Is a custom audio system covered by insurance?

  16. Broderick Watson

    Here’s my info. Located in Boston, MA. I got free quotes from AIG Insurance, Sentry, and USAA for my BMW and am saving around $190 a year. Left Encompass to switch. I’m a pretty low risk driver. I quoted rates online then called them.

  17. Frankie Peters

    In Manchester, NH, AAA had the best rates for my 2015 BMW M5. Can still barely afford it.