2016 BMW M5 Insurance Rates – 8 Discounts for Best Quotes

Looking for lower car insurance rates for your BMW M5? Have you fallen victim to an underperforming, overpriced car insurance policy? Believe me, you are not the only one feeling buyer’s remorse.

Because there are so many companies and agents to choose from, it’s nearly impossible to choose the most affordable car insurance provider.

More discounts mean affordable premiums

Buying insurance coverage is not cheap, but you might find some hidden discounts to help offset the cost. Some of these disounts will be visible when you get a quote, but once in a while a discount must be specially asked for before they will apply.

  • Driver’s Education for Students – It’s a good idea to have your young drivers enroll and complete driver’s education as it can save substantially.
  • Discount for Home Ownership – Just being a homeowner can earn you a little savings because of the fact that having a home requires personal responsibility.
  • Payment Method – By paying your entire bill at once instead of monthly or quarterly installments you can actually save on your bill.
  • Early Signing – Some insurance coverage companies reward drivers for switching policies prior to your current policy expiration. You can save around 10% with this discount.
  • Drive Safe and Save – Drivers who avoid accidents may save up to 50% more on M5 coverage compared to accident prone drivers.
  • Save with a New Car – Putting insurance coverage coverage on a new car can save up to 30% due to better safety requirements for newer models.
  • Waiver for an Accident – but certain companies will allow you to have one accident before they charge you more for coverage if you are claim-free prior to being involved in the accident.
  • Professional Memberships – Belonging to certain professional organizations could trigger savings on insurance coverage.

Just know that many deductions do not apply to the overall cost of the policy. Most cut specific coverage prices like liability and collision coverage. If you do the math and it seems like you would end up receiving a 100% discount, companies don’t profit that way.

Car insurance companies who might offer many of the previously listed discounts include:

It’s a good idea to ask every insurance company to give you their best rates. Some discounts listed above may not apply to policies in your area. To view providers who offer online insurance coverage quotes, click here.

It’s not one size fits all

When buying adequate coverage for your vehicles, there really is no best way to insure your cars. Everyone’s needs are different so your insurance needs to address that. These are some specific questions might point out if your situation could use an agent’s help.

  • Can I pay claims out-of-pocket if I buy high deductibles?
  • What is the minimum liability in my state?
  • How high should deductibles be on a 2016 BMW M5?
  • Should I buy more coverage than the required minimum liability coverage?
  • What happens if I owe more than my 2016 BMW M5 is worth?
  • Should I buy additional glass protection?
  • Can my teen drive my company car?
  • Which companies will insure high-risk drivers?
  • Is business property covered if stolen from my car?
  • How much liability do I need to cover my assets?

If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form or you can go here for a list of companies in your area.

Auto insurance coverages

Knowing the specifics of auto insurance can be of help when determining the right coverages and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. Shown next are typical coverages found on the average auto insurance policy.

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.

Since many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Usually the UM/UIM limits are identical to your policy’s liability coverage.

Comprehensive or Other Than Collision – Comprehensive insurance will pay to fix damage that is not covered by collision coverage. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive can pay for claims like hitting a deer, theft and hitting a bird. The most you’ll receive from a claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Collision coverages – This pays to fix your vehicle from damage resulting from a collision with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision can pay for things like colliding with another moving vehicle, hitting a mailbox, backing into a parked car and sustaining damage from a pot hole. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Another option is to raise the deductible to get cheaper collision coverage.

Auto liability – Liability insurance provides protection from damage or injury you incur to other’s property or people in an accident. This insurance protects YOU from legal claims by others, and doesn’t 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 limits of 50/100/50 that translate to a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged propery. Another option is a combined limit that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage protects against things like medical services, medical expenses, attorney fees, repair bills for other people’s vehicles and loss of income. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase higher limits if possible.

Medical costs insurance – Med pay and PIP coverage reimburse you for immediate expenses for things like X-ray expenses, ambulance fees, EMT expenses and rehabilitation expenses. They can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. Coverage applies to not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. PIP coverage is not universally available and gives slightly broader coverage than med pay

Quote more, save more

While you’re price shopping online, make sure you don’t skimp on critical coverages to save a buck or two. In too many instances, an insured dropped uninsured motorist or liability limits only to discover later that the small savings ended up costing them much more. The proper strategy is to purchase plenty of coverage at a price you can afford while still protecting your assets.

Affordable 2016 BMW M5 insurance can be purchased from both online companies in addition to local insurance agencies, and you should compare rates from both so you have a total pricing picture. Some insurance providers don’t offer the ability to get a quote online and these smaller providers only sell coverage through independent insurance agencies.

More detailed car insurance information can be found in these articles:

Comments About 2016 BMW M5 Insurance

  1. Tawnya Ramsey

    From northwest of Manchester, New Hampshire. I got free rates from Nationwide, Esurance, State Farm, and AAA for my BMW and saved $412 a year. I have kids on my policy, too.

  2. Paulene Hewitt

    I live just to the south of Montgomery, AL. Received prices from AIG Insurance, MetLife, and some smaller one I can’t remember the name of for my M5 and cut my rates about $270 a year. They offer free online rate quotes.

  3. Forest Hanson

    I found cheap 2016 BMW M5 insurance in Tampa, Florida with State Farm.

  4. Demarcus Price

    I’m just west of Spokane, WA and for me Progressive had the lowest quote. Left Hartford to switch. A clean driving record helps. Can still barely afford it.

  5. Kitty Herrera

    I think I’m paying too much. Lifelong resident of Henderson, NV. Compared rates from a lot of places. Saved right around $60 a month. GEICO was the cheapest option for me. God forbid I actually have a claim.

  6. Raguel Ruiz

    In Lincoln, NE, Auto-Owners had the best rates for my 2016 BMW M5. Still almost need a second mortgage.

  7. Johanna Jones

    I’m just east of San Antonio, Texas. Quoted prices from Allstate, Encompass, and Hanover for my M5 and saved $542 a year. I have a couple other vehicles on the policy. Still almost need a second mortgage.

  8. Lanelle Conner

    Thanks for putting this site together. I live in a small town just outside of Detroit, Michigan. Received rates from 21st Century, Erie, and The General for my M5 and saved just over $550 a year. Even increased my liability limits.