2020 BMW M5 Insurance Rates in 2024 – 7 Ideas for Cheaper Quotes

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 8, 2024

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Searching for low-cost insurance for a BMW M5 can be a painful process, but you can follow a few tricks and make it easy.

There is a right way and a wrong way to find insurance coverage online so we’re going to tell you the absolute fastest way to compare rates for a new or used BMW and get the best price possible.

You should take the time to price shop coverage periodically due to the fact that insurance rates are usually higher with each renewal. If you had the lowest rate for M5 coverage six months ago other companies may now be cheaper. Forget anything you know (or think you know) about insurance coverage because you’re going to learn how to quote online to find lower rates on insurance coverage.

If you are insured now or need a new policy, you will benefit by learning to get lower rates while maximizing coverage. Finding more affordable protection is simple if you know the tricks. Consumers just need to learn the tricks to compare price quotes online.

The best way to compare insurance rates in your area is to understand most of the larger companies participate in a system to provide you with free rate quotes. The one thing you need to do is provide the companies a bit of rating information such as your job, whether you drive to work or school, daily mileage, and any included safety features. Those rating factors is then sent to multiple companies and you receive quotes quickly.

If you would like to compare rates now, click here and complete the form.

Auto insurance myths debunked

Consumers can’t escape the ads for cheaper auto insurance by Allstate and Progressive. They all seem to make the same claim that drivers can save some big amount if you change your coverage to them.

How can each company save you money? This is the way they can do it.

Many companies require specific criteria for the right customer that will most likely be profitable. A good example of a profitable insured could possibly be married and over the age of 30, has no driving citations, and drives newer vehicles. Anyone who fits those characteristics receives the best rates and is almost guaranteed to pay quite a bit less when switching companies.

Potential insureds who are not a match for these standards will probably have to pay a more expensive rate and ends up with the customer buying from someone else. If you listen closely, the ads state “customers that switch” not “everybody who quotes” save that kind of money. That is how companies can truthfully state the savings.

This really emphasizes why it’s extremely important to compare price quotes frequently. It’s just too difficult to predict the company that will have the best car insurance rates at this point in time.

Take advantage of these seven discounts

Insurance is neither fun to buy or cheap, but there could be significant discounts to cut the cost considerably. Certain credits will be shown at the time you complete a quote, but some need to be specifically requested before you will receive the discount.

  • Early Signing – A few larger companies offer discounts for buying a new policy before your current expiration date. You may see this discount when you get insurance quotes online.
  • Senior Citizens – If you’re over the age of 55, you could receive a slight reduction on a insurance quote for M5 coverage.
  • Theft Prevention Discount – Cars, trucks, and SUVs with anti-theft systems are stolen with less frequency and will save you 10% or more.
  • Multi-line Discount – Select insurance companies reward you with a small discount if you purchase life insurance.
  • Anti-lock Brakes – Cars and trucks with anti-lock braking systems can reduce accidents and will save you 10% or more.
  • New Vehicle Savings – Insuring a vehicle that is new can get you a discount since newer vehicles have better safety ratings.
  • Accident Waiver – Not a discount per se, but a handful of insurance companies will forgive one accident before they charge you more for coverage with the catch being you have to be claim-free for a certain period of time.

A little note about advertised discounts, some of the credits will not apply to the entire cost. Some only reduce the price of certain insurance coverages like comprehensive or collision. If you do the math and it seems like you would end up receiving a 100% discount, it doesn’t quite work that way.

Some of the insurance companies that may offer quotes with some of the discounts shown above possibly include:

  • American Family
  • Nationwide
  • MetLife
  • 21st Century
  • Farmers Insurance
  • Allstate

If you are trying to find cheaper insurance quotes, ask each company or agent the best way to save money. Depending on the company, some discounts may not be available everywhere. If you would like to choose from a list of companies that offer the discounts shown above, enter your zip code here.

Special considerations

When it comes to choosing adequate coverage for your personal vehicles, there really is not a single plan that fits everyone. Coverage needs to be tailored to your specific needs.

For example, these questions may help highlight whether your personal situation may require specific advice.

  • Does my car insurance cover rental cars?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Which companies will insure high-risk drivers?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Am I covered if I wreck a rental car?
  • What if I don’t agree with a claim settlement offer?
  • Can my teen driver be rated on a liability-only vehicle?

If it’s difficult to answer those questions but a few of them apply then you might want to talk to an agent. To find an agent in your area, simply complete your zip code. It only takes a few minutes and can help protect your family.

Educate yourself about insurance coverages

Learning about specific coverages of your policy aids in choosing which coverages you need and the correct deductibles and limits. The terms used in a policy can be confusing and nobody wants to actually read their policy.

Medical costs insurance

Medical payments and Personal Injury Protection insurance pay for expenses for EMT expenses, doctor visits, hospital visits, chiropractic care and funeral costs. They are used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not available in all states and gives slightly broader coverage than med pay

Comprehensive or Other Than Collision

This coverage will pay to fix damage from a wide range of events other than collision. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against things such as theft, vandalism, damage from getting keyed, damage from flooding and hail damage. The most you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

UM/UIM Coverage

Uninsured or Underinsured Motorist coverage gives you protection when other motorists either have no liability insurance or not enough. Covered losses include hospital bills for your injuries and also any damage incurred to your BMW M5.

Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea. Normally your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Collision insurance

Collision coverage pays for damage to your M5 resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for claims such as colliding with another moving vehicle, colliding with a tree and backing into a parked car. This coverage can be expensive, so consider removing coverage from older vehicles. You can also bump up the deductible to save money on collision insurance.

Auto liability insurance

Liability coverage provides protection from damage or injury you incur to other people or property in an accident. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 25/50/25 which means a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Occasionally you may see one number which is a combined single limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage pays for claims like repair costs for stationary objects, bail bonds, legal defense fees, loss of income and repair bills for other people’s vehicles. The amount of liability coverage you purchase is your choice, but you should buy as large an amount as possible.

Shop. Compare. Save.

Insureds leave their current company for a number of reasons such as high rates after DUI convictions, extreme rates for teen drivers, questionable increases in premium and being labeled a high risk driver. Regardless of your reason, choosing a new insurance company can be less work than you think.

When getting insurance quotes online, don’t be tempted to reduce needed coverages to save money. Too many times, an accident victim reduced collision coverage and discovered at claim time that their decision to reduce coverage ended up costing them more. The goal is to buy a smart amount of coverage at the best possible price, but do not skimp to save money.

Cheaper insurance is definitely available online and from local insurance agents, so you should be comparing quotes from both to have the best rate selection. Some companies do not provide the ability to get quotes online and most of the time these regional insurance providers only sell coverage through independent agents.

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