Lower Your 2014 BMW M5 Insurance Quotes
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UPDATED: Aug 23, 2022
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Finding the cheapest insurance for a BMW M5 can normally be a lot of work, but you can follow these tips to make it easier. There is a right way and a wrong way to find auto insurance online and we’ll show you the quickest way to price shop coverage for a BMW and get the cheapest rates.
How to Compare Insurance Coverage Costs
Lowering your 2014 BMW M5 insurance coverage rates is not rocket science. Consumers just need to take a few minutes to compare quotes from different insurance companies. This can be done using a couple different methods.
The easiest and least time consuming way to find low rates is to use a rate comparison form click here to open form in new window. This form prevents you from having to do repetitive form entry for every insurance coverage company. Taking the time to complete one form will return quotes from insurance coverage companies with the best prices. This is perfect if you don’t have a lot of time.
A more difficult way to shop for insurance coverage online requires a trip to each individual company website to request a price quote. For examples sake, let’s say you want rates from USAA, GEICO and Liberty Mutual. You would have to spend time on each company’s site to input your insurance information, which is why most consumers use the first method.
For a list of links to insurance companies in your area, click here.
It doesn’t matter which method you choose, just double check that you are using the exact same coverages and limits for every company. If you enter higher or lower deductibles you can’t possibly decipher which rate is best.
Why your BMW M5 might be costing you more
An important part of buying insurance is that you know the rating factors that go into determining the price you pay for car insurance. Understanding what influences your rates empowers consumers to make smart changes that will entitle you to better car insurance rates.
- Protect your assets with liability insurance – The liability section of your policy will protect you if ever a jury decides you are liable for causing damage or personal injury in an accident. It will provide you with a defense in court which can cost thousands of dollars. This coverage is very inexpensive compared to insuring for physical damage coverage, so do not skimp.
- Big city or small town – Living in small towns and rural areas can save you money when buying car insurance. Drivers in populated areas tend to have traffic congestion and much longer commute distances. Lower population means reduced accidents.
- How’s your driving record? – Drivers with clean records tend to pay less for car insurance compared to drivers with tickets. Even a single moving violation may increase your cost twenty percent or more. If you have flagrant violations like hit and run, DWI or reckless driving convictions may find they need to submit a SR-22 form with their state motor vehicle department in order to keep their license.
- Pay less if you’re married – Having a wife or husband can get you a discount on car insurance. Having a spouse means you’re more responsible and it’s proven that married drivers get in fewer accidents.
- Do you have a high stress job? – Did you know your job can affect your rates? Occupations like lawyers, architects and dentists tend to pay the highest average rates due to high stress and long work days. Other professions such as farmers, historians and homemakers have the lowest average rates for M5 insurance.
- Lower rates with optional equipment – Driving a car with anti-theft technology or alarm system can help lower your rates. Theft prevention features such as GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder car theft.
- Small claims can cost you – Car insurance companies generally give lower rates to drivers who file claims infrequently. If you frequently file small claims, you can look forward to either higher rates or even cancellation. Insurance coverage is intended to be relied upon for major claims that would cause financial hardship.
Get lower rates on BMW M5 insurance
Companies offering auto insurance don’t necessarily list all their discounts in an easy-to-find place, so we took the time to find some of the best known as well as the least known savings tricks you should be using. If they aren’t giving you every credit possible, you are throwing money away.
- Senior Citizens – If you’re over the age of 55, you may receive reduced rates for M5 insurance.
- Low Mileage Discounts – Driving fewer miles could qualify for discounted rates on garaged vehicles.
- Multiple Cars – Insuring all your vehicles on the same auto insurance policy may reduce the rate for each vehicle.
- Drivers Education – Have your child successfully complete driver’s ed class in school.
- Life Insurance Discount – Select insurance companies reward you with better rates if you take out a life insurance policy as well.
- Anti-theft System – Anti-theft and alarm systems are stolen less frequently and will save you 10% or more.
- Air Bag Discount – Vehicles equipped with air bags or motorized seat belts can get savings of more than 20%.
- Use Seat Belts – Requiring all passengers to use their safety belts could save 15% on the medical payments or PIP coverage costs.
It’s important to understand that most discounts do not apply to the overall cost of the policy. A few only apply to specific coverage prices like comprehensive or collision. So when the math indicates you can get free auto insurance, companies wouldn’t make money that way.
Insurance companies who might offer these discounts include:
Before buying, ask all companies you are considering what discounts are available to you. Discounts might not be offered in your area.
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Tailor your coverage to you
When choosing proper insurance coverage for your personal vehicles, there is no best way to insure your cars. Coverage needs to be tailored to your specific needs.
For example, these questions can help discover whether your personal situation might need an agent’s assistance.
- Can I afford to buy a different vehicle if my 2014 BMW M5 is totaled?
- What are the financial responsibility laws in my state?
- Is a fancy paint job covered?
- Is other people’s property covered if stolen from my vehicle?
- Will my insurance pay for OEM parts?
- Does car insurance cover theft of personal property?
- Am I getting all the discounts available?
- Am I covered if I break a side mirror?
- What is the ISO rating for a 2014 BMW M5?
- Should I sign the liability waiver when renting a car?
If it’s difficult to answer those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form. It’s fast, doesn’t cost anything and can provide invaluable advice.
Detailed coverages of your auto insurance policy
Knowing the specifics of a auto insurance policy aids in choosing the best coverages and the correct deductibles and limits. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy.
UM/UIM (Uninsured/Underinsured Motorist) coverage – This protects you and your vehicle from other motorists when they do not carry enough liability coverage. This coverage pays for injuries to you and your family as well as damage to your BMW M5.
Because many people have only the minimum liability required by law, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.
Collision – This pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. A deductible applies then your collision coverage will kick in.
Collision insurance covers claims like scraping a guard rail, hitting a parking meter and backing into a parked car. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. You can also increase the deductible in order to get cheaper collision rates.
Liability insurance – This coverage provides protection from damages or injuries you inflict on other people or property. It protects YOU against claims from other people, and doesn’t cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show values of 25/50/25 that translate to $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged property.
Liability insurance covers things such as repair bills for other people’s vehicles, repair costs for stationary objects, loss of income and court costs. How much liability coverage do you need? That is up to you, but you should buy as high a limit as you can afford.
Comprehensive auto coverage – Comprehensive insurance covers damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for things like hail damage, vandalism, rock chips in glass, hitting a deer and fire damage. The highest amount a auto insurance company will pay at claim time 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.
Medical payments and PIP coverage – Medical payments and Personal Injury Protection insurance kick in for bills such as ambulance fees, surgery and hospital visits. They can be utilized in addition to your health insurance program or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. PIP coverage is only offered in select states and may carry a deductible
Smart shoppers get results
People leave their current company for a variety of reasons including delays in paying claims, denial of a claim, high prices or policy non-renewal. Regardless of your reason for switching companies, choosing a new insurance company can be less work than you think.
You just learned some good ideas how you can compare 2014 BMW M5 insurance prices online. It’s most important to understand that the more price quotes you have, the more likely it is that you will get a better rate. You may even find the best prices are with the smaller companies.
The cheapest insurance can be purchased from both online companies and also from your neighborhood agents, so compare prices from both to have the best rate selection. Some insurance providers may not provide online quoting and most of the time these small insurance companies sell through independent agents.
Even more information can be found in the articles below:
- Credit and Insurance Scores (Insurance Information Insitute)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- How to Avoid Staged Accidents (State Farm)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- Crash Avoidance Technologies FAQ (iihs.org)
- Information for Teen Drivers (GEICO)
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