View 2015 BMW M5 Insurance Rates in 2024

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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 the cheapest car insurance rates for your BMW M5? Locating the cheapest insurance for a new or used BMW M5 can be difficult, but you can use the following methods to make it easier.

There is a better way to buy car insurance so you’re going to learn the best way to price shop coverage on a BMW and locate the lowest possible price from local insurance agents and online providers.

Save a ton by taking advantage of discounts

Buying insurance is not cheap, but discounts can save money and there are some available to help offset the cost. Certain credits will be shown at quote time, but a few must be requested specifically before they will apply.

  • Good Student Discount – A discount for being a good student can get you a discount of up to 25%. The discount lasts until age 25.
  • Fewer Miles Equal More Savings – Low annual miles could be rewarded with slightly better rates than normal.
  • Theft Deterrent Discount – Vehicles that have factory alarm systems and tracking devices have a lower chance of being stolen and will save you 10% or more.
  • Lower Rates for Military – Being deployed in the military can result in better insurance rates.
  • Accident Free – Drivers who don’t have accidents can earn big discounts in comparison with bad drivers.
  • Bundle and Save – When you combine your auto and home insurance with one insurance company you could get a discount of up to 20% off your total premium.
  • Seat Belt Usage – Using a seat belt and requiring all passengers to fasten their seat belts could cut 10% or more off PIP or medical payments premium.
  • More Vehicles More Savings – Buying a policy with all your vehicles on the same insurance policy may reduce the rate for each vehicle.

A quick disclaimer, some credits don’t apply to all coverage premiums. Most only reduce the price of certain insurance coverages like medical payments or collision. So when it seems like all those discounts means the company will pay you, it just doesn’t work that way. But all discounts will bring down your premiums.

Companies and their possible discounts are:

  • State Farm offers discounts including Steer Clear safe driver discount, anti-theft, good driver, multiple policy, driver’s education, Drive Safe & Save, and multiple autos.
  • GEICO offers discounts for five-year accident-free, anti-lock brakes, federal employee, multi-vehicle, and anti-theft.
  • SAFECO offers premium reductions for anti-theft, anti-lock brakes, drive less, homeowner, bundle discounts, accident prevention training, and teen safety rewards.
  • Farmers Insurance discounts include distant student, business and professional, early shopping, alternative fuel, switch companies, multi-car, and electronic funds transfer.
  • AAA may have discounts that include pay-in-full, anti-theft, good student, education and occupation, multi-car, and multi-policy.
  • USAA includes discounts for vehicle storage, good student, safe driver, military installation, and annual mileage.

When quoting, ask each company to give you their best rates. Savings might not apply in your state. For a list of providers who offer online insurance quotes, enter your zip code here.

How much auto insurance do I need?

When choosing the best auto insurance coverage, there isn’t really a one size fits all plan. Your needs are not the same as everyone else’s.

For instance, these questions might point out whether your personal situation will benefit from professional help.

  • Do I pay less if my vehicle is kept in my garage?
  • What vehicles should carry emergency assistance coverage?
  • Do I have coverage when pulling a U-Haul trailer?
  • Does medical payments coverage apply to all occupants?
  • Should I carry comprehensive and collision coverage?
  • Should I bundle my homeowners policy with my auto?
  • Why am I required to get a high-risk car insurance policy?

If you can’t answer these questions, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, simply complete your zip code. It only takes a few minutes and can help protect your family.

The coverage is in the details

Having a good grasp of auto insurance can be of help when determining the best coverages at the best deductibles and correct limits. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording.

Comprehensive coverages

This will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against claims like rock chips in glass, hitting a bird, vandalism and a broken windshield. The maximum payout a auto insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Coverage for liability

This will cover injuries or damage you cause to other’s property or people. It protects you from claims by other people, 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. Your policy might show values of 50/100/50 which stand for 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 property. Alternatively, you may have one limit called combined single limit (CSL) which provides one coverage limit rather than limiting it on a per person basis.

Liability insurance covers things like repair bills for other people’s vehicles, pain and suffering and bail bonds. How much coverage you buy is a decision to put some thought into, but buy as large an amount as possible.

Uninsured and underinsured coverage

This protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Normally these limits are set the same as your liability limits.

Collision protection

This coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things such as sustaining damage from a pot hole, colliding with a tree, rolling your car and driving through your garage door. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also raise the deductible to get cheaper collision coverage.

Coverage for medical payments

Coverage for medical payments and/or PIP kick in for short-term medical expenses for things like EMT expenses, chiropractic care, hospital visits and X-ray expenses. They can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. Coverage applies to both the driver and occupants in addition to any family member struck as a pedestrian. PIP coverage is not available in all states but can be used in place of medical payments coverage

Be a penny pincher

As you go through the steps to switch your coverage, do not buy lower coverage limits just to save a few bucks. There are a lot of situations where drivers have reduced comprehensive coverage or liability limits only to discover later that it was a big mistake. Your goal should be to purchase a proper amount of coverage at a price you can afford, not the least amount of coverage.

Cost effective 2015 BMW M5 insurance is definitely available from both online companies and also from your neighborhood agents, and you should compare price quotes from both in order to have the best chance of saving money. Some companies do not provide online rate quotes and usually these smaller providers only sell through independent agencies.

We just showed you many ways to reduce 2015 BMW M5 insurance auto insurance rates online. It’s most important to understand that the more providers you compare, the higher your chance of finding the cheapest auto insurance. Drivers may discover the lowest auto insurance rates come from the least-expected company.

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