How Much Does 2018 BMW M5 Insurance Cost 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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Looking for lower car insurance rates for your BMW M5? Do you get frustrated by the dozens of car insurance choices that you can choose from? Lot’s of other drivers are too. consumers have so many choices available that it can be a difficult situation to locate the lowest prices.

Smart consumers take time to check car insurance prices before your policy renews because car insurance rates tend to go up over time. Despite the fact that you may have had the lowest premium rates on M5 coverage a couple years back you may be paying too much now. There is a lot of bad information regarding car insurance out there, but we’re going to give you some tested techniques to buy car insurance cheaper.

Why you might pay higher rates

Many different elements are used when premium rates are determined. Some are pretty understandable such as your driving record, but other criteria are not as apparent like your continuous coverage or your commute time. Smart consumers have a good feel for some of the factors that aid in calculating your policy premiums. If you have a feel for what determines premiums, this allows you to make educated decisions that can help you get lower premium levels.

  • Where you live is a factor – Choosing to live in a rural area can save you money when buying auto insurance. Less people living in that area means reduced accidents as well as less vandalism and auto theft. Urban drivers have more aggressive driving styles and longer commute times. More time behind the wheel means a statistically higher chance of an accident.
  • Lower rates by increasing physical damage deductibles – Deductibles for physical damage represent how much money you are willing to pay in the event of a claim. Physical damage protection, otherwise known as comp (or other than collision) and collision, insures against damage to your car. Some instances where coverage would apply are collision with another vehicle, damage caused by hail, and damage from wind. The more of the claim you’re willing to pay, the bigger discount you will receive on M5 coverage.
  • Does auto insurance cost more for guys? – Statistics demonstrate women tend to be less risk to insure than men. However, this does not mean women are better drivers. They both get in accidents at a similar rate, but the men cause more damage and cost insurance companies more money. In addition to higher claims, males also get more serious tickets like driving under the influence (DUI).
  • Responsible credit scores equal low premiums – Having a bad credit rating factor in determining what you pay. Therefore, if your credit is low, you could be paying less to insure your 2018 BMW M5 by spending a little time repairing your credit. Drivers who have excellent credit tend to be more responsible than drivers who have lower ratings.
  • Keep the miles off and save – The more you drive your BMW in a year the higher your rate. Most insurance companies rate vehicles based on how the vehicle is used. Vehicles left parked in the garage qualify for better rates than those used for commuting. Ask your agent if your declarations sheet shows annual mileage. An incorrectly rated M5 can cost quite a bit.
  • Teenage drivers pay higher prices – Older people are more cautious drivers, cost insurance companies less in claims , and usually have better credit. Drivers with little experience are statistically shown to get distracted easily when behind the wheel so auto insurance rates are higher.

Affordable auto insurance

When looking for the cheapest auto insurance quotes, there are a couple ways of comparing price quotes from many different insurance companies. The fastest way to find the cheapest 2018 BMW M5 insurance rates is to perform an online rate comparison. It is quite easy and can be accomplished in a couple minutes as outlined below.

  1. The most efficient way to find low rates would be an industry-wide quote request form. This easy form prevents you from having to do multiple quote forms for every company. Completing one form will get you rate comparisons direct from many companies. It’s the quickest way to get rates.
  2. A harder way to analyze rates is going to each company website to complete their respective quote request forms. For examples sake, we’ll assume you want to compare Liberty Mutual, Progressive and GEICO. In order to get each rate, you would have to spend time going to each site individually to enter your coverage information, which is not fast way to get rate quotes.
  3. The last way of comparing rate quotes is going to insurance agencies in your area. Shopping for auto insurance online reduces the need to sit down with an agent unless you have a complicated situation and need the extra assistance of a local agent. It is possible to find lower rates online and get advice from an agent in your area.

Whichever way you choose to compare rates, double check that you are using the same coverages and limits with each company. If the quotes have unequal deductibles or liability limits you will not be able to determine the lowest rate for your BMW M5. Having just a slight variation in insurance coverages or limits could throw off the whole comparison. And when comparing auto insurance rates, know that obtaining a wide range of quotes helps improve the odds of finding a lower rate than you’re paying now. Not every company does price estimates online, so it’s recommended that you also compare prices on coverage from those companies, too.

The car insurance bait and switch

Big name companies like 21st Century, Allstate and State Farm constantly bombard you with television, radio, and online ads. They all state the claim that drivers can save some big amount if you move your car insurance coverage to their company. How is it possible that every company can make the same claim?

Many companies offer their best rates for the type of driver they prefer to insure. One example of a profitable insured should be married and over the age of 30, has a clear driving record, and drives less than 5,000 miles a year. A driver who fits that profile will get a cheap rate quote and is almost guaranteed to save a lot if they switch.

Potential customers who don’t meet this ideal profile must pay a higher premium and ends up with the customer buying from someone else. If you pay close attention to the ads, they say “drivers that switch” not “everyone who quotes” save the amount stated. That’s why companies can make claims like that.

Because every company is different, drivers should compare as many free auto insurance quotes as you can. It is impossible to guess which car insurance company will fit you best based on your risk profile.

Cut your auto insurance rates with discounts

Companies that sell car insurance don’t always publicize every discount in an easy-to-find place, so here is a list a few of the more well known as well as the least known auto insurance savings.

  • Drivers Ed for Students – Have your child complete a driver education course if offered at their school.
  • Senior Citizens – Seniors can possibly qualify for a small discount on rates on M5 coverage.
  • Government Employee Discount – Having worked for a branch of the government could qualify for a slight premium decrease on M5 coverage with select insurance companies.
  • College Student – Any of your kids who live away from home at college and do not take a car to college may be insured at a cheaper rate.
  • Multi-Vehicle Discounts – Drivers who insure multiple cars or trucks with the same auto insurance company can reduce the rates for all insured vehicles.

A quick disclaimer, some of the credits will not apply to the entire cost. Some only reduce specific coverage prices like liability and collision coverage. So even though you would think you would end up receiving a 100% discount, it’s just not the way it works.

To choose auto insurance companies that offer multiple discounts, enter your zip code here.

You are unique and your auto insurance should be too

When choosing coverage for your personal vehicles, there really is no cookie cutter policy. Everyone’s situation is unique.

For example, these questions might point out if your insurance needs could use an agent’s help.

  • Do all my vehicles need collision coverage?
  • What are the financial responsibility laws in my state?
  • Exactly who is provided coverage by my policy?
  • Who is covered when they drive my 2018 BMW M5?
  • Should I rate my 2018 BMW M5 as pleasure use or commute?
  • Where can I get insurance after a DUI in my state?
  • When does my teenage driver need to be added to my policy?

If you’re not sure about those questions but you know they apply to you, you might consider talking to a licensed agent. If you want to speak to an agent in your area, take a second and enter your zip code.

Information about specific coverages

Knowing the specifics of car insurance helps when choosing the best coverages at the best deductibles and correct limits. The terms used in a policy can be impossible to understand and coverage can change by endorsement.

Comprehensive auto coverage

Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for claims such as damage from getting keyed, damage from a tornado or hurricane, hitting a deer and hitting a bird. The maximum amount your car insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses for funeral costs, hospital visits, rehabilitation expenses and nursing services. The coverages can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants as well as getting struck while a pedestrian. PIP is not available in all states and gives slightly broader coverage than med pay

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM coverage gives you protection when the “other guys” do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as damage to your 2018 BMW M5.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Coverage for collisions

This pays to fix your vehicle from damage 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 rolling your car, driving through your garage door, colliding with a tree and hitting a mailbox. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible to save money on collision insurance.

Coverage for liability

This can cover damage that occurs to people or other property by causing an accident. This insurance protects YOU against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see policy limits of 25/50/25 which means a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged property. Another option is one number which is a combined single limit which provides one coverage limit without having the split limit caps.

Liability can pay for things like funeral expenses, attorney fees and repair bills for other people’s vehicles. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible.

Shop around and save

Budget-friendly insurance coverage is possible from both online companies and from local insurance agents, so you need to quote auto insurance with both to get a complete price analysis. Some insurance providers do not offer the ability to get a quote online and most of the time these small, regional companies prefer to sell through local independent agencies.

As you quote auto insurance, never reduce coverage to reduce premium. There are many occasions where someone sacrificed collision coverage only to discover later that they should have had better coverage. Your goal should be to buy a smart amount of coverage for the lowest price while not skimping on critical coverages.

We just showed you a lot of tips how to save on 2018 BMW M5 insurance. The key thing to remember is the more rate quotes you have, the better your chances of lowering your car insurance rates. Drivers may discover the lowest rates are with an unexpected company.

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