Cheap 2019 BMW M5 Car 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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Trying to find lower insurance rates for your BMW M5? Do you get overwhelmed by the dozens of insurance sources that you can choose from? Many other people are as well. drivers have so many options that it can easily become more work than you anticipated to find the lowest price.

You should take the time to check insurance prices before your policy renews because prices are adjusted regularly by insurance companies. If you had the best deal for M5 insurance six months ago the chances are good that you can find a lower rate quote today. Block out anything you think you know about insurance because we’re going to show you the best methods to remove unneeded coverages and save money.

Take advantage of every insurance coverage discount

Insuring your vehicles can cost a lot, but there are discounts available to help offset the cost. Some discounts apply automatically at the time of purchase, but occasionally some discounts must be manually applied prior to getting the savings.

  • Life Insurance Discount – Larger companies have a discount if you purchase a life insurance policy as well.
  • Seat Belts Save – Drivers who require all occupants to fasten their seat belts may be able to save a few bucks off the PIP or medical payment premium.
  • Lower Rates for Military – Being on active deployment in the military may qualify for rate reductions.
  • Claim-Free Discount – Claim-free drivers pay less as compared to insureds who have frequent claims or accidents.
  • Driver Safety – Taking time to complete a defensive driving class can save you 5% or more depending on where you live.
  • Paper-free Discount – A few larger online companies will give you a small discount for buying your policy on your computer.
  • Student Discount for Driver Training – Have your child complete a driver education course in school or through a local driver safety program.
  • New Car Discount – Adding a new car to your policy can cost up to 25% less because newer vehicles have to meet stringent safety requirements.
  • Theft Deterrent Discount – Vehicles that have factory alarm systems and tracking devices help deter theft and therefore earn up to a 10% discount.
  • Distant Student Discount – Youth drivers living away from home attending college and do not have access to a covered vehicle may be able to be covered for less.

One thing to note about discounts is that some of the credits will not apply to the entire cost. The majority will only reduce specific coverage prices like collision or personal injury protection. Despite the fact that it seems like you could get a free insurance coverage policy, that’s just not realistic.

To choose providers with significant discounts, enter your zip code here.

How much is auto insurance?

Effectively comparing auto insurance prices can be a lot of work if you don’t know the most efficient way. You can spend countless hours driving to insurance agencies in your area, or you could save time and use online quotes to accomplish the same thing much quicker.

Many popular insurance companies belong to an insurance system that enables customers to submit their information once, and each participating company then returns a price quote. This prevents consumers from doing repetitive form submissions to each individual auto insurance company. To fill out one form to compare multiple rates now enter your zip code here.

One minor caveat to doing it this way is you cannot specify which companies you will receive quotes from. If you would rather choose individual companies for rate comparison, we have a listing of companies who write auto insurance in your area. Click to enter zip code.

Whichever method you choose, do your best to enter identical information on every price quote you get. If you use unequal deductibles or liability limits then you won’t be able to make a fair comparison for your BMW M5. Slightly different limits may result in a large different in cost. And when comparing auto insurance rates, know that comparing a large number of companies helps locate better pricing.

The BMW M5 insurance premium equation

Lots of factors are used in the calculation when premium rates are determined. Some are obvious like a motor vehicle report, but other criteria are less obvious such as whether you are married or how financially stable you are.

The itemized list below are a few of the “ingredients” insurance coverage companies consider when setting your premiums.

  • Incidental coverages that aren’t used – There are quite a few extra coverages that you can get tricked into buying if you aren’t careful. Insurance for vanishing deductibles, towing coverage, and membership fees are probably not needed. They may sound like good ideas when discussing your needs, but if you’ve never needed them in the past consider taking them off your policy.
  • You might want pay the minor insurance claims yourself – Auto insurance companies generally give most affordable rates to policyholders that do not abuse their auto insurance. If you file a lot of claims you can expect much higher rates or policy non-renewal. Auto insurance is meant to be used in the event of claims that you cannot pay yourself.
  • Miles driven impacts premiums – Driving more miles each year the more you will pay for insurance coverage. A lot of insurance companies calculate rates based on how the vehicle is used. Cars and trucks that do not get driven very much receive lower rates than vehicles that have high annual mileage. Verify your insurance coverage policy reflects the correct usage for each vehicle. A policy that improperly rates your M5 may be costing you higher rates.
  • Vehicle features can affect rates – Choosing to buy a car with a theft deterrent system can help lower your premiums. Theft deterrent systems such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack can thwart your vehicle from being stolen.
  • Gender as a rate factor – The statistics show women tend to be less risk to insure than men. That doesn’t necessarily mean that women are BETTER drivers than men. Females and males tend to get into fender benders in similar percentages, but men cause more damage and cost insurance companies more money. Not only are claims higher, but men get more serious tickets like DUI and reckless driving.

How to know if you need help

When it comes to choosing adequate coverage, there is no cookie cutter policy. Each situation is unique.

Here are some questions about coverages that might help in determining whether or not you might need professional guidance.

  • Do I need higher collision deductibles?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Does my insurance cover a custom paint job?
  • Do I have coverage when using my vehicle for my home business?
  • Do I benefit by insuring my home with the same company?
  • How much liability do I need to cover my assets?

If you don’t know the answers to these questions then you might want to talk to a licensed agent. If you want to speak to an agent in your area, fill out your zip code.

Coverages available on your policy

Knowing the specifics of a insurance policy can be of help when determining which coverages you need for your vehicles. Insurance terms can be difficult to understand and coverage can change by endorsement.

Medical expense coverage – Med pay and PIP coverage pay for expenses like EMT expenses, pain medications and nursing services. They are used in conjunction with a health insurance policy or if you lack health insurance entirely. They cover both the driver and occupants and will also cover getting struck while a pedestrian. PIP is only offered in select states and gives slightly broader coverage than med pay

Collision coverage – This coverage will pay to fix damage to your M5 resulting from colliding with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for claims like sustaining damage from a pot hole, hitting a parking meter and crashing into a ditch. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. You can also bump up the deductible to bring the cost down.

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. Covered claims include injuries to you and your family as well as damage to your BMW M5.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important. Usually these coverages are identical to your policy’s liability coverage.

Comprehensive protection – This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for claims like hail damage, damage from a tornado or hurricane and falling objects. The maximum amount your insurance company will pay is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Liability coverages – Liability coverage provides protection from damage or injury you incur to other people or property. This insurance protects YOU against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

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 liability limits of 50/100/50 that translate to a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged property. Another option is one number which is a combined single limit which limits claims to one amount rather than limiting it on a per person basis.

Liability can pay for claims such as structural damage, attorney fees, emergency aid, medical services and funeral expenses. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.

Do the work, save more money

You just read some good ideas how to lower your 2019 BMW M5 insurance rates. The key concept to understand is the more you quote insurance, the more likely it is that you will get a better rate. Drivers may discover the lowest rates come from a smaller regional carrier.

Consumers who switch companies do it for any number of reasons including poor customer service, high prices, not issuing a premium refund and even denial of a claim. No matter why you want to switch, switching companies can be easier than you think.

As you shop your coverage around, it’s very important that you do not reduce coverage to reduce premium. In too many instances, someone sacrificed full coverage only to regret at claim time that their decision to reduce coverage ended up costing them more. The proper strategy is to get the best coverage possible at a price you can afford while not skimping on critical coverages.

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