How Much Does 2024 BMW M5 Insurance Cost?

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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 cheaper insurance coverage rates for your BMW M5? No sane person gets a kick out of paying for insurance coverage, especially when they know they are paying too much. Many car insurance companies compete to insure your vehicles, so it’s not easy to compare every insurance company and get the definite best rate

If you have a current insurance coverage policy or are looking for a new policy, you can learn to reduce the price you pay and still get good coverage. Finding the best rates is quite easy. Consumers just need to understand the most efficient way to compare company rates online.

BMW M5 insurance costs can be cheaper

Consumers need to have an understanding of the rating factors that go into determining the rates you pay for insurance. If you have some idea of what determines base rates, this helps enable you to make changes that may reward you with much lower annual insurance costs. Lots of things are used in the calculation when you get a price on insurance. Some are obvious such as your driving history, but other criteria are more obscure like your continuous coverage and annual miles driven.

  • Gender and insurance – Over the last 30 years, statistics show females are less aggressive when driving. However, this does not mean females are better drivers. Both genders cause auto accidents at about the same rate, but the males cause more damage and cost insurance companies more money. They also get more serious tickets such as DWI and reckless driving.
  • Annual mileage and car insurance premiums – The more you drive in a year’s time the more you’ll pay to insure your vehicle. Most companies apply a rate based upon how the vehicle is primarily used. Cars and trucks that sit idle most of the time receive better premium rates than those used for commuting. Double check that your vehicle rating is rated on the correct usage for each vehicle, because improper ratings can cost you money. An incorrectly rated M5 can cost quite a bit.
  • Single drivers take more risk – Having a significant other may earn you lower rates on your insurance policy. It means you’re more mature and insurance companies reward insureds because married drivers get in fewer accidents.
  • Certain jobs raise insurance rates – Do you work in a high-stress field? Jobs such as lawyers, executives and accountants are shown to have higher rates than the rest of us because of stressful work requirements and incredibly demanding work hours. On the other hand, occupations like actors, students and homemakers have lower than average premiums on M5 insurance.
  • Liability insurance limits are a factor – Liability coverage will protect you when you are found to be at fault for personal injury or accident damage. It provides for a legal defense which can cost thousands of dollars. Liability is cheap compared to comp and collision, so buy as much as you can afford.
  • Insure car and home with the same company – The majority of companies apply better rates to buyers that buy multiple policies. It’s known as a multi-policy discount. Even with this discount applied, consumers should still compare rates to guarantee you are still saving the most. There is a good possibility that you can save even more than the discount by buying insurance from a different company.
  • Do safer cars cost less to insure? – Cars with five star safety ratings get lower rates. Safer cars reduce occupant injuries and fewer serious injuries translates directly to fewer claims and lower rates for you. If the BMW M5 scored better than four stars on or an “acceptable” rating on you may qualify for a discount.

Finding insurance coverage

Many insurance companies like GEICO, State Farm and Progressive allow you to get coverage prices directly from their websites. Obtaining pricing is quite easy as all you need to do is type in your coverage information into the form. Once entered, their quoting system orders your credit score and driving record and returns a price quote based on many factors. Quoting online makes it simple to compare prices but the process of having to visit each company’s website and repetitively type in the same information is a big time waster. But it’s also necessary to get many rate quotes if you want to find the lowest insurance coverage rates.

An easier way to lower your insurance coverage bill uses just one form that analyzes rates from multiple companies. It’s a real time-saver, requires less work, and makes comparison shopping a little more enjoyable. Once the form is submitted, it is quoted with multiple companies and you can pick your choice of the returned quotes. If a lower price is quoted, you can click and sign and buy the policy. This process only takes a few minutes and may save quite a bit of money.

To save time and compare rates now, simply enter your zip code here and fill out the form. If you have a policy now, it’s recommended you type in identical to your current policy. This helps ensure you will have a fair comparison based on identical coverages.

The largest companies are not always cheapest

Consumers can’t escape the ads that promise big savings from companies such as GEICO, State Farm and Progressive. All the ads try to convey promises about saving some big amount if you move your coverage.

How is it possible that every company can charge lower premium rates?

Car insurance companies have specific characteristics for the type of driver they prefer to insure. A good example of a profitable insured might have to be a married male, has never had a policy lapse, and drives less than 5,000 miles a year. Any customer that meets those criteria is entitled to the best price and will also save a lot of money.

Consumers who cannot meet these stringent criteria will have to pay higher rates and this can result in business going elsewhere. The wording the ads use say “customers that switch” not “everyone that quotes” save the amount stated. That’s the way companies can make claims like that. Because of these techniques, you need to compare as many free car insurance quotes as you can. It’s just not possible to know the company that will provide the lowest prices.

Discounts can really help save money

Not many people think insurance is cheap, but you can get discounts that can help lower your rates. A few discounts will be applied at quote time, but lesser-known reductions have to be manually applied prior to receiving the credit.

  • Student Discounts – Maintaining excellent grades can be rewarded with saving of up to 25%. Earning this discount can benefit you well after school through age 25.
  • Low Mileage Discounts – Low annual miles could be rewarded with lower prices on the low mileage vehicles.
  • Good Driver Discounts – Insureds without accidents can pay as much as 50% less on M5 insurance as compared to drivers with claims.
  • Paper-free Discount – A few insurance companies will give you a small discount shop car insurance on your computer.
  • Student Driver Training – Make teen driver coverage more affordable by requiring them to enroll and complete driver’s education as it can save substantially.
  • Anti-theft System – Vehicles that have factory alarm systems and tracking devices can help prevent theft and that can save you a little bit as well.
  • Seat Belts Save more than Lives – Requiring all passengers to wear their seat belts may be able to save a few bucks on medical payment and PIP coverage.
  • Pay Now and Pay Less – If you can afford to pay the entire bill instead of paying each month you can avoid the installment charge.
  • Student in College – Children who attend college more than 100 miles from home and don’t have a car can receive lower rates.

It’s important to understand that most discounts do not apply to your bottom line cost. The majority will only reduce the price of certain insurance coverages like physical damage coverage or medical payments. Just because it seems like it’s possible to get free car insurance, company stockholders wouldn’t be very happy.

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

  • State Farm
  • American Family
  • AAA
  • Mercury Insurance
  • Farmers Insurance
  • Progressive

If you want inexpensive car insurance quotes, ask each company or agent how many discounts you can get. Savings may not be available in your area. To locate providers that can offer you the previously mentioned discounts, enter your zip code here.

Will just any policy work for me?

When buying the right insurance coverage, there isn’t really a cookie cutter policy. Everyone’s needs are different so this has to be addressed. For instance, these questions might help in determining whether or not you might need professional guidance.

  • Should I rate my 2024 BMW M5 as pleasure use or commute?
  • How high should my uninsured/underinsured coverage be in my state?
  • When should I not file a claim?
  • Does my insurance cover my expensive audio equipment?
  • What are the financial responsibility laws in my state?
  • Does my medical payments coverage pay my health insurance deductible?
  • Are there companies who specialize in insuring high-risk drivers?
  • Does my policy pay for OEM or aftermarket parts?

If you can’t answer these questions but you think they might apply to your situation, you may need to chat with an insurance agent. If you don’t have a local agent, fill out your zip code. It is quick, free and you can get the answers you need.

Car insurance policy specifics

Learning about specific coverages of a car insurance policy can help you determine the best coverages for your vehicles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. Below you’ll find the usual coverages found on the average car insurance policy.

Comprehensive auto coverage

This coverage will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like fire damage, a tree branch falling on your vehicle, hitting a deer and a broken windshield. The maximum payout your car insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Liability auto insurance

This can cover injuries or damage you cause to other people or property in an accident. This insurance protects YOU against claims from other people, and does not provide coverage for your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. As an example, you may have policy limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property.

Liability insurance covers claims such as medical services, structural damage, court costs and pain and suffering. How much liability should you purchase? That is a decision to put some thought into, but consider buying as high a limit as you can afford.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses such as X-ray expenses, dental work and EMT expenses. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants and also covers if you are hit as a while walking down the street. PIP coverage is not available in all states but can be used in place of medical payments coverage

UM/UIM (Uninsured/Underinsured Motorist) coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” 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 only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important.

Collision coverage

Collision insurance pays for damage to your M5 caused by collision with a stationary object or other vehicle. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims such as crashing into a building, hitting a mailbox and scraping a guard rail. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are older. Drivers also have the option to increase the deductible to save money on collision insurance.

Better coverage you can count on

We’ve covered a lot of techniques to get a better price on 2024 BMW M5 insurance. The key thing to remember is the more rate quotes you have, the better likelihood of getting cheaper car insurance. Consumers may even find the most savings is with a company that doesn’t do a lot of advertising. Some small companies may cover specific market segments cheaper compared to the large companies like State Farm and Allstate.

While you’re price shopping online, do not buy less coverage just to save a little money. There are many occasions where someone sacrificed comprehensive coverage or liability limits only to discover later that a couple dollars of savings turned into a financial nightmare. Your focus should be to get the best coverage possible at an affordable rate while not skimping on critical coverages.

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