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...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Jul 5, 2018

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Looking for better insurance coverage rates for your BMW M5? Trying to come up with a payment for pricey insurance coverage can dwindle your savings and make it tough to pay other bills. Doing a price comparison can save money and help to lower your bills every month.

Drivers have many car insurance companies to pick from, and though it is a good thing to have a selection, more choices can make it harder to locate the cheapest rates.

Shopping for cheaper protection is easy if you know what you’re doing. Just about everyone who buys insurance most likely will be able to find lower rates. But vehicle owners benefit from understanding how big insurance companies market insurance on the web because it can help you find the best coverage.

Find hidden discounts to get affordable insurance coverage rates

Some insurers don’t always advertise every discount very well, so the list below gives a summary of some of the more common as well as some of the hidden discounts you could be receiving when you buy car insurance online.

  • Discount for Good Grades – This discount may save as much as 25% on a car insurance quote. Earning this discount can benefit you until age 25.
  • Government Employee Discount – Being employed by or retired from a federal job can save as much as 8% on M5 coverage with certain companies.
  • Student Discount for Driver Training – Require your teen driver to successfully complete driver’s ed class if offered at their school.
  • Discounts for Multiple Vehicles – Purchasing coverage when you have primary and secondary vehicles on one policy may reduce the rate for each vehicle.
  • Sign Early and Save – Some companies reward drivers for switching policies early. The savings is around 10%.
  • Telematics Data Discounts – Drivers that enable data collection to monitor vehicle usage remotely such as In-Drive from State Farm or Allstate’s Drivewise system may see discounts if their driving habits are good.
  • Theft Prevention Discount – Cars, trucks, and SUVs equipped with anti-theft or alarm systems can help prevent theft and can earn a small discount on your policy.
  • Discount for Home Ownership – Just being a homeowner can get you a discount since owning and maintaining a home requires personal responsibility.
  • New Vehicle Savings – Buying a new car instead of a used car may earn a small discount because newer models keep occupants safer.
  • Driver Safety – Taking a defensive driver class could possibly earn you a 5% discount and make you a better driver.

As a disclaimer on discounts, most credits do not apply the the whole policy. The majority will only reduce the price of certain insurance coverages like collision or personal injury protection. Just because you may think it’s possible to get free car insurance, company stockholders wouldn’t be very happy. Any amount of discount should help reduce the cost of your policy.

Large insurance coverage companies and a summarized list of policyholder discounts can be found below.

  • State Farm includes discounts for multiple policy, defensive driving training, student away at school, passive restraint, and accident-free.
  • Progressive discounts include online quote discount, continuous coverage, online signing, homeowner, and multi-policy.
  • Progressive offers discounts for multi-vehicle, continuous coverage, online quote discount, online signing, good student, homeowner, and multi-policy.
  • MetLife has savings for accident-free, claim-free, good student, good driver, defensive driver, and multi-policy.
  • Farm Bureau offers premium reductions for multi-policy, good student, safe driver, 55 and retired, driver training, and youthful driver.
  • GEICO may have discounts that include daytime running lights, military active duty, federal employee, air bags, multi-vehicle, and membership and employees.
  • SAFECO may offer discounts for teen safety rewards, accident prevention training, multi-car, homeowner, and safe driver.

Before buying, ask every insurance company to apply every possible discount. Savings may not apply to policies in every state. To see a list of providers that offer some of these discounts, click this link.

Enter your zip code below to view companies that have cheap auto insurance rates.

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Ways to get auto insurance quotes

Most larger insurance companies make it easy to get coverage price quotes online. Getting prices online is very simple as you just enter your required coverages into a form. After the form is submitted, the quote system obtains information on your driving record and credit history and gives you a price quote based on many factors. Quoting online makes it easy to compare insurance prices but the process of having to visit each company’s website and repetitively fill out multiple forms gets old quite quickly. But it’s also necessary to perform this step if you are searching for the lowest possible prices on auto insurance.

Compare rates the easy way

A more efficient way to find cheaper rates uses just one form to get prices from several different companies. This type of form saves time, requires much less work on your part, and makes quoting online much more enjoyable and efficient. As soon as the form is sent, it gets priced and you are able to buy any or none of the quote results.

If you find a better price you can click and sign and buy the new coverage. The entire process takes just a few minutes to complete and may result in a nice savings.

To save time and get comparison pricing now, click here to open in a new tab and enter your information. If you have a policy now, it’s recommended that you enter the limits and deductibles exactly as shown on your declarations page. Using the same limits helps guarantee you will have rate quotes using the exact same coverages.

Tailor your insurance coverage to you

When it comes to choosing adequate coverage, there is no best way to insure your cars. Each situation is unique so this has to be addressed. For instance, these questions may help you determine if your situation might need professional guidance.

  • How high should my medical payments coverage be?
  • Is other people’s property covered if stolen from my vehicle?
  • How high should deductibles be on a 1992 BMW M5?
  • Is my ex-spouse still covered by my policy?
  • Why am I required to buy liability insurance?
  • Will my rates increase for filing one claim?
  • Is there coverage for injuries to my pets?
  • If I drive on a suspended license am I covered?
  • How many claims can I have before being cancelled?
  • When should I not file a claim?

If it’s difficult to answer those questions but one or more may apply to you, you may need to chat with a licensed agent. To find lower rates from a local agent, simply complete this short form or you can also visit this page to select a carrier

Auto insurance 101

Knowing the specifics of a insurance policy can help you determine the right coverages for your vehicles. The coverage terms in a policy can be confusing and coverage can change by endorsement. Below you’ll find the normal coverages found on most insurance policies.

UM/UIM (Uninsured/Underinsured Motorist) coverage

This coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Because many people have only the minimum liability required by law, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important. Normally these coverages are identical to your policy’s liability coverage.

Comprehensive auto coverage

Comprehensive insurance covers damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive can pay for claims such as vandalism, hail damage and damage from a tornado or hurricane. The highest 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 removing comprehensive coverage.

Coverage for collisions

Collision insurance pays for damage to your M5 resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers things such as sustaining damage from a pot hole, scraping a guard rail, backing into a parked car and hitting a mailbox. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. Another option is to bump up the deductible to get cheaper collision coverage.

Liability insurance

Liability insurance protects you from damage that occurs to other people or property by causing an accident. It protects YOU from legal claims by others, and doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 50/100/50 which means a limit of $50,000 per injured person, a per accident bodily injury limit of $100,000, and property damage coverage for $50,000. Occasionally you may see a combined single limit or CSL which combines the three limits into one amount with no separate limits for injury or property damage.

Liability can pay for things like repair bills for other people’s vehicles, structural damage, medical expenses and legal defense fees. The amount of liability coverage you purchase is a decision to put some thought into, but buy as high a limit as you can afford.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage pay for expenses like rehabilitation expenses, surgery, doctor visits, ambulance fees and X-ray expenses. They can be utilized in addition to your health insurance policy or if you lack health insurance entirely. They cover you and your occupants and will also cover being hit by a car walking across the street. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage

Enter your zip code below to view companies that have cheap auto insurance rates.

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Have money to burn

In this article, we presented many tips how you can get a better price on 1992 BMW M5 insurance. The most important thing to understand is the more price quotes you have, the higher your chance of finding low cost car insurance. Drivers may discover the best rates are with the smaller companies. Smaller companies often have lower car insurance rates on specific markets compared to the large companies like Progressive and GEICO.

Discount 1992 BMW M5 insurance is definitely available online and with local insurance agents, so you need to quote car insurance with both in order to have the best price selection to choose from. A few companies do not offer online price quotes and usually these regional insurance providers sell through independent insurance agents.

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