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: Apr 26, 2018

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Looking for lower insurance coverage rates for your BMW M5? Wish you could get out of high-priced insurance coverage? Don’t feel bad because you’re not the only one. There are many insurers to pick from, and although it’s a good thing to be able to choose, it makes it harder to adequately compare rates.

Pricing cheaper coverage is quite easy. If you have a current auto insurance policy or are looking for a new policy, you can learn to find better prices while maximizing coverage. Vehicle owners only need to know the best way to compare prices over the internet.

Insurance rates and discounts

Some insurers do not advertise every policy discount very clearly, so the list below gives a summary of some of the more common and also the lesser-known discounts you could be receiving when you buy insurance online.

  • Seat Belt Usage – Using a seat belt and requiring all passengers to fasten their seat belts could save 15% off the PIP or medical payment premium.
  • Accident Forgiveness Coverage – Not really a discount, but some insurance companies will allow you to have one accident before your rates go up so long as you haven’t had any claims before the accident.
  • Distant Student – Kids who attend college more than 100 miles from home and do not have access to a covered vehicle may qualify for this discount.
  • Save over 55 – If you’re over the age of 55, you may be able to get a slight reduction on a insurance quote on M5 insurance.
  • Cautious Driver Discounts – Drivers who don’t get into accidents may receive a discount up to 45% on M5 insurance compared to rates paid by drivers with frequent claims.
  • Anti-lock Brake System – Cars, trucks, and SUVs with ABS and/or traction control are safer to drive and will save you 10% or more.
  • Discount for Multiple Policies – When you have multiple policies and insure them with the same company you may save nearly 15% which can help you find cheaper insurance.
  • Life Insurance – Some insurance companies give a small discount if you purchase auto and life insurance together.
  • New Car Discount – Insuring a new car can cost up to 25% less due to better safety requirements for newer vehicles.
  • Multiple Vehicles – Buying coverage for multiple cars with the same insurance company may reduce the rate for each vehicle.

Discounts reduce rates, but you should keep in mind that most discount credits are not given to the entire cost. Most only apply to the price of certain insurance coverages like physical damage coverage or medical payments. Just because you may think it’s possible to get free car insurance, you’re out of luck.

To find companies that provide some of the discounts listed above, click here.

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

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Low cost auto insurance prices

Effectively comparing auto insurance prices can be a lot of work if you aren’t aware of the most efficient way. You can spend countless hours talking to insurance agencies in your area, or you could use the internet for quick rates.

Many of the larger companies enroll in a system where insurance shoppers enter their coverage request one time, and at least one company then returns a price quote. This system prevents you from having to do repetitive form submissions to each individual auto insurance company.

To use this form to compare rates click here to start a free quote.

The only downside to doing it this way is you cannot specify which insurance companies to receive prices from. So if you want to select specific insurance companies to compare prices, we have a page of auto insurance companies in your area. Click here to view list.

Whichever way you use, try to keep apples-to-apples quote data for each quote you get. If you are comparing different data it will be impossible to decipher which rate is best.

Situations that may require an agent’s advice

When choosing adequate coverage for your personal vehicles, there is no best way to insure your cars. Everyone’s situation is unique and a cookie cutter policy won’t apply. For example, these questions may help highlight whether you would benefit from professional advice.

  • How can I get my company to pay me more for my totalled car?
  • Do I need special endorsements for business use of my vehicle?
  • How can I find cheaper teen driver insurance?
  • Can I afford to buy a different vehicle if my 1993 BMW M5 is totaled?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Who is covered by my policy?
  • Will I be non-renewed for getting a DUI or other conviction?
  • Do I need PIP coverage since I have good health insurance?

If you’re not sure about those questions, then you may want to think about talking to an insurance agent. If you don’t have a local agent, complete this form or go to this page to view a list of companies. It only takes a few minutes and can provide invaluable advice.

Car insurance coverages for a 1993 BMW M5

Having a good grasp of your policy can help you determine which coverages you need for your vehicles. Car insurance terms can be ambiguous and even agents have difficulty translating policy wording. Shown next are typical coverage types found on most car insurance policies.

Collision coverage – This will pay to fix damage to your M5 caused by collision with an object or car. A deductible applies then your collision coverage will kick in.

Collision can pay for things such as hitting a parking meter, colliding with another moving vehicle, driving through your garage door and sideswiping another vehicle. This coverage can be expensive, so consider removing coverage from lower value vehicles. You can also bump up the deductible to save money on collision insurance.

Uninsured or underinsured coverage – This gives you protection from other drivers when they either have no liability insurance or not enough. Covered claims include medical payments for you and your occupants as well as damage to your BMW M5.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family. Usually these coverages are identical to your policy’s liability coverage.

Medical expense coverage – Medical payments and Personal Injury Protection insurance kick in for immediate expenses like prosthetic devices, nursing services, rehabilitation expenses, surgery and dental work. They are utilized in addition to your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover all vehicle occupants in addition to getting struck while a pedestrian. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Comprehensive protection – Comprehensive insurance coverage covers 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 such as damage from getting keyed, hail damage and rock chips in glass. The most your car insurance company will pay is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Liability coverages – This will cover damage or injury you incur to people or other property in an accident. This coverage protects you from legal claims by others, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 50/100/50 that means you have $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and property damage coverage for $50,000. Some companies may use a combined single limit or CSL which provides one coverage limit and claims can be made without the split limit restrictions.

Liability insurance covers things like bail bonds, emergency aid, repair bills for other people’s vehicles and funeral expenses. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.

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

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Be Smart and Buy Smart

You just learned some good ideas how to get a better price on 1993 BMW M5 insurance. The key thing to remember is the more providers you compare, the better likelihood of getting cheaper insurance. You may even find the most savings is with a company that doesn’t do a lot of advertising. Some small companies often have lower rates on specific markets than their larger competitors like Allstate or State Farm.

While you’re price shopping online, it’s very important that you do not buy lower coverage limits just to save a few bucks. There have been many situations where someone sacrificed uninsured motorist or liability limits and discovered at claim time they didn’t have enough coverage. Your focus should be to purchase a proper amount of coverage at the best cost.

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