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: Oct 6, 2015

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Want cheaper auto insurance rates for your BMW M5? Nobody I know likes buying auto insurance, especially when they know it costs too dang much.

Lots of car insurance companies contend for your insurance dollar, and because of this it can be hard to compare insurance companies and get the best coverage at the lowest rate possible.

If you currently have car insurance, you should be able to save some money using this strategy. Buying car insurance is not rocket science. Although drivers can benefit from knowing how companies market on the web and take advantage of how the system works.

How to shop car insurance online

Many insurance companies like State Farm, Allstate and GEICO provide prices for coverage direct online. Getting prices online is fairly straightforward as you simply enter the coverage amounts you desire as detailed in the form. Once you submit the form, their system obtains credit information and your driving record and provides a quote based on these factors. This makes comparing rates easy, but the work required to visit many different websites and enter the same data into a form can be a bit repetitive. But it’s necessary to get many rate quotes if you want to find a better rate.

A quicker way to find better car insurance pricing utilizes a single form that obtains quotes from a bunch of companies at once. This type of form saves time, helps eliminate reptitive entry, and makes online price comparison much easier. As soon as the form is sent, it is rated and you can choose any of the quotes that you receive.

If you find a better price you can simply submit the application and purchase coverage. The entire process takes 15 minutes at the most and you will know how your current rates stack up.

To find out how much you’re overpaying now, simply click here to open in new window and begin entering your coverage information. If you have your current policy handy, we recommend you input the insurance coverages just like they are on your policy. Doing this assures you are getting comparison quotes using the same coverage and limits.

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

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Earn discounts on insurance

Auto insurance companies don’t necessarily list every disount available in an easy-to-find place, so we break down some of the more common as well as the least known credits that you can use to lower your rates. If you do not double check each discount possible, it’s possible you qualify for a lower rate.

  • Multi-line Discount – Select companies reward you with better prices if you take out some life insurance in addition to your auto policy.
  • Homeowners Discount – Just owning your own home may trigger a policy discount on insurance due to the fact that maintaining a home means you have a higher level of financial diligence.
  • Anti-theft System – Vehicles that have factory alarm systems and tracking devices help deter theft and can earn a small discount on your policy.
  • Buy New and Save – Insuring a new car can be considerably cheaper because new model year vehicles keep occupants safer.
  • Driver’s Ed – Teen drivers should successfully complete driver’s ed class in high school.
  • Sign Online – Some of the larger companies may give you up to $50 for buying a policy and signing up on their website.

As a disclaimer on discounts, many deductions do not apply to the entire cost. A few only apply to the cost of specific coverages such as liability and collision coverage. So even though they make it sound like it’s possible to get free car insurance, companies wouldn’t make money that way.

Auto insurance companies who might offer these money-saving discounts include:

Double check with each company or agent how you can save money. Savings might not apply in your state. To see insurance companies that can offer you the previously mentioned discounts, click here to view.

Tailor your car insurance coverage to you

When buying adequate coverage, there isn’t really a cookie cutter policy. Your needs are not the same as everyone else’s so this has to be addressed. For instance, these questions could help you determine whether you might need an agent’s assistance.

  • Is my trailer covered?
  • Why am I required to get a high-risk car insurance policy?
  • How does medical payments coverage work?
  • When should my teen driver be added to my policy?
  • How do I insure my teen driver?
  • Is rental equipment covered for theft or damage?
  • How do I file an SR-22 for a DUI in my state?

If you’re not sure about those 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 this quick form or go to this page to view a list of companies.

Get cheaper insurance prices by understanding these factors

An important part of buying insurance is that you know the rating factors that go into determining auto insurance rates. If you know what determines base rates, this enables informed choices that will entitle you to better auto insurance rates.

The factors shown below are some of the major factors companies use to determine your prices.

  • Auto insurance rates and age – Older, more experienced drivers are shown to be more cautious, tend to cause fewer accidents and receive fewer citations.Teenage drivers are statistically shown to be easily distracted in a vehicle so auto insurance rates are higher.
  • Drive less and save – The higher the miles on your BMW annually the more you will pay for auto insurance. Most companies charge to insure your cars based upon how the vehicle is primarily used. Cars and trucks left parked in the garage can get a lower rate compared to those used for work or business. Ask your agent if your auto insurance coverage is showing the correct usage, because it can save money. Having the wrong rating on your M5 may be costing you higher rates.
  • Careless drivers pay higher prices – Careful drivers pay less for auto insurance as compared to careless drivers. Having a single speeding ticket can bump up the cost by as much as thirty percent. Drivers with careless violations such as DUI or reckless driving may find they need to maintain a SR-22 with the DMV in their state in order to prevent a license revocation.
  • Raising deductibles saves money – Physical damage coverage, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your BMW. Some coverage claims could be running into the backend of another car, collision with an animal, and windstorm damage. The deductibles you choose are how much you are required to spend in the event of a claim. The more expense you choose to pay out-of-pocket, the better rate you will receive on M5 insurance.
  • Does your vocation cost you more? – Careers like judgesairline pilots and medical professionals tend to pay higher rates than average in part from intense work requirements and lots of time spent at work. On the flip side, careers like actors, engineers and retirees pay the least on M5 insurance.
  • How much liability coverage – The liability coverage on your policy will provide protection if ever a jury decides you are liable for causing damage or personal injury in an accident. Liability insurance provides legal defense coverage starting from day one. Carrying liability coverage is mandatory and cheap when compared to the cost of physical damage coverage, so drivers should buy more than the minimum limits required by law.
  • Remove unneeded extra policy coverages – Insurance companies have many optional add-on coverages you can purchase on your auto insurance policy. Coverages for rental car coverage, towing coverage, and motor club memberships are examples of these. You may think they are a good idea when deciding what coverages you need, but your needs may have changed so remove them and pocket the money.

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

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Coverages available on your car insurance policy

Understanding the coverages of your car insurance policy aids in choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be confusing and reading a policy is terribly boring. These are the usual coverages offered by car insurance companies.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses like pain medications, funeral costs and hospital visits. They can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is not available in all states and may carry a deductible

Comprehensive insurance

This pays to fix your vehicle from 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 such as damage from a tornado or hurricane, hitting a bird, vandalism and hitting a deer. The highest amount a car insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist (UM/UIM)

This provides protection when other motorists are uninsured or don’t have enough coverage. This coverage pays for injuries to you and your family as well as your vehicle’s damage.

Due to the fact that many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is very important. Normally the UM/UIM limits are set the same as your liablity limits.

Collision insurance

Collision insurance will pay to fix damage to your M5 from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then your collision coverage will kick in.

Collision coverage protects against claims like sustaining damage from a pot hole, sideswiping another vehicle, colliding with a tree, crashing into a ditch and damaging your car on a curb. This coverage can be expensive, so consider removing coverage from vehicles that are older. You can also raise the deductible to bring the cost down.

Auto liability

Liability insurance provides protection from damage that occurs to people or other property that is your fault. It protects YOU from claims by other people. Liability doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have values 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 a limit of $25,000 paid for damaged property. Alternatively, you may have a combined limit which provides one coverage limit without having the split limit caps.

Liability can pay for claims like attorney fees, legal defense fees, pain and suffering, funeral expenses and repair bills for other people’s vehicles. How much liability should you purchase? That is up to you, but buy higher limits if possible.

Final thoughts

We just covered a lot of information how to reduce 2001 BMW M5 insurance premium rates online. It’s most important to understand that the more companies you get prices for, the higher the chance of saving money. Consumers could even find that the lowest premium rates are with the least-expected company. They may only write in your state and offer lower prices than the large multi-state companies such as Allstate or State Farm.

Some auto insurance companies do not offer price quotes online and these smaller providers provide coverage only through local independent agencies. Affordable 2001 BMW M5 insurance is available from both online companies in addition to local insurance agencies, so you should compare both in order to have the best chance of saving money.

Much more information about auto insurance can be read below: