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 24, 2018

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Looking for lower insurance coverage rates for your BMW M5? Finding low-cost insurance for a BMW M5 can be difficult, but you can use the following methods to find lower rates. There is a better way to find insurance coverage online and we’ll show you the best way to compare rates on a BMW and get the best price possible from local insurance agents and online providers.

How to find affordable auto insurance

Most major insurance companies allow consumers to get coverage price quotes from their websites. Obtaining pricing is pretty painless because you just enter your personal and coverage information on the page. Behind the scenes, the system automatically retrieves your credit score and driving record and returns a price based on the information you submitted.

Online quotes simplifies rate comparisons, but the time it takes to visit each company’s website and repetitively type in the same information can get tiresome after awhile. But it’s very important to have as many quotes as possible in order to find the best price possible.

Isn’t there an easier way to compare rates?

A better way to lower your rates makes use of a single form to obtain quotes from a lot of companies. It’s a real time-saver, reduces the work, and makes online price comparison a little more enjoyable. Immediately after you send the form, it gets priced and you can choose any of the quote results. If the quotes result in lower rates, you simply finish the application and buy the policy. This process takes 15 minutes at the most and could lower your rates considerably.

In order to use this form to compare rates, click here to open in new window and submit your coverage information. If you currently have coverage, we recommend you input coverages and limits as shown on your current policy. Doing this assures you will receive a fair comparison for the exact same coverage.

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

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Auto insurance ads are enticing

Consumers can’t get away from ads for cheaper auto insurance from the likes of Allstate and Progressive. They all seem to tend to make the same promise about how much you will save after switching to their company.

That’s great but how can every company claim to save you money? This is the trick they use.

Insurance companies offer their best rates for the type of driver that is profitable for them. For example, a desirable insured might have to be a married male, has other policies, and chooses high deductibles. A driver who matches those parameters will probably get cheap prices and as a result will probably cut their rates substantially.

Consumers who don’t meet those standards will get higher premiums which translates to the driver buying from a lower-cost company. The ads state “customers that switch” not “all people who quote” will save that much if they switch. That’s why insurance companies can confidently state the savings. Different companies use different criteria so it’s extremely important to compare price quotes frequently. It’s just too difficult to predict which auto insurance company will fit you best based on your risk profile.

Lower rates by qualifying for these six discounts

Companies that sell car insurance don’t list every policy discount very clearly, so the following is a list of a few of the more well known as well as the least known discounts that you can inquire about if you buy insurance online.

  • Payment Discounts – If you pay your bill all at once rather than paying in monthly installments you could save 5% or more.
  • Homeowners Discount – Just owning your own home can save you money because it shows financial diligence.
  • College Student Discount – Children who live away from home to go to college and do not have access to a covered vehicle may be insured at a cheaper rate.
  • Defensive Driver Discount – Taking time to complete a defensive driver class could save 5% or more if you qualify.
  • Low Mileage – Fewer annual miles on your BMW can earn better car insurancerates on cars that stay parked.
  • 55 and Retired – Mature drivers can get better car insurance rates for M5 insurance.

We need to note that most credits do not apply to the overall cost of the policy. Most only reduce the price of certain insurance coverages like collision or personal injury protection. So despite the fact that it appears having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business.

To locate companies with the best car insurance discounts, click here.

Car insurance is unique, just like you

When choosing adequate coverage, there is no single plan that fits everyone. Everyone’s needs are different.

Here are some questions about coverages that might point out if your situation could use an agent’s help.

  • Do I need PIP (personal injury protection) coverage in my state?
  • Do I have newly-aquired coverage?
  • Will my rates increase for filing one claim?
  • Am I better off with higher deductibles on my 2002 BMW M5?
  • Do I need rental car coverage?
  • Should I buy only the required minimum liability coverage?
  • Do I need to file an SR-22 for a DUI in my state?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • When should my teen driver be added to my policy?

If it’s difficult to answer those questions but you think they might apply to your situation, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form. It is quick, free and can provide invaluable advice.

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

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Coverages available on your insurance policy

Having a good grasp of your policy can be of help when determining appropriate coverage for your vehicles. Policy terminology can be confusing and coverage can change by endorsement.

Medical expense insurance

Med pay and PIP coverage kick in for expenses like hospital visits, doctor visits, dental work and funeral costs. They can be utilized in addition to your health insurance program or if you do not have health coverage. Coverage applies to all vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states and may carry a deductible

Comprehensive (Other than Collision)

Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive insurance covers claims like fire damage, a tree branch falling on your vehicle, a broken windshield and damage from getting keyed. The highest amount your insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Protection from uninsured/underinsured drivers

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they do not carry enough liability coverage. Covered losses include hospital bills for your injuries and also any damage incurred to your BMW M5.

Due to the fact that many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Liability car insurance

Liability insurance will cover damages or injuries you inflict on other people or property in an accident. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 100/300/100 which stand for a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery.

Liability coverage protects against claims such as legal defense fees, pain and suffering, funeral expenses and attorney fees. How much coverage you buy is up to you, but you should buy as much as you can afford.

Collision coverage protection

This coverage will pay to fix damage to your M5 resulting from colliding with an object or car. You first must pay a deductible then your collision coverage will kick in.

Collision coverage pays for claims like scraping a guard rail, hitting a mailbox, colliding with another moving vehicle and colliding with a tree. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. It’s also possible to raise the deductible to get cheaper collision coverage.

Don’t throw your cash in the trash

Low-cost 2002 BMW M5 insurance is possible both online and with local insurance agents, so you should compare both to have the best selection. Some insurance companies may not provide rates over the internet and usually these smaller companies provide coverage only through independent insurance agencies.

You just read a lot of tips how to get a better price on 2002 BMW M5 insurance. The key concept to understand is the more you quote insurance, the better likelihood of getting the cheapest insurance. Consumers may even find the best price on car insurance is with a lesser-known regional company.

When buying insurance coverage, make sure you don’t reduce coverage to reduce premium. Too many times, drivers have reduced physical damage coverage and discovered at claim time that it was a big mistake. The ultimate goal is to buy a smart amount of coverage at an affordable rate, not the least amount of coverage.

More detailed car insurance information is available in these articles: