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: Jun 17, 2018

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Want the cheapest insurance rates for your BMW M5? Price shopping your Driversinsurance might be kind of frustrating for drivers not familiar with comparison shopping online. With so many agents and insurers available, it can quickly become a difficult situation to find cheaper insurance rates.

Find lower-cost auto insurance with these tips

Many factors are used when you get a price on insurance. Most are fairly basic such as your driving history, although some other factors are more transparent like your continuous coverage or your vehicle rating.Consumers need to have an understanding of some of the elements that play a part in calculating your policy premiums. If you understand what determines premiums, this helps enable you to make changes that could result in cheaper rates.

Shown below are some of the items used by insurance companies to determine rates.

  • The higher your credit rating the lower your costs – Having a bad credit rating will be a significant factor in calculating your premium rate. People with high credit ratings tend to be less risk to insure than drivers with lower credit ratings. If your credit rating is not that good, you could save money insuring your 2003 BMW M5 by repairing your credit.
  • Avoid traffic tickets – Careful drivers pay less for auto insurance compared to bad drivers. Just one ticket could increase your next policy renewal to the point where it’s not affordable. Drivers unfortunate enough to have serious citations such as hit and run, DWI or reckless driving convictions may find that they have to to complete a SR-22 with the DMV in their state in order to legally drive.
  • Bundle policies with the same company – The majority of insurers afford better rates to insureds who consolidate policies with them. It’s known as a multi-policy discount. Even if you qualify for this discount already, consumers should still get quotes from other companies to help ensure you have the lowest rates.
  • Don’t cancel your policy without a new one in place – Not maintaining insurance can get your license suspended and as a result your rates will increase for letting your insurance expire. And not only will your rates increase, failure to provide proof of insurance might get you a steep fine or even jail time. You could then be forced to prove you have insurance by filing a SR-22 with your state DMV.
  • Eliminate unneeded extra policy coverages – There are quite a few additional extra coverages that you can buy on your auto insurance policy. Coverages like roadside assistance, better glass coverage, and additional equipment coverage may not be needed and are just wasting money. These may sound like a good investment at first, but if you’ve never needed them in the past think about removing them and cutting costs.
  • More traffic equals higher costs – Being located in areas with lower population can save you money when talking about auto insurance. Fewer drivers on the road means fewer accidents and lower theft and vandalism rates. People who live in big cities have to deal with traffic congestion and more time behind the wheel. The longer drive time means more chance of being in an accident.
  • Men drivers tend to cost more – Statistics have proven that women are safer drivers than men. However, don’t assume that men are WORSE drivers than women. Men and women are responsible for auto accidents at a similar rate, but men get into accidents with more damage. Men also tend to get higher numbers of serious violations like driving under the influence (DUI). Young males cause the most accidents and therefore have the most expensive auto insurance rates.
  • How much liability protection do you need? – Liability coverage provides coverage when you are ruled to be at fault for damages from an accident. Liability insurance provides legal defense coverage to defend your case. This coverage is relatively inexpensive compared to comp and collision, so do not cut corners here.

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Drivers can save with these discounts

Some insurers do not advertise every possible discount very well, so we researched a few of the more well known as well as some of the hidden car insurance savings. If you aren’t receiving every discount you qualify for, you are paying more than you should be.

  • Government Employees – Simply working for the federal government could qualify for a slight premium decrease on M5 coverage depending on your company.
  • Defensive Driver Discount – Taking time to complete a course in safe driver could earn you a small percentage discount and easily pay for the cost of the class.
  • Own a Home – Owning a home may trigger a policy discount on car insurance because of the fact that having a home requires a higher level of personal finance.
  • Full Payment Discount – If you pay your bill all at once instead of monthly or quarterly installments you can avoid the installment charge.
  • Senior Citizens – Drivers over the age of 55 are able to get a slight reduction on a auto insurance quote on M5 coverage.
  • Drivers Education – Require your teen driver to successfully complete driver’s ed class in school.
  • No Claim Discounts – Claim-free drivers have much lower rates when compared with drivers who are more careless.

Discounts save money, but please remember that many deductions do not apply to your bottom line cost. Some only apply to individual premiums such as liability and collision coverage. Just because it seems like you can get free auto insurance, it just doesn’t work that way.

Car insurance companies that have these discounts may include but are not limited to:

Before you buy a policy, ask each insurance company which discounts you may be entitled to. Discounts may not be offered in every state.

Insurance advertising tricks

Big name companies like GEICO, State Farm and Progressive endlessly run television and radio advertisements. All the companies advertise the message that you can save if you get a free auto insurance quote and switch to them. That’s great but how can every company charge you a lower premium? Here is the trick they use.

All the different companies provide the lowest rates for the right customer that earns them the most money. For instance, a profitable insured should be between the ages of 40 and 55, owns a home, and drives newer vehicles. A customer getting a price quote who matches that profile is entitled to the best price as well as save a lot if they switch.

Insureds who don’t measure up to this ideal profile will be charged more expensive rates which usually ends up with the customer not buying. The wording the ads use say “people who switch” but not “everyone who gets a quote” can save as much as they claim. That is how companies can truthfully make claims that they all have the best car insurance rates. Different companies use different criteria so you really need to get auto insurance quotes from several different companies. It is impossible to predict which insurance companies will have the lowest rates for your situation.

Special considerations

When it comes to buying the right insurance coverage, there isn’t really a perfect coverage plan. Coverage needs to be tailored to your specific needs.

Here are some questions about coverages that might point out if you would benefit from an agent’s advice.

  • Does my car insurance cover rental cars?
  • Is my trailer covered?
  • Do I need rental car coverage?
  • Is my 2003 BMW M5 covered for smoke damage?
  • What are the financial responsibility laws in my state?
  • Should I carry comprehensive and collision coverage?

If you can’t answer these questions then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, complete this form.

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

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Insurance policy specifics

Knowing the specifics of a insurance policy aids in choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy.

Insurance for medical payments – Med pay and PIP coverage reimburse you for immediate expenses such as rehabilitation expenses, dental work and X-ray expenses. The coverages can be utilized in addition to your health insurance program or if you are not covered by health insurance. Coverage applies to you and your occupants as well as any family member struck as a pedestrian. Personal Injury Protection is not universally available and may carry a deductible

Comprehensive coverage (or Other than Collision) – Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like a broken windshield, hitting a deer, falling objects and rock chips in glass. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Coverage for liability – This coverage will cover damage or injury you incur to other’s property or people by causing an accident. This coverage protects you from legal claims by others, and does not provide coverage for damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 100/300/100 which stand for $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property.

Liability can pay for claims like funeral expenses, legal defense fees, emergency aid and repair costs for stationary objects. How much liability coverage do you need? That is your choice, but buy as high a limit as you can afford.

Uninsured Motorist or Underinsured Motorist insurance – This protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Due to the fact that many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is important protection for you and your family.

Collision – This coverage covers damage to your M5 resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for claims such as sideswiping another vehicle, crashing into a ditch, sustaining damage from a pot hole and colliding with a tree. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. Drivers also have the option to choose a higher deductible to save money on collision insurance.

Affordable insurance is out there

When buying insurance coverage, don’t be tempted to sacrifice coverage to reduce premiums. There are a lot of situations where an insured cut liability coverage limits only to regret at claim time that the small savings ended up costing them much more. The aim is to purchase plenty of coverage for the lowest cost while still protecting your assets.

People leave their current company for any number of reasons including policy non-renewal, an unsatisfactory settlement offer, delays in paying claims or denial of a claim. Regardless of your reason for switching companies, switching insurance coverage companies can be easier than you think.

A few companies don’t offer rate quotes online and these regional insurance providers only sell through local independent agents. Cheaper insurance coverage can be sourced on the web and with local insurance agents, and you should compare price quotes from both so you have a total pricing picture.

Additional information can be read below: