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: Nov 26, 2018

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Searching for cheaper insurance coverage rates for your BMW M5? There isn’t a single person who rejoices having to buy insurance coverage, particularly when they could get a better deal. Lots of insurance companies contend to insure your vehicles, and because of this it can be hard to compare auto insurance companies to discover the definitive best rate

Buy insurance online

Getting a cheaper price on 2008 BMW M5 insurance isn’t really that difficult. All you need to do is invest a few minutes getting comparison quotes to find the company with low cost insurance quotes. This can easily be done using one of these methods.

  • The fastest and easiest way to find the lowest comparison rates is an all-inclusive rate comparison like this one (opens in new window). This style of form prevents you from having to do separate quotation requests for every insurance company. Taking the time to complete one form gets rate comparisons from all major companies.
  • A different way to get quotes online is going to the website for every company you want to comare and request a quote. For sake of this example, we’ll assume you need rates from USAA, Liberty Mutual and American Family. In order to compare rates, you need to navigate to each company’s site and repeatedly type in your coverage information, and that explains why we recommend the first method.

    For a list of links to companies insuring cars in your area, click here.

Whichever method you choose, try to use the exact same coverage limits on every price quote you get. If your comparisons have different limits and deductibles on each one you can’t possibly determine the best price for your BMW M5.

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

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Tailor your insurance coverage coverage to you

When it comes to choosing the right insurance coverage for your personal vehicles, there really is not a “best” method to buy coverage. Every situation is different so this has to be addressed. For example, these questions may help highlight whether you could use an agent’s help.

  • Do I benefit by insuring my home with the same company?
  • Are my friends covered when driving my car?
  • Can I afford to pay high deductible claims out of pocket?
  • When should my teen driver be added to my policy?
  • Am I covered when driving a rental car?
  • Am I covered when pulling a rental trailer?

If you can’t answer these questions but one or more may apply to you, you might consider talking to an agent. To find an agent in your area, complete this form or click here for a list of insurance coverage companies in your area. It is quick, free and you can get the answers you need.

Insurance coverages 101

Having a good grasp of a insurance policy can help you determine appropriate coverage for your vehicles. Insurance terms can be difficult to understand and nobody wants to actually read their policy. These are the normal coverages available from insurance companies.

Collision coverages – Collision insurance covers damage to your M5 from colliding with another car or object. 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, hitting a parking meter and crashing into a building. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible to save money on collision insurance.

Comprehensive (Other than Collision) – This will pay to fix damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims like fire damage, hail damage and falling objects. The most your insurance company will pay is the market value of your vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Liability – Liability insurance will cover injuries or damage you cause to a person or their property in an accident. This insurance protects YOU from claims by other people, and doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have values of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and a limit of $25,000 paid for damaged property.

Liability can pay for things such as legal defense fees, attorney fees, repair bills for other people’s vehicles, bail bonds and pain and suffering. The amount of liability coverage you purchase is a personal decision, but consider buying as large an amount as possible.

Protection from uninsured/underinsured drivers – This coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family and damage to your BMW M5.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is a good idea.

Medical expense insurance – Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses like hospital visits, funeral costs, X-ray expenses and rehabilitation expenses. They are often utilized in addition to your health insurance policy or if you do not have health coverage. They cover all vehicle occupants in addition to any family member struck as a pedestrian. PIP is only offered in select states but can be used in place of medical payments coverage