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...

Full Bio →

Written by

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.

Full Bio →

Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Jan 17, 2018

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.

Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Comparison shopping for low cost insurance coverage may be nearly impossible for people new to online insurance quotes. Drivers have so many agents and companies to choose from that it can easily become a challenge to find more affordable prices.

It’s a great practice to check insurance coverage prices yearly due to the fact that insurance prices tend to go up over time. Just because you had the lowest rates on M5 insurance last year there may be better deals available now. Forget all the misinformation about insurance coverage because you’re about to learn one of the quickest ways to save money, get proper coverage and the best rates.

Buying affordable coverage is simple if you know the tricks. In a nutshell, every vehicle owner who has to buy insurance stands a good chance to be able to find lower rates. But drivers need to learn how insurance companies compete online and take advantage of how the system works.

Which insurance coverage is cheapest?

Performing a rate comparison can take hours if you don’t understand the best way to get rate quotes. You can spend your afternoon discussing policy coverages with insurance companies in your area, or you can utilize the web to quickly compare rates.

All the larger companies belong to a marketplace where insurance shoppers submit one quote, and at least one company can give them a price based on the submitted data. This system prevents you from having to do quotation requests for every insurance coverage company.

To fill out one form to compare multiple rates now click here to start a free quote.

The single downside to pricing coverage this way is buyers cannot specifically choose which carriers you want to price. So if you want to choose specific insurance companies to compare rates, we have assembled a list of the cheapest insurance coverage companies in your area. Click here for list of insurance companies.

It’s your choice how you get your quotes, but be sure you’re using exactly the same deductibles and coverage limits on every quote you get. If you compare different values for each quote it will be nearly impossible to make an equal comparison. Having just a slight variation in limits could skew the results. And when comparison shopping, quoting more will enable you to find a better price. Some companies don’t provide quotes online, so it’s important to compare rates from those companies as well.

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

secured lock Secured with SHA-256 Encryption

Big names are not always cheapest

Car insurance providers like State Farm, GEICO and Progressive regularly use television, radio, and online ads. All the companies seem to make the promise that drivers will save a bundle just by switching your car insurance policy to them. Is it even possible that every company can cost less than your current company? It’s all in the wording.

Companies have a preferred profile for the type of customer that makes them money. A good example of a profitable risk profile might be described as a mature driver, has no claims, and has excellent credit. Any person who fits those characteristics is entitled to the best price and is almost guaranteed to cut their rates substantially.

Potential customers who do not fit those criteria will be charged higher premiums with the end result being the customer not buying. The wording the ads use say “people who switch” but not “everyone who gets a quote” save money. That is how companies can truthfully make those statements.

This really drives home the point why drivers must get as many free car insurance quotes as possible. It’s just not possible to know which car insurance company will have better prices than you’re paying now.

Get lower-cost insurance coverage rates with discounts

Insurance coverage is not cheap nor is it fun to buy but companies offer discounts to cut the cost considerably. Most are applied when you quote, but some discounts are required to be asked for in order for you to get them.

  • Defensive Driver – Taking time to complete a course in safe driver could save 5% or more if your company offers it.
  • Low Mileage – Fewer annual miles on your BMW could qualify for substantially lower rates.
  • Safe Driver Discount – Accident-free drivers may receive a discount up to 45% on M5 insurance than less cautious drivers.
  • Membership in Organizations – Being a member of specific professional or occupational memberships or organizations is a good way to get lower rates when shopping for insurance coverage.
  • Student Discounts – Excelling in school can get you a discount of up to 25%. Earning this discount can benefit you up until you turn 25.
  • Discount for Life Insurance – Select companies reward you with a lower rate if you buy auto and life insurance together.
  • Savings for New Vehicles – Insuring a new car may earn a small discount because newer vehicles keep occupants safer.
  • Claim Free – Insureds with no claims or accidents get the best insurance coverage rates in comparison to insureds who have frequent claims or accidents.

A quick disclaimer, most discount credits are not given to the entire cost. The majority will only reduce the cost of specific coverages such as comp or med pay. Just because you may think all the discounts add up to a free policy, that’s just not realistic.

A list of companies and their possible discounts are included below.

  • GEICO may offer discounts for military active duty, anti-lock brakes, defensive driver, good student, multi-policy, and driver training.
  • MetLife includes discounts for good student, accident-free, multi-policy, good driver, and defensive driver.
  • Progressive offers discounts for homeowner, multi-policy, online signing, good student, multi-vehicle, online quote discount, and continuous coverage.
  • Travelers offers premium reductions for IntelliDrive, hybrid/electric vehicle, save driver, home ownership, and multi-car.
  • SAFECO may include discounts for teen safe driver, drive less, multi-car, anti-lock brakes, anti-theft, homeowner, and safe driver.
  • AAA offers discounts including anti-theft, good student, pay-in-full, education and occupation, multi-car, multi-policy, and AAA membership discount.

If you want affordable car insurance quotes, ask each company or agent which discounts can lower your rates. Some discounts may not apply to policies in your area. If you would like to see a list of insurance companies who offer insurance coverage discounts, click here.

Tailor your insurance coverage to you

When buying the right insurance coverage for your personal vehicles, there isn’t really a best way to insure your cars. Everyone’s situation is a little different.

For example, these questions might help in determining whether you would benefit from an agent’s advice.

  • Is motorclub coverage worth it?
  • Do I need PIP coverage since I have good health insurance?
  • Can I pay claims out-of-pocket if I buy high deductibles?
  • How much liability do I need to cover my assets?
  • Should I carry comprehensive and collision coverage?
  • Do I pay less for low miles?
  • When should my teen driver be added to my policy?
  • Should I buy additional glass protection?
  • Am I covered if I crash into my own garage door?

If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form.

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

secured lock Secured with SHA-256 Encryption

Coverages available on your car insurance policy

Knowing the specifics of car insurance aids in choosing the right coverages for your vehicles. The coverage terms in a policy can be ambiguous and coverage can change by endorsement.

Comprehensive insurance

This pays for damage that is not covered by collision coverage. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like falling objects, a tree branch falling on your vehicle, hail damage and damage from a tornado or hurricane. The most you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist (UM/UIM)

This provides protection when the “other guys” do not carry enough liability coverage. Covered losses include injuries to you and your family and also any damage incurred to your BMW M5.

Because many people have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea. Usually these coverages are identical to your policy’s liability coverage.

Collision protection

This covers damage to your M5 resulting from a collision with another car or object. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims such as sustaining damage from a pot hole, hitting a mailbox and backing into a parked car. Paying for collision coverage can be pricey, so you might think about dropping it from older vehicles. It’s also possible to bump up the deductible to save money on collision insurance.

Liability coverages

Liability insurance provides protection from damages or injuries you inflict on other’s property or people by causing an accident. It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 50/100/50 which means $50,000 in coverage for each person’s injuries, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Occasionally you may see one number which is a combined single limit that pays claims from the same limit with no separate limits for injury or property damage.

Liability coverage protects against things such as funeral expenses, pain and suffering, medical services, attorney fees and loss of income. How much liability should you purchase? That is up to you, but buy as large an amount as possible.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP pay for immediate expenses for things like X-ray expenses, nursing services, prosthetic devices and surgery. They are often utilized in addition to your health insurance plan or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. PIP is not an option in every state but can be used in place of medical payments coverage

Save your cold hard cash

As you prepare to switch companies, do not buy poor coverage just to save money. There are a lot of situations where drivers have reduced full coverage to discover at claim time that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to find the BEST coverage for the lowest cost, but don’t skip important coverages to save money.

We just covered a lot of ways to save on 2009 BMW M5 insurance. The key thing to remember is the more rate quotes you have, the higher your chance of finding inexpensive car insurance. Consumers may even find the lowest prices come from some of the lesser-known companies.

Affordable 2009 BMW M5 insurance is definitely available on the web and with local insurance agents, and you should compare price quotes from both so you have a total pricing picture. Some car insurance companies may not provide rate quotes online and many times these smaller providers sell through independent agents.

Helpful articles