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, 2017

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Searching for the cheapest car insurance rates for your BMW M5? Tired of sacrificing other expenses to buy car insurance? Your situation is no different than most other people. Numerous insurance companies battle for your insurance dollar, and it can be difficult to compare rates and get the definite lowest rate possible.

It’s important to compare prices yearly since prices fluctuate regularly. Even if you got the best quotes on M5 coverage a few years ago a different company probably has better rates today. Ignore everything you know about car insurance because we’re going to demonstrate how to use online quotes to lower your rates without sacrificing coverage.

Insurance quotes comparison

There are a lot of ways to shop for insurance, but there is one way that is less labor-intensive and much quicker. You can waste a few hours (or days) driving to agents in your area, or you can utilize online quotes to get rate comparisons in just a few minutes.

Most of the larger companies are enrolled in a marketplace where prospective buyers only type in their quote data once, and each participating company can provide price quotes based on that information. This system prevents you from having to do quote requests for each company. To find out what other companies charge click here (opens in new window).

The only downside to doing it this way is you can’t choose the insurers to get pricing from. So if you prefer to pick specific insurance companies to compare rates, we have assembled a list of companies who write insurance in your area. Click here for list of insurance companies.

It’s up to you which method you use, but be sure to compare apples-to-apples information for each comparison quote. If you compare different values for each quote you will not be able to determine the lowest rate for your BMW M5.

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

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Tricks in insurance coverage advertising

Consumers constantly see and hear ads that claim the cheapest premium rates from the likes of 21st Century, Allstate and State Farm. All the companies try to convey promises about saving some big amount if you change to their company.

It sounds good, but how can they all give you a lower rate? Here is the trick they use.

Different companies look for specific characteristics for the type of customer that makes them money. For example, a preferred risk may need to be between 30 and 50, is a homeowner, and has excellent credit. Anybody that matches those criteria gets the lowest rates and have a good chance to save a lot if they switch.

Insureds who fall outside those criteria must pay more expensive rates and ends up with the customer buying from someone else. If you pay attention, the ads say “people that switch” but not “all drivers who get quotes” can save as much as they claim. This is how insurance companies can make those claims. Different companies use different criteria so drivers must quote coverage with many companies. It’s just not possible to know the company that will provide you with the cheapest prices.

Insurance discounts are available to cut your rates

Some insurers don’t always publicize all disounts in an easy-to-find place, so we took the time to find a few of the more common and the harder-to-find credits available to lower your premiums when you buy car insurance online.

  • Low Mileage Discounts – Low mileage vehicles could qualify for substantially lower prices.
  • Accident Waiver – Not a discount per se, but some companies like GEICO and Allstate may permit one accident without raising rates if you are claim-free prior to being involved in the accident.
  • Distant Student Discount – Older children who are enrolled in higher education away from home and won’t have access to an insured vehicle may qualify for this discount.
  • New Vehicle Savings – Adding a new car to your policy can be considerably cheaper since newer models are generally safer.
  • Discounts for Multiple Vehicles – Purchasing coverage when you have multiple cars with the same company can get a discount for every vehicle.
  • Passive Restraints – Cars that have air bags or automatic seat belts could see savings of 25 to 30%.

Keep in mind that some credits don’t apply the the whole policy. Most only apply to the price of certain insurance coverages like liability and collision coverage. So when the math indicates it’s possible to get free car insurance, it doesn’t quite work that way. But all discounts will cut the cost of your policy.

Companies that possibly offer these discounts include:

Before you buy a policy, ask each company to give you their best rates. Discounts may not apply to policyholders in your area.

Everyone needs different insurance coverage coverages

When buying coverage for your personal vehicles, there really is not a cookie cutter policy. Coverage needs to be tailored to your specific needs so this has to be addressed. For example, these questions might help in determining whether your personal situation might need professional guidance.

  • Can I rate high risk drivers on liability-only vehicles?
  • When should I buy a commercial auto policy?
  • What is covered by UM/UIM coverage?
  • Should I put collision coverage on all my vehicles?
  • What can I do if my company won’t pay a claim?
  • What are the best liability limits?
  • What is medical payments coverage?

If you can’t answer these questions, you might consider talking to a licensed agent. To find lower rates from a local agent, fill out this quick form or you can also visit this page to select a carrier It’s fast, free and you can get the answers you need.

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

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Parts of your insurance policy

Having a good grasp of a insurance policy helps when choosing the right coverages for your vehicles. Policy terminology can be impossible to understand and reading a policy is terribly boring. Shown next are the usual coverages found on most insurance policies.

Auto liability insurance – Liability coverage provides protection from injuries or damage you cause to people or other property in an accident. This coverage protects you against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 25/50/25 which stand for $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property.

Liability coverage protects against claims like emergency aid, pain and suffering, medical expenses, medical services and structural damage. How much liability should you purchase? That is up to you, but buy as high a limit as you can afford.

Collision coverage – Collision insurance will pay to fix damage to your M5 caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things like sideswiping another vehicle, backing into a parked car, rolling your car, colliding with another moving vehicle and hitting a parking meter. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. Another option is to bump up the deductible in order to get cheaper collision rates.

Comprehensive protection – Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims like rock chips in glass, falling objects and damage from flooding. The most your insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. Covered losses include injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW M5.

Due to the fact that many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family.

Medical expense coverage – Coverage for medical payments and/or PIP reimburse you for short-term medical expenses for EMT expenses, X-ray expenses and dental work. The coverages can be used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. Coverage applies to all vehicle occupants and also covers if you are hit as a while walking down the street. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Be a money saver!

Lower-priced insurance coverage is available on the web as well as from insurance agents, and you need to comparison shop both to have the best chance of lowering rates. Some insurance providers don’t offer online quoting and most of the time these smaller companies only sell through independent insurance agencies.

As you shop your coverage around, do not reduce coverage to reduce premium. There are too many instances where someone sacrificed physical damage coverage only to regret that they should have had better coverage. The ultimate goal is to buy enough coverage for the lowest cost, not the least amount of coverage.

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