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, 2015

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Want the cheapest insurance rates for your BMW M5? Finding cheap coverage rates on insurance could be difficult for drivers who have little experience buying insurance online. There are so many agents and companies to choose from that it can be a ton of work to find the best coverage rates.

Do you qualify for discounts?

Companies that sell car insurance don’t list every disount available in an easy-to-find place, so here is a list some of the best known and the more hidden credits that you can use to lower your rates.

  • Drivers Education – Require your teen driver to enroll and complete driver’s education as it will make them better drivers and lower rates.
  • Sign Early and Save – Some insurance companies reward drivers for switching to them prior to your current policy expiration. Ten percent is about the average savings.
  • Low Mileage Discounts – Maintaining low annual mileage could earn better insurance coveragerates on cars that stay parked.
  • Early Payment Discounts – By making one initial payment instead of making monthly payments you could save up to 5%.
  • More Vehicles More Savings – Drivers who insure primary and secondary vehicles on one policy could earn a price break for each car.
  • New Car Discount – Insuring a new car is cheaper since new model year vehicles have better safety ratings.
  • Good Students Pay Less – This discount can earn a discount of 20% or more. Many companies even apply the discount to college students until age 25.
  • Accident Waiver – This isn’t a discount exactly, but certain companies will allow you to have one accident without the usual rate increase if you have no claims for a certain period of time.

Discounts save money, but please remember that most credits do not apply to the overall cost of the policy. Most only cut the cost of specific coverages such as medical payments or collision. Just because you may think having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business.

Companies and some of the discounts include:

  • Travelers offers discounts including good student, multi-policy, driver training, payment discounts, home ownership, and multi-car.
  • 21st Century has discounts for student driver, early bird, automatic seat belts, driver training, and anti-lock brakes.
  • State Farm discounts include driver’s education, multiple policy, multiple autos, Steer Clear safe driver discount, Drive Safe & Save, and accident-free.
  • GEICO has savings for air bags, anti-lock brakes, driver training, daytime running lights, and membership and employees.
  • SAFECO may include discounts for multi-car, drive less, safe driver, homeowner, teen safety rewards, and anti-theft.
  • AAA may offer discounts for multi-policy, anti-theft, good driver, education and occupation, and good student.

Before buying, ask each company or agent how you can save money. Some of the discounts discussed earlier might not be offered in your area. To choose insurance companies offering insurance coverage discounts, click here.

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

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Don’t assume everyone needs the same insurance coverage coverage

When it comes to choosing proper insurance coverage for your personal vehicles, there is no best way to insure your cars. Each situation is unique.

For example, these questions may help highlight if your situation could use an agent’s help.

  • Should I buy additional glass protection?
  • Should I buy full coverage?
  • What if I don’t agree with a claim settlement offer?
  • Do I benefit by insuring my home with the same company?
  • Will my rates increase for filing one claim?
  • Is my 2013 BMW M5 covered for flood damage?
  • Is my vehicle covered by my employer’s policy when using it for work?
  • Which companies will insure high-risk drivers?
  • Am I covered if I break a side mirror?
  • What vehicles should carry emergency assistance coverage?

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

Auto insurance coverage information

Having a good grasp of your policy aids in choosing the best coverages and proper limits and deductibles. The terms used in a policy can be impossible to understand and nobody wants to actually read their policy.

Comprehensive coverage – Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against claims such as damage from flooding, fire damage and vandalism. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Uninsured/Underinsured Motorist coverage – Your UM/UIM coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. Covered losses include hospital bills for your injuries and damage to your 2013 BMW M5.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked. Most of the time these limits do not exceed the liability coverage limits.

Collision – This coverage will pay to fix damage to your M5 from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then your collision coverage will kick in.

Collision coverage protects against things like colliding with a tree, colliding with another moving vehicle, scraping a guard rail and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so consider dropping it from older vehicles. You can also choose a higher deductible in order to get cheaper collision rates.

Medical payments coverage and PIP – Coverage for medical payments and/or PIP pay for bills for dental work, pain medications, EMT expenses and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and also covers if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Liability auto insurance – Liability coverage can cover injuries or damage you cause to people or other property that is your fault. It protects YOU against other people’s claims. It does not cover damage to your own property or vehicle.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and $25,000 of coverage for damaged propery. Occasionally you may see a combined limit which limits claims to one amount rather than limiting it on a per person basis.

Liability insurance covers things such as pain and suffering, medical expenses and funeral expenses. How much liability coverage do you need? That is up to you, but you should buy higher limits if possible.

In Summary

You just learned many tips how you can get a better price on 2013 BMW M5 insurance. It’s most important to understand that the more rate comparisons you have, the better your chances of lowering your premium rates. You may be surprised to find that the lowest priced insurance comes from an unexpected company.

Budget-conscious 2013 BMW M5 insurance can be bought both online and with local insurance agents, and you should be comparing both so you have a total pricing picture. Some insurance providers may not provide rates over the internet and these smaller companies sell through independent agents.

People who switch companies do it for many reasons like high prices, not issuing a premium refund, poor customer service and even denial of a claim. Whatever your reason, switching companies can be pretty painless.

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