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 cheaper auto insurance rates for your BMW M5? Nobody anticipates paying for auto insurance, particularly when they could lower their rates if they shopped around. Companies like State Farm and GEICO all claim big savings with TV and radio ads and it can be hard to ignore the flying pigs and cute green geckos and do the work needed to find the best deal.

If you are insured now or are looking for a new policy, you will benefit by learning to find the best rates and still get good coverage. Choosing the best insurance company for you is quite easy. Drivers just need to understand the proper way to compare prices online.

Insurance coverage discounts are available to reduce your rates

Insurance coverage is not an enjoyable expense, but there could be significant discounts that could drop your premiums quite a bit. Many of these discounts will be applied automatically when you quote, but less common discounts must be manually applied before you get the savings. If you aren’t receiving every discount available, you could be saving more on your insurance coverage.

  • Distant Student Discount – College-age children who are enrolled in higher education away from home and do not have a car could get you a discount.
  • Pay Upfront and Save – By making one initial payment instead of monthly or quarterly installments you may reduce your total bill.
  • Safe Driver Discounts – Accident-free drivers can save up to 40% or more on their auto insurance quote on M5 insurance compared to rates paid by drivers with frequent claims.
  • Student Driver Training – Have your child enroll in driver’s education if it’s offered in school.
  • Defensive Driver Discounts – Successfully completing a defensive driver course can save you 5% or more and also improve your driving technique.
  • Senior Citizen Rates – Mature drivers can get reduced rates on M5 insurance.
  • Fewer Miles Equal More Savings – Driving less could qualify for slightly better premium rates than normal.

Consumers should know that some of the credits will not apply to the entire policy premium. Some only apply to the price of certain insurance coverages like comprehensive or collision. Even though it may seem like adding up those discounts means a free policy, nobody gets a free ride.

A few popular companies and the discounts they provide can be read below.

  • 21st Century includes discounts for early bird, automatic seat belts, homeowners, good student, and theft prevention.
  • State Farm may offer discounts for driver’s education, multiple policy, good student, defensive driving training, accident-free, multiple autos, and student away at school.
  • AAA has discounts for anti-theft, AAA membership discount, good driver, good student, and education and occupation.
  • Liberty Mutual policyholders can earn discounts including teen driver discount, multi-policy, newly retired, new move discount, hybrid vehicle, exclusive group savings, and multi-car.
  • Progressive offers premium reductions for homeowner, multi-policy, online quote discount, multi-vehicle, and continuous coverage.

When comparing rates, check with all the companies to give you their best rates. Some discounts may not be offered in your area. For a list of providers that offer the discounts shown above, click this link.

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

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How you can control BMW M5 insurance costs

Part of the auto insurance buying process is learning some of the elements that come into play when calculating your premiums. When consumers understand what impacts premium levels, this helps enable you to make changes that may result in better auto insurance rates.

The factors shown below are some of the things used by companies to determine prices.

  • Don’t skimp on liability coverage – A critical coverage on your policy, liability insurance will provide protection if a jury decides you are liable for damages from an accident. Your liability coverage provides legal defense coverage which can cost thousands of dollars. Liability insurance is quite affordable when compared to the cost of physical damage coverage, so do not cut corners here.
  • Low mileage costs less – The more miles you rack up on your BMW every year the more you will pay for auto insurance. A lot of companies charge to insure your cars based upon how the vehicle is primarily used. Cars and trucks that are left in the garage get more affordable rates than those used for commuting. A policy that improperly rates your M5 is throwing money out the window. Verify your auto insurance policy reflects annual mileage, because improper ratings can cost you money.
  • Females pay lower premiums – Over the last 50 years, statistics have shown women are more cautious behind the wheel. It does not mean females are better at driving than males. Women and men are in auto accidents in similar numbers, but men cause more damage. Men also get ticketed for serious violations such as driving while intoxicated (DWI) or driving recklessly. Youthful male drivers tend to get in the most accidents and are penalized with high auto insurance rates.
  • Save by driving safer cars – Cars with high safety ratings are cheaper to insure. Safe vehicles result in less severe injuries and fewer serious injuries means less claims paid and cheaper rates on your policy. If your BMW scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.
  • Low comp and collision deductibles mean high rates – The deductibles tell how much you are required to spend out-of-pocket if a covered claim is submitted. Coverage for physical damage, also known as collision and other-than-collision, is used to repair damage to your car. Some examples of covered claims are collision with another vehicle, damage caused by hail, or theft of your vehicle. The more you’re willing to pay, the bigger discount you will receive on M5 insurance.
  • More traffic means higher claims – Being located in smaller towns and rural areas of the country may provide you with better prices when talking about auto insurance. Residents of big cities have more auto accidents and much longer commute distances. Fewer drivers translates into fewer accident claims and lower theft and vandalism rates.
  • Cheaper rates after marriage – Getting married may save some money when buying auto insurance. Having a spouse means you’re more mature than a single person and insurance companies reward insureds because being married results in fewer claims.

Everyone needs different insurance coverage coverages

When choosing proper insurance coverage, there is no perfect coverage plan. Each situation is unique and a cookie cutter policy won’t apply. Here are some questions about coverages that might point out if your situation could use an agent’s help.

  • Do I need higher collision deductibles?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Do I really need UM/UIM coverage?
  • Can I drive in Mexico and have coverage?
  • Is my 2014 BMW M5 covered for smoke damage?
  • Should I drop comprehensive coverage on older vehicles?
  • Should I sign the liability waiver when renting a car?
  • What is UM/UIM insurance?
  • Why am I required to buy high-risk coverage?
  • Is a new car covered when I drive it off the dealer lot?

If you’re not sure about those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and you can get the answers you need.

What car insurance coverages do you need?

Understanding the coverages of a car insurance policy can be of help when determining the right coverages at the best deductibles and correct limits. Car insurance terms can be ambiguous and nobody wants to actually read their policy. Below you’ll find the usual coverages found on the average car insurance policy.

Collision coverage protection

Collision coverage pays for damage to your M5 caused by collision with another car or object. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims like hitting a mailbox, colliding with another moving vehicle, sustaining damage from a pot hole, rolling your car and hitting a parking meter. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Another option is to raise the deductible to get cheaper collision coverage.


Liability coverage will cover injuries or damage you cause to other’s property or people. This coverage protects you from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property.

Liability coverage protects against things like legal defense fees, court costs and attorney fees. The amount of liability coverage you purchase is your choice, but buy as large an amount as possible.

Comprehensive insurance

Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like theft, a tree branch falling on your vehicle, hitting a bird, vandalism and falling objects. The most a car insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. It can pay for injuries to you and your family and damage to your BMW M5.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage provide coverage for immediate expenses like chiropractic care, ambulance fees, surgery, X-ray expenses and nursing services. They are often used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Coverage applies to both the driver and occupants and also covers being hit by a car walking across the street. Personal injury protection coverage is not universally available but it provides additional coverages not offered by medical payments coverage

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

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Pennies from heaven

Throughout this article, we presented a lot of tips how to save on 2014 BMW M5 insurance. The most important thing to understand is the more rate quotes you have, the better your chances of lowering your prices. You may even discover the lowest premium rates are with some of the lesser-known companies. These smaller insurers often have lower prices on specific markets than the large multi-state companies such as State Farm and Allstate.

As you shop your coverage around, never sacrifice coverage to reduce premiums. There are too many instances where an insured dropped comprehensive coverage or liability limits only to regret at claim time they didn’t purchase enough coverage. Your strategy should be to find the BEST coverage at a price you can afford.

Lower-priced auto insurance can be bought on the web in addition to many insurance agents, so you should be comparing quotes from both to have the best rate selection. A few companies do not offer online quoting and usually these regional carriers prefer to sell through local independent agents.

For more information, link through to the resources below: