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: May 11, 2018

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Searching for the cheapest auto insurance rates? Consumers have lots of choices when looking for affordable BMW M5 insurance. They can either spend hours calling around to compare prices or save time using the internet to get rate quotes.

There is a better way to compare auto insurance rates so you’re going to learn the proper way to price shop coverage for a BMW and locate the lowest price from local insurance agents and online providers.

The method we recommend to get policy rate comparisons is to know most larger insurance companies provide online access to give free rates quotes. The only thing you need to do is give them some information like the ages of drivers, the year, make and model of vehicles, any included safety features, and if you are currently licensed. Those rating factors is sent automatically to many different companies and they return rate quotes with very little delay.

To check BMW M5 insurance prices now, click here and complete the quick form.

Save a ton by taking advantage of discounts

Insurance coverage is not cheap nor is it fun to buy but companies offer discounts to help offset the cost. Some trigger automatically when you get a quote, but some may not be applied and must be manually applied before you get the savings.

  • Life Insurance Discount – If the company offers life insurance, you could get lower rates if you buy a life insurance policy as well.
  • Seat Belt Discounts – Forcing all vehicle occupants to fasten their seat belts can save up to 10 percent (depending on the company) off PIP or medical payments premium.
  • Save with More Vehicles Insured – Buying coverage for all your vehicles on a single policy can reduce rates for all insured vehicles.
  • Theft Deterent – Anti-theft and alarm system equipped vehicles are stolen with less frequency and will qualify for a discount on a insurance coverage quote.
  • Driver Training Discounts – Passing a class that teaches defensive driver techniques could cut 5% off your bill depending on where you live.
  • Driver Education Discount – Reduce the cost of insurance for teen drivers by having them enroll in driver’s education as it can save substantially.

As a footnote on discounts, most discount credits are not given to all coverage premiums. Most cut individual premiums such as comp or med pay. Even though it appears you could get a free insurance coverage policy, companies wouldn’t make money that way.

A list of companies and some of their more popular discounts are shown below.

  • The Hartford includes discounts for good student, air bag, vehicle fuel type, bundle, and anti-theft.
  • American Family offers premium reductions for TimeAway discount, multi-vehicle, air bags, good student, early bird, good driver, and bundled insurance.
  • Progressive offers discounts for multi-policy, homeowner, good student, online signing, and multi-vehicle.
  • Travelers may have discounts that include IntelliDrive, hybrid/electric vehicle, student away at school, new car, and home ownership.
  • Farmers Insurance may offer discounts for youthful driver, early shopping, bundle discounts, electronic funds transfer, switch companies, and business and professional.
  • USAA offers discounts including safe driver, new vehicle, multi-vehicle, multi-policy, military installation, and defensive driver.
  • Liberty Mutual may include discounts for teen driver discount, newly married, new vehicle discount, multi-policy, new move discount, and good student.

Before purchasing a policy, check with each company or agent which credits you are entitled to. Some of the discounts discussed earlier might not apply in every state.

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

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How much insurance do I need?

When it comes to choosing the best insurance coverage, there is no cookie cutter policy. Everyone’s situation is a little different.

Here are some questions about coverages that can help discover if your insurance needs might need professional guidance.

  • Why am I be forced to buy a membership to get insurance from some companies?
  • Why am I required to buy high-risk coverage?
  • Can I drive in Mexico and have coverage?
  • Is my teenager covered with friends in the car?
  • Should I put collision coverage on all my vehicles?
  • Where can I find high-risk insurance?
  • Is there coverage for injuries to my pets?

If you can’t answer these questions but you think they might apply to your situation, you may need to chat with a licensed agent. If you want to speak to an agent in your area, fill out this quick form. It’s fast, doesn’t cost anything and may give you better protection.

Specific coverage details

Learning about specific coverages of a auto insurance policy can be of help when determining the best coverages and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and even agents have difficulty translating policy wording.

Comprehensive coverages

Comprehensive insurance coverage pays for damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive insurance covers things like rock chips in glass, damage from flooding and hitting a bird. The maximum payout a auto insurance company will pay at claim time is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Uninsured and underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. Covered claims include injuries to you and your family as well as damage to your BMW M5.

Because many people only purchase the least amount of liability that is required, their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important. Most of the time these limits are set the same as your liablity limits.

Liability auto insurance

This coverage can cover damage that occurs to other’s property or people in an accident. It protects you against other people’s claims. Liability doesn’t cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 50/100/50 which stand for $50,000 bodily injury coverage, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined limit that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage pays for things like medical services, bail bonds, pain and suffering and legal defense fees. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase higher limits if possible.

Collision insurance

Collision insurance covers damage to your M5 resulting from colliding with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against claims such as hitting a parking meter, sustaining damage from a pot hole, crashing into a ditch, crashing into a building and backing into a parked car. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. You can also raise the deductible to bring the cost down.

Coverage for medical payments

Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses such as funeral costs, dental work, prosthetic devices and X-ray expenses. They are often utilized in addition to your health insurance program or if you lack health insurance entirely. It covers both the driver and 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 can be used in place of medical payments coverage