2010 BMW M5 Insurance Cost – 9 Tips for Best Prices

Searching for the cheapest insurance coverage rates for your BMW M5? Are you tired of trying to scrape together enough money to buy car insurance? You are in the same boat as many other drivers. Having so many options, it is very difficult to find the most affordable insurer.

Comprehensive Car Insurance Comparison Quotes

Getting better 2010 BMW M5 car insurance pricing can be surprisingly simple. Just take the time comparing price quotes online with multiple companies. It is quite easy and can be accomplished using a couple different methods.

  • One of the best ways consumers can make multiple comparisons is an all-inclusive rate comparison (click to open form in new window). This type of form saves time by eliminating a different quote for every car insurance company. One form submission will return price quotes from car insurance companies with the best prices.
  • A different way to compare prices is to manually visit each company website and complete a new quote form. For sake of this example, we’ll pretend you want to compare Farmers, 21st Century and GMAC. To find out each rate you need to take the time to go to each site and enter your policy data, and that’s why the first method is more popular. To view a list of companies in your area, click here.
  • The most time-consuming method of comparing rate quotes is to waste gas driving to and from local insurance agencies. Shopping for car insurance online has reduced the need for local agents unless you have a need for the personal advice of a local agent. You can, however, comparison shop your insurance online and still use a local agent and we’ll talk about that later.

Which method you use is up to you, but make sure you use apples-to-apples coverage limits and deductibles on every quote. If you use unequal deductibles or liability limits you can’t possibly determine the lowest rate for your BMW M5.

Policy discounts you shouldn’t miss

Insurance can be prohibitively expensive, buy you may qualify for discounts to reduce the price significantly. Certain discounts will be applied at the time of purchase, but less common discounts must be specifically requested prior to getting the savings. If you’re not getting every credit available, you’re paying more than you need to.

  • Anti-lock Brakes – Cars that have steering control and anti-lock brakes can reduce accidents and earn discounts up to 10%.
  • Federal Government Employee – Employees or retirees of the government can earn a discount up to 10% for M5 insurance with a few insurance companies.
  • College Student – Youth drivers who live away from home and don’t have a car may be able to be covered for less.
  • Senior Discount – If you’re over the age of 55, you may qualify for a discount up to 10% for M5 insurance.
  • Drivers Education – Have your child take driver’s ed class if offered at their school.
  • Accident Waiver – Certain companies will allow you to have one accident before hitting you with a surcharge if you are claim-free for a particular time prior to the accident.
  • Claim Free – Claim-free drivers pay less when compared to bad drivers.
  • Life Insurance – Select insurance companies reward you with better rates if you take out auto and life insurance together.
  • Sign Early and Save – Some insurance companies reward drivers for switching policies before your current policy expires. It can save you around 10%.

It’s important to understand that most credits do not apply to the entire cost. Most only cut the price of certain insurance coverages like comprehensive or collision. So despite the fact that it appears you can get free auto insurance, you won’t be that lucky. But any discount will reduce the cost of coverage.

Companies that possibly offer some of the above discounts include:

Double check with all companies you are considering what discounts are available to you. Some discounts might not be offered everywhere.

Insurance agents can help

When buying proper insurance coverage for your vehicles, there really is not a “perfect” insurance plan. Every situation is different and a cookie cutter policy won’t apply. These are some specific questions might help in determining if you might need professional guidance.

  • Is pleasure use cheaper than using my 2010 BMW M5 to commute?
  • Do I need PIP (personal injury protection) coverage in my state?
  • Does my medical payments coverage pay my health insurance deductible?
  • If my 2010 BMW M5 is totaled, can I afford another vehicle?
  • Does my policy pay for OEM or aftermarket parts?
  • At what point should I drop full coverage?
  • Am I missing any policy discounts?

If it’s difficult to answer those questions, you may need to chat with a licensed insurance agent. To find lower rates from a local agent, complete this form or you can go here for a list of companies in your area. It only takes a few minutes and can help protect your family.

Don’t believe everything you hear

Drivers can’t get away from ads that promise big savings from the likes of State Farm, Allstate and Geico. They all seem to say the same thing that you’ll save big if you switch your coverage to them.

How do they all say the same thing? It’s all in the numbers.

All companies can use profiling for the driver they prefer to insure. A good example of a driver they prefer might be over the age of 40, insures multiple vehicles, and drives newer vehicles. Any new insured who fits that profile is entitled to the best price and as a result will probably save when switching.

Drivers who don’t meet the “perfect” profile will have to pay higher prices and this can result in business not being written. The ads state “drivers who switch” not “people who quote” save that much money. That’s the way companies can advertise the way they do.

Because of the profiling, you need to get as many comparisons as possible. It’s not possible to predict which auto insurance company will provide you with the cheapest BMW M5 insurance rates.

Car insurance coverages for a BMW M5

Having a good grasp of car insurance helps when choosing appropriate coverage for your vehicles. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement. Listed below are typical coverage types found on most car insurance policies.

Collision coverage

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

Collision coverage pays for things like damaging your car on a curb, sideswiping another vehicle, colliding with a tree, backing into a parked car and crashing into a ditch. Collision is rather expensive coverage, so consider dropping it from older vehicles. Another option is to choose a higher deductible to bring the cost down.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they are uninsured or don’t have enough coverage. Covered claims include medical payments for you and your occupants and damage to your BMW M5.

Since many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Usually your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Comprehensive insurance

This covers 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 can pay for things such as a tree branch falling on your vehicle, falling objects, fire damage and vandalism. The highest amount 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 consider dropping full coverage.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage pay for expenses like chiropractic care, doctor visits and hospital visits. They are often utilized in addition to your health insurance plan or if you are not covered by health insurance. They cover all vehicle occupants in addition to if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state and gives slightly broader coverage than med pay

Auto liability insurance

Liability insurance can cover damages or injuries you inflict on a person or their property by causing an accident. This coverage protects you from legal claims by others, and does not provide coverage for your own vehicle damage or injuries.

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 commonly see limits of 25/50/25 which stand for a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000. Occasionally you may see a combined limit which limits claims to one amount without having the split limit caps.

Liability coverage protects against things such as loss of income, attorney fees, legal defense fees, medical services and funeral expenses. How much liability should you purchase? That is a personal decision, but consider buying higher limits if possible.

Better coverage you can count on

In this article, we presented a lot of information how to reduce 2010 BMW M5 insurance prices online. The key concept to understand is the more you quote, the higher the chance of saving money. Consumers may even find the biggest savings come from some of the lesser-known companies. Regional companies may have significantly lower rates on certain market segments than the large multi-state companies such as State Farm or Progressive.

When shopping online for insurance coverage, make sure you don’t skimp on coverage in order to save money. There have been many cases where someone dropped liability limits or collision coverage to discover at claim time that they should have had better coverage. Your aim should be to buy enough coverage at a price you can afford, not the least amount of coverage.

More detailed insurance coverage information is available by following these links: