Compare 2006 BMW M5 Insurance Rates

Drivers have options when trying to find low-cost BMW M5 insurance. They can either spend hours driving around getting price quotes or leverage the internet to make rate comparisons. There are both good and bad ways to buy car insurance and you need to know the absolute fastest way to price shop coverage for a new or used BMW and get the lowest price either online or from local insurance agents.

Consumers need to quote other rates at least once a year due to the fact that insurance prices go up and down regularly. Even if you think you had the lowest price on M5 insurance on your last policy other companies may now be cheaper. Forget anything you know (or think you know) about car insurance because you’re about to find out the best methods to get good coverage at a lower rate.

How much does car insurance cost?

Many insurance companies give coverage price quotes on their websites. Getting online rates doesn’t take much effort as you simply type in the coverage amounts you desire into the quote form. After the form is submitted, the system automatically retrieves information on your driving record and credit history and returns a price.

This streamlines rate comparisons, but the time required to go to each company’s website and repetitively type in the same data is monotonous and tiresome. But it’s necessary to have as many quotes as possible in order to find the lowest price.

A better way to compare rates uses just one form that gets price quotes from a lot of companies. It’s a real time-saver, eliminates repetitive work, and makes price shopping online a little more enjoyable. Immediately after you send the form, it is quoted and you can select your choice of the quote results. If the quotes result in lower rates, it’s easy to complete the application and buy the policy. The whole process only takes a few minutes and you will find out if you’re overpaying now.

To save time and compare pricing, click here to open in new window and submit the form. If you have your current policy handy, we recommend you enter deductibles and limits exactly as shown on your declarations page. Using the same limits helps guarantee you will get a fair comparison for the exact same coverage.

Lower rate quotes with these discounts

Auto insurance companies don’t always advertise every policy discount in a way that’s easy to find, so the next list breaks down some of the more common and also the more inconspicuous discounts that may be available.

  • Driver Safety – Taking time to complete a defensive driver course is a good idea and can lower rates if your company offers it.
  • Distant Student – Youth drivers who are enrolled in higher education away from home and do not have access to a covered vehicle can be insured at a reduced rate.
  • Accident Waiver – Not really a discount, but some insurance companies will turn a blind eye to one accident before they charge you more for coverage so long as you are claim-free for a set time period.
  • Pay Upfront and Save – If you pay your bill all at once instead of making monthly payments you may have a lower total premium amount.
  • Telematics Devices – Insureds that choose to allow their car insurance company to spy on their driving habits by using a telematics device such as Drivewise from Allstate or Snapshot from Progressive may get a rate reduction if they exhibit good driving behavior.
  • Low Miles Discount – Low annual miles could be rewarded with lower car insurancerates on the low mileage vehicles.
  • Renewal Discounts – Some insurance companies give discounts for switching policies prior to your current policy expiration. Ten percent is about the average savings.
  • Good Students Pay Less – A discount for being a good student may save you up to 25%. The discount lasts up until you turn 25.

Remember that some credits don’t apply to the entire policy premium. Most only reduce the cost of specific coverages such as physical damage coverage or medical payments. If you do the math and it seems like adding up those discounts means a free policy, companies don’t profit that way.

Popular car insurance companies and their possible discounts are included below.

  • American Family offers discounts including bundled insurance, good student, good driver, mySafetyValet, and defensive driver.
  • State Farm may offer discounts for defensive driving training, multiple autos, good driver, accident-free, and anti-theft.
  • 21st Century offers premium reductions for driver training, homeowners, good student, defensive driver, and automatic seat belts.
  • Travelers has savings for new car, home ownership, student away at school, save driver, driver training, payment discounts, and multi-policy.
  • GEICO offers discounts for multi-vehicle, federal employee, air bags, membership and employees, and good student.

Before buying, ask all the companies which discounts you may be entitled to. A few discounts might not be available to policyholders in your state. If you would like to choose from a list of insurance companies that offer the discounts shown above, click here.

The BMW M5 insurance price equation

Many factors are taken into consideration when pricing auto insurance. Some factors are common sense such as your driving history, but other criteria are not as apparent like where you live or how safe your car is.An important part of buying insurance is that you know some of the things that help calculate the rates you pay for auto insurance. If you understand what impacts premium levels, this enables you to make decisions that could help you find lower rates.

The factors shown below are some of the major factors utilized by car insurance companies to help set your rates.

  • Cheaper to insure gals? – Over the last 50 years, statistics have shown that women are safer drivers than men. The data does not necessarily mean that females are better at driving than males. Women and men cause auto accidents in similar numbers, but the men cause more damage and cost insurance companies more money. Not only that, but men also receive more costly citations such as driving while intoxicated (DWI) or driving recklessly. Male teenagers are several times more likely to be in an accident so they pay the highest premiums.
  • Never let your coverage expire – Going without insurance is a fast way to increase your rates. Not only will you pay higher rates, the inability to provide proof of insurance can result in a license revocation or jail time.
  • Lower rates for safer vehicles – Vehicles with good safety scores get lower rates. Vehicles built for safety help reduce the chance of injuries in an accident and better occupant protection means lower claim amounts passed on to you as lower rates. If the BMW M5 is rated at least four stars on Safercar.gov or an “acceptable” rating on iihs.org it is probably cheaper to insure.
  • Married people drive safer – Having a significant other helps lower the price on your auto insurance policy. Having a spouse is viewed as being more responsible and it’s statistically proven that drivers who are married are more cautious.
  • Claims cost money – Companies provide most affordable rates to people who only file infrequent claims. If you are the type of insured that files lots of claims you can definitely plan on increased rates or even have your policy non-renewed. Your insurance policy is meant to be used in the event of larger claims.
  • Employer stress can make you pay more – Do you have a high-stress occupation? Careers such as lawyers, social workers and financial analysts are shown to have higher rates than average in part from intense work situations and lots of time spent at work. On the flip side, occupations such as actors, athletes and retirees pay lower than average rates on M5 insurance.
  • Responsible drivers pay better premiums – A bad driving record impacts premiums far more than you think. Drivers with clean records have lower premiums than their less careful counterparts. Getting just one chargable violation can increase the cost of insurance forty percent or more. People who have multiple citations such as DWI, reckless driving or hit and run convictions are required to file a SR-22 with their state DMV in order to prevent a license revocation.
  • City traffic equals higher premiums – Choosing to live in small towns and rural areas is a positive aspect when shopping for auto insurance. City drivers tend to have more road rage incidents and more time behind the wheel. Fewer people translates into fewer accident claims and a lower car theft rate.

Car insurance can be complex

When choosing proper insurance coverage for your vehicles, there is no “perfect” insurance plan. Every insured’s situation is different.

These are some specific questions might point out if your insurance needs might need professional guidance.

  • Do I need added coverage for expensive stereo equipment?
  • Should I have a commercial auto policy?
  • Am I covered when driving in Canada or Mexico?
  • Am I covered if my car is in a flood?
  • When should I drop full coverage on my 2006 BMW M5?
  • Does my policy cover my teen driver if they drive my company car?
  • Why am I required to get a high-risk car insurance policy?

If you can’t answer these questions, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, fill out this quick form. It’s fast, doesn’t cost anything and may give you better protection.

Ads can be misleading

Consumers constantly see and hear ads that promise big savings for switching by Allstate, GEICO and Progressive. They all seem to advertise claims that drivers can save some big amount just by switching to them.

How is it plausible that every one can offer you a better deal? Just pay attention to how they say it.

All companies quote their cheapest rates for the right customer that will be a good risk. For instance, a profitable insured could be between the ages of 30 and 50, has had continuous coverage, and drives a lower-performance vehicle. Any driver that meets those criteria receives the best rates and will probably cut their rates if they switch.

Potential customers who do not match the “perfect” profile will get higher prices and the prospect going elsewhere. If you listen to the ad wording, they say “drivers that switch” but not “everyone who gets a quote” save that much. This is how companies can make claims that they all have the best rates. That is why you really should get price quotes at each policy renewal. Because you cannot predict which car insurance company will have the best prices for your profile.

Learn about auto insurance coverages for a BMW M5

Knowing the specifics of auto insurance helps when choosing which coverages you need for your vehicles. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy.

Liability insurance – This will cover damages or injuries you inflict on other’s property or people that is your fault. This coverage protects you from claims by other people. It does not 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 policy limits of 100/300/100 that translate to $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property.

Liability coverage pays for claims such as court costs, medical expenses, bail bonds and medical services. The amount of liability coverage you purchase is up to you, but buy as large an amount as possible.

UM/UIM Coverage – This coverage provides protection when the “other guys” do not carry enough liability coverage. This coverage pays for hospital bills for your injuries and damage to your BMW M5.

Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea.

Medical costs insurance – Medical payments and Personal Injury Protection insurance pay for immediate expenses for things like EMT expenses, rehabilitation expenses, dental work and X-ray expenses. They can be utilized in addition to your health insurance policy or if you are not covered by health insurance. It covers both the driver and occupants in addition to getting struck while a pedestrian. PIP is not universally available but can be used in place of medical payments coverage

Comprehensive or Other Than Collision – Comprehensive insurance pays for damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things like damage from getting keyed, vandalism and rock chips in glass. The highest amount a auto insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Collision coverages – Collision coverage pays for damage to your M5 resulting from a collision with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage protects against things such as sideswiping another vehicle, rolling your car and colliding with another moving vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to raise the deductible to get cheaper collision coverage.

Affordable insurance is out there

When buying insurance coverage, don’t be tempted to skimp on coverage in order to save money. In many instances, an insured dropped uninsured motorist or liability limits and learned later that it was a big error on their part. The ultimate goal is to purchase plenty of coverage at the best cost but still have enough coverage for asset protection.

We just covered a lot of ways to get a better price on 2006 BMW M5 insurance. It’s most important to understand that the more rate comparisons you have, the higher your chance of finding inexpensive auto insurance. Drivers may discover the best price on insurance is with the least-expected company.

Consumers leave their current company for many reasons like questionable increases in premium, delays in paying claims, lack of trust in their agent and even high prices. Regardless of your reason for switching companies, choosing a new company is less work than it seems.

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