2003 BMW M5 Insurance Cost – 7 Tips for Cheaper Prices

Trying to find better insurance rates? Buyers have lots of choices when searching for affordable BMW M5 insurance. You can either spend your time calling around to compare prices or save time using the internet to get rate quotes. There is a right way and a wrong way to find insurance online so we’re going to tell you the proper way to get price quotes for a BMW and locate the lowest possible price.

If you have a policy now or need a new policy, you can use these tips to find better prices and still get good coverage. The purpose of this article is to introduce you to how to effectively get price quotes and some tips to save money. Drivers only need an understanding of the proper way to compare price quotes on the web.

Comprehensive Car Insurance Comparison

All major car insurance companies give coverage price quotes directly from their websites. The process doesn’t take much effort as you just enter your coverage information as detailed in the form. When complete, the system collects credit information and your driving record and generates a price determined by many factors.

This streamlines rate comparisons, but the process of having to visit several different sites and complete many quote forms is not the best way to spend an afternoon. But it is imperative to do this in order to find better prices.

The smarter way to compare rates is to use a quote form to return rates from many companies. It’s a real time-saver, eliminates form submissions, and makes online shopping much easier to do. After sending your information, it is rated and you can choose any or none of the price quotes you receive. If the quotes result in lower rates, you can simply submit the application and buy the new coverage. The entire process takes 15 minutes at the most and you will know how your current rates stack up.

To save time and fill out one form to compare multiple rates now, click here to open in a new tab and submit the form. If you have coverage now, it’s recommended you replicate the coverage information as shown on your current policy. This helps ensure you will receive rate quotes for exact coverage.

Don’t pay full price with these seven discounts

Car insurance companies don’t list all their discounts very clearly, so we took the time to find some of the best known and the harder-to-find savings tricks you should be using. If you’re not getting every credit available, you are throwing money away.

  • Auto/Home Discount – If you have multiple policies with one insurance company you may earn up to 20% off your total premium.
  • No Charge for an Accident – Some insurance companies will forgive one accident before raising your premiums so long as you haven’t had any claims prior to the accident.
  • Student Driver Training – Require your teen driver to successfully complete driver’s ed class if it’s offered in school.
  • Use Seat Belts – Requiring all passengers to buckle their seat belts could save 15% off the personal injury premium cost.
  • No Claims – Drivers with accident-free driving histories pay much less as compared to bad drivers.
  • Air Bag Discount – Factory air bags and/or automatic seat belt systems may earn rate discounts of up to 25% or more.
  • Drive Safe and Save – Insureds without accidents may save up to 50% more for M5 coverage than less cautious drivers.

It’s important to understand that some of the credits will not apply to the overall cost of the policy. Most only cut specific coverage prices like comprehensive or collision. So even though it sounds like having all the discounts means you get insurance for free, insurance coverage companies aren’t that generous.

To see a list of companies with the best insurance coverage discounts, click here to view.

Your personal situation dictates your coverage

When buying the best car insurance coverage for your vehicles, there is no “perfect” insurance plan. Every insured’s situation is different.

These are some specific questions can help discover if your insurance needs might need professional guidance.

  • Can I make deliveries for my home business?
  • Is motorclub coverage worth it?
  • Does liability extend to a camper or trailer?
  • Where can I find DUI or SR-22 insurance?
  • Is a new car covered when I drive it off the dealer lot?
  • Does my insurance cover my expensive audio equipment?
  • What can I do if my company won’t pay a claim?
  • Are all vehicle passengers covered by medical payments coverage?
  • Why is insurance for a teen driver so high?
  • Is my teenager covered with friends in the car?

If you can’t answer these questions, you may need to chat with a licensed agent. To find lower rates from a local agent, fill out this quick form. It is quick, free and can help protect your family.

How can Allstate and Progressive save drivers who switch?

Drivers get pounded daily by advertisements for the lowest price auto insurance from companies such as Allstate and Progressive. All the companies say the same thing of big savings if you switch your policy.

How can each company say the same thing?

All companies are able to cherry pick for the type of driver that is profitable for them. A good example of a preferred risk could possibly be between 25 and 40, owns a home, and drives newer vehicles. A customer that hits that “sweet spot” is entitled to the best price and is almost guaranteed to save a lot of money.

Consumers who do not match the “perfect” profile must pay higher rates and this can result in business not being written. The ad wording is “people who switch” not “people who quote” save money. That is how insurance companies can confidently advertise the savings. This illustrates why you need to compare many company’s rates. It’s not possible to predict which company will fit your personal profile best.

What insurance coverages do you need?

Having a good grasp of a insurance policy aids in choosing appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy.

Collision coverage

Collision coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims such as sustaining damage from a pot hole, damaging your car on a curb, sideswiping another vehicle and scraping a guard rail. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. It’s also possible to bump up the deductible in order to get cheaper collision rates.

Comprehensive insurance

Comprehensive insurance covers damage OTHER than collision with another vehicle or object. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims like hitting a deer, theft and damage from a tornado or hurricane. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low consider dropping full coverage.

Liability auto insurance

This provides protection from injuries or damage you cause to a person or their property in an accident. It protects YOU against claims from other people, and does not provide coverage for your injuries or vehicle damage.

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 liability limits of 100/300/100 which means a $100,000 limit per person for injuries, a limit of $300,000 in injury protection per accident, and a total limit of $100,000 for damage to vehicles and property.

Liability coverage protects against claims such as repair costs for stationary objects, emergency aid, medical services and funeral expenses. How much liability coverage do you need? That is your choice, but you should buy higher limits if possible.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for funeral costs, rehabilitation expenses, prosthetic devices, doctor visits and dental work. They are often used in conjunction with a health insurance program or if there is no health insurance coverage. Coverage applies to all vehicle occupants and will also cover being hit by a car walking across the street. PIP is not universally available and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM)

This provides protection when the “other guys” either have no liability insurance or not enough. Covered losses include hospital bills for your injuries and also any damage incurred to your BMW M5.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage should not be overlooked.

You can do this!

We covered a lot of techniques to reduce 2003 BMW M5 insurance prices online. It’s most important to understand that the more rate quotes you have, the higher the chance of saving money. You may be surprised to find that the best price on auto insurance is with some of the lesser-known companies.

Insureds leave their current company for any number of reasons including poor customer service, extreme rates for teen drivers, unfair underwriting practices or an unsatisfactory settlement offer. It doesn’t matter what your reason, finding a new company is not as difficult as it may seem.

Cheap insurance can be found on the web and also from your neighborhood agents, so compare prices from both to have the best rate selection. Some companies may not provide online price quotes and these smaller companies work with independent agents.

Even more information can be found at these sites: