How to Save Money on Insurance for your BMW M5
If finding affordable car insurance was easy, most of us would take the time to do it. But we always seem to pay too much for coverage and most people would rather go to the dentist. Finding affordable insurance for your BMW M5 is probably the same story.
Step One: Shop Around
Up until just recently, the only option you had for shopping for insurance was getting a high pressure sales pitch in the office of your local insurance agent. But now you can eliminate that hassle and buy online!
You can compare insurance rates for a BMW M5 simply and quickly just by filling out one form. This allows you to quote the same coverages with multiple companies and pick the lowest rate.
Simply click the link below to enter your information. Once complete, you can compare the returned rates and make a decision on which policy to purchase.
Important! If you already have liability and physical damage coverage on your M5, it's important to keep the same limits and deductibles throughout the quote process. This allows you to fairly compare rates for many companies. If you use different limits and coverages for each quote, you won't be able to judge if the final rate is better or worse than other quotes.
Step Two: Techniques to Lower your M5 Insurance Rates
After step one is complete, it's now time to analyze some of the other factors that can negatively impact car insurance rates for a M5.
- Vehicles that are considered high performance will have a higher insurance price tag that your average family sedan. The BMW M5 is no exception.
- One of the best ways to lower your insurance rates is to raise your credit score. Check your rating once a year and make sure to address any problem areas immediately.
- Repair shops have more expenses when repairing damage on luxury vehicles, so they will charge your insurance company more to make the repairs. This will be evident in your insurance rates even if you don't have a claim.
- One of the easiest ways to keep your rates down is to drive safe. One speeding ticket can boost your rates for three years.
- Sports cars tend to have larger engines and higher top speeds which increases the chance of an accident.
- If you rent rather than own a home, you may be paying more for car insurance. Homeowners often get lower rates.
- The easiest way to INCREASE your car insurance rates is to add a teenage driver to your policy. There aren't many ways to prevent a rate increase, but if you can rate them on an older vehicle, it can help.
- Allowing your insurance to lapse for any length of time will increase the cost of a new policy. Always keep coverage in force.
- Filing small claims will get you into hot water with your insurance company. Frequent filers will often find themselves either paying higher rates or non-renewed at renewal time.
- Successfully completing a driver's training class can help lower your rates if your insurance company offers that discount.
- The advancement of car safety features such as traction control, stability control, front and side-impact air bags and all-wheel drive all help keep insurance costs down.
- Being a senior citizen can qualify you for a small discount on your insurance rates. Older drivers are generally more cautious so they get a lower rate.
- If your M5 ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
- Consider using higher deductibles for physical damage coverages like comprehensive and collision. Higher deductibles save money since you're willing to pay more out-of-pocket at claim time.
Step Three: Finalize your Car Insurance Policy
Car insurance is pretty easy to buy online, but you do need to be aware that it is a legally binding contract. You need to have funds available for a down payment as well as review your coverages for any insufficiencies.
An important thing to keep in mind when buying a new policy is you want the effective date of the new policy to be the exact same as the date you are cancelling your old policy.
Any time you buy a new vehicle, make sure you have car insurance in place, either from an existing policy or a new policy that you purchase from the dealership floor. Anytime you buy a vehicle, you want to make sure coverage is in place before driving off the lot. If you have a policy now, you will have at least liability coverage. But if you don't insure any vehicles with full coverage, then you will put your new M5 at risk as soon as you drive away.
At the end of buying your policy, you will be able to print out a new proof-of-insurance card to place in your vehicle. This card is required by law and must be produced if requested by law enforcement. SR-22 filings are for high risk drivers and ensure that you have met your state's financial responsibility requirements. If you have DUI, DWI or uninsured accident convictions, you may have to file an SR-22 with your state DMV.
For More Information
For more information on car insurance, please visit the Insurance Information Institute's auto insurance informational page.
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