2003 BMW M5 Car Insurance Quotes – 10 Discounts for Best Rates

Having to pay for overpriced BMW M5 insurance can overdraw your checking account and put a big crunch on your finances. Comparing price quotes is a great way to lower your monthly bill.

Multiple car insurance companies compete for your hard-earned dollar, and it can be difficult to compare rates to get the lowest price

Compare Quotes for Auto Insurance

The are a couple different ways of comparing rates from different insurance companies. The easiest way by far to compare 2003 BMW M5 insurance prices consists of obtaining rate quotes online. This can be accomplished in several different ways.

  1. The best way to get quotes would be an industry-wide quote request form (click to open form in new window). This method keeps you from doing repetitive form submissions for each company. Filling out one form will get you price quotes from all major companies.
  2. A harder way to find lower rates requires a trip to each company’s website and request a quote. For example, let’s say you want to compare Liberty Mutual, 21st Century and Allstate. To get rate quotes you would need to take the time to go to each site to input your insurance information, which is why the first method is quicker. For a handy list of car insurance company links in your area, click here.
  3. The least efficient way to compare rates is to spend your day driving to and from local insurance agencies. The internet can eliminate the need for a local agent unless you have a need for the personal advice of a local agent. It is possible to price shop your coverage online but buy from a local insurance agent and you’ll learn how to do that later.

It’s up to you which method you use, but make sure you use exactly the same coverage limits and deductibles on every quote. If you enter differing limits you will not be able to make an equal comparison. Just a small difference in limits could mean much higher rates. Keep in mind that having more price comparisons will increase your chances of finding better pricing.

Buyer beware of car insurance advertising tricks

Car insurance providers like Progressive, Allstate and Geico constantly bombard you with ads on TV and radio. They all make the same claim that you’ll save big if you switch to them. How can each company claim to save you money? This is how they do it.

All the different companies can use profiling for the driver that makes them money. For instance, a preferred risk could possibly be over the age of 40, owns a home, and has a high credit rating. Any driver who matches those parameters will get the preferred rates and as a result will probably save when switching.

Potential insureds who don’t measure up to the “perfect” profile must pay a more expensive rate which leads to the driver buying from a lower-cost company. Company advertisements say “customers that switch” not “everyone that quotes” save that much money. That’s why companies can advertise the way they do.

This illustrates why you should compare as many rates as you can. It is impossible to predict which car insurance company will give you the biggest savings on BMW M5 insurance.

Be sure to get all your discounts

Insuring your vehicles can cost a lot, but discounts can save money and there are some available that you may not know about. Larger premium reductions will be automatically applied at the time of quoting, but a few need to be requested specifically prior to getting the savings.

  • Student in College – Youth drivers living away from home attending college and do not have a car may qualify for this discount.
  • Clubs and Organizations – Belonging to certain professional organizations could qualify you for a break when buying car insurance for M5 insurance.
  • Passive Restraints and Air Bags – Vehicles with factory air bags or automatic seat belts can qualify for discounts of 20% or more.
  • Military Rewards – Being deployed with a military unit could be rewarded with lower premiums.
  • E-sign – Some insurance companies will discount your bill up to fifty bucks for buying your policy over the internet.
  • Homeowners Savings – Owning a home can help you save on car insurance because of the fact that having a home requires personal responsibility.
  • Pay Now and Pay Less – By paying your policy upfront instead of making monthly payments you could save 5% or more.
  • Student Driver Training – Make teen driver coverage more affordable by requiring them to complete a driver education course in high school.
  • Safety Course Discount – Successfully completing a defensive driving course can save you 5% or more depending on where you live.
  • Low Mileage – Low mileage vehicles could qualify for better rates on cars that stay parked.

As a disclaimer on discounts, most credits do not apply the the whole policy. Some only apply to the price of certain insurance coverages like comprehensive or collision. So even though it sounds like you can get free auto insurance, it doesn’t quite work that way. But all discounts will bring down your overall premium however.

To see a list of insurers with discount car insurance rates, click here to view.

How do I know if I need professional advice?

When it comes to buying coverage, there is no “perfect” insurance plan. Everyone’s situation is unique so this has to be addressed. Here are some questions about coverages that could help you determine whether or not you might need an agent’s assistance.

  • Am I covered when driving someone else’s vehicle?
  • Is my business laptop covered if it gets stolen from my vehicle?
  • What is the difference between comprehensive and collision coverage?
  • How much liability insurance is required?
  • Does coverage extend to my business vehicle?
  • When can I cancel my policy?
  • Is my trailer covered?
  • What are the best liability limits?

If you can’t answer these questions but a few of them apply, you might consider talking to an agent. To find lower rates from a local agent, take a second and complete this form or click here for a list of insurance coverage companies in your area.

Specific coverages for a 2003 BMW M5

Understanding the coverages of your auto insurance policy helps when choosing the right coverages at the best deductibles and correct limits. Auto insurance terms can be ambiguous and nobody wants to actually read their policy. Shown next are the normal coverages offered by auto insurance companies.

Medical expense insurance – Med pay and PIP coverage pay for bills for doctor visits, rehabilitation expenses, nursing services, hospital visits and X-ray expenses. They are used in conjunction with a health insurance program or if you lack health insurance entirely. Coverage applies to both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage

Collision coverages – This coverage covers damage to your M5 resulting from colliding with an object or car. You have to pay a deductible then your collision coverage will kick in.

Collision coverage protects against things like driving through your garage door, backing into a parked car, sustaining damage from a pot hole and colliding with a tree. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Comprehensive (Other than Collision) – Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like hitting a deer, hail damage, damage from getting keyed, a tree branch falling on your vehicle and damage from flooding. The highest amount a auto insurance company will pay at claim time is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Protection from uninsured/underinsured drivers – Your UM/UIM coverage gives you protection when other motorists either have no liability insurance or not enough. It can pay for hospital bills for your injuries and also any damage incurred to your BMW M5.

Since many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family. Most of the time these coverages do not exceed the liability coverage limits.

Liability coverages – This provides protection from injuries or damage you cause to a person or their property. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Another option is a combined single limit or CSL which combines the three limits into one amount with no separate limits for injury or property damage.

Liability insurance covers claims such as structural damage, pain and suffering, loss of income, repair costs for stationary objects and medical expenses. How much coverage you buy is up to you, but you should buy as high a limit as you can afford.

Pennies from heaven

While you’re price shopping online, make sure you don’t reduce needed coverages to save money. In too many instances, drivers have reduced physical damage coverage and found out when filing a claim that the savings was not a smart move. The aim is to get the best coverage possible at an affordable rate while not skimping on critical coverages.

We just showed you a lot of techniques to get a better price on 2003 BMW M5 insurance. The most important thing to understand is the more companies you get rates for, the better likelihood of reducing your rate. Consumers could even find that the most savings is with a lesser-known regional company. Regional companies can often insure niche markets at a lower cost than their larger competitors like State Farm, Geico and Nationwide.

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