2007 BMW M5 Insurance Rates – 9 Policy Discounts

Searching for cheaper car insurance rates for your BMW M5? Nobody looks forward to buying car insurance, in particular when the price is too high.

Drivers have multiple insurers to pick from, and although it’s nice to have a selection, so many choices can make it hard to adequately compare rates.

Lower rates by qualifying for these nine discounts

Car insurance companies don’t always advertise every discount in an easy-to-find place, so we researched both the well known and also the lesser-known ways to save on car insurance.

  • Auto/Home Discount – When you combine your home and auto insurance with one insurance company you could get a discount of up to 20% off your total premium.
  • Homeowners Discount – Owning a house may earn you a small savings because maintaining a house demonstrates responsibility.
  • Good Students Pay Less – A discount for being a good student can earn a discount of 20% or more. The good student discount can last up to age 25.
  • Safety Course Discount – Taking part in a course teaching defensive driving skills could save 5% or more depending on where you live.
  • Braking Control Discount – Vehicles equipped with ABS or steering control can reduce accidents and qualify for as much as a 10% discount.
  • Accident Forgiveness – A few companies will allow you to have one accident without raising rates so long as you haven’t had any claims for a set time period.
  • Life Insurance – Select insurance companies reward you with lower rates if you buy life insurance from them.
  • Military Rewards – Being deployed with a military unit could mean lower rates.
  • Early Switch Discount – Some companies give discounts for signing up prior to your current policy expiration. It’s a savings of about 10%.

As a disclaimer on discounts, some of the credits will not apply to the entire cost. Most cut specific coverage prices like medical payments or collision. Even though it may seem like you can get free auto insurance, car insurance companies aren’t that generous.

For a list of providers with the best car insurance discounts, click this link.

Car insurance is unique, just like you

When choosing proper insurance coverage, there is no best way to insure your cars. Every insured’s situation is different so this has to be addressed. For instance, these questions could help you determine whether or not you might need an agent’s assistance.

  • Am I missing any policy discounts?
  • Does insurance cover tools stolen from my truck?
  • Can my teen driver be rated on a liability-only vehicle?
  • Will my rates increase for filing one claim?
  • Do I need replacement cost coverage?
  • Am I covered when using my vehicle for business?
  • Can I afford to buy a different vehicle if my 2007 BMW M5 is totaled?
  • Does medical payments coverage apply to all occupants?
  • What are the best liability limits?
  • How much liability coverage do I need in my state?

If you don’t know the answers to these questions, you might consider talking to a licensed agent. If you want to speak to an agent in your area, simply complete this short form or you can also visit this page to select a carrier

Insurance coverages 101

Having a good grasp of your insurance policy aids in choosing which coverages you need and the correct deductibles and limits. Insurance terms can be difficult to understand and nobody wants to actually read their policy. Below you’ll find typical coverage types found on the average insurance policy.

Liability car insurance – Liability coverage can cover injuries or damage you cause to a person or their property in an accident. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 50/100/50 which means $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property.

Liability insurance covers claims such as medical expenses, repair bills for other people’s vehicles, bail bonds and emergency aid. How much liability should you purchase? That is up to you, but buy as much as you can afford.

Collision – This coverage covers damage to your M5 resulting from a collision with an object or car. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against things like crashing into a building, rolling your car, crashing into a ditch, colliding with a tree and hitting a parking meter. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Uninsured/Underinsured Motorist coverage – This provides protection when the “other guys” are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your BMW M5.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. This is the reason having UM/UIM coverage is very important.

Medical payments coverage and PIP – Med pay and PIP coverage reimburse you for bills for things like pain medications, EMT expenses, rehabilitation expenses and ambulance fees. They can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants in addition to if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and may carry a deductible

Comprehensive coverage – This coverage will pay to fix damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive can pay for things like hitting a bird, damage from flooding, hitting a deer and fire damage. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Pennies from heaven

When you buy insurance online, do not reduce coverage to reduce premium. There are too many instances where drivers have reduced uninsured motorist or liability limits to discover at claim time that it was a big error on their part. The proper strategy is to buy enough coverage for the lowest price, not the least amount of coverage.

In this article, we covered many tips how you can compare 2007 BMW M5 insurance prices online. The key concept to understand is the more companies you get rates for, the better chance you’ll have of finding lower rates. You may be surprised to find that the lowest priced auto insurance comes from a small local company. Some small companies may have significantly lower rates on certain market segments than the large multi-state companies such as State Farm, GEICO and Nationwide.

More tips and info about auto insurance can be read by following these links: