To save the most money, the best way to find discount BMW M5 insurance is to annually compare prices from insurance carriers who sell auto insurance in Miami. You can shop around by following these steps.
First, take a little time to learn about the different coverages in a policy and the modifications you can make to keep rates down. Many factors that result in higher rates like speeding tickets, accidents and a less-than-favorable credit history can be improved by making minor changes in your lifestyle. This article gives more information to help prevent expensive coverage and find overlooked discounts.
Second, obtain price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give prices from a single company like GEICO and State Farm, while independent agents can quote rates from multiple sources.
Third, compare the new rates to your current policy and determine if there is any savings. If you find a lower rate quote and decide to switch, make sure there is no lapse between the expiration of your current policy and the new one.
The key thing to know about shopping around is that you’ll want to compare the same physical damage deductibles and liability limits on every quote and and to analyze as many carriers as you can. Doing this ensures an accurate price comparison and many rates to choose from.
It’s amazing but the vast majority of consumers have remained with the same car insurance company for four years or more, and almost 40% of drivers have never shopped around. Drivers in Florida could save about $1,100 each year, but most undervalue how much they could save if they replace their high priced policy.
Locating the best rates in Miami is actually not that difficult if you follow our advice. Practically every vehicle owner who is required to buy car insurance will find a lower price. Although Florida car owners must know the way companies set your policy premium and use it to find better rates.
Components of Your BMW M5 Insurance Premiums
An important part of buying insurance is that you know some of the things that aid in calculating the price you pay for insurance. If you know what determines base rates, this allows you to make educated decisions that could result in lower premium levels. Lots of things are part of the calculation when you get a price on insurance. A few of the factors are predictable like your driving record, but others are not quite as obvious like your continuous coverage and annual miles driven.
Listed below are some of the things companies use to determine your rates.
Less chance of injury means lower prices – Cars with five star safety ratings cost less to insure. Safer cars reduce injuries and any reduction in injury severity means lower claim amounts and thus lower rates. If the BMW M5 has at least four stars on Safercar.gov you may pay a lower rate.
Costs can change based on your address – Living in less populated areas has it’s advantages when buying insurance. Urban drivers have traffic congestion and more severe claims. Less people translates into fewer accidents in addition to fewer liability claims.
Age of drivers – Teenage drivers in Florida are known to be more careless when at the wheel of a vehicle therefore insurance rates are much higher. Adding a beginning driver to your policy will cause a huge premium hike. More mature drivers are more responsible, statistically cause fewer accidents, and usually have better credit.
The following data assumes a single driver, full coverage with $100 deductibles, and no discounts or violations.
Your employer can affect rates – Occupations like judges, airline pilots, and stock brokers usually pay the highest rates because of high stress and lots of time spent at work. Other professions such as professors, engineers and retirees receive lower rates.
Stay claim-free and reduce rates – Car insurance companies in Florida generally give discounts to policyholders who only file infrequent claims. If you are the type of insured that files lots of claims you can look forward to increased rates or even have your policy non-renewed. Your car insurance is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
BMW M5 claim data – Auto insurance companies take into consideration historical loss data for every vehicle when determining insurance rates. Models that the data determines to have high amounts or severity of claims will cost more for coverage. The table below shows the collected loss data for BMW M5 vehicles.
For each coverage category, the statistical loss for all vehicles, without regard to make or model, is equal to 100. Percentages below 100 imply a favorable loss record, while values that are 100 or greater indicate frequent claims or tendency to have larger claims.
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW M5 4dr | 284 | 94 | 373 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
When price shopping your coverage, quoting more helps locate the best price.
The car insurance companies shown below are ready to provide comparison quotes in Miami, FL. If multiple companies are listed, we suggest you visit two to three different companies to get the best price comparison.
Facts and figures for BMW M5 insurance
The price information displayed below highlights a range of rate quotes for BMW M5 models. Being aware of how premiums are determined can assist in making informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $430 | $828 | $418 | $24 | $124 | $1,824 | $152 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Table data does not factor in vehicle garaging location which can alter insurance rates considerably.
Comparison of policy deductibles
One of the more difficult decisions when buying auto insurance is where should you set your physical damage deductibles. The premium rates below can help illustrate how much more you’ll pay when you select higher and lower comp and collision deductibles. The first set of prices uses a $100 physical damage coverage deductible and the second price grid uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $590 | $1226 | $418 | $24 | $124 | $2,407 | $201 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $328 | $646 | $418 | $24 | $124 | $1,540 | $128 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Premium costs do not factor in the specific area where the vehicle is garaged which can change coverage rates substantially.
Based on the above data, using a $100 deductible will cost you roughly $73 more each month or $876 annually than buying the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at a minimum 12 months between claim filings, you would save money if you choose a higher deductible.
Careless driving habits raise Miami auto insurance rates
The example below illustrates how traffic citations and accident claims can raise BMW M5 yearly insurance costs for each different age category. The costs are based on a married male driver, full physical damage coverage, $500 deductibles, and no discounts are factored in.
BMW M5 liability rates compared to full coverage
The information below shows the difference between BMW M5 auto insurance costs with full coverage and liability only. The data assumes no claims, a clean driving record, $1,000 deductibles, drivers are single, and no other discounts are factored in.
Should you pay for full coverage?
There is no specific rule to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is more than about 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.
For example, let’s assume your BMW M5 replacement cost is $5,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would get paid by your company is $4,000 after paying the physical damage deductible. If premium cost is more than $400 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are some circumstances where only buying liability is not a good plan. If you still have a loan on your vehicle, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not opt for liability only.
Three good reasons to insure your vehicle
Despite the potentially high cost of BMW M5 insurance, paying for insurance is required in Florida but it also protects you in many ways.
- The majority of states have minimum liability requirements which means you are required to carry a minimum amount of liability coverage in order to be legal. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a lien on your BMW, more than likely the lender will have a requirement that you carry insurance to protect their interest in the vehicle. If you let the policy lapse, the bank may insure your BMW at a more expensive rate and require you to reimburse them the higher price.
- Insurance protects both your BMW and your personal assets. It will also reimburse you for all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability insurance also covers legal expenses if anyone sues you for causing an accident. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will cover the damage repairs after a deductible is paid.
The benefits of having insurance outweigh the cost, especially when you need to use it. Despite what companies tell you, the average driver overpays as much as $700 annually so it’s important to compare rates at every renewal to save money.
Discounts mean cheaper rates for BMW M5 insurance in Miami
Buying auto insurance is not cheap, but there’s a good chance there are discounts that you may not know about. Certain reductions will be credited when you complete an application, but some need to be inquired about in order for you to get them.
- Own a Home and Save – Simply owning a home may earn you a small savings since home ownership is proof that your finances are in order.
- Seat Belt Usage – Requiring all passengers to fasten their seat belts can save up to 15% off the medical payments premium.
- Sign Online – Certain auto insurance companies may give you up to $50 for buying your policy on the internet.
- Pay Now and Pay Less – By paying your policy upfront instead of making monthly payments you can actually save on your bill.
- New Vehicle Savings – Buying a new car instead of a used M5 can save up to 30% since newer models are generally safer.
- Driver’s Ed – Require your teen driver to complete a driver education course in high school.
- Auto/Home Discount – If you can combine your homeowners and auto policy with one insurance company you could earn a discount of up to 20% and get you cheaper M5 insurance.
- Driver Training Discounts – Passing a course that instructs on driving safety could possibly earn you a 5% discount and make you a better driver.
A little disclaimer on discounts, some credits don’t apply to the entire policy premium. Some only apply to the price of certain insurance coverages like physical damage coverage or medical payments. So despite the fact that it appears all those discounts means the company will pay you, it doesn’t quite work that way.
The example below illustrates the difference between BMW M5 premium costs with and without some available policy discounts. The costs are based on a male driver, a clean driving record, no claims, Florida state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, multi-policy, homeowner, claim-free, and marriage discounts applied.
Auto insurance companies that may offer policyholders some of the above discounts include:
Check with all the companies which discounts can lower your rates. Depending on the company, some discounts may not apply to policies in every state. To choose providers with the best discounts in Florida, click here to view.
Independent or exclusive insurance agents
Many drivers just want to talk to a local agent and that can be a great decision A good thing about getting free rate quotes online is you may find cheap auto insurance rates and still have a local agent.
To find an agent, once you fill out this simple form, your insurance coverage information gets sent to participating agents in Miami that can provide free Miami auto insurance quotes for your business. You never need to do any legwork as quotes are delivered to you directly. You can find lower rates without a big time investment. If for some reason you want to get a rate quote from a specific insurance company, feel free to find their quoting web page to submit a rate quote request.
Finding the right provider is decision based upon more than just a cheap price. Any agent in Miami should be willing to answer these questions.
- When do they do a full risk review?
- Does the company allow you to choose your own collision repair facility?
- Are they involved in claim handling?
- If your car is in the repair shop, do you have coverage for a rental car?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
- Do they feel the quoted coverages are adequate?
- What companies can they write with?
- What company holds the largest book of business for them?
Types of auto insurance agents in Miami
If you want to buy auto insurance from a local insurance agency, it’s helpful to know the different types of agents and how they can quote your rates. Auto insurance agencies are categorized either exclusive agents or independent agents.
Exclusive Agencies
Agents that choose to be exclusive can only provide one company’s prices and examples are Allstate, State Farm and Farm Bureau. Exclusive agencies are unable to compare rates from other companies so they have no alternatives for high prices. Exclusive agents are highly trained on the products they sell which helps offset the inability to provide other markets. Some people will only buy from exclusive agents mainly due to loyalty to the company and strong financial ratings.
Shown below are Miami exclusive insurance agents who may provide you with price quote information.
- Rick Gonzalez – State Farm Insurance Agent
8830 Coral Way – Miami, FL 33165 – (305) 226-3412 – View Map - Clark Alvarado – State Farm Insurance Agent
5209 NW 36th St – Miami Springs, FL 33166 – (305) 887-9543 – View Map - Gus Figueredo – State Farm Insurance Agent
7950 W Flagler St #103 – Miami, FL 33144 – (305) 262-0440 – View Map
Independent Agents
Agents of this type are not employed by one company and that is an advantage because they can write policies through lots of different companies enabling the ability to shop coverage around. If you want to switch companies, your agent can switch companies which makes it simple for you.
When comparing auto insurance prices, you need to check rates from several independent insurance agents to have the best price comparison. Many independent agencies also insure through companies you’ve never heard of which may provide better rates.
Below are independent insurance agencies in Miami who can help you get price quote information.
- E and L Insurance Services
1241 SW 27th Ave – Miami, FL 33135 – (888) 700-4049 – View Map - Universe Insurance Agency, Inc.
1563 NW 27th Ave – Miami, FL 33125 – (305) 633-6111 – View Map - Miami Insurance Agency
3313 NW 7th St – Miami, FL 33125 – (305) 541-4553 – View Map
Do the work, save more money
Consumers leave their current company for a number of reasons such as unfair underwriting practices, denial of a claim, policy cancellation or not issuing a premium refund. Regardless of your reason, choosing a new company is less work than it seems.
Low-cost BMW M5 insurance in Miami can be found online and from local agencies, so you need to quote Miami auto insurance with both so you have a total pricing picture. There are still a few companies who may not have online rate quotes and many times these smaller companies only sell coverage through independent insurance agents.
Throughout this article, we presented a lot of ways to find affordable BMW M5 insurance in Miami. The key thing to remember is the more quotes you get, the better likelihood of getting affordable Miami auto insurance quotes. Drivers may even discover the most savings is with a small mutual company.
Other information
- Speed and Speed Limit FAQ (iihs.org)
- What Insurance is Cheapest for a Hyundai Elantra in Miami? (FAQ)
- Smart Auto Insurance Tips (Insurance Information Institute)
- Child Safety Seats (Insurance Information Institute)
- Vehicle Insurance (Wikipedia)