Want to know an easy way to compare lower-priced BMW M5 insurance in Phoenix? If you’re trying to find cheaper insurance, do you get confused by the crazy number of auto insurance providers available to you? Many other drivers are too. You have so many options that it can turn into a difficult challenge to locate the lowest auto insurance rates for BMW M5 insurance in Phoenix. If you’ve ever been there, you know that Phoenix is a great city to live in, but pricey auto insurance can make it hard for many drivers to be able to buy decent coverage.
It’s hard to believe, but most drivers in Arizona have bought auto insurance from the same company for a minimum of four years, and nearly half have never quoted rates to find cheaper coverage. American drivers can save hundreds of dollars each year, but most tend to underestimate the rate savings if they just switched companies.
You should make it a habit to get comparison quotes every six months because auto insurance prices are rarely the same from one policy term to another. Even if you got the best rate on BMW M5 insurance in Phoenix on your last policy other companies may now be cheaper. There is lot of inaccurate information about M5 insurance out there, but you can learn some excellent ideas to quit paying high auto insurance rates in Phoenix.
Choosing the most cost-effective car insurance policy in Phoenix is actually quite simple. If you have a policy now, you will be able to lower your rates using the techniques presented in this article. Nevertheless, Arizona drivers should learn how big insurance companies sell insurance online because rates are impacted by many factors.
Cheaper rates with these discounts on BMW M5 insurance in Phoenix
Buying auto insurance is not cheap, but there could be available discounts to help bring down the price. Many of these discounts will be applied automatically when you complete an application, but a few need to be specifically requested before being credited.
- Multiple Cars – Buying insurance for several vehicles with the same auto insurance company could earn a price break for each car.
- Service Members Pay Less – Having a deployed family member could qualify you for better prices.
- Phoenix Homeowners Pay Less – Simply owning a home may trigger a policy discount on auto insurance because owning a home is proof of financial responsibility.
- Club Memberships – Belonging to a civic or occupational organization in Phoenix is a good way to get lower rates on your next renewal.
- Good Student Discount – Being a good student can save 20 to 25%. Earning this discount can benefit you well after school through age 25.
Keep in mind that most of the big mark downs will not be given to all coverage premiums. Most only reduce the cost of specific coverages such as medical payments or collision. So even though you would think you could get a free auto insurance policy, insurance companies wouldn’t stay in business.
Some of the insurance companies that possibly offer these benefits include:
When quoting, ask every insurance company which discounts they offer. Some credits may not apply in Phoenix. If you would like to see a list of auto insurance companies that offer multiple discounts in Phoenix, follow this link.
The method we recommend to compare rates for BMW M5 insurance in Phoenix takes advantage of the fact most of the bigger providers have advanced systems to provide you with free rate quotes. To begin a comparison, all you need to do is provide a small amount of information including if it has an anti-theft system, whether your vehicle is owned or leased, how much you drive, and if you went to college. Your insurance information is then submitted to all major companies and you will receive price estimates with very little delay.
To get price quotes for your BMW M5 now, click here and find out if you can get cheaper insurance in Phoenix.
The following companies are our best choices to provide comparison quotes in Arizona. If more than one company is shown, we suggest you visit several of them in order to get a fair rate comparison.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $202 | $456 | $338 | $20 | $102 | $1,118 | $93 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Arizona minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Prices do not factor in the specific area where the vehicle is garaged which can influence price quotes substantially.
Auto insurance deductibles
One of the most common auto insurance questions is where should you set your physical damage deductibles. The following insurance rates help summarize the premium difference of buying low and high physical damage coverage deductibles. The first set of rates uses a $250 physical damage deductible and the second rate table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $380 | $738 | $300 | $18 | $90 | $1,551 | $129 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $310 | $596 | $300 | $18 | $90 | $1,314 | $110 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Arizona minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Table data does not factor in the specific area where the vehicle is garaged which can change rates considerably.
Using the premium rates above, we can conclude that using a $250 deductible will cost you roughly $19 more each month or $228 for a full year than selecting the higher $500 deductible. Due to the fact that you would have to pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you average more than 13 months between claim filings, you would come out ahead if you elect the higher deductible. Below is an example of how we made this calculation.
| Average monthly premium for $250 deductibles: | $129 |
| Average monthly premium for $500 deductibles (subtract): | – $110 |
| Monthly savings from raising deductible: | $19 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $19 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 13 months |
One thing to be aware of is that raising deductibles means you pay more out-of-pocket when you have a physical damage claim. That will force you to have enough money put aside in order to pay the deductible for vehicle repair.
How Insurance Companies Determine BMW M5 Insurance Premiums
A large part of saving on insurance is knowing the different types of things that are used to determine your premiums. If you have a feel for what impacts premium levels, this allows you to make educated decisions that may reward you with cheaper rates. Multiple criteria are part of the calculation when premium rates are determined. Some of the criteria are obvious such as traffic violations, although others are less apparent such as whether you are married or how financially stable you are.
Listed below are some of the most rate-impacting factors used by insurance companies to determine your premiums.
- Pay less if you’re married – Being married may save some money when buying insurance. Having a spouse generally demonstrates drivers are more stable financially and it’s proven that married drivers tend to have fewer serious accidents.
- Accidents drive up premiums – Your driving record influences premium rates substantially. Good drivers get better prices compared to drivers with tickets. Getting just one citation can boost insurance rates substantially. Drivers unfortunate enough to have multiple citations such as reckless driving or DUI are required to complete a SR-22 with their state in order to keep their license.
- Your location is a factor – Having an address in a rural area can save you money when insuring your vehicles. Drivers in populated areas have congested traffic and more time behind the wheel. Fewer drivers corresponds to lower accident rates and a lower car theft rate.
- Save money by raising deductibles – Your deductibles define the amount the insured will be required to pay before your insurance pays a claim. Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, insures against damage to your car. Some examples of covered claims are colliding with a stationary object, damage caused by hail, and damage caused by road hazards. The larger the amount the insured has to pay upfront, the lower your rates will be.
- Buy as much liability as you can afford – A critical coverage on your policy, liability insurance is the protection when you are found to be at fault for personal injury or accident damage. Your policy’s liability insurance provides legal defense coverage starting from day one. Liability insurance is quite affordable when compared with rates for comp and collision, so buy as much as you can afford.
- Prevent theft and lower prices – Selecting a car model with an alarm system can earn a premium discount. Anti-theft features such as OnStar, LoJack tracking, and tamper alarms all help prevent your vehicle from being stolen.
- How many miles do you drive? – The more you drive every year the more you’ll pay to insure your vehicle. Many insurance companies charge rates based on their usage. Autos that have low annual miles receive better premium rates than vehicles that are driven to work every day. Incorrect rating for your M5 may be costing you. It’s always a good idea to double check that your insurance policy reflects the proper vehicle usage.
- How old are your drivers? – Older, more experienced drivers tend to be more responsible, tend to file fewer claims, and are safer drivers.Youthful drivers have been known to be careless and easily distracted when driving with friends and because of this, their insurance rates are much higher.
- BMW M5 historical loss data – Insurers use past loss statistics for each vehicle when they file their rates in each state. Vehicles that are shown to have a trend towards higher claims will have a higher premium rate. The next table illustrates the insurance loss data used by companies for BMW M5 vehicles.
For each coverage type, the claim amount for all vehicles as a whole equals 100. Values that are under 100 indicate better than average losses, while values that are 100 or greater point to more losses or statistically larger claims.
BMW M5 Insurance Loss Statistics
Vehicle 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
Statistics from IIHS.org for 2013-2015 Model Years
What if I want to buy from local Phoenix auto insurance agents?
Some consumers still prefer to go talk to an agent and that is just fine! One of the great benefits of getting online price quotes is you can get lower rates and still have an agent to talk to.
For easy comparison, once you complete this form (opens in new window), the coverage information gets sent to insurance agents in Phoenix who will give you bids for your insurance coverage. It simplifies rate comparisons since you won’t have to contact any agents since price quotes are sent to your email. You can get cheaper insurance rates without requiring a lot of work. In the event you want to quote rates from a particular provider, feel free to search and find their rate quote page and fill out their quote form.
Finding the right provider needs to be determined by more than just a low price. The questions below may impact your decision as well.
- What insurance companies do they recommend if they are an independent agent?
- Are they properly licensed to sell insurance in Arizona?
- How much can you save by raising your physical damage deductibles?
- If you have an accident, will your rates go up?
- Do they have designations such as AIC, CPCU, or CIC?
Do you need an independent or exclusive auto insurance agent?
When finding a reputable agency, it’s important to understand the different agency structures that you can select. Agents can be categorized as either independent or exclusive.
Exclusive Insurance Agencies
These type of agents can only quote rates from one company and examples are Allstate, State Farm and Farmers Insurance. Exclusive agents are unable to provide rate quotes from other companies so they are skilled at selling on more than just price. They are very knowledgeable on the products they sell and that can be a competitive advantage. Consumers often choose to use a exclusive agent mainly due to the brand legacy and solid financial strength.
Below are Phoenix exclusive agencies willing to provide price quotes.
- Gunther Perdomo Llana – State Farm Insurance Agent
2040 E Bell Rd #110 – Phoenix, AZ 85022 – (602) 971-8488 – View Map - Bob Schneider – State Farm Insurance Agent
243 W Portland St – Phoenix, AZ 85003 – (602) 277-2687 – View Map - American Family Insurance – Jennifer Swenson
4731 N Central Ave – Phoenix, AZ 85012 – (602) 995-9334 – View Map
Independent Agencies or Brokers
Agents in the independent channel are not required to write business for one company so they have the ability to put coverage with multiple insurance companies and find the cheapest insurance rates. If your premiums go up, they simply move your policy to a different company and you can keep the same agent.
If you are comparing rate quotes, we recommend you get quotes from several independent agencies to get the best comparison. Most independent agents also contract with companies that do not advertise much which may provide better rates.
Listed below are independent insurance agents in Phoenix willing to provide rate quotes.
- Independent Insurance Agents
333 E Flower St – Phoenix, AZ 85012 – (602) 956-1851 – View Map - Farmer-Leavitt Insurance Agency
919 N 1st St – Phoenix, AZ 85004 – (602) 264-0566 – View Map - Rodriguez Insurance
5720 N 27th Ave – Phoenix, AZ 85017 – (602) 242-5303 – View Map
Once you have acceptable answers to any questions you may have as well as a affordable price, most likely you have located an auto insurance agent that can be trusted to adequately provide insurance.
Protect your BMW vehicle and other assets
Even though it can be expensive, insuring your vehicle is a good idea for several reasons.
- The majority of states have mandatory liability insurance requirements which means you are required to carry a specific minimum amount of liability coverage if you want to drive legally. In Arizona these limits are 15/30/10 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a loan on your M5, more than likely the lender will have a requirement that you carry insurance to guarantee their interest in the vehicle. If you let the policy lapse, the lender may insure your BMW at a much higher premium rate and force you to reimburse them for the expensive policy.
- Insurance safeguards your BMW and your assets. It will also provide coverage for hospital and medical expenses for you, your passengers, and anyone else injured in an accident. One policy coverage, liability insurance, also pays for attorney fees and expenses if you are sued as the result of an accident. If your BMW gets damaged, your policy will pay to repair the damage minus the deductible amount.
The benefits of carrying enough insurance are without a doubt worth the cost, particularly if you ever have a claim. But the average driver in Arizona is wasting up to $830 a year so it’s very important to do a rate comparison once a year at a minimum to save money.
Affordable car insurance premiums are possible
You just read a lot of ways to shop for BMW M5 insurance online. The key concept to understand is the more price quotes you have, the better your comparison will be. Consumers may even find the biggest savings come from the smaller companies.
Discount BMW M5 insurance in Phoenix is definitely available from both online companies and also from your neighborhood Phoenix agents, and you should compare price quotes from both in order to have the best chance of saving money. There are still a few companies who may not have online price quotes and usually these regional carriers sell through independent agents.
Drivers change insurance companies for many reasons like poor customer service, not issuing a premium refund, delays in responding to claim requests or delays in paying claims. Regardless of your reason, choosing a new insurance company can be less work than you think.
To read more, link through to the following helpful articles:
- Comprehensive Coverage (Liberty Mutual)
- How Much are Car Insurance Rates for a Chevrolet Equinox in Phoenix? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for a School Permit in Phoenix? (FAQ)
- Who Has Cheap Auto Insurance for a Toyota Tacoma in Phoenix? (FAQ)
- How Much are Phoenix Car Insurance Rates for Real Estate Agents? (FAQ)
- Who Has the Cheapest Car Insurance Quotes with Multiple Speeding Tickets in Phoenix? (FAQ)
- Auto Insurance 101 (About.com)
- Older Driver Statistics (Insurance Information Institute)