Wish you could get out of overpriced BMW M5 insurance in Los Angeles? Don’t feel bad because many Los Angeles consumers feel financially strained by their insurance policy.
Surprisingly, a recent survey revealed that almost 70% of drivers have bought insurance from the same company for a minimum of four years, and approximately 40% of consumers have never compared rate quotes at all. California drivers could save about 35% a year just by getting comparison quotes, but they assume it’s a waste of time to compare rate quotes online. Big companies like GEICO and Progressive constantly blast consumers with ad campaigns and it is challenging if not impossible to ignore the promise of big savings and find the best price available.
You need to get comparison quotes yearly because prices are constantly changing. Just because you had the best deal on BMW M5 insurance in Los Angeles on your last policy you will most likely find a better rate quote today. Ignore everything you know about insurance because it’s time to teach you the proper way to find lower rates on insurance.
The providers in the list below provide comparison quotes in California. If multiple providers are shown, it’s a good idea that you click on several of them to get the cheapest price.
Discounts for cheaper insurance quotes
Insurance is not cheap nor is it fun to buy but companies offer discounts that many consumers don’t even know exist. Some discounts apply automatically at the time of purchase, but a few need to be specially asked for before being credited. If you are not receiving all the discounts available, you’re just leaving money on the table.
- Claim Free – Drivers with accident-free driving histories are rewarded with significantly better rates on Los Angeles auto insurance quote when compared with bad drivers.
- Multiple Cars – Insuring all your vehicles on the same insurance policy can get a discount for every vehicle.
- Bundle and Save – If you can bundle your homeowners and auto insurance with one insurance company you could get a discount of over 10 percent off each policy depending on the company.
- Fewer Miles Equal More Savings – Fewer annual miles on your BMW may allow you to get discounted insurance rates on garaged vehicles.
- Pay Now and Pay Less – If you pay your bill all at once rather than paying monthly you may have a lower total premium amount.
- Distant Student Discount – Older children living away from Los Angeles attending college and do not have access to a covered vehicle may be able to be covered for less.
- Passive Restraints – Vehicles with factory air bags or motorized seat belts could see savings up to 30%.
Don’t be surprised that most of the big mark downs will not be given to the entire policy premium. Most only apply to the price of certain insurance coverages like collision or personal injury protection. So even though it sounds like all those discounts means the company will pay you, companies wouldn’t make money that way. But all discounts will cut the cost of your policy.
The chart below illustrates the comparison of BMW M5 yearly insurance costs with and without some available policy discounts. The rates are based on a male driver, no claims, a clean driving record, California 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, claim-free, marriage, multi-policy, and homeowner discounts applied.
A list of companies and their offered discounts are included below.
- State Farm may include discounts for good driver, Steer Clear safe driver discount, student away at school, good student, multiple autos, accident-free, and defensive driving training.
- GEICO has savings for military active duty, anti-theft, multi-vehicle, federal employee, membership and employees, defensive driver, and air bags.
- Progressive offers discounts for online signing, multi-policy, homeowner, continuous coverage, online quote discount, multi-vehicle, and good student.
- 21st Century offers premium reductions for homeowners, defensive driver, 55 and older, air bags, driver training, and teen driver.
- American Family offers discounts including multi-vehicle, accident-free, defensive driver, early bird, air bags, Steer into Savings, and TimeAway discount.
- The Hartford may have discounts that include air bag, defensive driver, driver training, bundle, and good student.
- AAA policyholders can earn discounts including pay-in-full, education and occupation, AAA membership discount, good student, multi-car, and anti-theft.
Before purchasing a policy, check with each company to apply every possible discount. A few discounts may not apply in your area. If you would like to view insurance companies that provide some of the discounts listed above in Los Angeles, click here.
Car insurance data for a BMW M5
The premium information shown below highlights different insurance policy prices for BMW M5 models. Being aware of how auto insurance policy rates are calculated can be valuable when making decisions when choosing a new policy provider.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M5 4-Dr Sedan||$456||$878||$442||$26||$132||$1,934||$161|
|Get Your Own Customized Quote Go|
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and California minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Rate information does not factor in specific location which can raise or lower insurance rates substantially.
Drive safe and save
The diagram below shows how violations and at-fault fender-benders can drive up BMW M5 insurance prices for each different age category. The data is based on a married female driver, full physical damage coverage, $500 deductibles, and no discounts are applied to the premium.
Should you buy full coverage?
The information below shows the difference between BMW M5 premium costs with full physical damage coverage compared to only buying the minimum liability limits required in California. The rate quotes are based on no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are taken into consideration.
When to eliminate full coverage
There is no clear-cut rule to exclude full coverage on your policy, but there is a general guideline you can use. If the annual cost of coverage is more than around 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s pretend your BMW M5 replacement cost is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $4,000 after you pay the deductible. If premium cost is more than $400 a year for full coverage, then it’s probably a good time to buy liability coverage only.
There are some circumstances where eliminating full coverage is not advised. If you still owe money on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.
Smart Consumers Can Cut Their Insurance Premiums
Consumers need to have an understanding of a few of the rating criteria that are used to determine your premiums. When you know what positively or negatively determines base rates, this enables informed choices that could result in cheaper rates.
The factors shown below are some of the most common factors used by companies to determine your prices.
- Lower rates for married couples – Being married can actually save you money compared to being single. Having a spouse generally demonstrates drivers are more responsible and insurance companies reward insureds because married drivers get in fewer accidents.
- Save money by having good credit – Having a good credit rating can be an important factor in determining your rates. So if your credit history could use some work, you may save money insuring your BMW M5 by improving your credit score. People with excellent credit scores tend to be more responsible than drivers who have lower credit ratings.
Drive a fast car and pay more – The type of vehicle you need to insure makes a significant difference in determining your rates. Low performance passenger vehicles generally have the cheapest insurance rates, but the cost you end up paying is determined by many additional factors.
The data below assumes a single male driver age 20, full coverage with $100 deductibles, and no discounts or violations. The data compares BMW M5 policy rates compared to other models that have different performance risks.
Premiums are high for teenagers – Older, more experienced drivers are proven to be safer behind the wheel, cost insurance companies less in claims, and are generally more financially stable. Beginning drivers are known to be inattentive and easily distracted when driving so auto insurance rates are higher.
The following chart assumes a single driver, full coverage with $100 deductibles, and no discounts or violations.
- Low mileage costs less – Driving more miles every year the more you’ll pay to insure your vehicle. Most insurance companies price each vehicle’s coverage based upon how the vehicle is primarily used. Autos that have low annual miles qualify for better rates than those used for commuting. Double check that your policy shows the proper vehicle usage. Improper usage on your M5 is just wasting money.
- Safety first – Vehicles that have high safety ratings tend to be cheaper to insure. Safe vehicles reduce the chance of injuries and reduced instances of injuries translates into savings for insurance companies passed on to you as lower rates.
- Add-on coverages push up costs – Insurance policies have a lot of extra coverages that you can get tricked into buying if you aren’t diligent. Coverages like roadside assistance, death and dismemberment, and additional equipment coverage are examples of these. They may seem good when discussing your needs, but if you have no use for them get rid of them and save.
Insurance loss probability for a BMW M5 – Car insurance companies include the past claim history for a vehicle to help set a rate to offset losses. Models that the data determines to have a trend towards higher claim severity or frequency will have higher rates.
The table shown below demonstrates the compiled insurance loss statistics for BMW M5 vehicles. For each coverage category, the statistical loss for all vehicles combined as an average is equal to 100. Values that are 100 or less indicate better than average losses, while numbers that are greater than 100 indicate higher probability of having a loss or a tendency for claims to be larger.
BMW M5 Insurance Claim Statistics Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW M5 4dr 284 94 373BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Exclusive and independent auto insurance agents
Some consumers just prefer to sit down with an agent and doing so can bring peace of mind Professional insurance agents are trained risk managers and help submit paperwork. One of the benefits of getting free rate quotes online is the fact that you can find lower car insurance rates but still work with a licensed agent.
To find an agent, once you fill out this short form, the quote information is immediately sent to agents in your area that provide free Los Angeles auto insurance quotes for your coverage. It makes it easy because there is no need to find an agent on your own due to the fact that quote results will go instantly to you. If you wish to compare prices from a specific insurance company, feel free to go to their quote page and submit a quote form there.
Deciding on an company should include more criteria than just a cheap price. The questions below may impact your decision as well.
- Will one accident increase rates?
- Do they receive special compensation for putting your coverage with one company over another?
- Does the agent recommend any additional coverage?
- Is the agency covered by Errors and Omissions coverage?
- What are the financial ratings for the companies they represent?
- Are they properly licensed to sell insurance in California?
When searching for an insurance agent, it’s helpful to know the different types of agents from which to choose. Auto insurance policy providers are classified as either independent agents or exclusive agents. Both types of agents can write policy coverage, but it’s important to point out the differences since it may influence the type of agent you choose.
Exclusive Insurance Agents
Exclusive agents generally can only insure with one company and examples are AAA, Allstate, and State Farm. Exclusive agencies are unable to shop your coverage around so always compare other rates. These agents are usually well trained in insurance sales and that allows them to sell at a higher price point.
Shown below are Los Angeles exclusive insurance agencies that are able to give comparison quotes.
Independent Agents (or Brokers)
Agents in the independent channel can quote rates with many companies so they have the ability to put coverage with any number of different companies and get you the best rates possible. If they quote lower rates, your agent can switch companies and you don’t have to switch agencies.
When comparing rate quotes, you will want to compare quotes from independent agents to have the most options to choose from.
The following is a list of independent agencies in Los Angeles that can give you rate quotes.
You are unique and your car insurance should be too
When selecting coverage online or from an agent for your personal vehicles, there is no “best” method to buy coverage. Everyone’s needs are different.
Here are some questions about coverages that could help you determine whether you will benefit from professional help.
- Are there any extra discounts I can get?
- Are my company tools covered if they get stolen?
- I have health insurance so do I need medical payments coverage?
- Where can I find high-risk insurance?
- Am I better off with higher deductibles on my BMW M5?
- Does liability extend to a camper or trailer?
If you’re not sure about those questions but one or more may apply to you then you might want to talk to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form. It’s fast, free and may give you better protection.
As you go through the steps to switch your coverage, never reduce coverage to reduce premium. In too many instances, someone sacrificed physical damage coverage to discover at claim time that it was a big error on their part. Your goal should be to purchase a proper amount of coverage for the lowest price, not the least amount of coverage.
Drivers leave their current company for any number of reasons including questionable increases in premium, high rates after DUI convictions, poor customer service or even policy non-renewal. Regardless of your reason for switching companies, finding a great new company can be easier than you think.
Cheaper insurance in Los Angeles can be bought on the web as well as from insurance agents, so you need to quote Los Angeles auto insurance with both to have the best chance of lowering rates. Some companies may not offer online price quotes and most of the time these small insurance companies sell through independent agents.
For more information, link through to the articles below:
- Credit and Insurance Scores (Insurance Information Institute)
- Who Has the Cheapest Car Insurance Rates for Nurses in Los Angeles? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for High Mileage Drivers in Los Angeles? (FAQ)
- Who Has the Cheapest Auto Insurance for Single Moms in Los Angeles? (FAQ)
- Senior Drivers (Insurance Information Institute)
- Things to Know Before you Cancel Insurance (Allstate)
- Side Impact Crash Tests (iihs.org)