Cheapest Insurance for a BMW M5 in Baltimore

Surprisingly, a recent survey revealed that nearly 70% of customers have remained with the same insurance company for over three years, and just under half have never compared rates to find affordable insurance. Drivers in Maryland could save an average of approximately $750 each year, but they feel it’s too difficult to compare other rate quotes.

To save the most money, the best way to save on BMW M5 insurance in Baltimore is to compare prices regularly from insurers who sell auto insurance in Maryland. Prices can be compared by completing these steps.

First, try to understand the coverage provided by your policy and the measures you can control to prevent expensive coverage. Many factors that drive up the price like traffic citations, accidents, and poor credit can be remedied by making lifestyle changes or driving safer.

Second, request rate estimates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only provide price estimates from one company like GEICO or Allstate, while agents who are independent can provide prices for many different companies.

Third, compare the new rates to your current policy to determine if switching companies saves money. If you can save money and switch companies, make sure coverage is continuous and does not lapse.

Fourth, provide notification to your current agent or company of your intent to cancel your current policy and submit payment and a signed application to your new insurance company. As soon as coverage is bound, safely store the certificate verifying proof of insurance in your vehicle.

The most important part of shopping around is that you use the same coverage limits and deductibles on every price quote and and to compare as many companies as possible. Doing this helps ensure a level playing field and the most accurate and complete price analysis.

If you have auto insurance now, you will surely be able to reduce the price you pay using the tips covered below. Choosing the best insurance company for you in Baltimore can be much easier if you know how to start. But Maryland consumers do need to know the methods companies use to compete online.

To find affordable BMW M5 insurance quotes, there are several ways to compare prices from different companies. One of the best ways to find cheaper BMW M5 rates consists of shopping online.

Getting free rate quotes online is quite simple, and it takes the place of having to call or drive to all the different Baltimore insurance agencies. Comparing BMW M5 insurance rates online eliminates this option unless you have a need for the advice and guidance of a local Baltimore agent. However, consumers can get the lowest quotes online but purchase the actual policy in an agency.

When comparison shopping, comparing all the rates in your area helps you find lower pricing. Some regional insurers cannot provide online rate quotes, so it’s necessary to compare rates from those companies as well.

The companies in the list below have been selected to offer free quotes in Baltimore, MD. If your goal is to find the cheapest car insurance in MD, it’s highly recommended you get rate quotes from several of them to find the lowest car insurance rates.

BMW M5 insurance charts and tables

The rate table displayed below showcases detailed analysis of coverage costs for BMW M5 models. Learning how insurance prices are formulated helps drivers make smart buying decisions.

Table data represents single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Rate quotes do not factor in specific Baltimore garaging location which can affect insurance rates significantly.

Can higher deductibles save money?

One common question asked by Baltimore drivers is where to set your physical damage deductibles. The comparison tables below illustrate the rate difference of buying low and high deductibles. The first rate comparisons uses a $100 deductible for comprehensive and collision coverage and the second set of prices uses a $1,000 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Estimates do not factor in zip code location which can affect price quotes greatly.

Based on the data above, we can derive that using a $100 deductible would cost the average driver about $70 more each month or $840 for a full year than buying the higher $1,000 deductible. Because you would be required to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at a minimum 13 months between claim filings, you would come out ahead if you opt for a higher deductible.

Price comparison of only insuring for liability

The diagram below shows the comparison of BMW M5 auto insurance costs with full physical damage coverage compared to only buying liability only. The costs are based on no violations or claims, $500 deductibles, single marital status, and no additional discounts are factored in.

Guidelines for eliminating full coverage

There isn’t a steadfast formula to exclude full coverage on your policy, but there is a guideline you can use. If the annual cost of having full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.

For example, let’s pretend your BMW M5 replacement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $6,000 after paying the physical damage deductible. If you are currently paying more than $600 a year for comprehensive and collision coverage, then it might be time to consider dropping full coverage.

There are a few cases where eliminating full coverage is not financially feasible. If you haven’t satisfied your loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not opt for liability only.

Discounts can help lower premiums on BMW M5 insurance in Baltimore

Some insurance providers don’t necessarily list the entire discount list very well, so the list below gives a summary of a few of the more common as well as the least known credits available to bring down your rates. If you aren’t receiving every discount available, you are throwing money away.

• Driver Training Discounts – Completing a safe driver course could possibly earn you a 5% discount and make you a better driver.
• Discount for New Cars – Buying a new car instead of a used M5 may earn a small discount compared to insuring an older model.
• Anti-lock Brake System – Cars, trucks, and SUVs with ABS braking systems or traction control are safer to drive and qualify for as much as a 10% discount.
• Accident Forgiveness Coverage – Not really a discount, but certain companies may permit one accident without raising rates if you are claim-free before the accident.
• Life Insurance Discount – Companies who offer life insurance give a lower premium rate if you buy auto and life insurance together.

Drivers should understand that most credits do not apply to the overall cost of the policy. A few only apply to specific coverage prices like liability and collision coverage. So even though it sounds like you could get a free auto insurance policy, you won’t be that lucky.

The chart below illustrates the comparison of BMW M5 insurance prices with and without discounts. The rate quotes are based on a female driver, no claims or violations, Maryland state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, marriage, safe-driver, claim-free, and multi-policy discounts applied.

Auto insurance companies who may offer some of the above discounts possibly include:

• Progressive
• MetLife
• Mercury Insurance
• Nationwide
• GEICO
• AAA

When comparing rates, check with each company or agent how many discounts you can get. Discounts may not apply in Baltimore. To see a list of providers that offer some of these discounts in Baltimore, click here to view.

Choosing the best M5 insurance in Maryland is an important decision

Despite the potentially high cost of BMW M5 insurance, insuring your vehicle may not be optional for several reasons.

• Almost all states have compulsory liability insurance requirements which means state laws require a minimum amount of liability insurance coverage in order to get the vehicle licensed. In Maryland these limits are 30/60/15 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If you have a loan on your BMW M5, more than likely the lender will make it mandatory that you carry insurance to ensure the loan is repaid in case of a total loss. If coverage lapses or is canceled, the lender may have to buy a policy to insure your BMW for a lot more money and require you to reimburse them the higher premium.
• Auto insurance protects both your vehicle and your personal assets. It will also cover hospital and medical expenses for yourself as well as anyone injured by you. Liability insurance will also pay attorney fees if anyone sues you for causing an accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive and collision coverage will cover the repair costs.

The benefits of carrying adequate insurance outweigh the cost, specifically if you ever have a liability claim. According to a recent study, the average American driver overpays as much as $865 each year so it’s important to compare rates every year to ensure rates are competitive.

When in doubt talk to an agent

Keep in mind that when it comes to choosing a policy, there really is not a single plan that fits everyone. Everyone’s situation is a little different.

Here are some questions about coverages that can help discover whether you would benefit from professional advice.

• Do I have newly-acquired coverage?
• Does every company file a SR-22 automatically?
• Is my teenager covered with friends in the car?
• How many claims can I have before being canceled?
• I have good health insurance, so how much medical payments coverage do I need?
• What companies insure drivers after a DUI or DWI?
• Will my insurance pay for OEM parts?
• Does my car insurance cover rental cars?
• Do I need motorclub coverage?

If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to an agent. If you want to speak to an agent in your area, take a second and complete this form.

Local Baltimore insurance agencies

Certain consumers just prefer to talk to an insurance agent and that can be a smart move An additional benefit of comparing auto insurance online is you can get better rates and still have an agent to talk to.

After completing this quick form, your insurance coverage information is emailed to local insurance agents in Baltimore who will give you bids for your coverage. You don’t have to leave your house because quoted prices will be sent to the email address you provide. You can find lower rates and work with a local agent. If you wish to get a price quote for a specific company, just go to their quote page to submit a rate quote request.

Picking an company shouldn’t rely on just a low price. Here are some questions you might want to ask.

• Do they write coverage based solely on cost?
• Do they have 24-hour customer assistance?
• If they are an independent agency in Baltimore, which companies do they recommend?
• If your car is totaled, how to they determine the replacement cost?
• How long have they been in business?
• Can you get a list of referrals?
• Does the agent help file claims?
• Does the agency support the community they serve?

Insurance agent types

When narrowing the list to find a local agent, you need to know there are two different agency structures and how they differ in how they quote coverages. Agents are classified as either exclusive agents or independent agents.

Exclusive Agents

These type of agents can only quote rates from one company such as American Family, State Farm, and AAA. They are unable to provide rate quotes from other companies so you might not find the best rates. Exclusive agents are highly trained on their company’s products and that allows them to sell at a higher price point.

The following are Baltimore exclusive insurance agencies who can help you get price quote information.

More Baltimore agents

Independent Auto Insurance Agents

These type of agents often have affiliation with several companies and that enables them to quote your coverage with a variety of different insurance companies and get you the best rates possible. If you want to switch companies, your agent can switch companies which is easy for the insured. If you need lower rates, it’s recommended you get several quotes from multiple independent agents in order to have the best price comparison.

The following are independent agents in Baltimore that can give you rate quotes.

More Baltimore agents