Cheapest Insurance for a BMW M5 in Mesa

Insurance quote for BMW M5 in MesaSurprisingly, a recent survey revealed that nearly 70% of customers kept their coverage with the same insurance company for a minimum of four years, and nearly half have never even compared quotes to find lower-cost rates. With the average premium in Arizona being $1,578, drivers could save $700 a year, but they don’t want to take the time to shop around.

The easiest way to get cheaper BMW M5 insurance in Mesa is to do a yearly price comparison from insurance carriers who provide auto insurance in Arizona.

  1. Try to understand how insurance companies determine prices and the measures you can take to prevent high rates. Many factors that result in higher rates such as getting speeding tickets and an imperfect credit rating can be eliminated by making minor driving habit or lifestyle changes.
  2. Request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like Progressive or Allstate, while independent agents can provide price quotes from multiple sources. View rates
  3. Compare the new rate quotes to your current policy and see if there is a cheaper rate in Mesa. If you can save some money, make sure coverage is continuous and does not lapse.

A key point to remember is to use the same coverage limits and deductibles on each quote and and to look at all possible companies. Doing this guarantees an apples-to-apples comparison and a better comparison of the market.

If you already have coverage, you will definitely be able to save money using the ideas presented in this article. Locating the best rates in Mesa is quite easy if you know the best way to do it. But Arizona vehicle owners should learn how big insurance companies calculate your auto insurance rates because it can help you find the best coverage.

Compare free Mesa BMW M5 insurance price quotes

Keep in mind that comparing all the rates in your area helps locate lower pricing.

The companies shown below provide free rate quotes in Mesa, AZ. If you want the best cheap car insurance in Mesa, we recommend you click on several of them in order to get a fair rate comparison.

Car insurance analysis for a BMW M5

The coverage information shown below outlines estimates of rate quotes for BMW M5 models. Learning more about how prices are calculated is important for drivers to make smart choices when buying a policy.

BMW M5 Insurance Rates in Mesa, AZ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $300 $584 $306 $18 $92 $1,300 $108
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Data variables include married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Arizona minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Rates do not factor in vehicle garaging location which can decrease or increase coverage rates considerably.

Comparison of policy deductibles

When comparing car insurance rates, the most common question is how high should the deductibles for physical damage be. The tables below may help you to understand the premium difference between high and low insurance deductibles. The first table uses a $250 physical damage deductible and the second price chart uses a $500 deductible.

BMW M5 insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $380 $738 $300 $18 $90 $1,551 $129
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BMW M5 insurance premium rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $310 $596 $300 $18 $90 $1,314 $110
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Arizona minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Price information does not factor in the specific area where the vehicle is garaged which can revise premiums significantly.

Based on the data above, we can derive that using a $250 deductible costs roughly $19 more each month or $228 every year than requesting the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you usually have at least 13 months between claims, you would probably be better off by going with a higher deductible.

Rate comparison of full coverage and liability-only

The information below shows the comparison of BMW M5 yearly insurance costs with and without physical damage coverage. The premium estimates are based on no violations or claims, $100 deductibles, single marital status, and no discounts are applied to the premium.

When to switch to liability coverage only

There is no definitive formula that is best for determining when to drop full coverage on your policy, but there is a general convention. If the annual cost of having full coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.

For example, let’s assume your BMW M5 replacement cost is $7,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would get paid by your company is $6,000 after paying your policy deductible. If it’s costing in excess of $600 annually to have full coverage, then it may be the right time to buy liability only.

There are some conditions where eliminating full coverage is not advised. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to keep the loan. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.

The BMW M5 Insurance Cost Equation

It’s important that you understand the factors that go into determining your car insurance rates. If you know what positively or negatively impacts your premiums, this allows you to make educated decisions that could help you find lower car insurance prices.

Cheaper rates for prior coverage – Driving without insurance is a misdemeanor and any future policy may cost more because you let your insurance lapse for non-payment. And not only will insurance be more expensive, the inability to provide proof of insurance could earn you fines or a revoked license. You could then be forced to provide proof of insurance in the form of an SR-22 filing with the Arizona motor vehicle department to get your license reinstated.

Drive a fast car and pay more – The performance of the vehicle you are trying to find cheaper insurance for makes a substantial difference in how high your rates are. Lower cost passenger cars generally receive the lowest base rates, but your final cost has many other factors.

The chart below is based on a married male driver age 50, full coverage with $500 deductibles, and no discounts or violations. The chart compares BMW M5 rates compared to other models of vehicles that have different performance risks.

Five star safety rating saves money – Safer cars are cheaper to insure. The safest vehicles reduce the chance of injuries and any reduction in injury severity means lower claim amounts and cheaper rates on your policy. If the BMW M5 is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you are probably receiving a discount.

Your career may increase prices – Did you know your career choice can influence rates? Jobs like judges, business owners, and emergency personnel tend to have higher premiums than the average policyholder in part from intense work situations and lots of time spent at work. On the flip side, occupations such as professors, students and performers get better rates.

Fewer miles means better costs – The higher the miles on your BMW in a year’s time the more you’ll pay to insure it. Most companies apply a rate based upon how the vehicle is primarily used. Autos left parked in the garage get more affordable rates than vehicles that have high annual mileage. An incorrectly rated M5 may be costing you higher rates. Double check that your policy shows the proper vehicle usage, because improper ratings can cost you money.

Liability coverage – The liability section of your policy provides coverage if you are responsible for damages caused by your negligence. It will provide for a legal defense to defend your case. Liability is cheap compared to comp and collision, so drivers should carry high limits.

Loss statistics for a BMW M5 – Insurance companies analyze historical claim data to help determine the rate you pay. Models that the data shows to have higher claim frequency or loss amount will have higher premium rates.

The table below shows the insurance loss data for BMW M5 vehicles. For each insurance policy coverage type, the claim amount for all vehicles, regardless of manufacturer or model, is equal to 100. Values below 100 are indicative of better than average losses, while values that are 100 or greater indicate more frequent losses or an increased probability of a larger loss.

Auto Insurance Loss Data for BMW M5 Models
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
Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Car insurance is not optional but you don’t have to overpay

Despite the high cost of buying insurance for a BMW M5 in Mesa, insuring your vehicle serves a purpose in several ways.

The benefits of insuring your car definitely exceed the price paid, especially for larger claims. According to a survey of 1,000 drivers, the average driver is currently overpaying as much as $700 annually so compare rates at least once a year to help ensure money is not being wasted.