If you’re searching for lower-priced insurance on the web, are you overwhelmed by the wide range of auto insurance choices in your area? Many other people are as well. There are such a large number of options that it can easily turn into a ton of work to find lower premium rates on BMW M5 insurance. Lots of people think Denver has many things to offer, but high auto insurance premiums can make it hard for many residents to stay on budget.
Unbelievable but true, nearly 70% of consumers kept their policy with the same company for at least the last four years, and just short of a majority have never compared rate quotes at all. Consumers in Colorado could save an average of nearly $605 each year by just comparing rate quotes, but they won’t spend time to compare rate quotes.
It’s smart to do price comparisons periodically since prices trend upward over time. If you had the best price on BMW M5 insurance in Denver at your last renewal there may be better deals available now. Ignore everything you know about auto insurance because you’re about to find out how to use online quotes to eliminate unnecessary coverages and save money on BMW M5 insurance in Denver.
The method we recommend to compare insurance rates from multiple companies is to know the fact auto insurance companies have advanced systems to compare rate quotes. To begin a comparison, all you need to do is provide details like if you’re married, the type of vehicles you drive, your credit rating estimate, and if you lease or own. Your rating data gets sent immediately to multiple top-rated companies and you get price estimates instantly to find the best rate.
To check BMW M5 insurance prices now, click here and find out if lower rates are available in Denver.
The car insurance companies shown below have been selected to offer comparison quotes in Colorado. If multiple providers are shown, we recommend you click on several of them to find the lowest car insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $446 | $866 | $352 | $20 | $106 | $1,790 | $149 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Premium amounts do not factor in the specific area where the vehicle is garaged which can alter coverage rates significantly.
Poor driving habits will raise your car insurance rates
The diagram below shows how violations and at-fault fender-benders can drive up BMW M5 car insurance costs for each different age category. The data assumes a single female driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.
Do you qualify for discounts?
Insuring your fleet can be pricey, but discounts can save money and there are some available that can dramatically reduce your bill. A few discounts will automatically apply at the time you complete a quote, but some discounts are required to be specially asked for prior to getting the savings.
- No Claim Discounts – Good drivers with no accidents can save substantially compared to drivers with a long claim history.
- Discounts for New Vehicles – Putting coverage on a new M5 can get you a discount because new vehicles have to meet stringent safety requirements.
- Low Mileage – Driving less may allow you to get lower prices due to less chance of an accident.
- Discounts for Safe Drivers – Accident-free drivers may save up to 50% more than their less cautious counterparts.
- Pay Upfront and Save – By making one initial payment as opposed to paying monthly you may reduce your total bill.
- Telematics Data Discounts – Denver drivers who agree to allow their car insurance company to analyze vehicle usage remotely like Drivewise from Allstate or In-Drive from State Farm might get better premium rates if they have good driving habits.
- Military Deployment Discount – Being deployed in the military may lower your car insurance rates slightly.
- Sign Early and Save – Some insurance companies give discounts for switching companies early. The savings is around 10%.
- Paperless Signup – A handful of larger companies give back up to $50 just for signing your application on their website.
While discounts sound great, it’s important to understand that most of the big mark downs will not be given to the overall cost of the policy. Some only reduce the cost of specific coverages such as liability, collision or medical payments. If you do the math and it seems like all the discounts add up to a free policy, you won’t be that lucky.
For a list of insurance companies who offer free BMW M5 insurance quotes in Denver, follow this link.
Shop online but buy locally
Some people just prefer to talk to an insurance agent and that is recommended in a lot of cases One of the great benefits of comparing insurance prices online is that you can find lower rates and still have a local agent. And supporting local insurance agencies is important particularly in Denver.
Once you complete this form (opens in new window), the coverage information is emailed to insurance agents in Denver who will return price quotes for your insurance coverage. You won’t need to search for any insurance agencies since rate quotes are delivered immediately to you. You can most likely find cheaper rates AND a local agent. If you need to get a price quote for a specific company, just jump over to their website and give them your coverage information.
Insurance agent types
If you want an insurance agent, you should know the types of insurance agents that differ in how they can insure your vehicles. Auto insurance agents can either be independent agents or exclusive agents.
Independent Agents
Agents that choose to be independent can quote rates with many companies so they have the ability to put coverage with an assortment of companies and find you the best rates. If they quote lower rates, your agent can just switch to a different company which is easy for the insured. When comparing rate quotes, it’s recommended you get quotes from a couple of independent agencies to have the most options to choose from. Most have the option of insuring with small mutual carriers that may have much lower rates than larger companies.
The following are independent agents in Denver that can possibly get you free rate quotes.
- Mile High Insurance Agency
4704 Harlan St #360 – Denver, CO 80212 – (303) 237-5445 – View Map - Moschetti Michael – Isu Insurance Svc Of Co
950 17th St #1000 – Denver, CO 80202 – (303) 534-2133 – View Map - FUSA Insurance Agency
7900 E Union Ave #200 – Denver, CO 80237 – (303) 752-5806 – View Map
Exclusive Auto Insurance Agents
Exclusive agents can only write with one company such as Farmers Insurance, State Farm, Allstate, and AAA. Exclusive agents cannot provide prices from multiple companies so always compare other rates. Exclusive agents are usually quite knowledgeable in insurance sales which can be an advantage. Some consumers prefer to buy insurance from these agents partially due to the brand name and solid financial strength.
The following are exclusive agents in Denver that are able to give price quote information.
- Lori Rickert State Farm®
714 S Pearl St – Denver, CO 80209 – (303) 757-7440 – View Map - Caramel Russell-Rouse – State Farm Insurance Agent
999 S Monaco Pkwy #200 – Denver, CO 80224 – (303) 424-0420 – View Map - Val Laskowski – State Farm Insurance Agent
5353 W Dartmouth Ave #410 – Denver, CO 80227 – (303) 987-8849 – View Map
Finding the right insurance agency needs to be determined by more than just the price. Any agent in Denver should have no problem answering these questions:
- How long has the business existed?
- Do the agents have professional certifications like CPCU or CIC?
- How would your car be valued if totalled?
- How are they compensated?
- Do you work with a CSR or direct with the agent?
There’s no such thing as the perfect car insurance policy
Keep in mind that when it comes to choosing insurance from an agent or online for your personal vehicles, there is no perfect coverage plan. Everyone’s needs are different.
Here are some questions about coverages that may help you determine if you will benefit from professional help.
- Will I be non-renewed for getting a DUI or other conviction?
- What is the premium to book value ratio for dropping full coverage?
- What is the rate difference between pleasure use and commuting?
- What is the difference between personal and commercial auto insurance policies?
- Does liability extend to a camper or trailer?
- What is glass protection for?
- When does my teenage driver need to be added to my policy?
- Am I covered if hit by an uninsured driver?
If you’re not sure about those questions then you might want to talk to an insurance agent. If you want to speak to an agent in your area, fill out this quick form.
Informed Drivers Can Slash Their Insurance Costs
Lots of things are taken into consideration when you get a price on insurance. Some factors are common sense such as traffic violations, but other factors are more transparent like your continuous coverage or your financial responsibility.
Shown below are some of the things used by companies to determine your prices.
Rates go up with performance – The type of vehicle you are trying to find cheaper insurance for makes a huge difference in your rates. Since the BMW M5 falls in the luxury sports car class, rates will be up to twice as much than the average rate where you live in Denver. Lower cost passenger models usually are quite affordable to insure, but the cost you end up paying is determined by many additional factors.
Limits of liability insurance – Your insurance policy’s liability coverage will protect you in the event that you are found to be at fault for an accident. This coverage provides legal defense coverage to defend your case. Liability insurance is quite affordable as compared to coverage for physical damage, so drivers should buy more than the minimum limits required by law.
Your career may increase prices – Occupations such as doctors, social workers and financial analysts tend to have the highest average rates because of high stress levels and extremely grueling work hours. On the flip side, careers like scientists, engineers and retirees pay lower than average rates.
Do you know you’re credit rating? – Having a bad credit rating is likely to be a major factor in determining premium rates. People with high credit scores tend to file fewer claims than drivers who have poor credit scores. If your credit score can be improved, you could potentially save money when insuring your BMW M5 if you improve your credit rating.
Rates also based on gender – Over time, data shows women tend to be less risk to insure than men. It does not mean females are better at driving than males. Both sexes cause accidents at about the same rate, but the male of the species get into accidents with more damage. Men also get higher numbers of serious violations like DWI (DUI) or reckless driving. Young males are the most expensive to insure and therefore pay the highest rates.
BMW M5 insurance loss probability – Companies take into consideration insurance loss statistics for every vehicle to help calculate premium costs. Models that the statistics show to have high amounts or severity of claims will have a higher cost to insure. The table shown below demonstrates the compiled insurance loss statistics for BMW M5 vehicles.
For each coverage category, the claim probability for all vehicles averaged together equals 100. Numbers shown that are under 100 mean the vehicle has better than average losses, while values over 100 show a trend for more claims or an increased likelihood of larger losses.
BMW M5 Insurance Loss Statistics
| Specific BMW 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
Car insurance in Colorado serves several purposes
Despite the fact that car insurance is not cheap in Denver, insuring your vehicle is not optional due to several reasons.
First, the majority of states have mandatory insurance requirements which means it is punishable by state law to not carry a specific level of liability protection if you drive a vehicle. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
Second, if you took out a loan on your vehicle, almost every bank will make it mandatory that you have full coverage to ensure the loan is repaid in case of a total loss. If you do not keep the policy in force, the bank or lender will purchase a policy for your BMW at a significantly higher premium and require you to reimburse them the higher premium.
Third, car insurance protects not only your car but also your assets. It also can pay for many types of medical costs for not only you but also any passengers injured in an accident. Liability coverage, the one required by state law, will also pay attorney fees in the event you are sued. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of insuring your M5 are without a doubt worth the cost, especially with large liability claims. But the average driver in Colorado is overpaying over $700 annually so you should quote and compare rates at every policy renewal to help ensure money is not being wasted.
Get the best coverage at the best price
People who switch companies do it for any number of reasons including questionable increases in premium, an unsatisfactory settlement offer, high rates after DUI convictions or even delays in paying claims. Whatever your reason, choosing a new company is pretty easy and you might even save some money in the process.
More affordable car insurance in Denver can be sourced online and also from your neighborhood Denver agents, so you need to quote Denver car insurance with both in order to have the best chance of saving money. Some insurance companies may not provide the ability to get a quote online and most of the time these small insurance companies sell through local independent agencies.
As you prepare to switch companies, do not skimp on critical coverages to save a buck or two. In many cases, someone dropped collision coverage only to discover later that the small savings ended up costing them much more. Your goal should be to purchase plenty of coverage at the best price while still protecting your assets.
More detailed car insurance information is available in these articles:
- Distracted Driving (Insurance Information Institute)
- Who Has Cheap Car Insurance for Electric Cars in Denver? (FAQ)
- How Much are Denver Car Insurance Quotes for a Toyota Highlander? (FAQ)
- How do I File a Claim? (Insurance Information Institute)
- Get the Right Protection (InsureUonline.org)
- Vehicle Insurance (Wikipedia)