Save Money on BMW M5 Insurance in Philadelphia

How many times have you said it’s time to compare low-cost BMW M5 insurance in Philadelphia? Did you make the mistake of buying an expensive insurance policy? Trust us when we tell you there are many people just like you.

Insurance for BMW M5It’s well known that insurance companies don’t want customers comparing rates. Insureds who get price quotes annually are highly likely to switch insurance companies because there is a good chance of finding a policy with more affordable rates. A recent insurance study discovered that consumers who compared prices regularly saved about $70 a month as compared to drivers who never shopped around.

If finding the cheapest rates on BMW M5 insurance is your ultimate target, knowing how to get rate quotes and compare cheaper coverage can help you succeed in finding affordable rates.

With consumers having so many insurance providers from which to choose, it can be difficult for drivers to locate the lowest price company.

Buying the cheapest insurance in Philadelphia is much easier if you have a good place to start. Essentially every car owner who is looking for a better price on insurance most likely will get better rates. Although Pennsylvania drivers must understand how big insurance companies compete online because rates are impacted by many factors.

Why You Might Pay Inflated Rates in Philadelphia

A large part of saving on car insurance is knowing some of the things that help calculate your car insurance rates. If you have a feel for what impacts premium levels, this helps enable you to make changes that can help you get lower premium levels.

The items below are a partial list of the pieces used by companies to determine rates.

What are your deductibles? – Your deductibles are the amount of money the insured will be required to pay in the event of a claim. Insurance for physical damage to your car, also known as collision and other-than-collision, covers damage that occurs to your car. Some examples of claims that would be covered are colliding with a stationary object, animal collisions, and damage caused by road hazards. The larger the amount the insured is willing to pay, the bigger discount you will receive.

Extra coverages push up rates – Policies have extra add-on coverages you can purchase when buying car insurance. Insurance for personal injury protection, towing coverage, and extra equipment coverage are some examples. These may sound like a good investment when talking to your agent, but if you don’t need them consider taking them off your policy.

Liability coverage is critical – Your car insurance policy’s liability coverage provides coverage if you are determined to be liable for causing personal injury or damage in an accident. It will provide you with a defense in court which can cost thousands of dollars. It is affordable coverage when compared with rates for comp and collision, so drivers should carry high limits.

Never allow your coverage to lapse – Having an insurance coverage lapse will be a fast way to bump up your car insurance costs. And not only will insurance be more expensive, failure to provide proof of insurance could earn you fines and jail time.

Save annual miles and save money – The more miles you rack up on your BMW every year the more it will cost to insure it. Most companies apply a rate based upon how the vehicle is primarily used. Vehicles that do not get driven very much cost less to insure as compared to vehicles used primarily for driving to work. An improperly rated M5 can result in significantly higher rates. Double check that your vehicle rating correctly shows the correct usage, because improper ratings can cost you money.

BMW M5 historical loss data – Companies use data from past claims when setting premium rates. Vehicles that tend to have higher prevalence or dollar amount of losses will have a higher premium rate. The table below demonstrates the actual insurance loss data for BMW M5 vehicles.

For each insurance policy coverage type, the statistical loss for all vehicles, as a total average, is equal to 100. Values that are below 100 suggest losses that are better than average, while values that are above 100 point to more claims or statistically larger claims.

Insurance Loss Ratings for BMW M5 Vehicles
Vehicle 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

The are a couple different ways to compare rate quotes from lots of Pennsylvania auto insurance companies. The recommended way to lower the rate you pay for insurance is to use the internet to compare rates.

It’s so simple to compare auto insurance quotes online makes it a waste of time to call or drive to different Philadelphia agent offices. Buying insurance online can eliminate the need for a local agent unless you have a complicated situation and need the professional advice of a local Philadelphia agent. Some companies do allow you to compare the best prices online but have your policy serviced through an agent.

When comparing auto insurance rates, know that obtaining a wide range of quotes will improve the odds of getting the best offered rates.

The companies shown below can provide quotes in Philadelphia, PA. If multiple companies are shown, it’s highly recommended you get prices from several of them to get the lowest price.

BMW M5 insurance coverage information

The coverage information shown next outlines a range of insurance coverage prices for BMW M5 models. Being aware of how prices are established is important for drivers to make smart choices when buying a car insurance policy.

BMW M5 Insurance Rates in Philadelphia, PA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $326 $738 $428 $26 $128 $1,646 $137
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Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Pennsylvania minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Rates do not factor in vehicle garaging location which can lower or raise auto insurance rates substantially.

How high should deductibles be?

When buying insurance, a common question is how high should your deductibles be. The following tables may help you to understand the rate fluctuation between high and low policy deductibles. The first table uses a $100 physical damage deductible and the second set of prices uses a $500 deductible.

BMW M5 insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $466 $968 $330 $20 $98 $1,907 $159
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BMW M5 insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $340 $654 $330 $20 $98 $1,442 $120
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Pennsylvania minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Rates do not factor in specific location information which can decrease or increase insurance rates greatly.

Based on this data, using a $100 deductible will cost in the ballpark of $39 more each month or $468 every year averaged for all M5 models than requesting the higher $500 deductible. Since you would have to pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at least 10 months between claim filings, you would come out ahead going with the higher deductible.

Calculation for raising deductibles

Average monthly premium for $100 deductibles: $159
Average monthly premium for $500 deductibles (subtract): – $120
Monthly savings from raising deductible: $39
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $39
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 10 months

The example below highlights how deductible selection and can affect BMW M5 premium costs for each age group. The information is based on a single male driver, full coverage, and no discounts are applied to the premium.

Irresponsible driving raises your rates

The example below illustrates how violations and at-fault fender-benders can increase BMW M5 auto insurance costs for different insured age categories. The premium estimates are based on a single male driver, full coverage, $1,000 deductibles, and no discounts are applied.

Insurance premiums based on gender

The illustration below visualizes the comparison of BMW M5 yearly insurance costs for male and female drivers. The premiums are based on no violations or claims, full physical damage coverage, $250 deductibles, drivers are single, and no discounts are applied.

Difference between full coverage and liability only rates

The chart below illustrates the difference between BMW M5 insurance costs with liability coverage only compared to full coverage. The prices are based on no violations or claims, $100 deductibles, single status, and no discounts are taken into consideration.

When to drop comprehensive and collision

There is no set rule to delete full coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s assume your BMW M5 book value is $8,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, you would only receive $7,000 after paying your deductible. If premiums are more than $700 a year to have full coverage, then it’s probably a good time to buy liability coverage only.

There are some scenarios where removing full coverage is not a good idea. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.

Insurance in Pennsylvania serves several purposes

Even though it can be expensive, insuring your vehicle serves a purpose in several ways.

First, most states have minimum liability requirements which means you are required to buy specific limits of liability if you don’t want to risk a ticket. In Pennsylvania these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.

Second, if you have a loan on your car, almost every bank will require that you have physical damage coverage to ensure the loan is repaid in case of a total loss. If you do not keep the policy in force, the bank may insure your BMW for a lot more money and make you pay a much higher amount than you were paying before.

Third, insurance safeguards not only your BMW M5 but also your assets. It will also reimburse you for medical expenses that are the result of an accident. Liability coverage will also pay attorney fees if you are sued as the result of your driving. If damage is caused by hail or an accident, comprehensive and/or collision insurance will pay to repair the damage minus the deductible amount.

The benefits of insuring your car definitely exceed the cost, particularly for liability claims. According to a survey of 1,000 drivers, the average driver is wasting up to $800 each year so it’s recommended you shop around at every policy renewal to ensure rates are competitive.

Philadelphia insurance discounts for a BMW M5

Some providers don’t necessarily list every discount very well, so the list below gives a summary of a few of the more well known as well as the least known auto insurance savings.Discount auto insurance

A quick disclaimer, most credits do not apply to the entire cost. A few only apply to individual premiums such as physical damage coverage or medical payments. Even though the math looks like you can get free auto insurance, insurance companies wouldn’t stay in business.

The illustration below shows the comparison of BMW M5 insurance costs with and without discounts applied to the rates. The premiums assume a male driver, a clean driving record, no claims, Pennsylvania state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, multi-car, marriage, homeowner, and claim-free discounts applied.

A few popular companies and a summarized list of policyholder discounts are detailed below.

When comparing rates, check with each company or agent what discounts are available to you. Discounts may not be offered in Philadelphia.

Insurance agencies can give valuable advice

Many drivers would prefer to talk to a local agent and that is recommended in a lot of cases An additional benefit of getting online price quotes is you can get cheap car insurance quotes and still have an agent to talk to.

Insurance agency in PhiladelphiaFor easy comparison, once you complete this simple form, your coverage information is transmitted to local insurance agents in Philadelphia who will return price quotes for your business. You never need to visit any agencies due to the fact that quote results will go to you. Get lower rates without requiring a lot of work. If you need to get a price quote from a specific company, you can always find their quoting web page and complete a quote there.

Finding the right insurance company needs to be determined by more than just the bottom line cost. The following questions are important to ask.

Exclusive or Independent: There is a difference

When finding local Philadelphia agents, you should know the different types of agencies and how they are slightly different. Agents are either independent or exclusive depending on the company they work for.

Exclusive Insurance Agents

These agents can only place business with one company and some examples include Allstate and State Farm. These agents are unable to give you multiple price quotes so they are skilled at selling on more than just price. Exclusive agencies are usually well trained on their products and sales techniques and that allows them to sell at a higher price point.

The following are Philadelphia exclusive agencies that can give you comparison quotes.

7348 Frankford AvePhiladelphia, PA 19136(215) 333-5100View Map

326 S 19th St Ste 2Philadelphia, PA 19103(215) 772-0100View Map

7005 Bustleton AvePhiladelphia, PA 19149(215) 332-9000View Map

More Philadelphia agents

Independent Car Insurance Agencies

Agents of this type can quote rates with many companies so they can quote policies with many different companies and help determine which has the cheapest rates. If your agent finds better pricing, your agent can switch companies and the insured can keep the same agent. When shopping rates, you will definitely want to include price quotes from at least one independent agent for the best price selection.

Shown below are Philadelphia independent agencies that are able to give rate quotes.

5829 Rising Sun AvePhiladelphia, PA 19120(215) 745-8001View Map

1879 Cottman AvePhiladelphia, PA 19111(215) 742-3743View Map

2707 Kirkbride StPhiladelphia, PA 19137(215) 744-4100View Map

More Philadelphia agents

Which is the best auto insurance?

When quoting and comparing a policy, there really is not a one-size-fits-all type of policy. Your financial needs are unique.Higher deductibles save money

These are some specific questions can help discover if you would benefit from an agent’s advice.

If you can’t answer these questions, then you may want to think about talking to a licensed agent. If you don’t have a local agent, take a second and complete this form.

Shop smart and save

Cheap BMW M5 insurance in Philadelphia can be purchased both online as well as from insurance agents, and you need to price shop both so you have a total pricing picture. Some companies may not provide online rate quotes and these smaller companies sell through independent agencies.

Consumers switch companies for a variety of reasons including denial of a claim, delays in paying claims, extreme rates for teen drivers or even lack of trust in their agent. No matter why you want to switch, switching companies can be pretty painless.

We covered many tips how you can save on BMW M5 insurance in Philadelphia. The most important thing to understand is the more you quote Philadelphia car insurance, the higher your chance of finding cheaper Philadelphia car insurance quotes. Drivers may even discover the lowest car insurance rates are with a small local company.

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