Save Money on BMW M5 Insurance in Aurora

Do you need a better way to compare low-cost BMW M5 insurance in Aurora? I can’t think of a single person who rejoices having to buy insurance, especially knowing they are paying too much.

Unimaginable but true, a large majority of drivers kept their coverage with the same insurance company for well over three years, and approximately 38% of consumers have never compared quotes from other companies. Aurora drivers could cut their rates by up to $610 a year by just shopping around, but they think it’s difficult to do a rate comparison. Companies like GEICO, Farmers Insurance and State Farm continually bombard you with ad campaigns and consumers find it hard to not get sucked in by the cute commercials and effectively compare rates to find the best deal.

Consumers should take time to check insurance prices before your next renewal since insurance prices are adjusted regularly by insurance companies. Even if you think you had the lowest rates on BMW M5 insurance in Aurora on your last policy you can probably find a lower rate today. Don’t believe everything you read about M5 insurance out there, but I’m going to show you some good information on how to lower your insurance bill.

If you have coverage now or just want to reduce your rates, you can use this information to get lower rates and still get good coverage. Locating the best rates in Aurora is actually quite easy if you know where to start. Shoppers just need to understand the tricks to get comparison quotes using one simple form.

Determine discounts to get cheap Aurora insurance rates

Some insurers don’t always list every discount they offer in an easy-to-find place, so the list below details a few of the more common and also the lesser-known credits that may apply to you.

• ABS and Traction Control Discounts – Cars with ABS braking systems or traction control have fewer accidents and therefore earn up to a 10% discount.
• Low Mileage Discounts – Driving less may allow you to get slightly better insurance rates than normal.
• Anti-theft Discount – Vehicles that have factory alarm systems and tracking devices can help prevent theft and earn discounts up to 10% off your Aurora car insurance quote.
• Student Driver Training – Make teen driver coverage more affordable by requiring them to participate in a local driver’s education class as it can save substantially.
• Aurora Homeowners Discount – Just owning your own home can save a few bucks due to the fact that maintaining a home requires personal responsibility.
• Discounts for Government Workers – Being employed by or retired from a federal job could cut as much as 10% off with a few insurance companies.

Keep in mind that most of the big mark downs will not be given to your bottom line cost. A few only apply to the cost of specific coverages such as comprehensive or collision. So even though it sounds like having all the discounts means you get insurance for free, companies don’t profit that way.

The information below compares BMW M5 yearly insurance costs with and without discounts being applied to the rates. The prices are based on a female driver, no claims, a clean driving record, Colorado state minimum liability limits, comp and collision included, and $1,000 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, multi-policy, and claim-free discounts applied.

Insurance companies that may offer policyholders some of the above discounts are:

• State Farm
• Progressive
• Travelers
• American Family
• Liberty Mutual

Before purchasing a policy, check with each company which credits you are entitled to. Savings might not be offered on policies in your state. To see companies offering insurance discounts in Colorado, click here to view.

How to shop BMW M5 insurance online

Finding a lower price on BMW M5 insurance doesn’t have to be difficult. You just need to invest a little time to compare rate quotes online from several insurance companies.

It’s so easy to compare price quotes online that it makes it a waste of time to drive around to different Aurora agent offices. Comparing online rate quotes eliminates the need for an insurance agent unless you have a need for the guidance that you can only get from talking to an agent. It is possible to get prices online but have your policy serviced through an agent.

The following companies have been selected to offer price quotes in Colorado. To get the best cheap auto insurance in Aurora, CO, we recommend you visit two to three different companies to get the best price comparison.

Insurance statistics and figures

The table shown below outlines a range of insurance prices for BMW M5 models. Learning how policy premiums are calculated can aid in making informed decisions when comparing rate quotes.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Rate quotes do not factor in garaging location in Aurora which can decrease or increase auto insurance rates noticeably.

Choosing deductibles

When comparing insurance rates, the most common question is how low should you set your deductibles. The rates below may help to illustrate the rate difference when you buy lower versus higher physical damage deductibles. The first set of rates uses a $250 physical damage deductible and the second price chart uses a $500 deductible.

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Estimates do not factor in the specific area where the vehicle is garaged which can alter rates substantially.

Based on this data, we can arrive at the conclusion that using a $250 deductible will cost you roughly $23 more each month or $276 every year than quoting the higher $500 deductible. Because you would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you have at a minimum 11 months between claims, you would more than likely save some money if you choose a higher deductible. Here’s a better example of how you can make this decision for your own policy.

The chart below shows how different deductible levels and can impact BMW M5 insurance premiums for different age groups. The premiums are based on a married male driver, comp and collision included, and no discounts are applied to the premium.

Full coverage versus liability only rates

The chart below shows the comparison of BMW M5 auto insurance rates with liability coverage only compared to full coverage. The information is based on no driving violations, no at-fault accidents, $500 deductibles, marital status is single, and no policy discounts are applied.

When to buy liability coverage only

There is no definitive formula to stop paying for comp and collision coverage, but there is a general convention. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s pretend your BMW M5 claim settlement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, you would only receive $5,000 after the deductible is paid. If premium cost is more than $500 a year for comprehensive and collision coverage, then it could be time to drop full coverage.

There are a few situations where dropping physical damage coverage is not recommended. If you still owe money on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage on your policy.

Seven Tips to Get Cheaper Aurora Insurance Rates

It’s important that you understand the factors that come into play when calculating your auto insurance rates. If you have some idea of what positively or negatively impacts your premiums, this empowers consumers to make smart changes that could result in big savings. Multiple criteria are considered when quoting car insurance. Some are pretty understandable like a motor vehicle report, although others are less obvious like where you live and annual miles driven.

• Never allow your coverage to lapse – Allowing your auto insurance policy to lapse can be a guaranteed way to drive up your policy premiums. Not only will you pay higher rates, the inability to provide proof of insurance might get you a revoked license or a big fine. You may then have to prove you have insurance by filing a SR-22 with the Colorado motor vehicle department.
• Amount of liability protection – A critical coverage on your policy, liability insurance will protect you if ever a court rules you are at fault for personal injury or accident damage. Liability insurance provides legal defense to attempt to prove you were not liable. This coverage is very inexpensive when compared with rates for comp and collision, so do not cut corners here.

• Vehicle risk affects prices – The performance of the vehicle you drive makes a substantial difference in the rate you pay. The best insurance prices tend to be for the lowest performance passenger cars, but other factors influence the final cost greatly.

  The data below uses these assumptions: married male driver age 50, full coverage with $250 deductibles, and no discounts or violations. It shows BMW M5 insurance premiums compared to other vehicles that have different risk factors.

• Do males or females drive better? – Statistics demonstrate that females tend to be a little less risky than males. However, don’t assume that women are better drivers. Females and males tend to get into at-fault accidents in similar numbers, but the male of the species cause more damage. They also receive more major tickets like DWI (DUI) or reckless driving. Male drivers age 16 to 19 generally have the highest accident percentage and are penalized with high auto insurance rates.

  The illustration below illustrates the comparison of BMW M5 annual premium costs for male and female drivers. The data is based on no driving violations, no at-fault accidents, full coverage, $1,000 deductibles, marital status is single, and no additional discounts are factored in.

• Responsible drivers pay better costs – A bad driving record has a big impact on rates. Good drivers get better prices compared to bad drivers. Only having one ticket can increase the cost of insurance forty percent or more. Drivers with serious violations like reckless driving or DUI may find they need to file a proof of financial responsibility form (SR-22) with their state DMV in order to prevent a license revocation.

  The information below demonstrates how citations and accidents impact BMW M5 insurance prices for each age group. The information is based on a married male driver, comp and collision included, $250 deductibles, and no discounts are factored in.

• Annual miles is a factor – The more you drive your BMW in a year the more you’ll pay to insure your vehicle. Almost all companies price each vehicle’s coverage based upon how much you drive. Autos not used for work or commuting receive lower rates than those used for commuting. Ask your agent if your declarations sheet reflects the correct usage. Incorrect rating for your M5 can cost quite a bit.

• Auto insurance rates and age – Older people are proven to be safer behind the wheel, cause fewer claims and accidents, and usually have better credit. Young drivers have been known to be inattentive in a vehicle so auto insurance rates are higher.

  The chart below uses these assumptions: single driver, full coverage with $1000 deductibles, and no discounts or violations.

• Loss statistics for a BMW M5 – Insurers analyze past claim statistics to help set a rate to offset losses. Models that the data shows to have a higher amount or frequency of claims will cost more to insure.

  The next table illustrates the insurance loss data for BMW M5 vehicles. For each policy coverage, the statistical loss for all vehicles, as a total average, is a value of 100. Values that are 100 or less represent a good loss history, while numbers that are greater than 100 indicate a higher chance of having a claim or statistically larger losses.

  
  

  BMW M5 Insurance Loss Statistics

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  BMW M5 4dr	284	94	373

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics from IIHS.org for 2013-2015 Model Years

Local Aurora insurance agents

Certain consumers would prefer to buy from a local agent and there is nothing wrong with that. Experienced insurance agents are very good at helping people manage risk and help file insurance claims. A good thing about comparing rates online is you may find cheap car insurance rates but still work with a licensed agent. And supporting small agencies is definitely important in Aurora.

Once you complete this form (opens in new window), the quote information gets sent to local insurance agents in Aurora that provide free Aurora car insurance quotes for your business. There is no need to search for an agent due to the fact that quote results will go immediately to your email address. In the event you want to compare prices from a specific company, you would need to find their quoting web page and give them your coverage information.

When researching local Aurora agents, you need to know there are two types of insurance agents and how they can write your policy. Car insurance agents in Aurora may be either exclusive or independent (non-exclusive). Either type can insure your vehicles properly, but it’s worth mentioning how they differ since it can impact buying decisions.

Independent Agents

Independent agencies are not limited to a single company so they have the ability to put coverage through many different car insurance companies and get you the best rates possible. To move your coverage to a new company, they simply move the coverage in-house which is easy for the insured. When shopping rates, it’s recommended you get quotes from independent agents so that you have a good selection of quotes to compare.

Shown below are Aurora independent agents who may provide comparison quotes.

More Aurora agents

Exclusive Car Insurance Agencies

Agents that elect to be exclusive normally can only provide a single company’s rates and examples are Farmers Insurance or State Farm. Exclusive agents are unable to provide rate quotes from other companies so you might not find the best rates. Exclusive agents are usually well trained on the products they sell which helps overcome the inability to quote other rates.

Listed below are Aurora exclusive agencies who can help you get price quote information.

More Aurora agents

Selecting an auto insurance agent shouldn’t rely on just the quoted price. Any agent in Aurora should be willing to answer these questions.

• Who is covered by the car insurance policy?
• Does the quote include credit and driving reports?
• Will the agent or a CSR service your policy?
• Is there a local claims center in Aurora?
• Do they offer rental car reimbursement?
• If independent agents, which companies do they recommend?
• What insurance companies do they work with in Aurora?

Upon getting good feedback to these questions and an acceptable price quote, you have narrowed it down to an auto insurance agent that will insure your vehicles.

Here’s why car insurance is not optional

Despite the potentially high cost of BMW M5 insurance, insuring your vehicle is required by state law in Colorado and it also provides benefits you may not be aware of.

• Just about all states have compulsory liability insurance requirements which means the state requires specific minimum amounts 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.
• If your vehicle has a lienholder, most lenders will require that you have physical damage coverage to ensure they get paid if you total the vehicle. If the policy lapses, the lender may insure your BMW for a much higher rate and force you to pay the higher price.
• Insurance safeguards not only your car but also your assets. It will also reimburse you for many types of medical costs for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay for a defense attorney if you are sued as the result of an accident. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage minus the deductible amount.

The benefits of insuring your M5 definitely exceed the cost, especially for larger claims. In a recent study of 1,000 drivers, the average customer overpays more than $855 a year so compare rate quotes every year to ensure rates are competitive.

How to find a good Aurora auto insurance company

Picking a highly-rated company can be rather challenging considering how many companies sell coverage in Aurora. The company information displayed below could help you choose which auto insurers to look at comparing rate quotes with.

Top 10 Aurora Car Insurance Companies Ranked by Customer Satisfaction

1. Titan Insurance – 95%
2. USAA – 94%
3. AAA Insurance – 91%
4. Nationwide – 90%
5. State Farm – 90%
6. The Hartford – 89%
7. GEICO – 89%
8. Allstate – 88%
9. 21st Century – 88%
10. The General – 88%

Top 10 Aurora Car Insurance Companies Overall

1. USAA
2. American Family
3. State Farm
4. The Hartford
5. AAA Insurance
6. GEICO
7. The General
8. Titan Insurance
9. Progressive
10. Allstate

Cheaper auto insurance rates are out there

When searching for affordable BMW M5 insurance quotes, you should never reduce needed coverages to save money. There are too many instances where an accident victim reduced uninsured motorist or liability limits only to regret that they should have had better coverage. Your strategy should be to purchase plenty of coverage at an affordable rate but still have enough coverage for asset protection.

We just presented quite a bit of information on how to save on BMW M5 insurance in Aurora. The key thing to remember is the more companies you get car insurance rates for, the higher your chance of finding inexpensive Aurora car insurance quotes. Consumers could even find that the best rates are with a small mutual company. Some small companies may often insure only within specific states and give better rates as compared to the big name companies such as State Farm, GEICO and Nationwide.

Low-cost BMW M5 insurance in Aurora is available online and with local Aurora insurance agents, so you need to shop Aurora car insurance with both to get a complete price analysis. Some insurance companies may not offer online rate quotes and most of the time these smaller companies prefer to sell through independent agents.

How to buy affordable BMW M5 insurance in Aurora

If you want to save the most money, the best way to get the cheapest BMW M5 insurance in Aurora is to do an annual price comparison from companies in Colorado.

1. Get a basic knowledge of the coverage provided by your policy and the modifications you can make to prevent expensive coverage. Many things that cause high rates like inattentive driving and a negative credit history can be amended by paying attention to minor details.
2. Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from one company like Progressive or Farmers Insurance, while independent agents can give you price quotes from multiple sources. Begin your rate comparison
3. Compare the price quotes to your current policy to determine if you can save on M5 insurance in Aurora. If you find a lower rate quote and make a switch, make sure there is no coverage gap between policies.
4. Tell your current agent or company of your decision to cancel your current coverage and submit the required down payment along with the signed application to your new carrier. Make sure you put the new certificate of insurance with your vehicle’s registration.

An essential thing to point out is to use similar limits and deductibles on each quote and to quote with as many different insurance providers as possible. This provides a fair rate comparison and a complete price analysis.

Even more information is located by following these links:

• Understanding Limits and Deductibles (Allstate)
• What Car Insurance is Cheapest for Low Mileage Drivers in Aurora? (FAQ)
• How Much is Aurora Car Insurance for Drivers with Good Credit? (FAQ)
• How Much are Auto Insurance Quotes for 17 Year Olds in Aurora? (FAQ)
• Who Has Affordable Auto Insurance for a Toyota 4Runner in Aurora? (FAQ)
• How Much are Car Insurance Rates with Multiple Speeding Tickets in Aurora? (FAQ)
• Should I Purchase an Umbrella Liability Policy? (Insurance Information Institute)
• All About Airbag Safety (State Farm)
• Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)