It’s amazing but nearly 70% of customers kept buying from the same company for at least the last four years, and almost 40% of drivers have never shopped around. Most drivers in America can save hundreds of dollars each year by just comparing rate quotes, but most undervalue the amount of money they would save if they switched to a more affordable policy.
If your goal is the lowest price, then the best way to find lower priced BMW M5 insurance is to regularly compare quotes from insurance carriers who sell auto insurance in Colorado Springs.
- Try to comprehend car insurance and the measures you can take to prevent expensive coverage. Many factors that cause rate increases such as multiple speeding tickets and bad credit can be amended by making minor driving habit or lifestyle changes.
- Compare prices from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give rate quotes from a single company like Progressive or State Farm, while agents who are independent can provide rate quotes for a wide range of insurance providers.
- Compare the new rates to your current policy to see if a cheaper price is available in Colorado Springs. If you find a lower rate, verify that coverage does not lapse between policies.
One tip to remember is that you’ll want to make sure you compare identical coverage information on every quote and and to look at as many different insurance providers as possible. This ensures the most accurate price comparison and the best rate selection.
How Your M5 Insurance Premiums are Determined
Lots of factors are considered when you quote your car insurance policy. Some are obvious such as traffic violations, but other criteria are not as apparent such as your credit history or your vehicle rating. Part of the insurance buying process is learning a few of the rating criteria that are used to determine the rates you pay for insurance. If you have a feel for what controls the rates you pay, this enables informed choices that may result in big savings.
Save by driving safer cars – Safer cars tend to have better insurance rates. Vehicles built for safety have better occupant injury protection and reduced instances of injuries translates into savings for insurance companies and more competitive rates for policyholders. If your BMW M5 scored better than four stars on Safercar.gov or an “acceptable” rating on iihs.org it may cost less to insure.
Lower rates with alarms and GPS tracking – Driving a car with a theft deterrent system can get you a discount on your insurance. Anti-theft features like vehicle immobilizer systems, OnStar, and tracking devices like LoJack all hinder auto theft and help lower rates.
Do you know you’re credit rating? – A driver’s credit rating will be a significant factor in determining what you pay. Insureds that have very high credit ratings tend to be more responsible and file fewer claims than drivers who have poor credit. So if your credit rating could use some work, you could pay less to insure your BMW M5 by repairing your credit.
More performance means more cost – The performance of the vehicle you own makes a significant difference in determining your rates. The lowest premiums are usually for lower cost passenger cars, but the cost you end up paying is determined by many additional factors.
The following data uses these assumptions: married female driver age 50, full coverage with $500 deductibles, and no discounts or violations. It illustrates BMW M5 rates compared to other models that have a range of performances.
How’s your driving record? – Having just one speeding ticket can increase rates to the point where it’s not affordable. Good drivers receive lower rates than people who have multiple driving citations. Drivers who have careless violations like hit and run, DWI or reckless driving convictions may find that they have to to prove financial responsibility to the state department of motor vehicles in order to legally drive.
The information below illustrates how speeding tickets and accident claims impact BMW M5 premium costs for different categories of driver ages. The rate quotes are based on a single female driver, comp and collision included, $250 deductibles, and no discounts are applied to the premium.
BMW M5 statistical loss data – Insurers use statistical claims data to help determine the rate you pay. Vehicles that historically have higher losses will cost more to insure. The table below shows the collected loss data for BMW M5 vehicles.
For each coverage category, the claim probability for all vehicles, regardless of make or model, is a value of 100. Percentage values below 100 mean the vehicle has better than average losses, while numbers that are greater than 100 indicate more frequent losses or an increased probability of a larger loss.
| 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
Statistics from IIHS.org for 2013-2015 Model Years
Most companies make it easy to get prices online. Doing online price comparisons for BMW M5 insurance in Colorado Springs is possible for anyone as you simply enter your coverage information as detailed in the form. After you complete the form, the system orders your credit score and driving record and quotes a price determined by many factors. This makes comparing rates easy, and it’s very important to get many rate quotes in order to find a lower rate.
To compare rates using this form now, check out the car insurance providers below. If you currently have coverage, we recommend that you enter the limits and deductibles exactly as they are listed on your policy. Doing this guarantees you will have rate quotes for exact coverage.
The companies shown below are ready to provide free rate quotes in Colorado. If multiple companies are listed, it’s highly recommended you visit several of them in order to find the cheapest rates.
Rates and information analytics
The information displayed below showcases detailed analysis of insurance premium costs for BMW M5 models. Having a good grasp of how premiums are calculated is important to be able to make decisions on the best policy coverages.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $280 | $578 | $330 | $20 | $98 | $1,306 | $109 |
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Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Rates do not factor in zip code location which can lower or raise coverage prices considerably.
Physical damage deductible comparison
When comparing insurance rates, the most common question is where should you set your physical damage deductibles. The tables below may aid in understanding the differences in premium rates when you select higher and lower insurance deductibles. The first rate estimation uses a $250 physical damage deductible and the second price table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $446 | $866 | $352 | $20 | $106 | $1,815 | $151 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $276 | $544 | $352 | $20 | $106 | $1,298 | $108 |
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Table data does not factor in garaging location in Colorado Springs which can increase or decrease prices noticeably.
Using the premium rates above, we can conclude that using a $250 deductible will cost in the ballpark of $43 more each month or $516 a year than choosing the higher $1,000 deductible. Due to the fact that you would have to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you average more than 17 months between claim filings, you would most likely save money if you elect the higher deductible.
BMW M5 insurance rates by age and gender
The illustration below illustrates the difference between BMW M5 yearly insurance costs for male and female drivers. Data assumes no violations or claims, full coverage, $500 deductibles, marital status is single, and no discounts are factored in.
Cost difference between full coverage and liability
The diagram below illustrates the comparison of BMW M5 annual premium costs with full coverage compared to only the Colorado minimum liability coverage. The premiums assume no claims, a clean driving record, $250 deductibles, single marital status, and no discounts are applied to the premium.
When to stop buying full coverage
There is no definitive guideline of when to stop paying for full coverage, but there is a general school of thought. If the annual cost of coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your BMW M5 replacement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $4,000 after the deductible is paid. If premium cost is more than $400 annually to have full coverage, then you might want to think about dropping full coverage.
There are some conditions where only buying liability is not recommended. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should maintain full coverage.
Protect your BMW M5 and other assets
Despite the high cost of buying insurance for a BMW M5 in Colorado Springs, buying car insurance serves a purpose in several ways.
- Just about all states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability protection in order to drive the car legally. 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 you bought your BMW M5 with a loan, most lenders will require you to have physical damage coverage to guarantee their interest in the vehicle. If the policy lapses, the bank or lender will purchase a policy for your BMW at a much higher premium rate and force you to pay a much higher amount than you were paying before.
- Car insurance preserves both your assets and your vehicle. It will also reimburse you for most medical and hospital costs for not only you but also any passengers injured in an accident. Liability insurance also covers legal expenses if you are sued as the result of your driving. If your BMW gets damaged, comprehensive and collision coverage will pay to repair the damage.
The benefits of buying car insurance definitely exceed the cost, especially with large liability claims. The average driver in America is currently overpaying as much as $810 a year so you should quote your policy with other companies at every policy renewal to ensure rates are inline.
BMW M5 insurance discounts in Colorado Springs
Not too many consumers would say car insurance is affordable, but you can get discounts that can help lower your rates. Many of these discounts will be applied automatically at quote time, but lesser-known reductions have to be asked for in order for you to get them.
- Distant Student – College-age children who are enrolled in a college that is more than 100 miles from Colorado Springs and do not have access to a covered vehicle could qualify for this discount.
- Student Discounts – Being a good student may save as much as 25% on a Colorado Springs auto insurance quote. You can use this discount normally up until you turn 25.
- Paperless Signup – Many larger companies will give a small break for signing up over the internet.
- ABS Braking Discount – Cars, trucks, and SUVs that have steering control and anti-lock brakes can stop better under adverse conditions and earn discounts up to 10%.
- Passenger Safety Discount – Vehicles equipped with air bags or automatic seat belts may earn rate discounts of 20 to 30 percent.
Policy discounts save money, but some of the credits will not apply to the entire policy premium. Most only apply to specific coverage prices like collision or personal injury protection. So even though it sounds like you can get free auto insurance, you aren’t that lucky. Any qualifying discounts will positively reduce the cost of your policy.
The diagram below visualizes the comparison of BMW M5 car insurance costs with and without discounts applied. The prices are based on a female driver, no claims or driving violations, Colorado state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-policy, homeowner, safe-driver, marriage, and multi-car discounts applied.
A partial list of companies who may offer some of the discounts shown above include:
Check with each company or agent to give you their best rates. Some credits may not apply to policyholders in your state. To choose insurers that provide some of the discounts listed above in Colorado, click this link.
Local insurance agents
Some consumers still like to sit down and talk to an agent and there is nothing wrong with that. Most agents can point out coverage gaps and help you file claims. A nice benefit of comparing rate quotes online is that drivers can save money and get cheap car insurance quotes and also buy local. And buying from local insurance agencies is important especially in Colorado Springs.
Once you complete this quick form, the coverage information is transmitted to local insurance agents in Colorado Springs that can provide free Colorado Springs auto insurance quotes for your business. There is no need to leave your house because quoted prices will be sent directly to your email. If you wish to quote rates from a specific insurance company, you just need to visit that company’s website and fill out their quote form.
When searching for a local Colorado Springs insurance agency, you should know the different types of agents and how they can quote your rates. Agencies in Colorado Springs can either be independent or exclusive. Either type can handle car insurance, but it’s good to learn the difference between them since it can impact your agent selection.
Independent Insurance Agents
Agents of this type are not limited to a single company and that allows them to write policies with an assortment of companies and find you cheaper rates. If they find a lower price, your agent can just switch to a different company and you don’t have to do anything.
If you are comparing car insurance prices, you will definitely want to compare quotes from at least one independent agent to have the most options to choose from.
Featured below is a small list of independent insurance agents in Colorado Springs that may be able to give free price quotes.
Insurance Network of Co
2525 W Pikes Peak Ave # C – Colorado Springs, CO 80904 – (719) 635-9720 – View Map
Springs Insurance Brokers
1837 Austin Bluffs Pkwy #101 – Colorado Springs, CO 80918 – (719) 268-1300 – View Map
O’Donnell Agency Inc
707 S Tejon St – Colorado Springs, CO 80903 – (719) 227-7100 – View Map
Exclusive Insurance Agencies
Agents of this type can usually just insure with one company like American Family, State Farm, and AAA. These agents are not able to give you multiple price quotes so you need to shop around if the rates are high. Exclusive insurance agents are usually quite knowledgeable on the products they sell which can be an advantage.
Below are exclusive agencies in Colorado Springs willing to provide rate quotes.
Progressive Insurance
12710 Voyager Pkwy – Colorado Springs, CO 80921 – (719) 582-2759 – View Map
Chris Sutherland – State Farm Insurance Agent
6130 Barnes Rd #104 – Colorado Springs, CO 80922 – (719) 598-8211 – View Map
American Family Insurance – Dave Karstens Agency Inc.
3225 Templeton Gap Rd Ste 104 – Colorado Springs, CO 80907 – (719) 636-3336 – View Map
Picking a car insurance agent shouldn’t rely on just the quoted price. The questions below may impact your decision as well.
- Is the agency involved in supporting local community causes?
- How is replacement cost determined on your vehicle?
- Are they giving you every discount you deserve?
- Is assistance available after office hours?
- How many years of experience in personal auto insurance do they have?
- Do the companies they represent have a solid financial rating?
- Are they able to provide referrals?
- How many years have they been established?
Upon getting good feedback for all questions you ask and cheap M5 insurance quotes, you may have just found an auto insurance agent that is a good match to properly insure your vehicles. But remember, you are entitled to cancel a policy whenever you choose to so don’t assume you are locked into a specific company for the entire policy term.
What is the best car insurance company in Colorado?
Picking the highest-rated company can be rather challenging considering how many companies sell insurance in Colorado. The company information in the next section could help you pick which car insurance companies you want to consider shopping your coverage with.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Mercury Insurance | 88 | 91 | 90 | 85% | A+ | 89.4 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Travelers | 80 | 87 | 87 | 83% | A++ | 85.2 |
| Farmers Insurance | 78 | 87 | 88 | 79% | A | 84.3 |
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Data Source: Insure.com Best Car Insurance Companies
Keep this in mind when shopping around
We just showed you quite a bit of information on how to get a better price on BMW M5 insurance in Colorado Springs. The key concept to understand is the more rate quotes you have, the better your chances of lowering your premium rates. Consumers may even find the biggest savings come from a small local company. Regional companies may have significantly lower premium rates on certain market segments as compared to the big name companies such as State Farm, GEICO and Nationwide.
As you shop your coverage around, make sure you don’t buy lower coverage limits just to save a few bucks. Too many times, an accident victim reduced liability limits or collision coverage only to find out that a couple dollars of savings turned into a financial nightmare. Your aim should be to get the best coverage possible at the lowest possible cost while not skimping on critical coverages.
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