Cheap BMW M5 Car Insurance in 2024 (Earn Savings With These 10 Companies!)
Cheap BMW M5 car insurance is available through top providers Erie, USAA, and AIG, offering rates starting at $95/month. These companies provide the best rates due to their competitive pricing, excellent customer service, and tailored policies for BMW M5 owners, ensuring affordable and comprehensive coverage.
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Michelle Robbins
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Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
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UPDATED: Oct 22, 2024
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 22, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Min. Coverage for BMW M5
A.M. Best Rating
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1,814 reviews
6,435 reviewsCompany Facts
Min. Coverage for BMW M5
A.M. Best Rating
Complaint Level
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6,435 reviews
163 reviewsCompany Facts
Min. Coverage for BMW M5
A.M. Best Rating
Complaint Level
Pros & Cons
163 reviews
The best providers for cheap BMW M5 car insurance are Erie, USAA, and AIG, offering competitive rates and tailored policies.
These providers stand out due to their competitive pricing, exceptional customer service, and extensive coverage options tailored specifically for BMW M5 owners.
Our Top 10 Company Picks: Cheap BMW M5 Car Insurance
| Company | Rank | Monthly Rates | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | $95 | A+ | Youth Discounts | Erie |
 | #2 | $102 | A++ | Military Savings | USAA |
 | #3 | $125 | A++ | Customer Service | AIG |
 | #4 | $135 | B | Personalized Policies | State Farm |
 | #5 | $144 | A | Affordable Rates | AAA |
 | #6 | $160 | A+ | Bundling Policies | Nationwide |
 | #7 | $179 | A+ | Roadside Assistance | Allstate |
 | #8 | $191 | A | Coverage Options | Farmers |
 | #9 | $200 | A+ | Accident Forgiveness | Progressive |
 | #10 | $210 | A++ | Safe Drivers | Travelers |
They offer various discounts and benefits, such as multi-policy discounts, good driver rewards, and safety feature reductions, making it easier to find affordable rates while ensuring comprehensive protection. Get the right car insurance at the best price — enter your ZIP code above to shop for coverage from the top insurers.
- Erie as the best provider due to competitive pricing, rates start at $95/month
- Discounts available for BMW M5 owners to ensure comprehensive coverage
- Discounts and coverage options tailored specifically for BMW M5 owners
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#1 – Erie: Top Overall Pick
Pros
- Affordable Premiums: Erie offers competitive rates, with premiums starting as low as $95, making it an attractive option for budget-conscious drivers.
- Youth Discounts: Erie insurance review & ratings highlight that Erie offers tailored discounts for young drivers, effectively lowering insurance costs for this higher-risk demographic.
- High Customer Satisfaction: Erie consistently receives high ratings for customer satisfaction, indicating reliable service and support for policyholders.
Cons
- Limited Availability: Erie Insurance is only available in 12 states and the District of Columbia, which can limit accessibility for some potential customers.
- No Online Claims Filing: Erie does not offer an option to file claims online, which can be inconvenient for tech-savvy customers or those who prefer digital interactions.
#2 – USAA: Best for Military Savings
Pros
- Military Savings: USAA offers significant savings and specialized services for military members and their families, making it a top choice for this community.
- Exceptional Customer Service: USAA is renowned for its excellent customer service, often receiving high satisfaction ratings and positive reviews from policyholders.
- A++ Financial Strength: With an A++ rating from A.M. Best, USAA insurance review & ratings highlight its position as one of the most financially secure insurers, ensuring a strong ability to pay claims.
Cons
- Membership Restrictions: USAA insurance products are only available to military members, veterans, and their families, excluding a large portion of the general public.
- Higher Premiums for Non-Military: While military members benefit from significant savings, non-military policyholders might find USAA’s premiums higher compared to other insurers.
#3 – AIG: Best for Customer Service
Pros
- Competitive Pricing: AIG insurance review & ratings highlight that AIG offers competitive rates for BMW M5 insurance, starting as low as $125 per month, showcasing it as an attractive option for cost-conscious drivers.
- High Customer Service Rating: With an A++ rating, AIG is recognized for its excellent customer service, ensuring that policyholders receive timely and effective assistance.
- Comprehensive Coverage Options: AIG provides a variety of coverage options, including liability, collision, comprehensive, and more, allowing BMW M5 owners to tailor their insurance plans to their specific needs.
Cons
- Higher Premiums for Younger Drivers: Younger or less experienced drivers may face higher premiums due to perceived higher risk, making AIG less affordable for this demographic.
- Limited Availability of Discounts: Some discounts may be less accessible or not available in all states, potentially limiting savings opportunities for some customers.
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#4 – State Farm: Best for Personalized Policies
Pros
- Personalized Policies: State Farm is known for offering personalized insurance policies that can be tailored to individual needs, providing more flexibility in coverage options.
- High Financial Stability: With an A++ rating from A.M. Best, State Farm is financially robust, ensuring reliability in claims payments.
- Local Agent Network: State Farm insurance review & ratings highlights the company’s extensive network of local agents, showcasing their personalized service and face-to-face interactions for policyholders.
Cons
- Higher Premiums: State Farm’s premiums are generally higher, starting at $135, which might not be the most budget-friendly option for all drivers.
- Variable Customer Service Quality: While many agents offer excellent service, the quality can vary significantly depending on the local agent, leading to inconsistent customer experiences.
#5 – AAA: Best for Affordable Rates
Pros
- Affordable Rates: AAA insurance review & ratings highlight competitive and affordable rates, showcasing it as a cost-effective option for BMW M5 owners.
- Strong Financial Stability: With an A rating from A.M. Best, AAA is considered financially stable, ensuring reliable claim payouts.
- Roadside Assistance: AAA is well-known for its excellent roadside assistance program, which can be particularly valuable for BMW M5 drivers.
Cons
- Limited Availability: AAA insurance services might not be available in all areas, limiting access for some potential customers.
- Membership Requirement: To access AAA insurance, you need to be a member, which involves an additional annual fee.
#6 – Nationwide: Best for Bundling Policies
Pros
- Bundling Policies: Nationwide offers excellent discounts for bundling policies, such as home and auto insurance, providing significant savings.
- Superior Financial Strength: Nationwide insurance review & ratings highlight the company’s high reliability and ability to fulfill claims, as evidenced by its A+ rating from A.M. Best.
- Comprehensive Coverage Options: Nationwide provides a wide range of coverage options, allowing BMW M5 owners to customize their policies to fit their specific needs.
Cons
- Higher Premiums: Nationwide’s premiums are generally higher compared to some other insurers, which might be a concern for cost-conscious drivers.
- Complex Claims Process: Some customers have reported a more complex and lengthy claims process with Nationwide.
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#7 – Allstate: Best for Roadside Assistance
Pros
- Roadside Assistance: Allstate insurance review & ratings highlight the company’s comprehensive roadside assistance services, which can be a significant benefit during emergencies.
- Strong Financial Stability: With an A+ rating, Allstate is recognized for its financial stability, ensuring they can pay out claims reliably.
- Customer Service: Allstate is known for its solid customer service and support, providing assistance through various channels, including phone, online, and mobile app.
Cons
- Coverage Limitations: Some policyholders have reported that the coverage options might not be as extensive as those offered by other insurers.
- Optional Add-ons: Some valuable coverage options, such as accident forgiveness or new car replacement, are available only as add-ons, increasing the overall cost.
#8 – Farmers: Best for Coverage Options
Pros
- Coverage Options: Farmers offers a wide range of coverage options, allowing you to customize your policy to fit your specific needs.
- Financial Strength: Farmers insurance review & ratings highlight the company’s A rating, showcasing its financial strength and efficient claim payout capabilities.
- Policy Flexibility: Farmers provides various policy options and endorsements, such as rideshare coverage and new car replacement, to enhance your insurance plan.
Cons
- Customer Service: There are mixed reviews about Farmers’ customer service, with some customers reporting less satisfactory experiences.
- Limited Online Tools: Compared to some competitors, Farmers’ online tools and mobile app features may be less advanced or user-friendly.
#9 – Progressive: Best for Accident Forgiveness
Pros
- Accident Forgiveness: Progressive insurance review & ratings highlights their accident forgiveness feature, which can prevent an increase in your premiums after your first at-fault accident.
- Extensive Discounts: Progressive provides a variety of discounts, including multi-policy, multi-car, and safe driver discounts, which can significantly reduce overall insurance costs.
- Strong Financial Rating: An A+ rating from A.M. Best indicates that Progressive has a strong financial standing, ensuring reliability in paying claims.
Cons
- Customer Service: Progressive has received mixed reviews regarding its customer service, with some customers reporting dissatisfaction with the claims process.
- Limited Availability of Local Agents: Progressive operates primarily through online and phone services, which might not be ideal for those who prefer face-to-face interactions with agents.
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#10 – Travelers: Best for Safe Drivers
Pros
- Safe Driver Discounts: Travelers insurance review & ratings highlight substantial discounts for safe drivers, rewarding individuals with clean driving records.
- Excellent Financial Stability: With an A++ rating from A.M. Best, Travelers is highly rated for financial strength, ensuring reliability in fulfilling claims.
- Comprehensive Coverage Options: Travelers provides a wide range of coverage options, including gap insurance, new car replacement, and accident forgiveness.
Cons
- Strict Underwriting: Travelers has strict underwriting criteria, which may result in higher rates for high-risk drivers or those with poor credit scores.
- Fewer Discounts: Compared to some competitors, Travelers may offer fewer discounts, limiting savings opportunities for some customers.
Influential Factors in Determining BMW M5 Car Insurance Costs
When determining the cost of insurance for a BMW M5, several key factors play a significant role. These include the driver’s age, driving experience, location, model year of the vehicle, and the coverage options selected. To broaden your understanding, explore our comprehensive resource titled “Full Coverage Car Insurance: A Complete Guide.”
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Younger or less experienced drivers face higher premiums due to perceived risk, while mature drivers get lower rates. Urban areas with higher accident and theft rates lead to higher premiums, whereas rural areas with lower crime and traffic offer more affordable rates.
Newer BMW M5 models with advanced safety features may get discounts, while older models with fewer safety features may result in higher premiums. The coverage options selected also impact BMW M5 insurance costs. Comprehensive coverage, protecting against theft, vandalism, and non-collision damages, is more expensive than liability-only coverage.
Car Insurance Monthly Rates for BMW M5 by Coverage Level & Provider
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| AAA | $144 | $290 |
| AIG | $125 | $260 |
| Allstate | $179 | $320 |
| Erie | $95 | $240 |
| Farmers | $191 | $335 |
| Nationwide | $160 | $305 |
| Progressive | $200 | $340 |
| State Farm | $135 | $282 |
| Travelers | $210 | $380 |
| USAA | $102 | $255 |
This table compares monthly insurance rates for a BMW M5 from various providers. For minimum coverage, rates range from $95 with Erie to $210 with Travelers. For full coverage, rates range from $240 with Erie to $380 with Travelers.
Top providers offer BMW M5 insurance discounts, including AAA’s membership and good driver discounts, Allstate’s new car and multi-policy discounts, AIG’s defensive driving and anti-theft discounts, and USAA’s military and safe driver discounts. These discounts help reduce premiums for eligible drivers.
Comprehensive Guide to Insurance Coverage for Your BMW M5
When insuring your BMW M5, it’s essential to understand your coverage options. Liability coverage, the minimum requirement, covers damages to others if you’re at fault in an accident. However, additional coverage is advisable for better protection. For a comprehensive analysis, refer to our detailed guide titled “Liability Insurance: A Complete Guide.”
Collision coverage pays for repairs to your BMW M5 from accidents, regardless of fault, which is vital due to high repair costs for luxury cars. Comprehensive coverage protects against non-collision damages like theft, vandalism, and weather-related incidents, ensuring broader protection for your vehicle.
Additionally, consider uninsured/underinsured motorist coverage for accidents with insufficiently insured drivers, and medical payments coverage for medical expenses for you and your passengers in an accident.
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Tips for Affordable Insurance Strategies for Your BMW M5
While insuring a luxury vehicle like the BMW M5 may come with higher associated costs, there are several strategies you can employ to find affordable car insurance:
- Maintain a Good Driving Record: A clean driving record demonstrates responsible driving behavior and can help lower your insurance premiums.
- Consider Increasing Deductibles: By opting for higher deductibles, you can reduce your insurance premium. However, it’s important to ensure you can afford the deductible amount in the event of a claim.
- Bundle Insurance Policies: Many insurance providers offer discounts for bundling multiple insurance policies. Combining your BMW M5 insurance with other policies such as homeowners or renters insurance can help lower overall costs.
- Available Discounts: Insurance providers often have various discounts available, such as multi-policy, good student, or safety feature discounts. Be sure to ask about these discounts to potentially lower your insurance costs.
- Shop Around: Comparing quotes from different insurers allows you to find the most competitive rates for your BMW M5. Make use of online comparison tools or work with an insurance broker to facilitate the process.
Securing affordable car insurance for your BMW M5 doesn’t have to be a daunting task. By following these strategies, you can effectively reduce your insurance costs while maintaining comprehensive coverage.
Remember, taking the time to explore your options and ask the right questions can lead to significant savings. Drive confidently knowing you’ve made informed decisions about your insurance coverage.
The Impact of Vehicle Modifications on BMW M5 Insurance Costs
Modifying your BMW M5 can significantly affect insurance costs. Inform your insurer about changes like performance parts, upgraded audio systems, or custom paint jobs, as these can increase your car’s value and lead to higher premiums. To gain in-depth knowledge, consult our comprehensive resource titled “How does the insurance company determine my premium?”
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Certain modifications, like engine or suspension upgrades, can increase your insurance premiums due to higher perceived risks. Failing to disclose these changes to your insurer may lead to coverage gaps or policy cancellation. Always inform your provider about any modifications to ensure proper coverage.
Maximizing Insurance Savings for Your BMW M5
When obtaining insurance quotes for your BMW M5, it’s crucial to ask about available discounts as they can significantly reduce your insurance costs. Here are some key discounts to consider:
- Multi-Policy Discount: By bundling your BMW M5 insurance with other policies, such as homeowners insurance, you may be eligible for a multi-policy discount.
- Safety Feature Discounts: The BMW M5 comes equipped with advanced safety features. Insurance providers often offer discounts for vehicles with features such as anti-lock brakes, electronic stability control, and advanced driver assistance systems.
- Good Student Discount: If a young driver in your household is a full-time student with good grades, you may qualify for a good student discount on their insurance premium.
- Membership or Affiliation Discounts: Some insurance providers offer discounts to customers who belong to certain organizations or professional affiliations, such as alumni associations or professional groups.
By taking the initiative to ask your insurance provider about these discounts and ensuring you meet the eligibility criteria, you can effectively lower your premiums.
This proactive approach not only helps you save money but also allows you to take full advantage of the benefits offered by your insurance provider.
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Case Studies: Leveraging Membership Benefits for Affordable Insurance
This series of case studies explores how individuals have effectively utilized membership benefits, maintained exemplary driving records, and made strategic decisions to secure affordable insurance rates.
- Case Study #1 – Quest for Affordable BMW M5 Insurance: John, a 45-year-old software engineer, purchased a BMW M5 and sought affordable insurance with comprehensive coverage. Using comparison tools and highlighting discounts, John chose Erie Insurance at $100/month due to his clean record and bundling discounts.
- Case Study #2 – Strategy for Lowering BMW M5 Insurance Premiums: Sarah, a 30-year-old marketing manager, faced high insurance premiums for her BMW M5 due to her urban location and age. By completing a defensive driving course, opting for a higher deductible, and bundling policies, Sarah reduced her premium to $120/month with AIG.
- Case Study #3 – Experience With Modifying His BMW M5 and Its Impact on Insurance: David, a 38-year-old car enthusiast, modified his BMW M5 and needed an insurer to cover these without steep premiums. After fully disclosing the changes, David secured a $150/month comprehensive policy with USAA, utilizing their discounts.
- Case Study #4 – Journey to Secure Insurance for Her Classic BMW M5: Emily, a retired teacher, needed classic car insurance for her BMW M5. She chose Hagerty Insurance at $90/month, benefiting from agreed value coverage and usage restrictions.
- Case Study #5 – Approach to Reducing BMW M5 Insurance Costs Through Membership Benefits: Carlos, a 40-year-old lawyer, used his AAA membership to lower insurance costs on his BMW M5. By leveraging AAA benefits, maintaining a clean driving record, and opting for a low mileage limit, Carlos secured insurance at $110/month.
These case studies demonstrate that with careful planning and strategic use of available resources, achieving affordable insurance is within reach.
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By leveraging membership benefits, adhering to safe driving practices, and making informed decisions, individuals can significantly reduce their insurance premiums. For detailed information, refer to our comprehensive report titled “Car Driving Safety Guide for Teens and Parents.”
Summary: Ultimate Guide to Affordable BMW M5 Insurance
Securing affordable insurance for your BMW M5 is achievable with top providers like Erie, USAA, and AIG, offering rates as low as $95 per month. Factors such as driver age, location, vehicle model year, and coverage options significantly impact insurance costs. Discounts like multi-policy, good driver, and military savings can further reduce premiums.
By comparing quotes, maintaining a clean driving record, and bundling policies, BMW M5 owners can find comprehensive and cost-effective coverage. This guide offers insights into the best providers, influential factors, and strategies for maximizing savings. To enhance your understanding, explore our comprehensive resource titled “Can I bundle my car insurance with other policies?”
Explore your car insurance options by entering your ZIP code below and finding which companies have the lowest rates.
Frequently Asked Questions
How much is insurance for a BMW M5?
Auto insurance for a BMW M5 is approximately $324 per month. This amount exceeds the national average for luxury sedan models by $138. Our car insurance comparison study is based on a 40-year-old driver with a good driving record, full coverage, good credit, and an annual driving distance of around 13,000 miles.
Which BMW is the cheapest to insure?
Compare BMW insurance costs for all models BMW insurance groups can vary significantly. At one end of the scale, the cheapest BMW to insure is generally the 1 Series especially the more modestly trimmed and lower-powered hatchback versions of the car.
See if you’re getting the best deal on car insurance by entering your ZIP code below.
Is the BMW M5 a luxury car?
From the four-door body and expressive paint finishes to the luxurious interior designed by BMW M, the 2023 BMW M5 Sedan is a dominant force in executive automotive design.
For a comprehensive overview, explore our detailed resource titled “Commercial Auto Insurance: A Complete Guide.”
Is BMW 5 Series high maintenance?
BMW is a German car brand long renowned for its luxurious vehicles, which marry performance with sophistication. However, alongside this reputation, BMWs are also often associated with high maintenance and repair costs due to the luxurious materials and parts used to create the vehicle.
Is insurance high on BMW?
BMW Insurance Cost The average cost of BMW insurance among national providers in 2022 is $2,337 per year or $195 per month, according to our data. This is 35% higher than the national average of $1,730 per year.
Are BMWs expensive to repair?
BMWs require expensive maintenance of $968 on average annually, according to RepairPal. BMW also ranks 30th out of 32 car brands in RepairPal’s reliability study, which means you’ll want to account for your vehicle needing work regularly.
To gain profound insights, consult our extensive guide titled “Best Car Insurance by Vehicle.”
How much is insurance for a BMW M4?
Car insurance rates vary based on the make and model of the vehicle and trim levels. According to Insurance.com research, the average cost of insuring a Bmw M4 is $3,632 per year or $303 per month. However, these rates can vary depending on your location, driving history, age, and other factors.
Are BMW cheap to maintain?
BMWs require expensive maintenance of $968 on average annually, according to RepairPal. BMW also ranks 30th out of 32 car brands in RepairPal’s reliability study, which means you’ll want to account for your vehicle needing work regularly.
How long will a 5 Series BMW last?
With the right kind of care, you can expect your vehicle to last for 200,000 to 250,000 miles or even longer. Maintenance and care are key factors that determine a vehicle’s long-term longevity, but as the aforementioned studies show, you can expect every BMW to deliver above-average results.
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Are BMW cheap to maintain?
BMWs require expensive maintenance of $968 on average annually, according to RepairPal. BMW also ranks 30th out of 32 car brands in RepairPal’s reliability study, which means you’ll want to account for your vehicle needing work regularly.
Get the right car insurance at the best price — enter your ZIP code below to shop for coverage from the top insurers.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
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Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
