Auto Insurance Rates for a BMW M5 in Pittsburgh

Insurance quote for BMW M5 in PittsburghIt’s safe to conclude that car insurance companies don’t want policyholders to compare prices from other companies. Insureds who shop for lower prices are highly likely to buy a new policy because of the high probability of finding a lower-priced company. A recent survey discovered that people who regularly compared price quotes saved on average $865 a year compared to policyholders who never shopped around.

If finding the cheapest rates on BMW M5 insurance is your objective, then having a good understanding how to shop and compare insurance coverage can help you be more efficient.

If you want to save money, the best way to get discount car insurance rates is to start comparing rates regularly from providers in Pittsburgh.

Step 1: Take a few minutes and learn about how companies set rates and the things you can control to keep rates in check. Many factors that cause rate increases such as at-fault accidents, speeding tickets, and a not-so-good credit history can be rectified by paying attention to minor details.

Step 2: Obtain price quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like Progressive or Farmers Insurance, while independent agencies can provide price quotes from multiple sources.

Step 3: Compare the price quotes to the premium of your current policy and determine if there is any savings. If you find better rates and buy the policy, make sure there is no coverage gap between policies.

Step 4: Provide proper notification to your current company of your intent to cancel the current policy. Submit payment and a signed application to your new carrier. Once the application is submitted, keep your new proof of insurance paperwork in your glove compartment.

One key aspect when comparing rates is to make sure you enter the same liability limits and deductibles on every quote and and to get price estimates from as many carriers as you can. This enables an apples-to-apples comparison and a good representation of prices.

Coverage information

The coverage information shown next covers estimates of insurance rates for BMW M5 models. Knowing how insurance prices are established can aid in making smart choices when selecting a policy.

BMW M5 Insurance Rates in Pittsburgh, PA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $400 $948 $372 $22 $112 $1,854 $155
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Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Pennsylvania minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Price estimates do not factor in specific location which can modify prices substantially.

The information below illustrates how choosing a deductible and can impact BMW M5 insurance rates for each different age category. The costs are based on a married female driver, full physical damage coverage, and no discounts are applied.

Why You Might Pay Lower Rates in Pittsburgh

Lots of things are used in the calculation when you get a price on insurance. Some are pretty understandable such as your driving history, but others are less obvious like your vehicle usage or your commute time.

Younger vs. older drivers – More mature drivers are more responsible, cause fewer claims and accidents, and usually have better credit. Teenage drivers have a tendency to be careless and easily distracted with other occupants in the car therefore insurance rates are much higher.

The next chart uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.

Bad drivers pay high prices – Even one speeding ticket can bump up the cost to the point where it’s not affordable. Good drivers have lower premiums compared to bad drivers. Drivers with license-revoking violations like DUI, reckless driving or excessive speeding may find they need to submit a SR-22 or proof of financial responsibility with their state’s department of motor vehicles in order to keep their license.

The illustration below highlights how speeding tickets and fender-benders can impact BMW M5 insurance rates for each age group. The data is based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are taken into consideration.

High credit score translates to low premiums – An insured’s credit history can be a huge factor in determining premium rates. Insureds with high credit ratings tend to be less risk to insure than drivers who have bad credit. If your credit is low, you could save money insuring your BMW M5 by taking the time to improve your credit score.

Save by driving less – Driving more miles in a year’s time the higher your rate. A lot of insurance companies calculate rates based upon how much you drive. Autos that are left in the garage receive lower rates than vehicles that are driven to work every day. An incorrectly rated M5 may be costing you higher rates. It’s a smart idea to ensure your insurance policy correctly shows the right rating data, because it can save money.

Pay more out-of-pocket – Insurance for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your BMW. Some examples of claims that would be covered would be collision with another vehicle, damage from fire, and damage from a fallen tree branch. Comp and collision deductibles state the amount of money you are willing to pay before a claim is paid by your company. The more expense the insured is willing to pay, the less your insurance will be.

Save money by eliminating incidental coverages – There are quite a few add-on coverages that may not really be needed but may not be useful. Coverages like roadside assistance, death and dismemberment, and membership fees are probably not needed. The coverages may be enticing when you first buy your policy, but if they’re wasting money get rid of them and save.

Insurance costs are higher for high performance vehicles – The performance of the car, truck or SUV you need to insure makes a big difference in determining your rates. The best insurance prices are for low performance passenger cars, but many other things help determine your insurance rates.

The following data uses these assumptions: married female driver age 40, full coverage with $250 deductibles, and no discounts or violations. It compares BMW M5 car insurance rates compared to other models that have a range of risk factors.

BMW M5 insurance loss probability – Insurers use claims history to help determine the price you pay. Models that tend to have high amounts or severity of claims will cost more to insure. The table below illustrates the collected loss data for BMW M5 vehicles.

For each insurance policy coverage type, the claim probability for all vehicles, regardless of make, model or trim level, is set at 100. Values that are below 100 mean the vehicle has better than average losses, while numbers shown that are more than 100 indicate higher probability of having a loss or an increased chance of a larger loss.

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 for 2013-2015 Model Years

Find affordable rates by being thorough

Cost effective BMW M5 insurance can be bought online and with local Pittsburgh insurance agents, and you should compare rates from both to have the best chance of lowering rates. Some insurance providers may not offer online quoting and most of the time these small insurance companies prefer to sell through independent agents.

When trying to cut insurance costs, you should never buy less coverage just to save a little money. In many cases, consumers will sacrifice comprehensive coverage or liability limits and learned later that the few dollars in savings costed them thousands. Your strategy should be to purchase a proper amount of coverage at a price you can afford, but do not sacrifice coverage to save money.

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