Do you want a faster way to compare more affordable BMW M5 insurance in Lubbock? Finding better insurance prices for a BMW M5 in Texas can normally be an all-consuming task, but you can learn our car insurance buying tips to find lower rates. There are more efficient ways to find car insurance online and we’ll show you the best way to get price quotes for your BMW and get the cheapest rates from both online companies and Lubbock agents.
You should make it a habit to take a look at other company’s rates as often as possible since prices trend upward over time. Even if you got the best rates on BMW M5 insurance in Lubbock last year the chances are good that you can find a lower premium rate today. Block out anything you think you know about car insurance because you’re about to learn the right way to get good coverage on BMW M5 insurance in Lubbock at a lower rate.
Finding cheap Lubbock car insurance prices is a great way to save money. The only thing you need to do is spend a few minutes on the computer comparing free Lubbock car insurance quotes to see which company has low cost Lubbock car insurance quotes.
The following companies provide free rate quotes in Lubbock, TX. If multiple companies are listed, it’s a good idea that you get prices from several of them to get a more complete price comparison.
Analysis of BMW M5 rates
The data table displayed below showcases different coverage costs for BMW M5 models. Having a better idea how car insurance prices are determined can help you make informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $386 | $870 | $462 | $28 | $138 | $1,884 | $157 |
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Rates do not factor in specific garaging location which can alter premium rates greatly.
Policy deductible comparison
One of the hardest decisions when shopping for auto insurance is how high or low should comp and collision deductibles be. The rates below can help you visualize the differences in price between high and low policy deductibles. The first set of rates uses a $250 deductible for comp and collision and the second set of prices uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $484 | $938 | $382 | $22 | $114 | $1,965 | $164 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $394 | $756 | $382 | $22 | $114 | $1,668 | $139 |
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Estimates do not factor in specific location which can change auto insurance rates considerably.
Based on the data above, we can derive that using a $250 deductible could cost the average driver approximately $25 more each month or $300 every year than opting for the higher $500 deductible. Because you would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you normally average at least 10 months between claims, you would more than likely save some money if you opt for a higher deductible. The illustration below shows the way you can do this calculation yourself.
| Average monthly premium for $250 deductibles: | $164 |
| Average monthly premium for $500 deductibles (subtract): | – $139 |
| Monthly savings from raising deductible: | $25 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $25 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 10 months |
One thing to note is that increasing deductibles to lower your rates means you will have to cover more of the damage yourself when you file a claim. You need to have enough money put aside in the event you have to pay the deductible to have repairs made.
The example below highlights how deductible choice and can impact BMW M5 yearly insurance costs for different age groups of insureds. The data assumes a married male driver, full coverage, and no discounts are applied.
Full coverage rates compared to liability-only
The example below visualizes the comparison of BMW M5 insurance premiums with full physical damage coverage and with liability coverage only. The information is based on no violations or claims, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
When to switch to liability coverage only
There is no definitive formula for excluding full coverage, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s say your BMW M5 claim settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after the deductible is paid. If you are paying more than $800 annually for comprehensive and collision coverage, then it could be time to drop full coverage.
There are some conditions where removing full coverage is not recommended. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not opt for liability only.
Auto insurance does more than just repair your car
Despite the high insurance cost for a BMW M5 in Lubbock, maintaining insurance may not be optional for several reasons.
- Just about all states have compulsory liability insurance requirements which means the state requires specific minimum amounts of liability protection in order to be legal. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your BMW has a loan, more than likely the lender will make it mandatory that you have insurance to guarantee their interest in the vehicle. If you cancel or allow the policy to lapse, the lender may insure your BMW at a much higher rate and require you to pay for the expensive policy.
- Insurance safeguards not only your BMW M5 but also your financial assets. It will also cover medical bills for both you and anyone you injure as the result of an accident. Liability coverage also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If you have damage to your BMW as the result of the weather or an accident, comprehensive and/or collision insurance will cover the repair costs.
The benefits of buying auto insurance are without a doubt worth the cost, specifically if you ever have a liability claim. Unknowingly, the average driver is currently overpaying as much as $855 a year so we recommend shopping around at least once a year to be sure current rates are still competitive.
Decisions You Make Can Impact Your Insurance Prices
It’s important that you understand the rating factors that play a part in calculating the price you pay for insurance. If you have some idea of what determines base rates, this allows you to make good choices that may reward you with much lower annual insurance costs.
Better premiums for being claim-free – Car insurance companies in Texas give discounts to policyholders who file claims infrequently. If you are a frequent claim filer, you can definitely plan on higher premiums or even policy non-renewal. Your car insurance is meant to be used in the event of claims that you cannot pay yourself.
City traffic equals higher costs – Residing in a rural area has definite advantages when trying to find low car insurance rates. Less people translates into fewer accidents in addition to lower liability claims. People who live in big cities tend to have congested traffic and more time behind the wheel. Spending more time driving statistically corresponds to a higher accident and claim rate.
Gender and insurance coverage premiums – Over time, data shows that females take fewer risks when driving. However, don’t assume that women are better drivers. Females and males get in at-fault accidents at about the same rate, but guys get into accidents with more damage. In addition to higher claims, males also get higher numbers of serious violations like DWI (DUI) or reckless driving.
The diagram below illustrates the difference between BMW M5 auto insurance rates for male and female drivers. The rate quotes are based on a clean driving record, no claims, comprehensive and collision coverage, $500 deductibles, single marital status, and no discounts are taken into consideration.
Get hitched and pay lower rates – Getting married may save some money when buying insurance. Having a spouse generally demonstrates drivers are less irresponsible and insurance companies like that married drivers get in fewer accidents.
Improve your credit rating and save – Having a bad credit history factor in calculating your premium rate. Insureds with very high credit ratings tend to be less risk to insure than those with bad credit. So if your credit is not that good, you could be paying less to insure your BMW M5 by repairing your credit.
Save money with alarms and GPS tracking – Selecting a car model that has a built-in theft deterrent system can earn a premium discount. Advanced theft deterrents like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping auto theft and help lower rates.
Loss probability for a BMW M5 – Insurance companies use data from past claims when determining insurance rates. Vehicles that historically have higher claim frequency or loss amount will have increased rates. The data below shows the compiled insurance loss statistics for BMW M5 vehicles.
For each coverage category, the statistical loss for all vehicles, regardless of make, model or trim level, is a value of 100. Percentage numbers below 100 suggest a better than average loss history, while percentage numbers above 100 indicate higher probability of having a loss or larger claims.
| 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
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Don’t give up on cheap premiums
We covered a lot of information how to shop for BMW M5 insurance online. It’s most important to understand that the more providers you compare, the more likely it is that you will get a better rate. You may even be surprised to find that the biggest savings come from the least-expected company.
Consumers leave their current company for a variety of reasons including denial of a claim, being labeled a high risk driver, delays in responding to claim requests or poor customer service. It doesn’t matter why you want to switch choosing a new company is easier than you think.
Some companies do not provide rate quotes online and many times these small insurance companies provide coverage only through local independent agencies. Cheaper BMW M5 insurance in Lubbock is definitely available online in addition to many Lubbock insurance agents, and you should compare rates from both to have the best rate selection.
How to find discount BMW M5 insurance in Lubbock
The preferred way to find more affordable BMW M5 insurance is to regularly compare quotes from providers who can sell car insurance in Lubbock. Prices can be compared by completing these steps.
Step 1: Get an understanding of the coverage provided by your policy and the things you can change to keep rates in check. Many things that cause rate increases such as traffic violations and an unacceptable credit score can be improved by being financially responsible and driving safely.
Step 2: Compare price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give rate quotes from a single company like Progressive or Allstate, while independent agencies can provide price quotes for many different companies.
Step 3: Compare the new rate quotes to your existing rates and determine if cheaper M5 coverage is available. If you find a lower rate quote and change companies, verify that coverage does not lapse between policies.
Step 4: Give notification to your agent or company to cancel your current policy and submit the signed application along with the required initial payment to your new company or agent. As soon as you can, place your new certificate verifying proof of insurance in an easily accessible location in your vehicle.
One key aspect of rate comparisons is to use identical deductibles and limits on every quote and and to analyze every insurance company. Doing this ensures the most accurate price comparison and a thorough selection of prices.
Much more information about auto insurance in Texas is available below:
- Tread Depth and Tire Safety (State Farm)
- How Much are Lubbock Auto Insurance Quotes for 18 Year Olds? (FAQ)
- What Insurance is Cheapest for Seniors in Lubbock? (FAQ)
- What Car Insurance is Cheapest for Inexperienced Drivers in Lubbock? (FAQ)
- Who Has Affordable Car Insurance for a Dodge Grand Caravan in Lubbock? (FAQ)
- How Much is Lubbock Auto Insurance for Low Credit Scores? (FAQ)
- Rental Car Insurance Tips (Insurance Information Institute)
- Understanding Your Insurance Deductible (Insurance Information Institute)
- Parking Tips to Reduce Door Dings (State Farm)