It’s a fact that auto insurance companies want to prevent you from shopping around. Insureds who compare rates annually are highly likely to buy a different policy because they have good chances of finding a more affordable policy. A recent survey found that drivers who compared price quotes annually saved $865 annually as compared to drivers who never shopped for cheaper rates.
If saving the most money on BMW M5 insurance is the reason for your visit, then having a grasp of how to quote and compare car insurance can help you succeed in finding affordable rates.
Truthfully, the best way to find cheaper prices for BMW M5 insurance in Minneapolis is to regularly compare price quotes from companies that sell auto insurance in Minnesota.
Step 1: Learn about individual coverages and the measures you can control to prevent expensive coverage. Many factors that cause high rates such as careless driving and a less-than-favorable credit rating can be remedied by improving your driving habits or financial responsibility.
Step 2: Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from a single company like GEICO and State Farm, while independent agencies can provide rate quotes from multiple companies.
Step 3: Compare the quotes to your current policy premium to see if switching to a new carrier will save money. If you find a lower rate quote and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
Step 4: Tell your current company to cancel your current policy. Submit a completed application and payment for your new coverage. As soon as you can, put the proof of insurance certificate in an easily accessible location in your vehicle.
The key thing to remember is to use similar limits and deductibles on every quote request and and to compare every insurance company. Doing this provides an apples-to-apples comparison and a thorough selection of prices.
To get inexpensive Minneapolis auto insurance quotes, there a variety of ways to compare prices from companies that offer car insurance in Minnesota. The best way to compare BMW M5 insurance prices consists of shopping online. It’s important to know that more quotes increases your odds of finding a better price.
The following companies are our best choices to provide price comparisons in Minneapolis, MN. If multiple companies are listed, it’s a good idea that you visit two to three different companies to find the most affordable car insurance rates.
Discounts for lower-cost car insurance quotes
Car insurance companies don’t always advertise their entire list of discounts in an easy-to-find place, so here is a list some of the best known and also the lesser-known discounts you could be receiving when you buy Minneapolis auto insurance online.
- ABS Braking Discount – Vehicles that have anti-lock braking systems are much safer to drive and earn discounts up to 10%.
- Seat Belts Save – Using a seat belt and requiring all passengers to wear their seat belts could cut 10% or more off the medical payments premium.
- Student Discounts – Excelling in school can be rewarded with saving of up to 25%. You can use this discount normally well after school through age 25.
- Driver Training Discounts – Passing a driver safety class may get you a small discount and easily pay for the cost of the class.
- Active Service Discounts – Having an actively deployed family member may lower your prices slightly.
- Low Mileage Discounts – Driving less may enable drivers to earn substantially lower rates.
- E-sign – A few companies will give you a small discount for signing up on the web.
Keep in mind that most credits do not apply to your bottom line cost. Some only reduce the price of certain insurance coverages like comprehensive or collision. So even though you would think you could get a free car insurance policy, you won’t be that lucky.
The information below visualizes the comparison of BMW M5 insurance costs with and without discounts applied to the rates. The price estimates are based on a male driver, no accidents, no driving violations, Minnesota state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, safe-driver, multi-policy, multi-car, and claim-free discounts applied.
Some of the insurance companies that have some of the discounts shown above include:
When quoting, ask each company how many discounts you can get. Some of the discounts discussed earlier may not apply to policies in Minneapolis. To find insurance companies that have a full spectrum of discounts in Minneapolis, click this link.
BMW M5 coverage analysis
The information below covers different insurance rates for BMW M5 models. Having a better understanding of how insurance premiums are figured is important for making smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $318 | $618 | $324 | $20 | $96 | $1,376 | $115 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Prices do not factor in specific location which can revise prices substantially.
Insurance deductibles
One frequently asked question is the level to set your comp and collision deductibles. The comparison tables below may help you to understand the price difference when you buy lower versus higher physical damage deductibles. The first table uses a $100 physical damage deductible and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $448 | $932 | $318 | $18 | $94 | $1,835 | $153 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $328 | $630 | $318 | $18 | $94 | $1,388 | $116 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Rate quotes do not factor in vehicle garaging location which can alter coverage rates greatly.
Based on this data, using a $100 deductible costs approximately $37 more each month or $444 a year than selecting the higher $500 deductible. Because you would pay $400 more if you turn in a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at a minimum 11 months between claim filings, you would save more money by selecting a higher deductible.
The diagram below demonstrates how deductible levels and can affect BMW M5 yearly insurance costs for each age group. The information is based on a single male driver, comp and collision included, and no policy discounts are applied.
Safe drivers pay cheaper rates
The information below demonstrates how speeding tickets and accident claims increase BMW M5 auto insurance rates for different ages of insureds. The data assumes a married male driver, full physical damage coverage, $500 deductibles, and no other discounts are factored in.
BMW M5 liability rates compared to full coverage
The diagram below illustrates the difference between BMW M5 auto insurance costs with full physical damage coverage compared to only buying liability only. The rates are based on no accidents or driving violations, $100 deductibles, drivers are not married, and no discounts are factored in.
Are you wasting money paying for full coverage?
There is no set guideline that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s assume your BMW M5 book value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $6,000 after paying the physical damage deductible. If it’s costing in excess of $600 a year for physical damage coverage, then it may be the right time to buy liability only.
There are some circumstances where eliminating full coverage is not a good plan. If you haven’t satisfied your loan, you are required to maintain full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle in case of an accident, you should keep full coverage.
Auto insurance agents are professional risk managers
Some consumers still like to talk to an insurance agent and often times that is recommended The biggest benefit of comparing auto insurance online is you can get the lowest rates and also buy local.
After filling out this short form, the quote information is transmitted to agents in your area who can give free rate quotes for your business. It makes it easy because there is no need to find an agent because quoted prices will be sent instantly to you. You can find better rates and work with a local agent. If you need to get a rate quote from one company in particular, just find their quoting web page and submit a quote form there.
Finding a good company should include more criteria than just a cheap price. A good agent in Minneapolis will have answers to these questions.
- Which family members are covered?
- Does the agency provide any after hours assistance?
- Do the coverages you’re quoting properly cover your vehicle?
- Are they in the agency full-time?
- Can they give you a list of client referrals?
If you’re trying to find a local agent, it helps to know the two types of insurance agents and how they can quote your rates. Minneapolis agents are considered either exclusive or independent.
Exclusive Insurance Agents
These agents can only provide pricing for a single company like Allstate, Farmers Insurance or State Farm. They generally cannot provide rate quotes from other companies so always compare other rates. They are highly trained on what they offer which helps overcome the inability to quote other rates. Consumers sometimes buy insurance from these agents partially due to loyalty to the company instead of buying on price only.
Shown below are exclusive agencies in Minneapolis who can help you get rate quotes.
- Farmers Insurance: Travis Marcellus
2846 Johnson St NE – Minneapolis, MN 55418 – (612) 789-4341 – View Map - State Farm: Brandon Walter
222 S 9th St #270 – Minneapolis, MN 55402 – (612) 843-8444 – View Map - Allstate Insurance: Charles Fritz
2213 Johnson St NE – Minneapolis, MN 55418 – (612) 788-6279 – View Map
Independent Agents (or Brokers)
Agents in the independent channel do not write with just one company and that enables them to quote your coverage through many companies and possibly get better coverage at lower prices. If your agent finds better pricing, they simply switch companies in-house which requires no work on your part.
If you are comparing rate quotes, you need to compare quotes from independent agents so that you can do a thorough price comparison. Many write coverage with companies that do not advertise much that may provide cheaper auto insurance rates.
The following are independent agents in Minneapolis that can give you price quotes.
- RJF Agencies, Inc.
7225 Northland Dr N #300 – Minneapolis, MN 55428 – (763) 746-8000 – View Map - CBIZ Associated Insurance Agents
2800 Freeway Blvd – Minneapolis, MN 55430 – (763) 549-2200 – View Map - Criterion Insurance Agency
3300 Fernbrook Ln N #170 – Minneapolis, MN 55447 – (800) 701-5909 – View Map
Which is the best insurance?
When quoting and choosing a policy, there really isn’t a “perfect” insurance plan. Your needs are unique to you.
For example, these questions can aid in determining if you will benefit from professional help.
- Can good grades get a discount?
- Is my teen driver covered when they drive my company car?
- Does coverage extend to Mexico or Canada?
- Does my medical payments coverage pay my health insurance deductible?
- Does every company file a SR-22 automatically?
- Does my BMW M5 qualify for pleasure use?
- Can I rate high risk drivers on liability-only vehicles?
- Who sells insurance for high-risk drivers?
- Is my BMW M5 covered for flood damage?
If you can’t answer these questions but you know they apply to you then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, complete this form.
BMW M5 Insurance Price Factors
Many things are used when premium rates are determined. Some factors are common sense such as your driving record, but other factors are less apparent such as your credit history or your commute time. It’s important that you understand a few of the rating criteria that aid in calculating auto insurance rates. If you know what influences your rates, this empowers consumers to make smart changes that will entitle you to much lower annual insurance costs.
Listed below are some of the major factors used by companies to determine your premiums.
More miles equals more premium – The higher the miles on your BMW in a year’s time the more you’ll pay to insure it. Many insurance companies rate vehicles partially by how you use the vehicle. Cars and trucks not used for work or commuting receive better premium rates than vehicles that have high annual mileage. Incorrect rating for your M5 may be costing you. Double check that your auto insurance policy is rated on annual mileage.
Insurance rates in urban areas – Having an address in smaller towns and rural areas of the country can be a good thing when buying auto insurance. Less people living in that area means less chance of accidents and also fewer theft and vandalism claims. People in densely populated areas have traffic congestion and higher rates of accident claims. Higher commute times means more chance of being in an accident.
Deter theft and pay less – Owning a car that has an advanced theft prevention system can save you a little every year. Anti-theft features like vehicle immobilizer systems, OnStar, and tracking devices like LoJack can thwart car theft and help bring rates down.
Your liability protection limits – Your policy’s liability coverage will provide protection if ever you are found to be at fault for an accident. Your policy’s liability insurance provides legal defense coverage starting from day one. This coverage is very inexpensive compared to other policy coverages, so drivers should buy more than the minimum limits required by law.
Certain employers pay higher rates – Careers such as doctors, air traffic controllers, and accountants tend to have higher premium rates due to intense work requirements and incredibly demanding work hours. Conversely, professions such as farmers, engineers and homemakers get better rates.
Do safer cars cost less to insure? – Vehicles that have high safety ratings get lower rates. Safer cars help reduce the chance of injuries in an accident and reduced instances of injuries translates into savings for insurance companies and cheaper rates on your policy. If the BMW M5 earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may cost less to insure.
BMW M5 claim probability – Insurers study historical loss data to help set a rate to offset losses. Vehicles that statistically have higher number or severity of losses will cost more for specific coverages. The information below illustrates the collected loss data for BMW M5 vehicles.
For each policy coverage, the claim probability for all vehicles, regardless of make or model, is considered to be 100. Values that are under 100 are indicative of better than average losses, while values over 100 point to more frequent losses or an increased probability of a larger loss.
| 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
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Why you need BMW vehicle insurance in Minnesota
Despite the high insurance cost for a BMW M5 in Minneapolis, buying car insurance is not optional due to several reasons.
- Almost all states have minimum liability requirements which means the state requires a specific minimum amount of liability protection in order to license the vehicle. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your M5 has a lienholder, most banks will have a requirement that you have insurance to ensure they get paid if you total the vehicle. If the policy lapses, the bank may buy a policy for your BMW for a much higher rate and force you to reimburse them the higher price.
- Insurance safeguards both your BMW M5 and your personal assets. It also can pay for all forms of medical expenses incurred in an accident. Liability insurance also pays for attorney fees and expenses if you are sued as the result of an accident. If you have damage to your BMW as the result of the weather or an accident, your policy will pay to have it repaired.
The benefits of carrying enough insurance definitely exceed the cost, especially when you need to use it. In a recent study of 1,000 drivers, the average customer is currently overpaying as much as $830 a year so shop around at least once a year to ensure rates are competitive.
What is YOUR best insurance company?
When getting Minneapolis auto insurance quotes online, don’t be tempted to skimp on coverage in order to save money. There are a lot of situations where an accident victim reduced uninsured motorist or liability limits and learned later that the savings was not a smart move. The goal is to buy enough coverage at an affordable rate, but do not skimp to save money.
Some car insurance companies do not offer online price quotes and most of the time these smaller companies only sell through independent insurance agencies. Affordable BMW M5 insurance in Minneapolis is possible from both online companies and from local insurance agents, and you should compare price quotes from both so you have a total pricing picture.
Insureds switch companies for any number of reasons including delays in paying claims, high prices, high rates after DUI convictions and even unfair underwriting practices. Regardless of your reason for switching companies, switching companies can be easy and end up saving you some money.
Additional information can be found below: