Do you get overwhelmed by the dozens of auto insurance providers in your area? Arizona drivers have so many options that it can quickly become a difficult challenge to find the lowest price for BMW M5 insurance in Scottsdale. Scottsdale is the perfect city to reside in, but paying high auto insurance rates makes it impossible to stay on budget.
It’s safe to conclude that auto insurance companies want to prevent you from shopping around. Drivers who get price quotes annually are inclined to switch companies because there are good odds of finding lower prices. A recent survey revealed that people who routinely shopped for cheaper coverage saved over $3,500 over four years compared to drivers who never shopped for cheaper rates.
If saving money on auto insurance in Scottsdale is your objective, understanding how to get free comparison quotes and analyze insurance premiums can help simplify the task of finding more affordable coverage.
You should take the time to do rate comparisons yearly since insurance prices are usually higher with each renewal. Despite the fact that you may have had the lowest rates on BMW M5 insurance in Scottsdale six months ago other companies may now be cheaper. Forget anything you know (or think you know) about auto insurance because I’m going to let you in on the secrets to the best way to properly buy coverages while reducing your premium.
How to buy BMW M5 insurance in Scottsdale, AZ
The majority of larger companies give prices on the web. Getting online rates for BMW M5 insurance in Scottsdale doesn’t take a lot of time because it’s just a matter of typing in the amount of coverage you want into the form. Upon sending the form, the quote system automatically retrieves your credit score and driving record and returns a price.
Being able to quote online for BMW M5 insurance in Scottsdale makes it simple to compare prices and it is imperative to have as many quotes as possible if you want to get affordable auto insurance pricing.
If you want to compare rates using this form now, compare rates now from the companies shown below. If you have a policy now, it’s recommended you duplicate your coverages as close as possible to your current policy. This ensures you will have rate comparison quotes for exact coverage.
The car insurance companies shown below provide comparison quotes in Arizona. To get cheaper car insurance in Arizona, we recommend you visit as many as you can to get the most competitive price.
Premium rates and analysis
The table shown next showcases estimates of insurance coverage prices for BMW M5 models. Understanding how insurance policy premiums are formulated can help you make smart choices when selecting a coverage provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $484 | $882 | $392 | $24 | $118 | $1,900 | $158 |
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Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Arizona minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Price information does not factor in zip code location which can impact coverage rates significantly.
The information below illustrates how your choice of deductibles and can change BMW M5 insurance costs for each age group. The premiums are based on a married female driver, full coverage, and no discounts are taken into consideration.
Bad driving habits will cost you more
The information below highlights how traffic violations and fender-benders can impact BMW M5 premium costs for each age group. The price estimates are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no additional discounts are factored in.
BMW M5 full coverage rates compared to liability only
The chart below shows the difference between BMW M5 yearly insurance costs with and without full coverage. The information is based on no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are applied.
When to stop buying full coverage
There isn’t a steadfast formula to stop buying physical damage coverage, but there is a general convention. If the annual cost of having full coverage is more than 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s pretend your BMW M5 settlement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $2,000 after you pay the deductible. If you are currently paying more than $200 a year for comprehensive and collision coverage, then you might consider buying liability only.
There are some cases where removing full coverage is not a good idea. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not opt for liability only.
The BMW M5 Insurance Premium Equation
Multiple criteria are part of the calculation when premium rates are determined. Most are fairly basic such as your driving record, but other factors are less apparent like your continuous coverage or how financially stable you are.
The itemized list below are some of the factors companies use to determine your premiums.
Deter theft and reduce premiums – Buying a car that has an advanced theft prevention system can earn a premium discount. Advanced theft deterrents such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all help stop your vehicle from being stolen.
Location can impact price – Living in small towns and rural areas has definite advantages when shopping for auto insurance. Less people translates into fewer accidents as well as less vandalism and auto theft. Drivers who live in large Arizona cities have congested traffic and more time behind the wheel. The longer drive time means more chances of being involved in an auto accident.
Safer occupants lowers prices – Vehicles that have high safety ratings get lower rates. Safe vehicles result in less severe injuries and lower rates of occupant injuries means your insurance company pays less which can mean better rates for you.
Insurance is expensive for teenage drivers – Teenage drivers in Arizona are proven to be easily distracted in a vehicle so insurance rates are higher. More experienced drivers are viewed as being more responsible, statistically cause fewer accidents, and receive fewer citations.
The following chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
High comp and collision deductibles reduce prices – Comp and collision deductibles represent how much money you are willing to pay if you file a covered claim. Protection for physical damage, also called ‘full coverage’, protects your car from damage. Some examples of claims that would be covered are rear-ending another vehicle, vandalism, or theft of your vehicle. The higher the amount you choose to pay out-of-pocket, the less your insurance will be.
Do you have a tough vocation? – Did you know your job can affect your rates? Careers like fire fighters, airline pilots, and miners generally have higher rates than average attributed to job stress and extremely grueling work hours. On the flip side, careers like scientists, students and the unemployed pay lower than average rates.
BMW M5 insurance loss probability – Insurers use data from past claims to help determine rates. Vehicles that the statistics show to have higher losses will have increased rates. The next table shows the insurance loss data for BMW M5 vehicles.
For each coverage category, the loss probability for all vehicles, as an average, equals 100. Numbers shown that are under 100 represent a good loss history, while values over 100 indicate higher probability of having a loss or a tendency for claims to be larger.
| 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: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Insurance protects more than just your car
Even though it can be expensive, insurance is required in Arizona but it also protects you in many ways.
First, almost all states have minimum mandated liability insurance limits which means the state requires a specific level of liability coverage in order to drive the car. In Arizona these limits are 15/30/10 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you took out a loan on your M5, it’s guaranteed your bank will have a requirement that you have physical damage coverage to ensure they get paid if you total the vehicle. If you cancel or allow the policy to lapse, the bank will be required to insure your BMW at a more expensive rate and force you to pay for the much more expensive policy.
Third, insurance safeguards both your BMW and your personal assets. Insurance will also pay for most medical and hospital costs for yourself as well as anyone injured by you. As part of your policy, liability insurance also covers legal expenses in the event you are sued. If you have damage to your BMW as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage.
The benefits of insuring your car more than cancel out the cost, specifically if you ever have a liability claim. In a recent study of 1,000 drivers, the average customer is overpaying over $830 a year so we recommend shopping around at every renewal to save money.