It’s an obvious conclusion that insurance companies don’t want you shop around. Drivers who shop rates annually will probably switch to a new company because the odds are good of finding good coverage at a lower price. A recent study showed that people who routinely shopped for cheaper coverage saved $3,450 over four years compared to drivers who never compared prices.
If finding discount rates on BMW M5 insurance in Chandler is your intention, then learning about how to shop for cheaper coverage can help make the process easier and more efficient.
To save the most money, the best way to get affordable auto insurance rates is to regularly compare quotes from different companies who provide auto insurance in Chandler. This can be done by following these steps.
- Step 1: Read and learn about how companies set rates and the steps you can take to drop your rates. Many rating criteria that increase rates such as your driving record and a bad credit rating can be rectified by paying attention to minor details. This article provides additional tips to find cheap rates and find discounts that you may qualify for.
- Step 2: Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only quote rates from a single company like Progressive and State Farm, while agents who are independent can give you price quotes from multiple sources.
- Step 3: Compare the new quotes to your current policy premium to see if a cheaper price is available in Chandler. If you can save money and decide to switch, make sure there is no lapse in coverage.
One tip to remember is to make sure you’re comparing the same amount of coverage on each price quote and to quote with every insurance company. Doing this provides a fair price comparison and the best price selection.
The most recommended method to compare car insurance company rates for BMW M5 insurance in Chandler is to know auto insurance companies pay for the opportunity to provide you with free rate quotes. To get started, all you need to do is spend a couple of minutes providing details including your credit rating estimate, if it has an alarm system, how your vehicles are used, and coverage limits. That rating data gets sent immediately to multiple insurance providers and you will receive price estimates instantly.
To find the cheapest BMW M5 insurance rates, click here and enter your coverage details.
The companies in the list below are ready to provide comparison quotes in Chandler, AZ. If multiple companies are listed, it’s highly recommended you visit several of them in order to find the lowest rates.
BMW M5 detailed coverage information
The data table displayed below outlines different coverage prices for BMW M5 models. Being able to understand how insurance prices are calculated can help you make decisions on which coverage to buy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $230 | $534 | $362 | $22 | $108 | $1,256 | $105 |
| Get Your Own Custom Quote Go | |||||||
Prices based on single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Arizona minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Price estimates do not factor in the specific area where the vehicle is garaged which can modify premium rates considerably.
Auto insurance deductibles
One frequently asked question is how high should the deductibles for physical damage be. The rates below may help you to understand the rate difference when you choose different physical damage coverage deductibles. The first data table uses a $250 physical damage coverage deductible and the second price table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $380 | $738 | $300 | $18 | $90 | $1,551 | $129 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $236 | $464 | $300 | $18 | $90 | $1,108 | $92 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Arizona minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Information does not factor in specific location information which can revise prices considerably.
Using the data above, we can ascertain that using a $250 deductible would cost the average driver about $37 more each month or $444 annually across all BMW M5 models than opting for the higher $1,000 deductible. Because you would be required to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you normally average at a minimum 20 months between claims, you would more than likely save some money if you choose a higher deductible.
Why you need M5 insurance in Arizona
Even though Chandler M5 insurance rates can get expensive, paying for car insurance is a good idea for several reasons.
- Just about all states have mandatory insurance requirements which means you are required to carry a specific minimum amount of liability coverage if you want to drive legally. 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.
- If your BMW has a loan, it’s guaranteed your bank will require that you have full coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the lender may insure your BMW at an extremely high rate and force you to pay the higher price.
- Insurance safeguards both your vehicle and your assets. It will also reimburse you for medical transport and hospital expenses incurred in an accident. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense if you cause an accident and are sued. If damage is caused by hail or an accident, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of having insurance definitely exceed the cost, particularly when you have a large claim. According to a survey of 1,000 drivers, the average driver overpays as much as $800 each year so you should quote your policy with other companies at least once a year to be sure current rates are still competitive.
Discounts mean cheaper rates for BMW M5 insurance in Chandler
Properly insuring your vehicles can get expensive, but companies offer discounts that could help you make your next renewal payment. Many of these discounts will be applied automatically at the time of quoting, but a few need to be manually applied in order for you to get them. If you do not double check each discount you deserve, you could be getting lower rates.
- Bundled Policy Discount – If you insure your home and vehicles and place coverage with the same company you could earn a discount of at least 10 to 15 percent or more.
- Driver’s Ed – Have your child enroll in driver’s education as it will make them better drivers and lower rates.
- Senior Citizen Rates – Older drivers can possibly qualify for better insurance rates.
- Low Mileage Discounts – Maintaining low annual mileage may allow you to get lower rates on the low mileage vehicles.
- Discount for Life Insurance – Some companies give a small discount if you purchase a life policy as well.
- Multiple Vehicles – Buying insurance for multiple cars or trucks on one policy can reduce the rates for all insured vehicles.
A quick disclaimer, most discounts do not apply to the whole policy. The majority will only reduce individual premiums such as physical damage coverage or medical payments. So despite the fact that it appears all those discounts means the company will pay you, that’s just not realistic.
The chart below shows the difference between BMW M5 auto insurance rates with and without discounts being applied to the rates. The costs are based on a female driver, no violations or accidents, Arizona state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, safe-driver, claim-free, marriage, and multi-policy discounts applied.
Some companies that may offer most of these discounts may include but are not limited to:
When quoting, ask every company how you can save money. Savings may not be offered everywhere. To choose insurance companies who offer discounts in Arizona, click here to view.
How much insurance do I need?
When it comes to a policy, there isn’t really a cookie cutter policy. Your needs are unique to you so this has to be addressed.
For instance, these questions can help discover if your situation might need professional guidance.
- Are rental cars covered under my policy?
- Am I covered when using my vehicle for business?
- Am I covered if I back into my garage door?
- What does medical payments coverage do?
- What is the rate difference between pleasure use and commuting?
- Am I covered when driving a rental car?
- What does medical payments cover?
- What is an SR-22 filing?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- What happens if I owe more than my BMW M5 is worth?
If you don’t know the answers to these questions but you think they might apply to your situation then you might want to talk to an insurance agent. If you don’t have a local agent, take a second and complete this form or go to this page to view a list of companies.
Should I have guidance from an agent?
Many people prefer to sit down and talk to an agent. The best thing about comparing insurance prices online is that you can find the best rates but also keep your business local. And supporting neighborhood agents is still important in Chandler.
Once you complete this short form, the quote information is instantly submitted to insurance agents in Chandler that can give you free Chandler car insurance quotes for your business. There is no reason to contact any agents because quoted prices will be sent immediately to you. You’ll get the best rates AND a local agent. In the event you want to quote rates from a specific insurance company, you just need to go to their quote page and fill out their quote form.
How to choose the best car insurance agent in Chandler
If you’re trying to find a reliable insurance agent, it can be helpful to understand the different types of agencies and how they work. Agents in Chandler can be described as either independent or exclusive.
Independent Agents
These type of agents are not required to write business for one company and that allows them to write policies amongst many companies and get you the best rates possible. If you are not satisfied with one company, the agent simply finds a different carrier and you don’t have to do anything. When comparing rates, we recommend you contact at a minimum one independent agency in order to compare the most rates. Most can insure with mutual insurance companies that may provide cheaper auto insurance rates.
Below is a small list of independent agencies in Chandler that may be able to provide price quotes.
- Legacy Insurance and Investment Group LLC
633 E Ray Rd #106 – Chandler, AZ 85225 – (480) 968-3655 – View Map - Poothills Insurance
4221 E Chandler Blvd # 119 – Phoenix, AZ 85048 – (480) 759-1970 – View Map - J L Pound Insurance Agency
12139 E Cloud Rd – Chandler, AZ 85249 – (602) 284-2141 – View Map
Exclusive Auto Insurance Agents
These agents can only place business with one company like American Family, State Farm, and Allstate. Exclusive agents cannot provide other company’s prices so they are skilled at selling on more than just price. Exclusive insurance agents are highly trained on their company’s products which helps them compete with independent agents. Some consumers prefer to buy insurance from these agents primarily because of the prominence of the brand and solid financial strength.
Below are exclusive agencies in Chandler that are able to give comparison quotes.
- Farmers Insurance – Rick Downing
930 East Riggs Road Ste B7 – Chandler, AZ 85249 – (480) 961-3951 – View Map - Farmers Insurance – Larry Little
2420 W Ray Rd #2 – Chandler, AZ 85224 – (480) 966-9449 – View Map - Allstate Insurance: Joe Kittelson
1351 N Alma School Rd Ste 160 – Chandler, AZ 85224 – (480) 545-8877 – View Map
Choosing an auto insurance agent should depend on more than just the quoted price. These are valid questions to ask:
- Do they have 24-hour customer assistance?
- Are they involved in claim handling?
- How much training do they have in personal risk management?
- Who are their largest clients?
- Where would glass claims be handled in Chandler?
- How often do they review coverages?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- Do you have coverage for a rental car if your vehicle is in the repair shop?
Upon receiving good answers and locked in a price quote, you may have found an auto insurance agent that will provide auto insurance coverage. But remember, you have the power to terminate coverage at any time so never feel you are locked into any particular company for the full policy term.
Auto insurance coverage options for a BMW M5
Understanding the coverages of auto insurance can be of help when determining the right coverages and the correct deductibles and limits. Policy terminology can be impossible to understand and nobody wants to actually read their policy. Below you’ll find the usual coverages found on the average auto insurance policy.
Auto liability
This coverage provides protection from damage or injury you incur to other’s property or people in an accident. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 15/30/10 which stand for a limit of $15,000 per injured person, a total of $30,000 of bodily injury coverage per accident, and a limit of $10,000 paid for damaged property. Alternatively, you may have one limit called combined single limit (CSL) that pays claims from the same limit with no separate limits for injury or property damage.
Liability can pay for claims like funeral expenses, emergency aid and repair bills for other people’s vehicles. How much coverage you buy is a personal decision, but you should buy as high a limit as you can afford. Arizona requires drivers to carry at least 15/30/10 but you should consider buying more coverage.
The next chart demonstrates why minimum state limits may not be adequate coverage.
UM/UIM Coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they are uninsured or don’t have enough coverage. Covered losses include medical payments for you and your occupants and damage to your BMW M5.
Because many people only purchase the least amount of liability that is required (which is 15/30/10), their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Frequently these coverages are identical to your policy’s liability coverage.
Collision coverage protection
This coverage covers damage to your M5 caused by collision with another car or object. A deductible applies then the remaining damage will be paid by your insurance company.
Collision coverage pays for things like colliding with another moving vehicle, crashing into a ditch and rolling your car. This coverage can be expensive, so consider removing coverage from vehicles that are older. Drivers also have the option to increase the deductible on your M5 in order to get cheaper collision rates.
Medical costs insurance
Coverage for medical payments and/or PIP provide coverage for immediate expenses like ambulance fees, hospital visits and rehabilitation expenses. They are often used to fill the gap from your health insurance plan or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants and also covers being hit by a car walking across the street. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage
Comprehensive or Other Than Collision
Comprehensive insurance covers damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.
Comprehensive can pay for things such as vandalism, fire damage, damage from getting keyed and a tree branch falling on your vehicle. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.
Cover all your bases
Cost effective BMW M5 insurance can be sourced from both online companies as well as from independent agents in Chandler, so you need to shop Chandler car insurance with both so you have a total pricing picture. Some insurance providers may not have price quotes online and most of the time these small insurance companies only sell coverage through independent agencies.
As you restructure your insurance plan, it’s not a good idea to sacrifice coverage to reduce premiums. In many cases, consumers will sacrifice liability limits or collision coverage only to find out that their decision to reduce coverage ended up costing them more. The goal is to purchase a proper amount of coverage at the best price, but don’t skip important coverages to save money.
We just presented a lot of techniques to find lower-cost BMW M5 insurance in Chandler. The key thing to remember is the more rate quotes you have, the better your comparison will be. Consumers may even find the lowest prices come from a company that doesn’t do a lot of advertising. They may often insure only within specific states and give better rates than the large multi-state companies such as State Farm, GEICO and Nationwide.
Additional information
- State Car Insurance Guides (GEICO)
- Who Has the Cheapest Auto Insurance for Business Use in Chandler? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for Low Credit Scores in Chandler? (FAQ)
- What Car Insurance is Cheapest for a Dodge Ram in Chandler? (FAQ)
- Vehicle Insurance (Wikipedia)
- Older Drivers FAQ (iihs.org)