As you shop for BMW M5 insurance, keep in mind that auto insurance rates vary widely between drivers. Many factors affect premium costs such as age, location, driving record and more.

Drivers can save money by shopping around and taking advantage of available policy discounts, such as: bundling home, auto and life policies with one provider; having an impeccable driving record and paying their premium in full.

Comprehensive Coverage

Comprehensive insurance (commonly referred to as other than collision coverage) covers repairs or replacement costs in case your BMW M5 is damaged due to something other than an accident, and is usually required by lenders if leasing or financing your vehicle. A standard comprehensive policy costs around $438 annually for an M5.

Liability coverage covers damages to other vehicles and people in an accident if it's your fault, including property damage, medical costs and bodily injury. A BMW M5 requires at least $250,000 of liability coverage per person per incident with minimum coverage at $300,000.

Additional factors affecting car insurance rates beyond driving records are age, gender and location. Drivers over 60 tend to pay less due to fewer accidents and traffic violations; women tend to pay about $19 less than men monthly on auto insurance premiums. Rural areas also tend to offer cheaper insurance prices.

Finding the lowest BMW M5 insurance rates requires shopping around and comparing quotes. Each insurance provider uses its own formula to set premiums, making it imperative that you find one offering you the best value for your dollar. You could save even more by bundling life, home and auto policies with one provider - another great way of saving money!

Insurance rates for a BMW M5 vary widely by state and company. You should look out for some general trends when looking at policies for this model: Progressive typically offers the cheapest coverage at $1,408 annually while Allstate typically charges the highest annual premiums of $2,819!

Collision Coverage

At first glance, it may seem more cost-effective to forego full coverage options on your BMW M5, but this could turn out to be costly in the long run. One accident alone can incur substantial medical bills and property damages; thus it makes financial sense to secure full protection for your vehicle. Furthermore, leasing or financing your M5 will require this form of protection coverage.

As with liability coverage, keeping a clean driving record can qualify you for discounts in the collision portion of your M5's auto insurance. Furthermore, multiple policies with one company or insuring multiple vehicles under one policy could save money and reduce premiums further. Other discounts you might qualify for include being an honor student, purchasing home and auto policies through one provider and being part of professional organizations.

No matter which coverage option you opt for, it is always advisable to shop around and compare rates from multiple carriers before selecting one. MetroMile, Elephant, SafeAuto and Mercury offer liability only coverage from as little as $40 monthly while full coverage typically costs around $344 per month - making them among the most affordable carriers for BMW M5 drivers.

BMW M5 insurance rates tend to be more costly than average cars but still less than some other luxury sports cars. Still, having appropriate protection will protect your M5 against theft, roadside assistance needs and repairs.

MoneyGeek can assist in finding the best car insurance coverage for your BMW M5, or simply providing quotes, in minutes. Enter your zip code below to compare quotes from top insurers and obtain personalized quotes quickly and efficiently. Whether it's liability only coverage you need or full coverage options you desire; MoneyGeek has your budget needs covered with ease! Plus we provide an overview of its safety features and specifications so that you can make an informed decision as to which policy best meets them!

Liability Coverage

Liability coverage helps compensate other people's property damage and medical expenses when you cause an accident, and is generally required as part of car insurance policies. The average BMW M5 liability only premium costs an average annual rate of $342 a month, which is higher than the national average; however, some companies offer lower premiums; MetroMile offers the cheapest liability only premiums at $32 or below per month followed by Elephant, SafeAuto and Mercury.

Outside comprehensive and collision coverage, many factors contribute to the cost of BMW M5 car insurance policies, including your driving record, credit score, location, discounts available to you based on factors like marriage status or exceptional driving records (for instance if both drivers in your household possess excellent records this can help lower premiums)

Compare rates regularly. By doing this, you'll find the most cost-effective rate and save money on BMW M5 insurance. Plus, multiple policies from one provider - life, home, auto - may qualify you for discounts! Raising your deductible could also help bring down monthly rates.

BMW M5s can be costly to insure, but with some careful steps you can bring down your rates. Purchasing a used M5 may help lower rates as it's less likely to be damaged or stolen; decreasing mileage also plays a part. Finally, parking your vehicle in a garage or driveway rather than on the street could significantly reduce rates.

One factor influencing the cost of BMW M5 insurance policies is driver age and gender. Men tend to incur much higher rates than female drivers, with male 20-year-old drivers paying an average annual full coverage premium of $5,542, versus 50-year-old female drivers at just $2,538 due to better driving records and being considered lower risks.

High-Risk Coverage

If your BMW M5 is a high-performance model, additional coverage may be necessary to protect its value. Such coverage includes damage caused by high speed driving, rollover crashes and other events which put the car at a greater risk for repair or replacement costs. It tends to be more expensive than standard coverage but can help ensure repairs or replacement can be afforded when necessary.

BMW vehicles are popular choices among luxury drivers, yet can cost more to insure than other makes and models. Costs will depend on both model and driver profile so it is wise to shop around and explore your options thoroughly before making a decision. Discounts offered by some insurers such as reduced rates for those who complete advanced driving courses or install safety or anti-theft devices may help save money; also bundling policies with multiple providers could reduce premium costs further.

MoneyGeek recently conducted an analysis on 10 BMW models. Of these 10 BMWs, the BMW i8 stands out as having the highest annual car insurance premium across all model years: an average annual premium for all years costs an estimated $2,810 annually with Progressive offering policies at an average cost of just $1750 while Allstate policies can cost an additional $3941.

BMW 7 Series models are among the most costly BMW models to insure, costing an average annual premium of $1,937 per policy. This price difference represents a considerable jump compared to other BMW models as well as cars in their class. Progressive offers some of the least costly policies for this car model while Allstate typically provides more costly policies.

Your BMW M5's insurance rates depend heavily on its type and driving record as well as where you reside; drivers in New York pay significantly more than drivers in Seattle for coverage. To see how your premiums stack up against others', enter your zip code into our free tool above to compare them against each other.