Find Affordable BMW M5 Insurance in Memphis

No car owner anticipates paying for car insurance, especially knowing they could find better rates elsewhere.

A recent car insurance study discovered that a large majority of drivers in Tennessee have bought car insurance from the same company for four years or more, and nearly half have never compared rate quotes at all. With the average premium in the U.S. being $1,847, drivers can save roughly $850 each year, but they just assume it’s a time-consuming process to find cheaper insurance by shopping around. Companies like State Farm, GEICO and Farmers Insurance all promote huge savings with advertising and it is challenging if not impossible to see through the deception and do the work needed to find the best deal.

It’s smart to compare rates yearly because car insurance prices go up and down regularly. If you had the best rate on BMW M5 insurance in Memphis six months ago other companies may now be cheaper. Block out anything you think you know about car insurance because you’re about to learn the easiest way to find better rates and still maintain coverage.

If you are insured now or just want cheaper coverage, you will benefit by learning to get lower rates without sacrificing coverage. Locating the best rates in Memphis can really be easy if you know what you’re doing. You just need to learn the most efficient way to compare different rates online from multiple companies.

Where can I get low cost Memphis BMW M5 insurance?

Finding cheap Memphis insurance prices can be relatively painless. All that’s required is to invest a few minutes comparing price quotes from some recommended companies.

Comparing rates online is fast and free, and it makes it obsolete to waste gas driving to each insurance agency near you. The ability to quote BMW M5 insurance online has reduced the need for local agents unless you prefer the advice and guidance of a local Memphis agent. Some companies do allow you to compare the best prices online but buy the policy through an agent.

The following companies can provide quotes in Tennessee. If multiple companies are listed, we suggest you visit several of them to get a more complete price comparison.

Best reasons to buy auto insurance in Tennessee

Despite the high cost, insuring your vehicle is a good idea for several reasons.

• The majority of states have mandatory liability insurance requirements which means the state requires a specific level of liability coverage in order to license the vehicle. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If your vehicle has a loan, almost all lenders will make it a condition of the loan that you have comprehensive coverage to guarantee loan repayment. If the policy lapses, the bank or lender will purchase a policy for your BMW at a more expensive rate and require you to pay for it.
• Insurance safeguards both your vehicle and your assets. It also can pay for all forms of medical expenses that are the result of an accident. Liability insurance will also pay attorney fees if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, your auto insurance policy will pay to have it repaired.

The benefits of carrying adequate insurance definitely exceed the price paid, particularly when you have a large claim. In a recent study of 1,000 drivers, the average customer overpays as much as $820 a year so we recommend shopping around at every policy renewal to be sure current rates are still competitive.

BMW M5 insurance rate analysis

The premium information below outlines detailed analysis of coverage costs for BMW M5 models. Understanding how rates are figured can help customers make informed coverage decisions.

Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Premium amounts do not factor in vehicle location which can modify coverage prices substantially.

Choosing deductibles

When shopping for car insurance, a common question is how high should your deductibles be. The rates below lay out the rate differences when you select higher and lower insurance deductibles. The first rate comparisons uses a $100 physical damage coverage deductible and the second price grid uses a $1,000 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Rates do not factor in specific zip code location which can raise or lower price quotes greatly.

We can derive from the above data that using a $100 deductible costs roughly $50 more each month or $600 annually than requesting the higher $1,000 deductible. Because you would pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you usually have at least 18 months between claim filings, you would probably come out ahead by going with a higher deductible.

The example below shows how choosing a deductible and can increase or decrease BMW M5 insurance costs for different categories of driver ages. The data is based on a married male driver, comprehensive and collision coverage, and no discounts are applied to the premium.

Take policy discounts and save on BMW M5 insurance in Memphis

Auto insurance companies do not list all discounts very clearly, so below is a list a few of the more common in addition to some of the lesser obvious ways to save on insurance.

• More Vehicles More Savings – Purchasing coverage when you have several vehicles on a single policy may reduce the rate for each vehicle.
• Auto/Life Discount – Insurance carriers who offer life insurance give a discounted premium rate on car insurance if you buy some life insurance in addition to your auto policy.
• Theft Deterrent Discount – Vehicles that have factory alarm systems and tracking devices are less likely to be stolen and earn discounts up to 10% off your Memphis car insurance quote.
• Resident Student – Youth drivers living away from Memphis attending college and leave their car at home could get you a discount.
• Safe Drivers – Safe drivers can pay as much as 50% less compared to accident prone drivers.
• Driver’s Education for Students – Make teen driver coverage more affordable by requiring them to successfully take a driver’s education course as it can save substantially.
• Discount for Swiching Early – Select insurance companies give a discount for signing up prior to your current M5 insurance policy expiration. You may see this discount when you get Memphis car insurance quotes online.
• Military Discounts – Being deployed with a military unit may lower your insurance rates slightly.

You should keep in mind that most of the big mark downs will not be given to the entire cost. Some only apply to the price of certain insurance coverages like liability, collision or medical payments. So even though it sounds like it’s possible to get free car insurance, company stockholders wouldn’t be very happy.

The illustration below illustrates the difference between BMW M5 insurance costs with and without some available policy discounts. The price estimates are based on a female driver, no accidents, no driving violations, Tennessee state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-car, multi-policy, claim-free, marriage, and homeowner discounts applied.

Insurance companies that possibly offer most of the discounts above include:

• Progressive
• SAFECO
• American Family
• MetLife
• GEICO
• The Hartford

When quoting, ask all the companies how you can save money. Discounts may not apply to policyholders in Memphis.