Shocking but true, a large majority of consumers have bought auto insurance from the same company for a minimum of four years, and almost 40% of drivers have never quoted auto insurance rates at all. American consumers could save as much as $860 a year just by shopping around, but most tend to underestimate the amount of savings they would get if they swap their current policy for a cheaper one.
It takes a little time, but the best way to get more affordable auto insurance rates is to make a habit of comparing prices annually from providers who provide car insurance in Tampa. Price quotes can be compared by following these guidelines.
- Read and learn about how your policy works and the modifications you can make to prevent expensive coverage. Many factors that increase rates such as traffic violations and a substandard credit history can be amended by making minor driving habit or lifestyle changes. This article gives more details to help reduce premium rates and find available discounts that you may qualify for.
- Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give prices from one company like GEICO or Allstate, while independent agents can quote rates from many different companies. Click to view companies
- Compare the new rate quotes to your current policy premium and determine if cheaper M5 coverage is available. If you find better rates and decide to switch, make sure coverage is continuous and does not lapse.
- Give notification to your agent or company of your intent to cancel your existing policy. Submit a completed policy application and payment to your new company or agent. Immediately upon receiving it, put the proof of insurance paperwork in an accessible location in your vehicle.
One key aspect when comparing rates is that you’ll want to make sure you compare similar limits and deductibles on every price quote and to quote with as many different insurance providers as possible. Doing this enables an apples-to-apples comparison and the best rate selection.
Compare free Tampa BMW M5 insurance price quotes
Just keep in mind that having more price comparisons gives you a better chance of getting the best offered rates.
The providers in the list below can provide comparison quotes in Tampa, FL. If your goal is to find the cheapest car insurance in Tampa, we recommend you visit several of them to get a more complete price comparison.
Three reasons to not skimp on car insurance
Despite the high cost, maintaining insurance is mandatory in Florida but it also protects more than you think.
- Just about all states have minimum liability requirements which means the state requires specific minimum amounts of liability if you want to drive legally. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a loan on your M5, almost all lenders will force you to have physical damage coverage to ensure they get paid if you total the vehicle. If you default on your policy, the bank will be required to insure your BMW at an extremely high rate and require you to reimburse them the higher premium.
- Insurance protects not only your BMW M5 but also your assets. It will also provide coverage for medical expenses for you, any passengers, and anyone injured in an accident. Liability coverage also covers legal expenses in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of insuring your car are without a doubt worth the cost, especially for larger claims. Today the average American driver overpays as much as $855 a year so compare quotes from several companies once a year at a minimum to ensure rates are competitive.
Insurance statistics for a BMW M5
The rate information below highlights detailed analysis of policy rates for BMW M5 models. Having a better idea how rate quotes are established can be useful when making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $530 | $1028 | $418 | $24 | $124 | $2,124 | $177 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Premium costs do not factor in vehicle garaging location which can raise or lower premiums greatly.
The illustration below illustrates how choosing a deductible and can influence BMW M5 insurance prices for different age groups. The price estimates are based on a single male driver, full coverage, and no discounts are factored in.
Cost comparison with and without full coverage
The information below visualizes the comparison of BMW M5 insurance costs with and without full coverage. The information is based on no violations or accidents, $500 deductibles, marital status is single, and no additional discounts are factored in.
Deciding between full coverage and liability only
There is no definitive formula to exclude comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your BMW M5 replacement value is $8,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would receive is $7,000 after the policy deductible has been paid. If you are currently paying more than $700 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where buying only liability insurance is not a good plan. If you still have a loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not eliminate full coverage.
BMW M5 insurance discounts in Tampa
Some insurance providers don’t list the complete list of policy discounts very well, so the following list contains both well-publicized and also the more inconspicuous credits that you can use to lower your rates.
- Defensive Driver – Successfully completing a course that instructs on driving safety could cut 5% off your bill and also improve your driving technique.
- Resident Student – Youth drivers who live away from home at college and do not take a car to college can receive lower rates.
- Active Service Discounts – Having a deployed family member could mean lower prices.
- E-sign – A few larger online companies give back up to $50 shop Tampa car insurance on the internet.
- Buy New and Save – Putting coverage on a new M5 is cheaper compared to insuring an older model.
- Theft Deterrent Discount – Cars equipped with tracking devices and advanced anti-theft systems are stolen with less frequency and can earn a small discount on your policy.
- Driving Data Discount – Drivers that enable companies to monitor driving patterns by using a telematic data system such as Drivewise from Allstate or Snapshot from Progressive could see a rate decrease if they exhibit good driving behavior.
- Safe Drivers – Drivers without accidents could pay up to 40% less compared to rates paid by drivers with frequent claims.
Discounts lower rates, but many deductions do not apply to the entire cost. Some only apply to specific coverage prices like liability, collision or medical payments. So when the math indicates you would end up receiving a 100% discount, you’re out of luck.
The diagram below visualizes the comparison of BMW M5 car insurance rates with and without discounts applied to the rates. Data assumes a female driver, no claims or violations, Florida state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, safe-driver, multi-policy, marriage, multi-car, and claim-free discounts applied.
The best insurance companies and some of their more popular discounts are outlined below.
- State Farm may include discounts for safe vehicle, driver’s education, passive restraint, multiple autos, anti-theft, Drive Safe & Save, and Steer Clear safe driver discount.
- Progressive offers discounts for good student, homeowner, online signing, continuous coverage, and multi-vehicle.
- Travelers may offer discounts for multi-policy, home ownership, save driver, good student, IntelliDrive, and driver training.
- American Family offers premium reductions for bundled insurance, accident-free, early bird, good student, defensive driver, and mySafetyValet.
- Liberty Mutual has savings for new move discount, newly married, preferred payment discount, multi-car, and safety features.
If you are trying to find cheaper Tampa car insurance quotes, ask each company which discounts you may be entitled to. All car insurance discounts might not apply in every state. To choose insurance companies who offer discounts in Tampa, click here.
What insurance coverages do I need?
When choosing a policy for your personal vehicles, there isn’t really a perfect coverage plan. Your needs are unique to you.
For example, these questions might point out if your situation would benefit from an agent’s advice.
- When would I need additional glass coverage?
- Where can I get insurance after a DUI in Florida?
- Does my liability insurance cover pulling a trailer or camper?
- Is business equipment covered while in my vehicle?
- What does medical payments coverage do?
- Does low annual mileage earn a discount?
- Am I covered if I hit a deer?
- Does car insurance cover theft of personal property?
- When should I not buy collision coverage?
- Do I have coverage when using my vehicle for my home business?
If it’s difficult to answer those questions, you may need to chat with an agent. To find lower rates from a local agent, fill out this quick form.