How to Save on El Paso BMW M5 Insurance

Insurance rates BMW M5 in El PasoIt takes a little time, but the best way to get the cheapest BMW M5 insurance in El Paso is to compare prices once a year from different companies who sell insurance in Texas.

An important bit of advice to remember is that you use the same coverage limits and deductibles on each price quote and and to get rates from every company you can. This ensures a fair price comparison and a complete price analysis.

Sadly, almost 70% of insureds have bought insurance from the same company for well over three years, and virtually 40% of consumers have never compared rates to find cheap insurance. With the average premium in Texas being $2,679, drivers could cut their rates by about 70% a year by just comparing quotes, but they underestimate the rate savings if they switched.

It’s important to know that comparing more prices helps locate the best offered rates.

The companies shown below have been selected to offer free quotes in Texas. If several companies are displayed, we recommend you click on several of them to get the cheapest price.

Discount El Paso car insurance rates

Insuring your fleet can be pricey, but there may be some discounts that you may not even be aware of. Many discounts should be triggered when you quote, but lesser-known reductions have to be manually applied before they will apply.Cheaper car insurance with discounts

It’s important to understand that most credits do not apply to the whole policy. Most cut the cost of specific coverages such as comprehensive or collision. So despite the fact that it appears it’s possible to get free car insurance, insurance companies wouldn’t stay in business.

The chart below illustrates the difference between BMW M5 auto insurance costs with and without discounts. The information is based on a male driver, no tickets, no at-fault accidents, Texas state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, marriage, homeowner, claim-free, safe-driver, and multi-car discounts applied.

If you would like to view insurers that have a full spectrum of discounts in El Paso, click this link.

Facts and figures for BMW M5 insurance

The coverage table shown next outlines different insurance rates for BMW M5 models. Understanding more about how insurance prices are established can aid in making smart choices when purchasing an insurance policy.

BMW M5 Insurance Rates in El Paso, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $258 $578 $400 $24 $120 $1,380 $115
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Table data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Price information does not factor in specific zip code location which can increase or decrease coverage prices significantly.

Higher deductibles lower rates

One frequently asked question is how high should the physical damage coverage deductibles be. The comparison tables below highlight the costs and benefits when you select higher and lower deductibles. The first rate table uses a $250 deductible for physical damage and the second set of rates uses a $500 deductible.

BMW M5 insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $484 $938 $382 $22 $114 $1,965 $164
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BMW M5 insurance premium rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $394 $756 $382 $22 $114 $1,668 $139
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Premium costs do not factor in garaging location in El Paso which can change coverage prices significantly.

We can estimate from the data above that using a $250 deductible will cost you approximately $25 more each month or $300 each year than selecting the higher $500 deductible. Since you would pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you tend to average more than 10 months between claims, you would most likely save money if you elect the higher deductible. The table below illustrates an example of how you can make this decision for your own policy.

Average monthly premium for $250 deductibles: $164
Average monthly premium for $500 deductibles (subtract): – $139
Monthly savings from raising deductible: $25
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $25
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 10 months

One important issue to know is that increasing deductibles to lower your rates results in a higher out-of-pocket expense when you do file a claim. That will require some savings in the event you have to pay the higher deductible in order to repair your vehicle.

The information below illustrates how your choice of deductibles and can influence BMW M5 premium costs for each different age category. The information is based on a single female driver, full physical damage coverage, and no discounts are applied to the premium.

Difference between liability only and full coverage rates

The information below shows the difference between BMW M5 annual premium costs when comparing full coverage to liability only. The price estimates are based on a clean driving record, no at-fault accidents, $500 deductibles, single status, and no additional discounts are factored in.

When to buy liability coverage only

There is no clear-cut formula to drop physical damage coverage, but there is a general guideline. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.

For example, let’s assume your BMW M5 replacement cost is $5,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $4,000 after paying the physical damage deductible. If you are currently paying more than $400 annually for physical damage coverage, then it’s probably a good time to buy liability coverage only.

There are some conditions where removing full coverage is not in your best interest. If you still owe a portion of the original loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should maintain full coverage.

BMW M5 Insurance Prices Can Be Lower

Consumers need to have an understanding of some of the elements that are used to determine your policy premiums. If you understand what impacts premium levels, this enables informed choices that can help you get much lower annual insurance costs. Many different elements are considered when you get a price on insurance. Some are obvious such as your driving history, although others are more transparent such as whether you are married or how financially stable you are.

The following are some of the most common factors used by companies to determine prices.

Guys pay more for auto insurance – Over the last 50 years, statistics have shown that females tend to be a little less risky than males. That doesn’t necessarily mean that women are BETTER drivers than men. Females and males cause fender benders in similar percentages, but males tend to have more serious accidents. Men also tend to receive more costly citations like driving under the influence (DUI).

The diagram below illustrates the difference between BMW M5 insurance premiums for male and female drivers. The data assumes no claims or violations, comp and collision included, $100 deductibles, single status, and no additional discounts are factored in.

Safer vehicles cost less to insure – Vehicles with high crash test scores tend to be cheaper to insure. Vehicles engineered for safety help reduce the chance of injuries in an accident and lower injury rates means less money paid by your insurance company passed on to you as lower rates. If the BMW M5 earned at least four stars on or an “acceptable” rating on you may pay a lower rate.

Cheaper rates after marriage – Having a significant other helps lower the price on your auto insurance bill. It is viewed as being more responsible and insurance companies like that drivers who are married are more cautious.

Liability is critical – Liability insurance will protect you if you are responsible for causing damage or personal injury in an accident. It provides you with a defense in court to attempt to prove you were not liable. Liability insurance is quite affordable compared to comp and collision, so do not skimp.

Pay more for higher performance vehicles – The performance of the car or truck you own makes a significant difference in determining your rates. Small economy passenger vehicles generally have the cheapest insurance rates, but the cost you end up paying is determined by many additional factors.

The following chart uses these assumptions: married male driver age 20, full coverage with $250 deductibles, and no discounts or violations. It shows BMW M5 insurance rates compared to other makes and models that have a range of risk factors.

Good drivers pay lower rates – Whether or not you get tickets influences premium rates substantially. Just one speeding ticket may increase your cost by as much as thirty percent. Drivers with clean records get better rates as compared to those with violations. Drivers who have gotten flagrant citations like DWI, reckless driving or hit and run convictions may need to prove financial responsibility to the state department of motor vehicles in order to legally drive a vehicle.

The information below highlights how speeding tickets and accidents can increase BMW M5 insurance costs for different insured age categories. The rate quotes are based on a married female driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied.

Policy add-ons add up – Insurance policies have a lot of additional extra coverages you can purchase on your auto insurance policy. Insurance for personal injury protection, towing, and motor club memberships may be wasting your money. These may sound like a good investment when you first buy your policy, but if you don’t need them eliminate them to save money.

BMW M5 insurance loss statistics – Companies use historical loss data to help determine rates. Models that the data determines to have higher loss trends will cost more for specific coverages.

The table below illustrates the historical loss data for BMW M5 vehicles. For each coverage category, the loss probability for all vehicles averaged together is a value of 100. Values under 100 suggest a better than average loss history, while percentage values above 100 indicate frequent claims or a tendency for losses to be larger than average.

BMW M5 Insurance Loss Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
BMW M5 4dr 284 94 373

Empty fields indicate not enough data collected
Statistics from for 2013-2015 Model Years