Are you regretting the purchase of an expensive insurance policy? Don't feel bad because many Seattle consumers feel financially strained by their insurance policy.
A recent NerdWallet.com study revealed that most insurance buyers have remained with the same insurance company for a minimum of four years, and practically 40% of insurance customers have never even compared quotes to find lower-cost rates. Washington consumers could pocket almost $400 a year, but most undervalue how much they could save if they switched to a more affordable policy.
Because there are so many different company options, it is hard for the average consumer to choose a more affordable company.
It's important to check insurance prices periodically because insurance prices are constantly changing. Just because you had the lowest rates on BMW M5 insurance in Seattle a few years ago there is a good chance you can find better rate quotes now. There is too much inaccurate information about M5 insurance out there, but in this article, you're going to get some guaranteed methods to lower your insurance premiums.
Finding quotes for cheaper insurance coverage in Seattle is not as time-consuming as you think. Virtually every person who shops for insurance will more than likely find a lower-cost company. But Washington consumers must comprehend how the larger insurance companies set your policy premium and use it to find better rates.
Insurance policy discounts you can't miss
Insuring your fleet can be pricey, but there could be significant discounts to reduce the price significantly. Certain reductions will be credited at the time of purchase, but some may not be applied and must be specially asked for before they will apply.
- New Car Discount - Adding a new car to your policy may earn a small discount due to better safety requirements for newer vehicles.
- Paper-free Discount - Some of the larger companies will discount your bill up to fifty bucks get Seattle car insurance on their website.
- Claim Free - Good drivers with no accidents are rewarded with significantly better rates on Seattle car insurance quote when compared to bad drivers.
- Accident Forgiveness - This isn't a discount exactly, but some companies like Progressive, State Farm and GEICO will forgive one accident before they charge you more for coverage if you are claim-free for a set time period.
- Driver's Ed - Have your child successfully complete driver's ed class if offered at their school.
One thing to note about discounts is that most discount credits are not given to all coverage premiums. Most cut the price of certain insurance coverages like comp or med pay. So even though it sounds like having all the discounts means you get insurance for free, insurance companies aren't that generous. Any qualifying discounts will positively reduce the cost of your policy.
Large insurance companies and the discounts they provide can be found below.
- Progressive discounts include multi-policy, continuous coverage, online signing, multi-vehicle, good student, online quote discount, and homeowner.
- GEICO includes discounts for five-year accident-free, seat belt use, daytime running lights, membership and employees, good student, federal employee, and anti-lock brakes.
- State Farm offers discounts including accident-free, Steer Clear safe driver discount, student away at school, good driver, and multiple policy.
- Esurance offers discounts for defensive driver, paid-in-full, online shopper, safety device, and multi-policy.
- The Hartford policyholders can earn discounts including bundle, vehicle fuel type, air bag, defensive driver, good student, and anti-theft.
Before you buy a policy, ask every company to apply every possible discount. All car insurance discounts might not apply in Seattle. To choose insurers with the best BMW M5 insurance discounts in Washington, follow this link.
The quickest method we recommend to get policy rate comparisons for BMW M5 insurance in Seattle takes advantage of the fact car insurance companies participate in online systems to provide you with free rate quotes. The only thing you need to do is give them rating details including any included safety features, the year, make and model of vehicles, your general credit rating, and daily mileage. Your information is automatically sent to multiple companies and they return quotes very quickly.
If you would like to start a quote now, click here and enter your zip code.
The companies shown below can provide price comparisons in Seattle, WA. If multiple companies are listed, we suggest you compare several of them to find the most affordable auto insurance rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M5 4-Dr Sedan||$416||$866||$294||$18||$88||$1,682||$140|
|Get Your Own Custom Quote Go|
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Washington minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, multi-policy, and claim-free. Premium costs do not factor in specific location information which can alter insurance rates considerably.
How accidents and tickets impact rates in Seattle
The illustration below highlights how speeding tickets and at-fault collisions drive up BMW M5 car insurance rates for each age group. The data is based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.
Rate difference between full and liability-only coverage
The chart below shows the difference between BMW M5 car insurance costs with and without physical damage coverage. The premium estimates are based on no claims or driving citations, $250 deductibles, single male driver, and no other discounts are factored in.
When to stop buying full coverage
There is no set guideline for excluding comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let's pretend your BMW M5 replacement cost is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would receive is $8,000 after paying your policy deductible. If premiums are more than $800 a year for full coverage, then you may want to consider only buying liability coverage.
There are some scenarios where eliminating full coverage is not advised. If you haven't paid off your loan, you have to carry full coverage to protect the lienholder's interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
Lower Your Seattle Insurance Costs
An important part of buying insurance is that you know the rating factors that help calculate your auto insurance rates. If you have a feel for what determines base rates, this allows you to make educated decisions that could help you find lower rates.
The list below includes some of the major factors used by insurance companies to determine your rates.
If you don't need it don't buy it - There are a ton of optional add-on coverages that you can get tricked into buying if you aren't diligent. Coverages for rental car reimbursement, accidental death, and term life insurance are examples of these. You may think they are a good idea at first, but if you don't need them consider taking them off your policy.
Vehicles with better crash test results save money - Vehicles with high crash test scores tend to be cheaper to insure. Vehicles built for safety result in less severe injuries and fewer injuries translates into fewer and smaller insurance claims which can result in lower premiums.
Urban areas may pay more - Having an address in areas with lower population may provide you with better prices when trying to find low car insurance rates. Urban drivers have to deal with traffic congestion and longer commutes to work. Fewer drivers and short commutes means a lower chance of having an accident.
Single vs. married - Walking down the aisle may save some money when shopping for auto insurance. It demonstrates that you tend to be more responsible and statistics show drivers who are married are more cautious.
Consider raising physical damage deductibles - Deductibles for physical damage are how much you are required to spend if a claim is determined to be covered. Coverage for physical damage, also called comprehensive and collision insurance, is used to repair damage to your car. A few examples of covered claims are rearending another vehicle, hail damage, and having a roll-over accident. The higher the amount the insured is willing to pay, the bigger discount you will receive.
Insure your auto and home with one company - Most major insurance companies allow better rates for people who buy several policies from them. It's known as a multi-policy discount. Even with this discount, it's always a smart idea to compare other Seattle M5 insurance rates to confirm you are receiving the best rates possible. You may still find better rates by insuring with multiple companies.
Insurance loss statistics a BMW M5 - Insurers use historical loss data to calculate a rate that will offset losses. Vehicles that statistically have a trend towards higher claims will have higher rates.
The data below shows the collected loss data for BMW M5 vehicles. For each policy coverage type, the claim probability for all vehicles, regardless of manufacturer or model, equals 100. Values that are below 100 indicate a favorable loss history, while values over 100 indicate more frequent losses or larger claims.
BMW M5 Insurance Loss Statistics
|Make and 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 IIHS.org for 2013-2015 Model Years
Are insurance agencies obsolete?
Many people still prefer to buy from a licensed agent. One of the benefits of comparing rates online is that drivers can save money and get cheap insurance quotes and still have a local agent. And supporting local insurance agencies is important particularly in Seattle.
Upon completion of this simple form, your insurance data is sent to local insurance agents who can give free rate quotes and help you find cheaper coverage. It's much easier because you don't need to visit any agencies since price quotes are sent immediately to your email address. You'll get the best rates without the usual hassles of price shopping. If you wish to get a comparison quote from one company in particular, you just need to navigate to their website to submit a rate quote request.
If you want to buy insurance from a good insurance agency, you should know the different types of agents and how they can write your policy. Insurance agencies in Seattle can be described as either independent or exclusive depending on the company they work for.
Independent Agencies or Brokers
These agents can quote rates with many companies and that is an advantage because they can write policies with lots of companies and find you cheaper rates. If prices rise, the agent simply finds a different carrier and you don't have to do anything.
When comparison shopping, we recommend you get rate quotes from several independent agencies to maximize your price options.
Featured below is a partial list of independent insurance agencies in Seattle who may provide cheap rate quotes.
Exclusive agents can only write with one company such as Allstate, Farmers Insurance or State Farm. They generally cannot provide rate quotes from other companies so they really need to provide good service. Exclusive agents are highly trained on sales techniques which helps offset the inability to provide other markets.
Listed below is a list of exclusive insurance agencies in Seattle that can give you rate quotes.
George Fu - State Farm Insurance Agent
9026 Roosevelt Way NE - Seattle, WA 98115 - (206) 524-0330 - View Map
Finding the right insurance agent requires you to look at more than just the quoted price. These questions are important to ask:
- Will their companies depreciate repairs to your car based on the mileage?
- Which insurance companies are they affiliated with?
- Will you get a loaner vehicle if you car is being repaired?
- Does the quote include credit and driving reports?
- Do you qualify for any additional discounts?
- Do they make recommendations based only on price?
- If your car is totalled, how to they determine the replacement cost?
Choosing M5 insurance is an important decision
Despite the potentially high cost of BMW M5 insurance, paying for car insurance is required for several reasons.
First, most states have mandatory liability insurance requirements which means you are required to carry a specific level of liability coverage in order to drive the car legally. In Washington these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you have a lien on your BMW M5, more than likely the lender will make it mandatory that you buy full coverage to guarantee loan repayment. If you do not keep the policy in force, the bank may insure your BMW for a much higher rate and force you to pay a much higher amount than you were paying before.
Third, car insurance preserves not only your car but also your assets. It will also provide coverage for many types of medical costs for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, also pays for attorney fees and expenses if someone files suit against you as the result of an accident. If mother nature or an accident damages your car, your car insurance policy will pay to repair the damage minus the deductible amount.
The benefits of carrying adequate insurance outweigh the cost, especially when you need to use it. According to a survey of 1,000 drivers, the average driver is currently overpaying as much as $865 each year so compare rates every year to ensure rates are competitive.
Smart shoppers get results
When searching for the cheapest BMW M5 rate quotes, you should never skimp on critical coverages to save a buck or two. There are many occasions where an insured dropped liability coverage limits to discover at claim time they didn't purchase enough coverage. Your focus should be to buy the best coverage you can find for the lowest price, but don't skip important coverages to save money.
Cheaper car insurance in Seattle is possible online and with local Seattle insurance agents, so get free Seattle car insurance quotes from both of them to have the best chance of lowering rates. Some car insurance companies do not offer internet price quotes and most of the time these smaller companies prefer to sell through independent agents.
For more information, link through to the resources below:
- Insuring a Leased Car (Insurance Information Institute)
- Who Has Cheap Seattle Auto Insurance for Used Cars? (FAQ)
- What Insurance is Cheapest for a Chevrolet Equinox in Seattle? (FAQ)
- Auto Insurance 101 (About.com)
- Coverage Information (Progressive Insurance)
- Crash Avoidance Technologies FAQ (iihs.org)