Locating low-cost insurance for a BMW M5 in Massachusetts can turn out to be a painful process, but you can learn a few tricks and make it easy. There are both good and bad ways to find auto insurance online so you’re going to learn the quickest way to compare rates for a new or used BMW and get the lowest possible price either online or from Boston insurance agents.
It’s important to take a look at other company’s rates occasionally due to the fact that insurance prices are variable and change quite frequently. If you had the lowest price on BMW M5 insurance in Boston two years ago other companies may now be cheaper. There is a lot of bad advice regarding M5 insurance on the internet, but we’re going to give you some great ideas on how to slash your auto insurance rates in Boston.
If you have a policy now or just want to save money, follow these tips to buy cheaper car insurance without sacrificing coverage. Buying affordable car insurance in Boston is actually quite simple. Consumers just have to use the proper way to compare insurance rates from many different companies online.
Best companies for BMW M5 insurance
The companies shown below provide price comparisons in Massachusetts. If your goal is to find the cheapest car insurance in Boston, it’s a good idea that you get prices from several of them in order to find the lowest rates.
Rates and other information
The table below showcases detailed analysis of insurance costs for BMW M5 models. Having a better understanding of how insurance prices are calculated can help drivers make informed decisions when comparing rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $412 | $806 | $340 | $20 | $102 | $1,680 | $140 |
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Price data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Massachusetts minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Prices do not factor in zip code location which can impact rates noticeably.
Full coverage versus liability only rates
The illustration below shows the comparison of BMW M5 yearly insurance costs with and without full coverage. The data is based on no claims or driving violations, $100 deductibles, drivers are not married, and no discounts are factored in.
Deciding between full coverage and liability only
There is no definitive formula to stop paying for comp and collision coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
For example, let’s say your BMW M5 settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $3,000 after the deductible is paid. If it’s costing you more than $300 a year for full coverage, then it could be time to drop full coverage.
There are some conditions where only buying liability is not advised. If you still owe money on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should keep full coverage.
Take policy discounts and save on BMW M5 insurance in Boston
Properly insuring your vehicles can get expensive, but you may be missing some discounts to help bring down the price. A few discounts will be applied at quote time, but occasionally some discounts must be asked for prior to receiving the credit. If you aren’t receiving every discount available, you could be paying more than you need to.
- Own a Home – Just being a homeowner can earn you a little savings because of the fact that having a home requires a higher level of personal finance.
- Early Switch Discount – Some larger companies reward drivers for renewing your policy before your current expiration date. It’s a savings of about 10%.
- Defensive Driver Discounts – Successfully completing a driver safety class may get you a small discount if your company offers it.
- Distant Student Discount – College-age children who attend college more than 100 miles from Boston and leave their car at home may be able to be covered for less.
- Theft Deterrent Discount – Vehicles equipped with anti-theft or alarm systems are less likely to be stolen so companies will give you a small discount.
- New Car Discount – Putting insurance coverage on a new M5 may earn a small discount because new vehicles keep occupants safer.
- Discount for Life Insurance – Insurance carriers who offer life insurance give a small discount if you purchase a life policy as well.
- Professional Organizations – Affiliation with a professional or civic organization could qualify you for a break on insurance.
- Telematics Discount – Drivers that enable driving data submission to track driving patterns by using a small device installed in their vehicle such as Allstate’s Drivewise and State Farm’s In-Drive system might see lower rates if they exhibit good driving behavior.
- Military Deployment Discount – Being deployed with a military unit may lower your rates slightly.
You should keep in mind that many deductions do not apply to the overall cost of the policy. Most only reduce individual premiums such as collision or personal injury protection. So even though it sounds like having all the discounts means you get insurance for free, it’s just not the way it works.
The information below shows the difference between BMW M5 insurance costs with and without discounts. The premium estimates are based on a female driver, no tickets, no at-fault accidents, Massachusetts state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, marriage, homeowner, claim-free, and multi-car discounts applied.
A list of companies and some of their more popular discounts are shown below.
- Farm Bureau has savings for multi-vehicle, driver training, renewal discount, multi-policy, safe driver, 55 and retired, and good student.
- MetLife offers premium reductions for multi-policy, good driver, claim-free, accident-free, defensive driver, and good student.
- Progressive policyholders can earn discounts including continuous coverage, good student, homeowner, multi-vehicle, online quote discount, and multi-policy.
- AAA may have discounts that include good driver, good student, multi-policy, multi-car, anti-theft, and AAA membership discount.
- American Family may include discounts for good driver, Steer into Savings, early bird, mySafetyValet, and defensive driver.
- GEICO includes discounts for multi-vehicle, federal employee, multi-policy, membership and employees, five-year accident-free, seat belt use, and daytime running lights.
- State Farm discounts include Steer Clear safe driver discount, Drive Safe & Save, defensive driving training, driver’s education, anti-theft, and good driver.
If you want affordable Boston auto insurance quotes, ask each company or agent how you can save money. Some of the earlier mentioned discounts might not be available to policyholders everywhere. If you would like to view insurance companies with significant discounts in Boston, click here to view.
Components of Your BMW M5 Insurance Rates
Lots of factors are used in the calculation when you quote your car insurance policy. Some are obvious like a motor vehicle report, but some are less apparent such as your marital status or your commute time.
Listed below are most of the major factors that factor into prices.
Tickets hurt – Whether or not you get tickets has a lot to do with how much you pay for insurance. Drivers with clean records tend to pay less for car insurance compared to drivers with tickets. Even a single speeding ticket or other violation can bump up the cost substantially. Drivers unfortunate enough to have serious tickets such as DWI, reckless driving or hit and run convictions may find they need to complete a SR-22 with their state’s department of motor vehicles in order to prevent their license from being revoked.
The chart below shows how traffic citations and accident claims impact BMW M5 insurance rates for different age groups. The data is based on a married male driver, full physical damage coverage, $100 deductibles, and no discounts are factored in.
The type of car you drive affects your prices – The type of car or truck you need insurance for makes a big difference in your rates. Economy passenger models normally have pretty low rates, but the cost you end up paying is determined by many additional factors.
The chart below assumes a single male driver age 20, full coverage with $250 deductibles, and no discounts or violations. The chart compares BMW M5 rates compared to other models of vehicles that have a range of performance risks.
Combine policies and save money – The majority of car insurance companies provide better rates to insureds that buy multiple policies in the form of a multi-policy discount. Even though this discount sounds good, it’s still a good idea to compare other Boston M5 insurance rates to help guarantee you have the best rates.
Older drivers save more – Beginning drivers in Massachusetts have been known to be easily distracted with other occupants in the car so they pay higher car insurance rates. More experienced drivers are proven to be safer behind the wheel, cause fewer claims and accidents, and are safer drivers.
The chart below is based on a single driver, full coverage with $100 deductibles, and no discounts or violations.
Do females or males drive better? – Statistics show that women are safer drivers than men. However, this does not mean females are better at driving than males. Both sexes cause auto accidents at a similar rate, but the males have costlier accidents. Men also tend to get ticketed for serious violations like driving under the influence (DUI).
The chart below shows the difference between BMW M5 insurance costs for male and female drivers. The price estimates are based on no violations or claims, comprehensive and collision coverage, $500 deductibles, drivers are not married, and no additional discounts are factored in.
BMW M5 claim probability – Insurance companies include the past claim trends for vehicles when determining insurance rates. Vehicles that tend to have higher frequency or amount of claims will cost more for specific coverages. The next table shows the insurance loss data for BMW M5 vehicles.
For each coverage type, the claim probability for all vehicles averaged together is a value of 100. Values that are 100 or less suggest a positive loss record, while values that are above 100 point to more claims or an increased chance of larger losses than average.
| Specific BMW 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 Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
You may need specialized insurance coverage
When quoting and choosing proper insurance coverage, there is no one-size-fits-all type of policy. Every situation is different.
Here are some questions about coverages that may help you determine whether or not you could use an agent’s help.
- Am I covered by my employer’s commercial auto policy when driving my personal car for business?
- Am I covered when using my vehicle for business?
- Is my nanny covered when transporting my kids?
- Who sells insurance for high-risk drivers?
- How high should deductibles be on a BMW M5?
- How much underlying liability do I need for an umbrella policy?
- Do I have newly-acquired coverage?
- When should I remove comp and collision on my BMW M5?
- Is borrowed equipment or tools covered if stolen or damaged?
- What policy terms are available?
If you don’t know the answers to these questions but a few of them apply, you may need to chat with a licensed agent. To find lower rates from a local agent, take a second and complete this form. It only takes a few minutes and you can get the answers you need.
Compare prices but still have a local Boston insurance agency
Many people just want to go talk to an agent and that is OK! Insurance agents can help determine the best coverages and help file insurance claims. One of the benefits of comparing auto insurance online is you may find cheap auto insurance rates and still have a local agent.
Once you complete this simple form, your insurance coverage information is sent to local insurance agents in Boston who will gladly provide quotes to get your business. You don’t have to leave your house since price quotes are sent directly to you. If you want to compare rates from a specific auto insurance provider, don’t hesitate to visit that company’s website and fill out the quote form the provide.
Choosing an insurer needs to be determined by more than just a cheap price quote. Here are some questions you might want to ask.
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
- What company holds the largest book of business for them?
- Who is covered by the car insurance policy?
- Can you choose the body shop in case repairs are needed?
- Will high miles depreciate repair valuations?
- Will you get a loaner vehicle if you car is being repaired?
- Which insurance companies are they affiliated with?
Types of car insurance agents in Boston
If you want a local Boston insurance agent, there are two types of insurance agents and how they are slightly different. Agents are categorized either independent (non-exclusive) or exclusive. Either type can sell affordable auto insurance policies, but it’s important to point out the difference between them since it can affect buying decisions.
Exclusive Insurance Agencies
Exclusive agencies are contracted to one company and examples are Farmers Insurance or State Farm. They generally cannot provide prices from multiple companies so always compare other rates. Exclusive agencies are usually quite knowledgeable on their company’s products which helps them sell insurance even at higher premiums. Consumers sometimes use the same exclusive agent mostly because of the prominent brand name and strong financial ratings.
The following is a short list of exclusive insurance agents in Boston that can give you price quote information.
- AAA Boston
125 High St – Boston, MA 02110 – (617) 443-9300 – View Map - Allstate Insurance: Abner Joseph
571 Dudley St Ste A – Boston, MA 02125 – (617) 442-9490 – View Map
Independent Agencies or Brokers
Agents of this type often have many company appointments and that enables them to quote your coverage with a variety of different insurance companies and possibly get better coverage at lower prices. If you want to switch companies, your agent can switch companies which makes it simple for you. When shopping rates, we highly recommend that you check rates from multiple independent agents for the best price selection. A lot of them also have access to less well-known companies which can be an advantage.
Listed below are Boston independent insurance agents willing to provide price quote information.
- F.I. Patnode Insurance Agency
396 Washington St – Brighton, MA 02135 – (617) 787-1400 – View Map - William J Higgins Insurance
45 L St – South Boston, MA 02127 – (617) 269-4040 – View Map - Allston Insurance
281 Western Ave – Boston, MA 02134 – (617) 229-6413 – View Map
Massachusetts auto insurance companies ranked
Ending up with the best car insurance company can be difficult considering how many companies are available to choose from in Boston. The company ratings shown next could help you pick which companies you want to consider shopping your coverage with.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| The General | 96 | 100 | 92 | 91% | A- | 95 |
| Mercury Insurance | 87 | 96 | 100 | 87% | A+ | 93.4 |
| Titan Insurance | 87 | 96 | 94 | 93% | A+ | 92.9 |
| The Hartford | 88 | 96 | 91 | 93% | A+ | 92.6 |
| Progressive | 84 | 94 | 99 | 90% | A+ | 92.4 |
| Travelers | 84 | 93 | 100 | 87% | A++ | 92.3 |
| State Farm | 84 | 93 | 95 | 87% | A++ | 91 |
| Farmers Insurance | 87 | 92 | 90 | 85% | A | 90.6 |
| Safeco Insurance | 85 | 91 | 87 | 86% | A | 88.4 |
| USAA | 71 | 93 | 98 | 87% | A++ | 88 |
| GEICO | 73 | 93 | 95 | 85% | A++ | 87.1 |
| 21st Century | 85 | 85 | 91 | 89% | A | 86.9 |
| Liberty Mutual | 72 | 91 | 97 | 83% | A | 86.4 |
| AAA Insurance | 85 | 85 | 88 | 86% | A | 85.8 |
| Nationwide | 71 | 90 | 93 | 83% | A+ | 84.9 |
| Allstate | 69 | 92 | 92 | 83% | A+ | 84.4 |
| American Family | 77 | 96 | 80 | 85% | A | 83.8 |
| Esurance | 70 | 80 | 89 | 77% | A+ | 79.2 |
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Data Source: Insure.com Best Car Insurance Companies
In conclusion
Affordable BMW M5 insurance in Boston is available both online as well as from insurance agents, and you need to price shop both to get a complete price analysis. There are still a few companies who may not have online quoting and usually these small insurance companies sell through independent insurance agents.
People leave their current company for a number of reasons such as questionable increases in premium, poor customer service, not issuing a premium refund and delays in responding to claim requests. It doesn’t matter why you want to switch choosing a new insurance company can be easy and end up saving you some money.
When getting Boston auto insurance quotes online, it’s a bad idea to reduce needed coverages to save money. In too many instances, consumers will sacrifice physical damage coverage only to discover later that it was a big mistake. Your goal is to purchase a proper amount of coverage at the lowest possible cost while not skimping on critical coverages.
Steps to quoting cheaper BMW M5 insurance in Boston
It takes a few minutes, but the best way to get budget BMW M5 insurance in Boston is to make a habit of regularly comparing prices from companies in Massachusetts. Rates can be compared by following these guidelines.
- Step 1: Get an understanding of coverages and the things you can change to lower rates. Many factors that result in higher rates such as accidents, careless driving, and a bad credit rating can be rectified by making small lifestyle or driving habit changes.
- Step 2: Request price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can give quotes from one company like GEICO and State Farm, while agents who are independent can quote rates from many different companies. Begin your rate comparison
- Step 3: Compare the new rate quotes to your current policy to see if you can save by switching companies. If you find a lower rate and switch companies, make sure there is no lapse between the expiration of your current policy and the new one.
A good tip to remember is that you use the same liability limits and deductibles on each quote request and and to get price quotes from as many companies as possible. This enables an apples-to-apples comparison and a good representation of prices.
Additional auto insurance information can be read below:
- What are my Rights when Filing a Claim? (Insurance Information Institute)
- Who Has the Cheapest Car Insurance Quotes for Seniors in Boston? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Nissan Rogue in Boston? (FAQ)
- What Insurance is Cheapest for a Honda Accord in Boston? (FAQ)
- How Much are Auto Insurance Quotes for a Chevrolet Traverse in Boston? (FAQ)
- What Auto Insurance is Cheapest for Teachers in Boston? (FAQ)
- Who Has the Cheapest Boston Car Insurance Quotes for High School Students? (FAQ)
- What Car Insurance is Cheapest for Real Estate Agents in Boston? (FAQ)
- Who Has the Cheapest Boston Auto Insurance Quotes for a Ford Fusion? (FAQ)
- Who Has the Cheapest Boston Car Insurance Quotes for High Mileage Drivers? (FAQ)
- Who Has Cheap Boston Auto Insurance for 19 Year Olds? (FAQ)
- Understanding Rental Car Insurance (Insurance Information Institute)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)