How to Save on BMW M5 Insurance in Irvine

We don’t have to tell you that auto insurance companies want to keep you from shopping around. Consumers who shop around for cheaper prices will most likely move their business because there is a significant possibility of getting low-cost coverage. A study showed that drivers who compared prices regularly saved $72 a month compared to those who never shopped around.

If finding low prices for car insurance in Irvine is your intention, understanding the best way to shop and compare auto insurance can help simplify the task of finding more affordable coverage.

The best way to quote cheaper BMW M5 insurance in Irvine is to compare prices regularly from providers in California. Drivers can shop around by following these guidelines.

First, try to learn a little about how insurance works and the things you can control to prevent expensive coverage. Many things that cause high rates such as accidents, careless driving, and poor credit history can be rectified by making minor changes in your lifestyle.

Second, obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give rate quotes from a single company like GEICO or Farmers Insurance, while agents who are independent can provide prices for a wide range of companies.

Third, compare the quotes to your current policy and see if you can save money. If you can save money and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

A good tip to remember is to use the same level of coverage on each price quote and and to get quotes from every insurance company. Doing this helps ensure a fair rate comparison and a thorough price selection.

If you are insured now, you will definitely be able to buy cheaper car insurance using these techniques. Finding the cheapest coverage in Irvine can be much easier if you know how to start. But California vehicle owners need to have an understanding of how big insurance companies compete online and use this information to your advantage.

Determine discounts on Irvine car insurance

Companies offering auto insurance don’t always list every available discount very clearly, so we researched a few of the more well known and the more hidden discounts that you can inquire about if you buy Irvine car insurance online.

• Home Ownership Discount – Owning a home in Irvine may trigger a policy discount on car insurance because maintaining a house demonstrates responsibility.
• Federal Government Employee – Federal government employees may qualify for a discount when you quote Irvine car insurance depending on your car insurance provider.
• Air Bags and Passive Restraints – Vehicles equipped with air bags or motorized seat belts can receive discounts of 20% or more.
• Auto/Home Discount – If you can bundle your auto and homeowners insurance with one insurance company you will save nearly 15% which can help you find cheaper M5 insurance.
• Paperless Signup – Some car insurance companies will give a small break shop Irvine car insurance over the internet.
• ABS Braking Discount – Anti-lock brake equipped vehicles can reduce accidents and will save you 10% or more on M5 insurance in Irvine.
• Discount for Low Mileage – Low annual miles could qualify for slightly better premium rates than normal.
• Theft Deterrent System – Vehicles optioned with advanced anti-theft systems have a lower chance of being stolen and qualify for as much as a 10% discount.

Please keep in mind that most credits do not apply to the entire policy premium. Most only cut the cost of specific coverages such as medical payments or collision. So when it seems like adding up those discounts means a free policy, nobody gets a free ride.

The information below visualizes the comparison of BMW M5 auto insurance rates with and without discounts applied to the policy premium. The prices are based on a male driver, no tickets, no at-fault accidents, California state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, marriage, safe-driver, homeowner, and multi-policy discounts applied.

A list of companies and some of the discounts are:

• American Family offers discounts for bundled insurance, TimeAway discount, multi-vehicle, Steer into Savings, air bags, and good driver.
• Farm Bureau has discounts for renewal discount, multi-vehicle, safe driver, driver training, multi-policy, and good student.
• State Farm includes discounts for student away at school, defensive driving training, passive restraint, Drive Safe & Save, and good student.
• Travelers may have discounts that include save driver, payment discounts, hybrid/electric vehicle, home ownership, new car, and good student.
• The Hartford discounts include bundle, defensive driver, vehicle fuel type, driver training, good student, and anti-theft.
• GEICO offers premium reductions for anti-theft, anti-lock brakes, seat belt use, daytime running lights, five-year accident-free, and military active duty.
• Progressive may include discounts for online signing, homeowner, continuous coverage, multi-vehicle, multi-policy, and online quote discount.

Check with each insurance company how many discounts you can get. Some of the earlier mentioned discounts might not be available to policyholders everywhere.

How to compare BMW M5 insurance quotes in Irvine

Just keep in mind that comparing a wide range of rates increases the chance that you will find better pricing.

The companies in the list below can provide price comparisons in Irvine, CA. If your goal is to find cheap auto insurance in Irvine, CA, we recommend you visit several of them to get a more complete price comparison.

BMW M5 coverage statistics

The table shown below covers different insurance coverage prices for BMW M5 models. Having knowledge of how insurance rates are determined can benefit drivers when making smart choices when purchasing an auto insurance policy.

Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and California minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Table data does not factor in zip code location which can revise prices substantially.

Choosing deductibles

One of the hardest decisions when shopping for car insurance is at what level do you set your deductibles. The data tables below may aid in understanding the differences in premium rates between high and low coverage deductibles. The first rate table uses a $100 deductible and the second pricing table uses a $1,000 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Rates do not factor in specific garaging location which can modify premium rates noticeably.

Based on this data, we can arrive at the conclusion that using a $100 deductible could cost the average driver approximately $76 more each month or $912 every year than selecting the higher $1,000 deductible. Since the policyholder would be required to pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you usually have at a minimum 12 months between claim filings, you would most likely save money by selecting a higher deductible.

BMW M5 liability-only versus full coverage

The chart below shows the comparison of BMW M5 premium costs with full physical damage coverage compared to only buying liability only. The costs are based on no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no other discounts are factored in.

When to drop comp and collision

There is no definitive formula for dropping comp and collision coverage, but there is a general convention. If the annual cost of your full coverage insurance is about 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.

For example, let’s say your BMW M5 replacement cost is $5,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $4,000 after you pay the deductible. If you are currently paying more than $400 annually for full coverage, then you might want to think about dropping full coverage.

There are a few cases where dropping physical damage coverage is not recommended. If you still owe a portion of the original loan, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not buy liability only.

What is the best car insurance coverage?

When it comes to buying proper insurance coverage, there really is not a “perfect” insurance plan. Each situation is unique.

Here are some questions about coverages that can aid in determining whether your personal situation might need professional guidance.

• At what point should I drop full coverage?
• How do I buy GAP insurance?
• Am I covered if hit by an uninsured driver?
• Does my policy cover me when driving someone else’s vehicle?
• When does my teenage driver need to be added to my policy?
• Can good grades get a discount?
• How much cheaper are high deductibles?
• Is my camper covered by my car insurance policy?
• Will my BMW M5 be repaired with OEM or aftermarket parts?

If you’re not sure about those questions but one or more may apply to you then you might want to talk to an insurance agent. If you want to speak to an agent in your area, fill out this quick form.

When to have guidance from an agent

A lot of people still prefer to sit down and talk to an agent and that is just fine! An additional benefit of comparing rates online is the fact that you can find cheap rate quotes and still have a local agent.

To help locate an agent, after submitting this quick form, the coverage information is sent to insurance agents in Irvine who will give competitive quotes to get your business. There is no need to contact any agents as quotes are delivered immediately to you. You can get cheaper car insurance rates without a big time investment. If you want to get a price quote from one company in particular, you can always visit that company’s website and give them your coverage information.

Choosing the best insurer should include more criteria than just the premium amount. These are some questions you should get answers to.

• Do they have designations such as AIC, CPCU, or CIC?
• How long has their agency been open in Irvine?
• Will a damage claim use OEM or aftermarket replacement parts?
• By raising physical damage deductibles, how much would you save?
• When do they do a full risk review?
• Can they give you a list of client referrals?
• Does the company allow you to choose your own collision repair facility?
• Where would glass claims be handled in Irvine?

Exclusive agents vs. Independent agents

If you would like to find a reliable insurance agency, it helps to know the two different types of agencies that you can select. Agencies in Irvine can either be exclusive or independent (non-exclusive).

Exclusive Agencies

Agents in the exclusive channel write business for a single company and some examples include American Family, State Farm, and Allstate. Exclusive agents cannot provide rate quotes from other companies so keep that in mind. Exclusive insurance agents are well schooled on sales techniques and that enables them to sell even at higher rates.

Below is a short list of exclusive insurance agencies in Irvine who may provide you with price quote information.

More insurance agents

Independent Agents

Independent agents do not work for one specific company so they can write business with an assortment of companies and potentially find a lower price. To move your coverage to a new company, they simply switch companies in-house which requires no work on your part.

When comparing car insurance prices, it’s recommended you compare prices from multiple independent agents so that you have a good selection of quotes to compare.

Shown below are Irvine independent agencies who can help you get price quotes.

More insurance agents

Irvine car insurance companies ranked

Buying coverage from the best car insurance provider can be challenging considering how many different companies there are to choose from in Irvine. The rank data listed below may help you analyze which car insurance providers to look at when comparing rate quotes.

Top 10 Irvine Car Insurance Companies Ranked by Customer Satisfaction

1. Titan Insurance – 95%
2. USAA – 94%
3. AAA of Southern California – 92%
4. AAA Insurance – 91%
5. Nationwide – 90%
6. State Farm – 90%
7. The Hartford – 89%
8. GEICO – 89%
9. The General – 88%
10. 21st Century – 88%

Top 10 Irvine Car Insurance Companies Overall

1. USAA
2. American Family
3. AAA of Southern California
4. State Farm
5. The Hartford
6. AAA Insurance
7. GEICO
8. The General
9. Titan Insurance
10. Progressive

Find affordable rates by being thorough

In this article, we covered a lot of information how to shop for BMW M5 insurance online. The key concept to understand is the more quotes you get, the higher your chance of finding inexpensive Irvine car insurance quotes. Consumers could even find that the lowest priced insurance comes from some of the smallest insurance companies.

Consumers who switch companies do it for any number of reasons including delays in responding to claim requests, not issuing a premium refund, being labeled a high risk driver and even an unsatisfactory settlement offer. It doesn’t matter what your reason, choosing a new insurance company is not as hard as you think.

As you go through the steps to switch your coverage, make sure you don’t buy poor coverage just to save money. There are many occasions where consumers will sacrifice collision coverage to discover at claim time that the small savings ended up costing them much more. Your aim should be to get the best coverage possible for the lowest price but still have enough coverage for asset protection.

Additional articles

• Car Insurance FAQ (Trusted Choice)
• How Much is Irvine Car Insurance for Teachers? (FAQ)
• Who Has Cheap Irvine Auto Insurance for Ride Shares? (FAQ)
• How Much are Irvine Auto Insurance Quotes for Drivers with Good Credit? (FAQ)
• What is the Best Cheap Car Insurance in Irvine, CA? (FAQ)
• State Laws for Cellphones and Texting (iihs.org)
• Shopping for a Safe Car (Insurance Information Institute)
• Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)