Trying to find better insurance prices for a BMW M5 in Wisconsin can be an all-consuming task, but you can learn our auto insurance buying tips to make it easier.
There are both good and bad ways to find auto insurance online and you need to know the absolute fastest way to get price quotes for your BMW and get the lowest possible price either online or from Milwaukee insurance agents.
Remarkably, a study showed that a large majority of consumers kept their policy with the same company for at least four years, and 38% of drivers have never compared rates to find cheaper insurance. With the average auto insurance premium being $1,340, Milwaukee drivers can save hundreds of dollars each year just by shopping around, but they don’t believe how much they could save if they replace their high priced policy.
Consumers should take time to check auto insurance prices periodically since insurance prices go up and down regularly. Just because you had the best price on BMW M5 insurance in Milwaukee six months ago you will most likely find a better rate today. Ignore everything you know about auto insurance because you’re going to get a crash course in the best way to remove unneeded coverages and save money.
The best way we recommend to get policy rate comparisons for BMW M5 insurance in Milwaukee utilizes the fact almost all companies provide online access to give rate comparisons. The only thing you need to do is provide a little information including if a SR-22 is needed, if the car is leased, marital status, and deductibles desired. Those rating factors is instantly submitted to many of the top insurers and they respond with quotes almost instantly.
To compare multiple company lower-cost BMW M5 insurance rates now, click here and see if a lower rate is available in Milwaukee.
The providers in the list below are ready to provide quotes in Milwaukee, WI. If multiple companies are listed, we recommend you compare several of them to get a more complete price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M5 4-Dr Sedan||$296||$622||$236||$14||$70||$1,238||$103|
|Get Your Own Custom Quote Go|
Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Estimates do not factor in specific location information which can modify coverage rates noticeably.
BMW M5 insurance premiums by gender and age
The example below illustrates the difference between BMW M5 auto insurance costs for male and female drivers. The price estimates are based on no driving violations, no at-fault accidents, full coverage, $100 deductibles, single marital status, and no discounts are applied.
Price comparison of only insuring for liability
The example below shows the difference between BMW M5 insurance costs when comparing full coverage to state minimum liability only. The rates are based on no tickets, no at-fault accidents, $100 deductibles, single female driver, and no policy discounts are applied.
Should you pay for full coverage?
There isn’t a written rule of when to eliminate comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
For example, let’s say your BMW M5 replacement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $3,000 after the policy deductible has been paid. If you are paying more than $300 a year for your policy with full coverage, then it could be time to drop full coverage.
There are a few situations where dropping full coverage is not a good plan. If you still owe money on your vehicle, you have to maintain full coverage to satisfy the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Discounts can help lower premiums on BMW M5 insurance in Milwaukee
Insurance can cost an arm and a leg, but there could be available discounts that could help you make your next renewal payment. A few discounts will automatically apply at quote time, but some need to be specially asked for before being credited.
- Homeowners Savings – Just owning your own home can save a few bucks because it is proof that your finances are in order.
- No Claims – Milwaukee drivers who stay claim-free can earn big discounts as opposed to policyholders that have many claims.
- Employee of Federal Government – Active or former government employment may qualify for a discount when you quote Milwaukee auto insurance depending on your company.
- Student in College – Older children who are attending college without a vehicle on campus can be insured at a reduced rate.
- Low Mileage – Maintaining low annual mileage can qualify you for lower prices on the low mileage vehicles.
- Multiple Vehicles – Buying insurance for multiple cars with the same company can reduce rates for all insured vehicles.
- Military Discounts – Being on active deployment in the military could be rewarded with lower auto insurance rates.
- ABS Braking Discount – Cars and trucks that have steering control and anti-lock brakes prevent accidents and will save you 10% or more on M5 insurance in Milwaukee.
Keep in mind that most discounts do not apply to all coverage premiums. A few only apply to specific coverage prices like liability, collision or medical payments. Even though it appears you could get a free auto insurance policy, insurance companies wouldn’t stay in business.
A partial list of companies that have some of the above discounts are:
If you are trying to find low cost Milwaukee auto insurance quotes, ask all companies you are considering which credits you are entitled to. Some discounts listed above might not be offered in Milwaukee. For a list of companies that offer the discounts shown above in Wisconsin, follow this link.
Best reasons to buy insurance in Wisconsin
Despite the high cost of buying insurance for a BMW M5 in Milwaukee, buying insurance is required by state law in Wisconsin and it also provides benefits you may not be aware of.
- Most states have mandatory insurance requirements which means state laws require a minimum amount of liability in order to license the vehicle. In Wisconsin 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.
- If you have a loan on your BMW M5, it’s guaranteed your bank will force you to buy insurance to ensure the loan is repaid in case of a total loss. If coverage lapses or is canceled, the bank may buy a policy for your BMW at a much higher rate and make you pay much more than you were paying before.
- Insurance protects your BMW M5 and your assets. It will also reimburse you for most medical and hospital costs incurred in an accident. Liability insurance also covers legal expenses if anyone sues you for causing an accident. If damage is caused by hail or an accident, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of carrying enough insurance greatly outweigh the cost, especially when you need to use it. The average driver in America is wasting up to $850 per year so it’s important to compare rates once a year at a minimum to help ensure money is not being wasted.
Comparing prices from local Milwaukee auto insurance agents
A small number of people prefer to talk to an insurance agent and that is OK! Licensed agents are trained risk managers and help in the event of a claim. One of the benefits of getting free rate quotes online is the fact that drivers can get the lowest rates and still have a local agent. Supporting local agents is definitely important in Milwaukee.
For easy comparison, once you complete this form (opens in new window), your coverage information gets sent to companies in Milwaukee who want to provide quotes for your auto insurance coverage. There is no need to do any legwork due to the fact that quote results will go to you directly. If you wish to quote rates from a specific insurance company, you can always go to their quote page and submit a quote form there.
If you prefer to buy auto insurance from a reliable insurance agent, it helps to know the two different agency structures and how they can write your policy. Agents can be categorized as either independent or exclusive depending on the company they work for. Both can properly insure your vehicles, but it’s good to learn how they are different since it can impact the type of agent you choose.
Independent Auto Insurance Agencies or Brokers
Agents of this type can quote rates with many companies and that allows them to write policies with multiple insurance companies and find the cheapest auto insurance rates. If you are not satisfied with one company, they can switch companies in-house and you stay with the same agent.
If you need cheaper auto insurance rates, you will want to compare prices from several independent agencies to have the best price comparison. Many can place coverage with companies that do not advertise much that may provide cheaper auto insurance rates.
Below is a short list of independent insurance agencies in Milwaukee who may provide free rate quotes.
- Wesley Insurance
5600 W Center St – Milwaukee, WI 53210 – (414) 873-4500 – View Map
- Reilly Insurance Services
3075 S Howell Ave – Milwaukee, WI 53207 – (414) 482-4461 – View Map
- Schwade Insurance Agency, Inc.
8131 W Capitol Dr – Milwaukee, WI 53222 – (414) 462-5000 – View Map
Exclusive Insurance Agents
These agents can usually just insure with one company such as Allstate, State Farm and Farmers Insurance. These agents are unable to shop your coverage around so it’s a take it or leave it situation. Exclusive agencies are well trained on sales techniques which can be an advantage. Consumers often buy insurance from these agents primarily because of high brand loyalty and solid financial strength.
Shown below is a list of exclusive insurance agencies in Milwaukee willing to provide comparison quotes.
- American Family Insurance – Lamar E. Dismuke
8201 W Capitol Dr – Milwaukee, WI 53222 – (414) 527-1925 – View Map
- American Family Insurance – Adam Altis
6015 W Forest Home Ave – Milwaukee, WI 53220 – (414) 321-9944 – View Map
- Allstate Insurance: Mark Stanley
3525 S 68th St – Milwaukee, WI 53220 – (414) 321-3700 – View Map
Finding a good insurance agency requires more thought than just a cheap price quote. Here are some questions you should ask.
- Does their agency support local causes in Milwaukee?
- What is the agency’s Better Business Bureau rating?
- Where would your vehicle be repaired?
- Do they prorate repair cost based on vehicle mileage?
- Do they get extra compensation for selling add-on coverages?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- Will the company cover a rental car if your car is getting fixed?
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
Once you have satisfactory answers for all questions you ask as well as an affordable premium quote, chances are good that you have found an insurance agency that is a good match to insure your vehicles. Just remember you can terminate coverage whenever you wish so don’t assume that you are permanently stuck with any particular company indefinitely.
Information about specific coverages
Having a good grasp of your car insurance policy helps when choosing the best coverages and the correct deductibles and limits. Policy terminology can be confusing and reading a policy is terribly boring.
Medical expense insurance
Med pay and PIP coverage provide coverage for bills for doctor visits, prosthetic devices, EMT expenses, surgery and rehabilitation expenses. The coverages can be used in conjunction with a health insurance policy or if you do not have health coverage. It covers both the driver and occupants and will also cover any family member struck as a pedestrian. PIP coverage is not available in all states but can be used in place of medical payments coverage
Liability auto insurance
Liability coverage provides protection from damage that occurs to other people or property that is your fault. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 25/50/10 that means you have a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and $10,000 of coverage for damaged property. Another option is one limit called combined single limit (CSL) which provides one coverage limit rather than limiting it on a per person basis.
Liability insurance covers things like attorney fees, funeral expenses, medical expenses, structural damage and loss of income. How much coverage you buy is a decision to put some thought into, but consider buying as large an amount as possible. Wisconsin state law requires minimum liability limits of 25/50/10 but you should think about purchasing more coverage.
Collision coverage pays for damage to your M5 from colliding with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things such as scraping a guard rail, sustaining damage from a pot hole, rolling your car, hitting a mailbox and backing into a parked car. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to raise the deductible on your M5 to save money on collision insurance.
Protection from uninsured/underinsured drivers
This gives you protection when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries to you and your family and damage to your BMW M5.
Since a lot of drivers only carry the minimum required liability limits (25/50/10 in Wisconsin), their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important. Usually the UM/UIM limits are similar to your liability insurance amounts.
Comprehensive (Other than Collision)
This coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive can pay for things such as a tree branch falling on your vehicle, a broken windshield and falling objects. The maximum amount your car insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.