Auto Insurance Rates for a BMW M5 in Jacksonville

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A recent NerdWallet.com study revealed that almost 70% of insureds have bought car insurance from the same company for at least the last four years, and 38% of drivers have never compared quotes from other companies. With the average car insurance premium being $2,200, Florida drivers can save almost 55% each year by just shopping around, but they just don't understand the big savings they would realize if they switched to a more affordable policy.

Insurance rates BMW M5 in JacksonvilleTo save the most money, the best way to find cheaper prices for BMW M5 insurance in Jacksonville is to regularly compare quotes from insurance carriers in Florida.

First, try to understand car insurance and the things you can control to prevent expensive coverage. Many rating criteria that are responsible for high rates such as traffic citations, accidents, and a not-so-good credit rating can be eliminated by being financially responsible and driving safely. Later in this article we will cover information to help prevent costly coverage and get additional discounts.

Second, compare rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from a single company like GEICO and State Farm, while independent agents can provide price quotes from multiple companies.

Third, compare the new rate quotes to your existing coverage to see if switching to a new carrier will save money. If you find better rates and switch companies, ensure there is no coverage lapse between policies.

Fourth, give notification to your current company to cancel your existing policy. Submit any necessary down payment along with the completed application to your new carrier. As soon as you receive it, keep your new certificate verifying proof of insurance with your vehicle's registration.

A valuable tip to remember is to compare identical coverages on each quote request and and to get quotes from as many companies as possible. This provides a level playing field and plenty of rates choose from.

Getting quotes for the lowest-priced insurance policy in Jacksonville is not as confusing as people think. If you're already insured or are looking for a new policy, use these cost-cutting techniques to find better prices and still have adequate protection. You just need to know the best way to compare rate quotes online.

All major car insurance companies allow consumers to get price estimates online. The process is easy for anyone as you simply enter your personal and coverage information into the form. After the form is submitted, the system automatically orders your credit score and driving record and returns pricing information based on many factors. Using the web to get price quotes for BMW M5 insurance in Jacksonville helps simplify price comparisons, and it's also necessary to do this if you are searching for the most affordable premium.

To save time and compare rates using this form now, compare rates from the companies below. If you have coverage now, it's recommended you duplicate deductibles and limits identical to your current policy. This way, you will have an apples-to-apples comparison for exact coverage.

The providers in the list below provide free quotes in Florida. If more than one company is shown, it's a good idea that you click on several of them to find the lowest auto insurance rates.

Statistics and details

The premium table displayed next outlines estimates of insurance costs for BMW M5 models. Having a better understanding of how prices are determined is important for making informed coverage decisions.

BMW M5 Insurance Rates in Jacksonville, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $318 $634 $426 $26 $128 $1,532 $128
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Premium data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Premium amounts do not factor in specific Jacksonville garaging location which can change prices noticeably.

Should you buy full coverage?

The illustration below visualizes the comparison of BMW M5 auto insurance rates with and without physical damage coverage. The price estimates are based on a clean driving record, no claims, $100 deductibles, drivers are single, and no discounts are factored in.

Should you pay for full coverage or liability only?

There is no exact formula of when to exclude full coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is about 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.

For example, let's assume your BMW M5 book value is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $4,000 after paying your policy deductible. If premiums are more than $400 annually for full coverage, then it could be time to drop full coverage.

There are some situations where dropping full coverage is not financially feasible. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage in place.

Insurance is not optional in Florida

Despite the high cost, insurance is required for several reasons.

  • Most states have minimum mandated liability insurance limits which means it is punishable by state law to not carry specific minimum amounts of liability protection in order to be legal. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
  • If your BMW has a loan, it's most likely the lender will stipulate that you have comprehensive coverage to guarantee loan repayment. If you do not keep the policy in force, the bank will be required to insure your BMW at a much higher premium rate and force you to pay for it.
  • Insurance protects your BMW M5 and your assets. It also can pay for medical bills for you, any passengers, and anyone injured in an accident. Liability coverage, the one required by state law, also pays for attorney fees and expenses if you cause an accident and are sued. If your BMW gets damaged, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.

The benefits of insuring your M5 are definitely more than the cost, especially with large liability claims. Unknowingly, the average driver overpays as much as $800 each year so it's important to compare rates at every renewal to help ensure money is not being wasted.

Car insurance coverages 101

Having a good grasp of a car insurance policy can help you determine which coverages you need and the correct deductibles and limits. Policy terminology can be confusing and even agents have difficulty translating policy wording. Shown next are the normal coverages available from car insurance companies.

Collision coverage protection

This will pay to fix damage to your M5 resulting from colliding with another car or object. A deductible applies then your collision coverage will kick in.

Collision coverage pays for things such as scraping a guard rail, backing into a parked car, colliding with a tree, rolling your car and damaging your car on a curb. Collision is rather expensive coverage, so consider removing coverage from older vehicles. Drivers also have the option to choose a higher deductible on your M5 to bring the cost down.

Auto liability

This coverage will cover damage or injury you incur to other's property or people by causing an accident. Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have policy limits of 10/20/10 that means you have $10,000 bodily injury coverage, a total of $20,000 of bodily injury coverage per accident, and a limit of $10,000 paid for damaged property. Another option is a combined single limit or CSL which combines the three limits into one amount rather than limiting it on a per person basis.

Liability can pay for things like pain and suffering, legal defense fees, emergency aid and repair bills for other people's vehicles. The amount of liability coverage you purchase is a personal decision, but consider buying as large an amount as possible. Florida state minimum liability requirements are 10/20/10 but drivers should carry more liability than the minimum.

The next chart demonstrates why buying the state minimum limits may not be high enough to cover claims.

Coverage for medical payments

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for doctor visits, chiropractic care, funeral costs, X-ray expenses and pain medications. The coverages can be utilized in addition to your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. PIP coverage is not universally available but can be used in place of medical payments coverage

Uninsured and underinsured coverage

This gives you protection from other motorists when they do not carry enough liability coverage. This coverage pays for medical payments for you and your occupants as well as your vehicle's damage.

Due to the fact that many Florida drivers have only the minimum liability required by law (10/20/10 in Florida), their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Most of the time your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Comprehensive coverages

This coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims such as hitting a deer, damage from a tornado or hurricane and falling objects. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle is not worth much consider dropping full coverage.