It’s safe to assume that car insurance companies want to keep your business as long as possible. People who shop around for the cheapest price will presumably buy a different policy because of the good chance of finding lower prices. A recent survey discovered that drivers who make a habit of shopping around saved approximately $3,400 over four years compared to other drivers who never compared rates.
If finding the cheapest rates on auto insurance in Las Vegas is why you’re here, then learning about how to shop for insurance coverage can make the process less intimidating.
If saving the most money is your goal, then the best way to get low-cost BMW M5 insurance in Las Vegas is to compare prices at least once a year from insurance carriers who can sell car insurance in Nevada. Prices can be compared by following these guidelines.
Step 1: Spend a few minutes and learn about car insurance and the measures you can control to lower rates. Many rating factors that cause high rates such as tickets, at-fault accidents, and a not-so-good credit rating can be controlled by making lifestyle changes or driving safer.
Step 2: Request rate estimates from direct, independent, and exclusive agents. Direct and exclusive agents can provide rates from one company like Progressive or Farmers Insurance, while independent agents can quote prices for many different companies. View companies
Step 3: Compare the new rate quotes to the premium of your current policy to see if switching to a new carrier will save money. If you can save money and decide to switch, make sure coverage does not lapse between policies.
One key aspect of rate comparisons is to compare the same liability limits and deductibles on every quote request and and to get prices from as many carriers as you can. Doing this provides a level playing field and a complete selection of prices.
When shopping for BMW M5 insurance in Las Vegas there are multiple ways of comparing price quotes from insurance companies in your area. The recommended way to find the cheapest BMW M5 insurance rates is to jump online and get quotes.
It’s so easy to compare quotes online that it makes it a waste of time to drive to local Las Vegas insurance agencies. The ability to quote BMW M5 insurance online has made agencies unnecessary unless you have a complicated situation and need the professional assistance that only a licensed agent can provide. It is possible to comparison shop online but purchase the actual policy in an agency. It’s important to know that comparing a large number of companies will improve the odds of getting a better price. Some smaller insurers do not give Las Vegas M5 insurance quotes online, so you also need to get prices from them as well.
The following companies are our best choices to provide comparison quotes in Nevada. If you want to find cheap car insurance in Las Vegas, it’s a good idea that you compare several of them in order to get a fair rate comparison.
Discounts can help save money on BMW M5 insurance in Las Vegas
Some companies don’t necessarily list every discount available in an easy-to-find place, so the next list breaks down both the well known in addition to some of the lesser obvious discounts you could be receiving when you buy Las Vegas auto insurance online.
- E-sign Discounts – Some companies may give you up to $50 for buying your policy digitally online.
- Good Student – This discount may save you up to 25%. Earning this discount can benefit you up to age 25.
- Full Payment Discount – If you can afford to pay the entire bill instead of monthly or quarterly installments you may have a lower total premium amount.
- 55 and Retired – If you qualify as a senior citizen, you can possibly qualify for reduced rates.
- Military Discounts – Being deployed in the military could be rewarded with lower prices.
- Safety Course Discount – Taking a course teaching defensive driver skills could save 5% or more and easily pay for the cost of the class.
Discounts reduce rates, but you should keep in mind that some credits don’t apply to the whole policy. The majority will only reduce the price of certain insurance coverages like comprehensive or collision. Despite the appearance that having all the discounts means you get insurance for free, nobody gets a free ride. But all discounts will reduce the amount you pay for coverage.
The chart below shows the comparison of BMW M5 premium costs with and without policy discounts. The price estimates are based on a male driver, a clean driving record, no at-fault accidents, Nevada state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-car, claim-free, multi-policy, safe-driver, and homeowner discounts applied.
Some of the larger companies who may offer many of the previously listed discounts may include but are not limited to:
When comparing rates, check with each insurance company what discounts are available to you. Some of the discounts discussed earlier may not apply in Las Vegas. To find companies that provide some of the discounts listed above in Nevada, click this link.
Coverage statistics and figures
The rate information displayed below showcases different coverage prices for BMW M5 models. Having insight into how insurance rates are determined is important for making smart choices when comparing insurance quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $312 | $704 | $372 | $22 | $112 | $1,522 | $127 |
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Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Nevada minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Premium amounts do not factor in your specific Las Vegas location which can revise auto insurance rates significantly.
Physical damage deductibles
When buying car insurance, a common question is how high should the physical damage coverage deductibles be. The rates shown below can help you understand the differences in premium rates when you buy lower versus higher comp and collision deductibles. The first table uses a $100 comprehensive and collision deductible and the second price chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $436 | $906 | $308 | $18 | $92 | $1,785 | $149 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $318 | $612 | $308 | $18 | $92 | $1,348 | $112 |
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Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Nevada minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Rate information does not factor in the specific area where the vehicle is garaged which can influence price quotes noticeably.
We can estimate from the data above that using a $100 deductible would cost the average driver about $37 more each month or $444 for a full year than requesting the higher $500 deductible. Since you would pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you usually have more than 11 months between claims, you would probably come out ahead if you choose a higher deductible. The table below shows the way this decision is made.
| Average monthly premium for $100 deductibles: | $149 |
| Average monthly premium for $500 deductibles (subtract): | – $112 |
| Monthly savings from raising deductible: | $37 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $37 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 11 months |
One thing to be aware of is that increasing deductibles to save money means you will have to pay more when you have a claim. You will want to have some extra funds in the event you have to pay the deductible for vehicle repair.
The example below demonstrates how choosing different deductibles and can raise or lower BMW M5 insurance prices for different age groups. The prices are based on a single female driver, full coverage, and no policy discounts are applied.
Difference between liability only and full coverage rates
The diagram below visualizes the comparison of BMW M5 insurance costs with liability coverage only compared to full coverage. The premium estimates are based on no claims or violations, $100 deductibles, drivers are single, and no policy discounts are applied.
When to drop full coverage
There isn’t a steadfast formula of when to drop comp and collision coverage, but there is a guideline you can use. If the annual cost of coverage is more than about 10% of replacement cost minus your deductible, then you may need to consider dropping full coverage.
For example, let’s say your BMW M5 replacement cost is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $4,000 after paying your policy deductible. If you are paying more than $400 a year for full coverage, then it could be time to drop full coverage.
There are a few situations where buying only liability insurance is not recommended. If you still have a lienholder on your title, you have to carry full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should maintain full coverage.
Why You Might Pay Inflated Rates in Las Vegas
Many things are considered when you quote your car insurance policy. Some factors are common sense such as traffic violations, but some are not as apparent such as your marital status or how safe your car is. Consumers need to have an understanding of the different types of things that are used to determine your policy premiums. If you have a feel for what determines base rates, this empowers consumers to make smart changes that will entitle you to big savings.
The list below includes some of the most rate-impacting factors that factor into your rates.
Remove unneeded extra policy coverages – Insurance companies have many extra bells and whistles that sound like a good idea at the time if you aren’t diligent. Insurance for roadside assistance, high-cost glass coverage, and additional equipment coverage are probably not needed. They may seem good when deciding what coverages you need, but if you’ve never needed them in the past think about removing them and cutting costs.
What’s your car’s crash test rating? – Vehicles with good safety scores tend to be cheaper to insure. Vehicles built for safety have better occupant injury protection and any reduction in injury severity means lower claim amounts passed on to you as lower rates. If your BMW has ratings of a minimum four stars on Safercar.gov it may cost less to insure.
No auto insurance policy gaps is important – Having a lapse in insurance coverage is a fast way to increase your renewal premiums. Not only will you pay higher rates, failure to provide proof of insurance will get you fines or a revoked license.
Being married can lower rates – Being married may earn you lower rates on your policy. Marriage usually means you are more mature than a single person and it’s statistically proven that married drivers get in fewer accidents.
Drive fewer miles and save – The higher the miles on your BMW every year the more you’ll pay to insure it. A lot of insurance companies price each vehicle’s coverage based on how the vehicle is used. Cars and trucks that have low annual miles receive better premium rates than cars that get driven a lot. Make sure your policy states the correct driver usage. An incorrectly rated M5 can cost quite a bit.
BMW M5 claim statistics – Companies use past loss statistics for each vehicle to help determine the rate you pay. Vehicles that historically have higher claim frequency or loss amount will cost more for specific coverages. The table below shows the insurance loss data for BMW M5 vehicles.
For each coverage type, the claim amount for all vehicles combined as an average is set at 100. Numbers under 100 suggest a positive loss record, while values that are above 100 point to more losses or an increased chance of a larger loss.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW M5 4dr | 284 | 94 | 373 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance is available from local agents
Many people just want to buy from a local agent and there is nothing wrong with that. A good thing about comparing rates online is the fact that you can find cheap rate quotes and also buy local.
To help locate an agent, after submitting this simple form, your information is emailed to agents in your area who will return price quotes for your coverage. There is no need to find an agent on your own because prices are sent instantly to you. You can get cheaper auto insurance rates and an insurance agent to talk to. If you need to compare prices from a particular provider, feel free to find their quoting web page and fill out their quote form.
Finding the right insurance company is decision based upon more than just the quoted price. Any agent in Las Vegas should be willing to answer these questions.
- In the event of vehicle damage, can you pick the collision repair facility?
- What kind of financial rating does the company have?
- Does the agency have a positive business rating?
- Will one accident increase rates?
- Are there any discounts that you might be missing?
- Is working in the agency their full-time job?
- Which companies do they recommend if they are an independent agency?
- How are they compensated?
If you would like to find a reliable insurance agency, you need to know there are two types of agencies from which to choose. Las Vegas agents may be either exclusive or independent (non-exclusive).
Exclusive Agencies
These type of agents can only quote rates from one company and some examples include State Farm, AAA, Farmers Insurance or Allstate. These agents are not able to compare rates from other companies so they have no alternatives for high prices. Exclusive agencies are trained well on what they offer which can be an advantage.
Shown below are Las Vegas exclusive agencies who may provide you with price quotes.
Mike Whitford – State Farm Insurance Agent
6485 N Decatur Blvd #150 – Las Vegas, NV 89131 – (702) 463-2400 – View Map
Marivic Macabasco – State Farm Insurance Agent
1096 E Sahara Ave #207 – Las Vegas, NV 89104 – (702) 892-9908 – View Map
Tod Young – State Farm Insurance Agent
7450 W Cheyenne Ave #105 – Las Vegas, NV 89129 – (702) 367-4900 – View Map
Independent Agents
These agents are not employed by one company and that enables them to quote your coverage with a variety of different insurance companies and help determine which has the cheapest rates. If you are not satisfied with one company, they can switch companies in-house which makes it simple for you. If you are comparing auto insurance prices, it’s recommended you get insurance quotes from at a minimum one independent agency to get the most accurate price comparison.
Below are Las Vegas independent agencies that can give you price quotes.
Universal Insurance Agency
348 N Nellis Blvd – Las Vegas, NV 89110 – (702) 838-5141 – View Map
Alliance Insurance Agency
1955 E Tropicana Ave h – Las Vegas, NV 89119 – (702) 518-6727 – View Map
Bleecher Insurance
3085 S Jones Blvd – Las Vegas, NV 89146 – (702) 477-7776 – View Map
Insurance can be complex
Keep in mind that when it comes to choosing proper insurance coverage, there really is not a one size fits all plan. Every insured’s situation is different.
These are some specific questions may help highlight if your insurance needs might need an agent’s assistance.
- Is my BMW M5 covered for smoke damage?
- Who is covered when they drive my BMW M5?
- Do I need roadside assistance coverage?
- Why am I required to buy high-risk coverage?
- Does my car insurance cover rental cars?
- Why does it cost so much to insure a teen driver in Las Vegas?
- Do they offer discounts for home and auto coverage?
- Should I drop comprehensive coverage on older vehicles?
If you don’t know the answers to these questions, you may need to chat with a licensed insurance agent. To find an agent in your area, complete this form.
Best car insurance company in Las Vegas
Choosing the best insurer can be difficult considering how many companies sell insurance in Las Vegas. The rank data shown below can help you select which insurers you want to consider when shopping around.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Mercury Insurance | 88 | 91 | 90 | 85% | A+ | 89.4 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Travelers | 80 | 87 | 87 | 83% | A++ | 85.2 |
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Data Source: Insure.com Best Car Insurance Companies
One last thing about your coverage
You just learned many ways to lower your BMW M5 insurance car insurance rates in Las Vegas. The key thing to remember is the more times you quote, the higher your chance of finding the cheapest BMW M5 rate quotes. Consumers may even find the most savings is with a smaller regional carrier.
As you restructure your insurance plan, it’s not a good idea to reduce coverage to reduce premium. Too many times, someone sacrificed liability limits or collision coverage and learned later that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to buy the best coverage you can find for the lowest price but still have enough coverage for asset protection.
Affordable BMW M5 insurance in Las Vegas can be bought from both online companies and from local agencies, and you should compare rates from both in order to have the best price selection to choose from. There are still a few companies who do not provide online rate quotes and usually these smaller companies sell through local independent agents.
More detailed insurance information is available by following these links:
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- Who Has the Cheapest Las Vegas Car Insurance Rates for College Graduates? (FAQ)
- Who Has the Cheapest Auto Insurance for a Honda CR-V in Las Vegas? (FAQ)
- What Auto Insurance is Cheapest for a Chevrolet Silverado in Las Vegas? (FAQ)
- Who Has Affordable Auto Insurance Rates for a Ford Explorer in Las Vegas? (FAQ)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Choosing a Car for Your Teen (State Farm)
- Prom Night Tips for Teen Drivers (State Farm)
- Auto Insurance FAQ (Farmers Insurance)