Best Ways to Save on Santa Ana BMW M5 Insurance

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Insurance for BMW M5Are you researching cheaper BMW M5 insurance in Santa Ana? There isn't a single person who likes having to buy auto insurance, in particular when the cost is way too high.

Everyone knows that insurance companies don't want you to look at other companies. Insureds who get comparison quotes at least once a year will, in all likelihood, move their business because of the high probability of finding a more affordable policy premium. A recent auto insurance study discovered that consumers who compared prices regularly saved $850 each year compared to policyholders who never shopped around for cheaper prices.

If saving money on BMW M5 insurance in Santa Ana is your objective, then having some insight into how to find companies and compare insurance can save time and money.

With consumers having so many online and local companies to choose from, it can be difficult for drivers to find the lowest cost insurance company.

Best companies for affordable BMW M5 insurance in California

The companies in the list below are our best choices to provide price comparisons in California. If multiple providers are shown, we suggest you visit several of them in order to get a fair rate comparison.

Auto insurance analysis for a BMW M5

The rate table shown below highlights detailed analysis of insurance coverage prices for BMW M5 models. Having insight into how policy rates are determined can be of help when making decisions when choosing a new policy provider.

BMW M5 Insurance Rates in Santa Ana, CA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $562 $1088 $442 $26 $132 $2,250 $188
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and California minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Price information does not factor in specific garaging location which can affect prices substantially.

Physical damage deductible comparison

A question often asked by Santa Ana drivers is where should you set your physical damage deductibles. The tables below may help you to understand the costs and benefits when you buy lower versus higher deductibles. The first rate table uses a $100 comprehensive and collision deductible and the second rate table uses a $1,000 deductible.

BMW M5 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $624 $1298 $442 $26 $132 $2,547 $212
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BMW M5 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M5 4-Dr Sedan $346 $684 $442 $26 $132 $1,630 $136
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Table data does not factor in your specific Santa Ana location which can affect price quotes significantly.

We can estimate from the data above that using a $100 deductible will cost you approximately $76 more each month or $912 for a full year than choosing the higher $1,000 deductible. Because you would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go more than 12 months between claims, you would come out ahead if you opt for a higher deductible.

Drive responsibly or pay higher rates

The illustration below highlights how traffic violations and at-fault fender-benders can increase BMW M5 premium costs for each different age group. The data is based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are taken into consideration.

Auto insurance prices based on gender

The example below illustrates the comparison of BMW M5 insurance costs for male and female drivers. The price estimates are based on a clean driving record, no at-fault accidents, comp and collision included, $1,000 deductibles, marital status is single, and no discounts are applied.

Save money with these six discounts

Companies that sell car insurance don't always publicize every discount they offer very well, so the below list has a few of the more well known and also the lesser-known credits that may apply to you. If you are not receiving all the discounts available, you're just leaving money on the table.Discount auto insurance

  • Military Deployment Discount - Being on active duty in the military may lower your rates slightly.
  • Early Renewal Discounts - A few auto insurance companies offer discounts for buying a policy prior to your current M5 insurance policy expiration. It could save around 10% when you buy Santa Ana auto insurance online.
  • Clubs and Organizations - Joining a civic or occupational organization in Santa Ana could trigger savings on your next auto insurance statement.
  • Own a Home - Being a homeowner can save a few bucks due to the fact that maintaining a home requires personal responsibility.
  • Senior Citizens - If you're over the age of 55, you are able to get better auto insurance rates.
  • Safety Restraint Discount - Drivers who require all occupants to use a seat belt could cut 10% or more on the medical payments or PIP coverage costs.

As a footnote on discounts, some of the credits will not apply to the whole policy. Some only apply to the price of certain insurance coverages like comprehensive or collision. Even though it may seem like having all the discounts means you get insurance for free, you're out of luck.

The diagram below shows the difference between BMW M5 car insurance costs with and without discounts applied to the policy rates. The premium estimates are based on a male driver, a clean driving record, no claims, California state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, safe-driver, multi-car, marriage, multi-policy, and homeowner discounts applied.

Larger auto insurance companies and some of their more popular discounts are detailed below.

  • GEICO may include discounts for military active duty, federal employee, driver training, emergency military deployment, and daytime running lights.
  • Travelers may offer discounts for new car, hybrid/electric vehicle, payment discounts, multi-policy, and student away at school.
  • Farm Bureau has discounts for safe driver, good student, youthful driver, driver training, and multi-policy.
  • Liberty Mutual may have discounts that include exclusive group savings, new move discount, multi-policy, newly retired, multi-car, safety features, and teen driver discount.
  • American Family offers premium reductions for air bags, good student, early bird, TimeAway discount, defensive driver, and bundled insurance.
  • Progressive offers discounts for multi-policy, online quote discount, online signing, multi-vehicle, continuous coverage, and good student.

When comparing rates, check with all companies you are considering what discounts are available to you. Depending on the company, some discounts might not be offered everywhere. If you would like to view insurance companies who offer auto insurance discounts in Santa Ana, click this link.

Local agents and car insurance

Some consumers just want to have an agent's advice and that is just fine! An additional benefit of price shopping on the web is you can get better rates and still have a local agent.

Insurance agents in Santa AnaFor easy comparison, once you complete this quick form, the quote information gets sent to participating agents in Santa Ana who will gladly provide quotes and help you find cheaper coverage. You won't need to do any legwork because prices are sent to you instantly. You can most likely find cheaper rates without the usual hassles of price shopping. If you need to compare rates from a specific insurance company, just jump over to their website and give them your coverage information.

Choosing the best provider needs to be determined by more than just a cheap price quote. Here are some questions to ask:

  • How long has their agency been in business in Santa Ana?
  • Do clients work directly with the agent or are most inquiries handled by a CSR?
  • Is assistance available after office hours?
  • Can you choose the body shop in case repairs are needed?
  • Where would glass claims be handled in Santa Ana?
  • Are they giving you every discount you deserve?
  • If you have an accident, will your rates go up?

How to choose the best car insurance agent in Santa Ana

If you are wanting to find a reliable agent, it's helpful to know the types of insurance agents and how they function. Car insurance policy providers may be either independent agents or exclusive agents.

Exclusive Insurance Agents

Agents that elect to be exclusive can only write with one company like AAA, Allstate, State Farm, or Farmers Insurance. They generally cannot provide other company's prices so they really need to provide good service. Exclusive agents are well trained on their company's products and that allows them to sell at a higher price point.

The following is a short list of exclusive insurance agents in Santa Ana that can give you rate quotes.

1525 17th St d - Santa Ana, CA 92705 - (714) 542-3585 - View Map

415 N Broadway - Santa Ana, CA 92701 - (714) 617-7150 - View Map

2961 W MacArthur Blvd #123 - Santa Ana, CA 92704 - (714) 662-3830 - View Map

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Independent Agents (or Brokers)

Independent agencies are normally appointed by many insurers so as a result can place your coverage with a variety of different insurance companies and find you the best rates. If they quote lower rates, an independent agent can move your coverage and the insured can keep the same agent. When comparing rates, it's a good idea to get insurance quotes from a couple of independent agencies to get the best comparison.

Shown below are Santa Ana independent insurance agencies willing to provide comparison quotes.

2302 S Bristol St A - Santa Ana, CA 92704 - (714) 352-3777 - View Map

Nuway Insurance Agency Inc.
410 N Bristol St - Santa Ana, CA 92703 - (714) 953-2117 - View Map

555 Park Center Dr #118 - Santa Ana, CA 92705 - (714) 464-8010 - View Map

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Insurance coverages explained

Knowing the specifics of your policy helps when choosing which coverages you need for your vehicles. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy. Shown next are the normal coverages available from insurance companies.

Comprehensive auto coverage

This will pay to fix 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 insurance covers things like damage from a tornado or hurricane, damage from getting keyed, theft, vandalism and a tree branch falling on your vehicle. The most you'll receive from a claim is the cash value of the vehicle, so if it's not worth much more than your deductible it's not worth carrying full coverage.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for surgery, EMT expenses, funeral costs and prosthetic devices. They can be used in conjunction with a health insurance policy or if there is no health insurance coverage. It covers all vehicle occupants in addition to any family member struck as a pedestrian. PIP is not an option in every state and may carry a deductible

UM/UIM (Uninsured/Underinsured Motorist) coverage

This protects you and your vehicle when other motorists do not carry enough liability coverage. Covered losses include injuries to you and your family and also any damage incurred to your BMW M5.

Since a lot of drivers carry very low liability coverage limits (which is 15/30/5), their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family.

Collision coverage

Collision coverage covers damage to your M5 from colliding with another car or object. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like hitting a parking meter, damaging your car on a curb, driving through your garage door and scraping a guard rail. Collision is rather expensive coverage, so you might think about dropping it from older vehicles. You can also increase the deductible on your M5 in order to get cheaper collision rates.

Liability auto insurance

This can cover damage that occurs to people or other property in an accident. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see values of 15/30/5 that means you have $15,000 in coverage for each person's injuries, a per accident bodily injury limit of $30,000, and a total limit of $5,000 for damage to vehicles and property.

Liability insurance covers claims like attorney fees, funeral expenses, repair costs for stationary objects and pain and suffering. How much liability coverage do you need? That is up to you, but you should buy as much as you can afford. California state minimum liability requirements are 15/30/5 but it's recommended drivers buy better liability coverage.

The chart below shows why minimum state limits may not be adequate.

Ratings for California car insurance companies

Ending up with the top auto insurance provider can be challenging considering how many companies sell insurance in California. The company rank data in the lists below could help you decide which providers you want to consider comparing rates with.

Top 10 Santa Ana Car Insurance Companies Ranked by Value

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

Persistent drivers can save

We just covered many ways to find lower-cost BMW M5 insurance in Santa Ana. The key thing to remember is the more price quotes you have, the better your chances of lowering your car insurance rates. You may even find the most savings is with a lesser-known regional company. These companies may cover specific market segments cheaper as compared to the big name companies such as Allstate and Progressive.

As you quote Santa Ana auto insurance, you should never skimp on coverage in order to save money. There are a lot of situations where someone dropped liability limits or collision coverage only to regret they didn't purchase enough coverage. The proper strategy is to buy enough coverage at a price you can afford, but do not skimp to save money.

There are still a few companies who don't offer internet price quotes and most of the time these regional carriers only sell coverage through independent agencies. Budget-friendly auto insurance in Santa Ana can be sourced from both online companies and from local insurance agents, and you need to comparison shop both to have the best chance of lowering rates.

How to find low-cost rates for BMW M5 insurance in Santa Ana

The most effective way to get more affordable car insurance rates in Santa Ana is to start doing a yearly price comparison from different companies who can sell car insurance in California.

  1. Try to learn a little about the coverage provided by your policy and the measures you can take to prevent high rates. Many policy risk factors that result in higher prices such as traffic citations and an unacceptable credit rating can be eliminated by making lifestyle changes or driving safer.
  2. Compare prices from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from one company like Progressive and State Farm, while independent agencies can provide rate quotes from multiple insurance companies.
  3. Compare the new rates to the premium of your current policy and determine if cheaper M5 coverage is available. If you find a lower rate quote and buy the policy, ensure there is no coverage lapse between policies.
  4. Provide adequate notice to your current company of your intent to cancel your current auto insurance policy. Submit the completed application along with a down payment to your new carrier. Once received, keep your new certificate verifying coverage along with the vehicle's registration papers.

The key thing to know about shopping around is to make sure you enter identical coverage information on each quote and and to get rate quotes from every insurance company. This guarantees the most accurate price comparison and the most accurate and complete price analysis.

Much more information about auto insurance in California is located at these links: