Astonishing but true, most insurance buyers have purchased from the same company for at least the last four years, and nearly the majority have never shopped around. Louisiana consumers could save almost 35% each year just by getting comparison quotes, but they just assume it’s a time-consuming process to find lower-cost insurance rates.
To save the most money, the best way to get the cheapest BMW M5 insurance in New Orleans is to annually compare prices from insurance carriers who can sell car insurance in Louisiana. This can be done by following these steps.
- Get a basic knowledge of individual coverages and the things you can change to prevent rate increases. Many risk factors that cause high rates like inattentive driving and an imperfect credit score can be amended by being financially responsible and driving safely.
- Compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like Progressive and State Farm, while agents who are independent can provide rate quotes for a wide range of companies.
- Compare the new rate quotes to your current policy premium to see if cheaper M5 coverage is available. If you can save some money and make a switch, verify that coverage does not lapse between policies.
- Give notification to your current company of your intention to cancel the current policy and submit a completed policy application and payment to the newly selected company. As soon as coverage is bound, keep the new proof of insurance certificate in your vehicle.
An important part of this process is to try to compare identical deductibles and limits on each quote and and to get rates from as many companies as you can. This enables a level playing field and a complete rate analysis.
If you have a current car insurance policy, you will surely be able to save money using these techniques. Quoting and comparing rates for cheaper car insurance coverage in New Orleans is quite easy. Nevertheless, Louisiana drivers do need to know how big insurance companies determine how much to charge and use it to your advantage.
Just remember that comparing more quotes helps locate better pricing.
The companies shown below are our best choices to provide comparison quotes in Louisiana. If multiple companies are listed, we recommend you visit several of them to get the best price comparison.
Save money with discounts
The cost of insuring your cars can be expensive, but discounts can save money and there are some available that you may not even know about. Some discounts apply automatically at the time of purchase, but a few must be asked for prior to getting the savings.
- Driving Data Discount – Insureds who allow companies to analyze driving habits by installing a telematics device such as Progressive’s Snapshot and State Farm’s In-Drive may see discounts if they are good drivers.
- Switch and Save Discount – A few companies allow discounts for buying a policy before your current coverage expires. This can save 10% or more.
- Discount for Multiple Policies – When you combine your auto and homeowners insurance and place coverage with the same company you could earn a discount of at least 10 to 15 percent or more.
- Employee of Federal Government – Active or retired federal employment may reduce rates when you quote New Orleans car insurance with certain companies.
- Service Members Pay Less – Having a family member in the military could be rewarded with lower premium rates.
We need to note that some credits don’t apply to the whole policy. Some only apply to the price of certain insurance coverages like comp or med pay. So even though they make it sound like adding up those discounts means a free policy, it doesn’t quite work that way.
The diagram below compares BMW M5 insurance costs with and without some available policy discounts. The data is based on a male driver, no claims or driving violations, Louisiana 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 marriage, multi-policy, multi-car, safe-driver, homeowner, and claim-free discounts applied.
A few of the larger companies and their possible discounts are included below.
- GEICO may include discounts for federal employee, anti-theft, driver training, military active duty, good student, emergency military deployment, and multi-vehicle.
- USAA may offer discounts for good student, safe driver, driver training, defensive driver, multi-policy, and multi-vehicle.
- Progressive offers premium reductions for online quote discount, continuous coverage, multi-policy, homeowner, good student, multi-vehicle, and online signing.
- American Family has savings for defensive driver, TimeAway discount, good student, Steer into Savings, mySafetyValet, accident-free, and multi-vehicle.
- Esurance may have discounts that include multi-policy, safety device, DriveSense, online quote, Switch & Save, and paid-in-full.
- Farmers Insurance includes discounts for early shopping, multi-car, electronic funds transfer, good student, and pay in full.
- State Farm has discounts for student away at school, defensive driving training, multiple autos, safe vehicle, and good driver.
If you need lower rates, check with every insurance company how you can save money. Depending on the company, some discounts might not be available to policyholders in your state. If you would like to choose from a list of companies that can offer you the previously mentioned discounts in New Orleans, follow this link.
Premium rates and analysis
The premium information shown below showcases estimates of insurance coverage prices for BMW M5 models. Having a good understanding how premiums are determined is important for you to make decisions when choosing a new policy provider.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M5 4-Dr Sedan||$508||$1178||$524||$32||$158||$2,400||$200|
|Get Your Own Custom Quote Go|
Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Louisiana minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-policy, and multi-vehicle. Price information does not factor in specific garaging location which can raise or lower prices substantially.
Informed Decisions Result in Lower Insurance Costs
Part of the insurance buying process is learning some of the elements that go into determining insurance rates. If you understand what influences your rates, this enables informed choices that could help you find cheaper rates.
Don’t buy add-on coverages you don’t need – There are a ton of optional add-on coverages that you can get tricked into buying when buying insurance. Add-on coverages like vanishing deductibles, high-cost glass coverage, and extra equipment coverage may not be needed and are just wasting money. You may think they are a good idea when buying your policy, but now you might not need them so eliminate the coverages to reduce your premium.
Pay more of a claim out-of-pocket – The deductibles you choose state the amount of money you are required to spend in the event of a claim. Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, insures against damage to your car. Some examples of claims that would be covered could be a windshield broken by a bird, damage from fire, and damage caused by road hazards. The more of the claim you have to pay, the less your company will charge you for insurance.
Bad driving leads to higher premiums – Having just one speeding ticket or other violation may increase your cost by twenty percent. Good drivers have lower premiums as compared to those with violations. Drivers who have gotten severe violations such as DUI, reckless driving or excessive speeding may find that they have to to complete a SR-22 with the DMV in their state in order to continue driving.
The information below demonstrates how citations and fender-benders can increase BMW M5 premium costs for different ages of insureds. Data assumes a married female driver, full coverage, $500 deductibles, and no additional discounts are factored in.
Stay claim-free and save money – Car insurance companies in Louisiana award most affordable rates to policyholders who are claim-free. If you are a frequent claim filer, you can pretty much guarantee either a policy non-renewal or much higher rates. Your car insurance is intended for larger claims.
Lower rates for vehicles with better crash test results – Vehicles with high crash test scores tend to be cheaper to insure. These vehicles result in less severe injuries and lower injury rates translates into fewer and smaller insurance claims which can mean better rates for you. If your BMW has at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
Does your vocation cost you more? – Do you have a high-stress occupation? Occupations such as military generals, airline pilots, and financial analysts tend to pay higher premium rates due to high stress levels and lots of time spent away from family. On the flip side, careers such as actors, engineers and retirees have the lowest average rates.
BMW M5 insurance loss data – Insurers use statistical claims data when determining insurance costs. Vehicles that tend to have a trend towards higher claims will cost more to insure.
The next table shows the actual insurance loss data for BMW M5 vehicles. For each type of coverage, the loss probability for all vehicles, without regard to make or model, equals 100. Percentage numbers below 100 are indicative of better than average losses, while numbers above 100 point to more frequent losses or an increased likelihood of larger losses.
|Make and 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: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years