It takes a few minutes, but the best way to get low-cost auto insurance rates in Lexington is to start comparing prices regularly from insurance carriers who provide car insurance in Kentucky. This can be done by following these guidelines.
Step 1: Spend a few minutes and learn about the coverage provided by your policy and the changes you can make to prevent rate increases. Many risk factors that result in higher prices like distracted driving and a lousy credit rating can be remedied by being financially responsible and driving safely. Later in this article we will cover ideas to prevent high rates and find discounts that you may qualify for.
Step 2: Compare rates from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from one company like GEICO or State Farm, while independent agents can provide rate quotes for many different companies.
Step 3: Compare the new rate quotes to your existing rates to see if cheaper M5 coverage is available. If you find a lower rate and switch companies, make sure there is no lapse between the expiration of your current policy and the new one.
Step 4: Provide notification to your current agent or company of your decision to cancel your current policy. Submit the required down payment along with the signed application to your new company or agent. Immediately keep your new certificate verifying proof of insurance somewhere easily accessible.
The most important part of this process is that you use identical limits and deductibles on every price quote and and to get rates from as many carriers as you can. Doing this helps ensure a fair price comparison and the most accurate and complete price analysis.
We don’t have to tell you that auto insurance companies want to keep your business as long as possible. People who compare other prices are likely to switch insurance companies because there is a good chance of finding a policy with more affordable rates. A recent insurance study discovered that consumers who made a habit of comparing rate quotes saved $70 a month compared to people who don’t make a habit of comparing rates.
If finding the best price on BMW M5 insurance is the reason for your visit, learning how to get free comparison quotes and analyze insurance coverage can make shopping around easier.
Most companies allow consumers to get coverage prices directly from their websites. Doing online price comparisons for BMW M5 insurance in Lexington can be done by anyone because it’s just a matter of typing in your coverage information into the form. Once you submit the form, the company’s rating system gets your driving record and credit report and returns a price determined by many factors.
Using the web to get price quotes for BMW M5 insurance in Lexington makes it a lot easier to compare rates and it’s very important to have as many quotes as possible if you want to find a better rate.
To quickly find out what other companies charge, consider comparing rates from the companies shown below. If you have coverage now, it’s recommended you input the insurance coverages just like they are on your policy. This helps ensure you will have a fair comparison for exact coverage.
The companies shown below can provide price comparisons in Kentucky. To find the cheapest auto insurance in Lexington, it’s a good idea that you visit two to three different companies to get the lowest price.
Data for BMW M5 insurance
The information shown below showcases detailed analysis of rate quotes for BMW M5 models. Being able to understand how auto insurance premiums are figured can help drivers make smart choices when purchasing an auto insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $402 | $788 | $334 | $20 | $100 | $1,644 | $137 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Price information does not factor in the specific area where the vehicle is garaged which can revise coverage prices greatly.
Poor driving habits will raise your insurance rates
The example below demonstrates how speeding tickets and accidents can raise BMW M5 annual premium costs for each age group. Data assumes a single male driver, full coverage, $500 deductibles, and no discounts are applied to the premium.
Rate comparison of full coverage and liability-only
The example below visualizes the comparison of BMW M5 auto insurance costs with and without full coverage. Data assumes a clean driving record, no claims, $250 deductibles, marital status is single, and no discounts are factored in.
Are you wasting money paying for full coverage?
There isn’t a steadfast formula to delete physical damage coverage, but there is a general school of thought. If the annual cost of coverage is more than 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let’s pretend your BMW M5 claim settlement value is $9,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $8,000 after the deductible is paid. If premium cost is more than $800 a year to have full coverage, then it’s probably a good time to buy liability coverage only.
There are a few cases where removing full coverage is not a good plan. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not consider dropping full coverage.
Auto insurance is not optional but you don’t have to overpay
Despite the high cost, auto insurance is not optional due to several reasons.
- Just about all states have minimum liability requirements which means state laws require a specific minimum amount of liability coverage in order to license the vehicle. In Kentucky 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 took out a loan on your vehicle, it’s guaranteed your bank will require that you have full coverage to protect their interest in the vehicle. If you cancel or allow the policy to lapse, the lender may insure your BMW at a more expensive rate and make you pay the higher price.
- Auto insurance protects both your BMW M5 and your personal assets. It will also provide coverage for medical bills for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, your policy will pay to repair the damage.
The benefits of carrying adequate insurance definitely exceed the price paid, especially when you need to use it. But the average driver in Kentucky overpays as much as $855 a year so it’s important to compare rates every year to ensure rates are inline.
Why Your Insurance Costs might be higher
Consumers need to have an understanding of the rating factors that play a part in calculating your premiums. If you have a feel for what influences your rates, this allows you to make good choices that may result in big savings. Lots of factors are taken into consideration when you quote your car insurance policy. Some are obvious such as your driving record, although some other factors are more obscure such as your marital status or your financial responsibility.
The factors shown below are most of the major factors used by companies to determine your premiums.
- Reserve policy claims for larger damages – If you tend to file frequent claims, you can look forward to increased rates or even have your policy non-renewed. Insurance companies in Kentucky provide the lowest premiums to policyholders who are not frequent claim filers. Your car insurance is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
- Incidental coverages can add up – There are a lot of optional add-on coverages that sound like a good idea at the time on your insurance policy. Insurance for things like rental car coverage, accidental death, and extra life insurance coverage may be wasting your money. They may sound like good ideas when you first buy your policy, but now you might not need them so remove them and pocket the money.
- How many coverages with the same company – Most larger insurance companies allow a discount to clients that have more than one policy in the form of a multi-policy discount. Discounts can add up to ten percent or more. Even with this discount, you may still want to comparison shop to make sure you are getting the best deal. Consumers may find better rates even if you have your coverage with different companies
- Marriage is a bonus – Being married can get you a discount on your insurance bill. Having a significant other means you’re more mature than a single person and it’s proven that married couples file fewer claims.
- Never let your policy expire – Driving without insurance coverage in place is a misdemeanor and companies may charge more for letting your coverage have a gap. In addition to paying higher rates, failure to provide proof of insurance could result in a fine, jail time, or a revoked license. Then you may be required to provide proof of insurance in the form of an SR-22 filing with the Kentucky department of motor vehicles.
- High coverage deductibles reduce rates – Physical damage insurance, also called comprehensive and collision insurance, covers your vehicle from damage. Examples of covered claims would be a dented fender, vandalism, and having your car stolen. The deductibles you choose tell how much you are required to pay in the event of a claim. The more damage repair cost the insured is willing to pay, the less money you will pay for insurance.
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Premiums are high for teenagers – Young drivers in Kentucky are statistically proven to be careless and easily distracted when at the wheel of a vehicle therefore insurance rates are much higher. If you’ve ever had to add a beginning driver onto your insurance can be very expensive. Older, more experienced drivers are more responsible, tend to file fewer claims, and are generally more financially stable.
The following chart uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.
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Insurance losses for a BMW M5 – Auto insurance companies analyze the history of losses when they calculate premium prices for each model. Models that the data determines to have higher claim frequency or loss amount will cost more to insure. The next table illustrates the compiled insurance loss statistics for BMW M5 vehicles.
For each policy coverage, the claim amount for all vehicles, as a total average, is a value of 100. Values that are below 100 imply a favorable loss record, while values over 100 indicate frequent claims or a tendency for claims to be larger.
BMW M5 Insurance Loss Statistics Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW M5 4dr 284 94 373 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Get cheaper BMW M5 insurance rates in Lexington
Auto insurance companies don’t list the complete list of policy discounts very clearly, so the next list breaks down a few of the more common and the harder-to-find credits that may apply to you.
- Braking Control Discount – Vehicles with anti-lock braking systems have fewer accidents and will save you 10% or more on M5 insurance in Lexington.
- E-sign – A few larger online companies will provide an incentive for completing your application on their website.
- Discounts for Federal Employees – Being employed by or retired from a federal job could provide a small rate reduction with certain companies.
- Bundled Policy Discount – If you can combine your auto and home policy with the same insurance company they may give you a discount of nearly 15% which can help you find the cheapest BMW M5 insurance in Lexington.
- Student Discount for Driver Training – Reduce the cost of insurance for teen drivers by having them enroll and complete driver’s education in high school.
- Responsible Driver Discounts – Safe drivers can pay as much as 50% less than less cautious drivers.
One thing to note about discounts is that some of the credits will not apply to the whole policy. Some only apply to individual premiums such as physical damage coverage or medical payments. So when it seems like adding up those discounts means a free policy, car insurance companies aren’t that generous.
The diagram below illustrates the difference between BMW M5 annual premium costs with and without discounts applied to the premium. The premium estimates are based on a female driver, no tickets, no at-fault accidents, Kentucky state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, marriage, multi-car, safe-driver, and multi-policy discounts applied.
A few popular companies and a summarized list of policyholder discounts are shown below.
- State Farm may offer discounts for multiple policy, driver’s education, anti-theft, good driver, student away at school, accident-free, and Steer Clear safe driver discount.
- GEICO policyholders can earn discounts including anti-theft, multi-vehicle, seat belt use, emergency military deployment, membership and employees, and daytime running lights.
- SAFECO may have discounts that include anti-theft, teen safe driver, safe driver, drive less, anti-lock brakes, and bundle discounts.
- Farmers Insurance includes discounts for bundle discounts, homeowner, business and professional, youthful driver, early shopping, and pay in full.
- AAA has discounts for AAA membership discount, multi-policy, anti-theft, multi-car, and pay-in-full.
- USAA offers discounts for family discount, defensive driver, vehicle storage, multi-vehicle, military installation, and annual mileage.
It’s a good idea to ask every prospective company how you can save money. Savings may not be offered in Lexington.
When to talk to an agent
Some people just want to buy from a licensed agent and we recommend doing that Good insurance agents can help determine the best coverages and help file insurance claims. One of the great benefits of comparing rate quotes online is the fact that you can find lower rates and also buy local. Buying from and supporting neighborhood agents is important especially in Lexington.
Once you complete this short form, your insurance coverage information is submitted to local insurance agents that can provide free Lexington car insurance quotes for your business. It simplifies rate comparisons since you won’t have to visit any agencies because quoted prices will be sent to your email. If you need to get a rate quote from a specific insurance provider, you just need to find their quoting web page and complete a quote there.
When searching for a local insurance agency, it can be helpful to understand the types of agencies and how they can write your policy. Lexington agents can either be exclusive or independent agents depending on their company appointments. Either one can insure your vehicles, but we need to point out the difference in how they write coverage since it may influence the kind of agent you use.
Independent Insurance Agencies
These agents are not employed by any specific company so they can write business through lots of different companies and potentially find a lower price. If premiums increase, the business is moved internally without you having to go to a different agency.
When shopping rates, you will definitely want to get rate quotes from at least one independent agent to get the best comparison. They also have the ability to place coverage with small regional insurance companies that may have much lower rates than larger companies.
Listed below is a short list of independent agents in Lexington that may be able to provide competitive price quotes.
- Neely Taylor-Wade Insurance
133 Walton Ave – Lexington, KY 40508 – (859) 233-7855 – View Map - Kentucky Insurance Inc
1750 Alexandria Dr – Lexington, KY 40504 – (859) 277-8877 – View Map - Bray and Oakley Insurance Agency, Inc.
3061 Fieldstone Way – Lexington, KY 40513 – (859) 927-3743 – View Map
Exclusive Insurance Agents
Exclusive insurance agents are contracted to one company like Allstate, AAA, Farmers Insurance, and State Farm. Exclusive agents cannot give you multiple price quotes so you need to shop around if the rates are high. Exclusive agencies receive a lot of sales training on sales techniques which helps them compete with independent agents. Many people buy from exclusive agents partially due to the brand rather than having low rates.
Below is a short list of exclusive insurance agencies in Lexington that are able to give comparison quotes.
- Allstate Insurance: Bryon Elkins
3101 Richmond Rd #311a – Lexington, KY 40509 – (859) 488-2531 – View Map - Kentucky Farm Bureau Insurance Fayette County – Versailles Rd
1316 Versailles Rd – Lexington, KY 40504 – (859) 253-1626 – View Map - Jeff Briggs – State Farm Insurance Agent
449 Lewis Hargett Cir #150 – Lexington, KY 40503 – (859) 273-8512 – View Map
Finding a good auto insurance agent is decision based upon more than just a cheap price. Before buying a policy in Lexington, get answers to these questions.
- Is insurance their full-time profession?
- Are they able to provide referrals?
- If your car is totaled, how to they determine the replacement cost?
- Do they offer accident forgiveness?
- How experienced are they in personal risk management?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- Will their companies depreciate repairs to your car based on the mileage?
- When do they do a full risk review?
Cheaper auto insurance prices are available
We just showed you many ideas to reduce BMW M5 insurance premium rates online in Lexington. The key concept to understand is the more companies you get prices for, the more likely it is that you will get a better rate. Consumers could even find that the biggest savings come from an unexpected company.
As you go through the steps to switch your coverage, you should never buy less coverage just to save a little money. There are a lot of situations where someone dropped uninsured motorist or liability limits and discovered at claim time they didn’t have enough coverage. Your goal is to buy enough coverage at an affordable rate while not skimping on critical coverages.
Cheap BMW M5 insurance in Lexington can be sourced on the web in addition to many Lexington insurance agents, and you need to comparison shop both to have the best selection. Some insurance companies do not offer price quotes online and many times these smaller providers sell through independent insurance agents.
Even more information can be read by following these links:
- Avoiding Deer Collisions (Insurance Information Institute)
- Who Has Affordable Car Insurance Quotes for Single Moms in Lexington? (FAQ)
- Who Has Cheap Car Insurance for Welfare Recipients in Lexington? (FAQ)
- How Much is Auto Insurance for Unemployed Drivers in Lexington? (FAQ)
- Who Has Affordable Lexington Auto Insurance for Teenagers? (FAQ)
- How Much are Car Insurance Quotes for a Toyota Corolla in Lexington? (FAQ)
- Who Has the Cheapest Car Insurance for a Honda Accord in Lexington? (FAQ)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Five Tips to Save on Auto Insurance (Insurance Information Institute)