It’s astonishing, but nearly 70% of customers have been with the same company for at least the last four years, and just under half have never compared auto insurance rates at all. Most drivers in Durham can save hundreds of dollars each year just by getting comparison quotes, but most just don’t grasp the benefits if they bought a different policy.
It takes a few minutes, but the best way to find discount BMW M5 insurance is to compare prices at least once a year from insurance carriers in Durham.
First, try to learn a little about what is in your policy and the measures you can control to keep rates low. Many rating criteria that cause rate increases like traffic tickets, fender benders, and an imperfect credit rating can be improved by making minor driving habit or lifestyle changes.
Second, compare prices from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can give quotes from a single company like Progressive and State Farm, while independent agents can provide price quotes for many different companies.
Third, compare the quotes to your existing policy to see if cheaper M5 coverage is available. If you find better rates and make a switch, ensure coverage does not lapse between policies.
Fourth, provide notification to your current company of your decision to cancel your current auto insurance policy. Submit any necessary down payment along with the completed application to the newly selected company. Immediately keep your new certificate of insurance with your registration paperwork.
A key point to remember is to use the same liability limits and deductibles on every quote and and to get price estimates from every insurance company. Doing this ensures a fair rate comparison and a thorough selection of prices.
The easiest way to compare insurance rates from multiple companies is to know the trick most of the larger companies have advanced systems to give you rate quotes. To get started, all you need to do is provide information like the ages of drivers, how much school you completed, whether you drive to work or school, and deductibles desired. The data is then sent to insurance companies and you should receive rate quotes within a short period of time.
To find the cheapest car insurance rates, click here and enter your zip code.
The providers in the list below provide comparison quotes in Durham, NC. To locate cheap car insurance in Durham, it’s a good idea that you compare several of them in order to find the cheapest rates.
Car insurance discounts are available to get cheap rates
Some insurance providers don’t always list every discount they offer very well, so we break down a few of the more well known and the more hidden discounts you could be receiving when you buy Durham car insurance online.
- Bundled Policy Discount – If you can combine your home and auto policy with the same company you could save as much as 10 to 15 percent.
- Paperless Signup – Certain companies will give you a small discount for signing up online.
- One Accident Forgiven – Not really a discount, but a handful of insurance companies will allow you to have one accident without the usual rate increase so long as you haven’t had any claims prior to the accident.
- College Student – Older children who live away from home at college and leave their car at home could get you a discount.
- Payment Discounts – By paying your policy upfront rather than paying monthly you may have a lower total premium amount.
- Active Service Discounts – Being deployed in the military can result in better rates.
Discounts reduce rates, but you should keep in mind that most discounts do not apply to all coverage premiums. Some only reduce the price of certain insurance coverages like collision or personal injury protection. Even though it may seem like it’s possible to get free car insurance, you’re out of luck.
The illustration below illustrates the difference between BMW M5 yearly insurance costs with and without discounts applied to the policy premium. The price estimates are based on a female driver, no violations or accidents, North Carolina state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, homeowner, claim-free, marriage, and multi-car discounts applied.
If you would like to view providers who offer cheap BMW M5 insurance quotes in Durham in North Carolina, click here to view.
Insurance rate breakdown
The premium information shown next outlines a range of insurance policy prices for BMW M5 models. Learning more about how car insurance premiums are calculated is important for you to make decisions on the best policy to buy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $250 | $484 | $254 | $16 | $76 | $1,080 | $90 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Table data does not factor in zip code location which can alter insurance rates noticeably.
Physical damage deductible comparison
One frequently asked question is how high should your deductibles be. The tables below can help illustrate the premium difference when you choose different policy deductibles. The first table uses a $100 physical damage coverage deductible and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $352 | $732 | $250 | $14 | $74 | $1,447 | $121 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $196 | $386 | $250 | $14 | $74 | $920 | $77 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, claim-free, and homeowner. Prices do not factor in garaging location in Durham which can lower or raise coverage prices substantially.
Based on the above data, using a $100 deductible costs roughly $44 more each month or $528 every year than selecting the higher $1,000 deductible. Because you would pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 20 months between claim filings, you would more than likely save some money going with the higher deductible.
The example below demonstrates how choosing different deductibles and can affect BMW M5 premium costs for different age groups of insureds. The costs are based on a married female driver, comp and collision included, and no discounts are factored in.
Auto insurance rates by gender and age in Durham
The illustration below compares BMW M5 car insurance costs for male and female drivers. The rates are based on a clean driving record, no claims, comprehensive and collision coverage, $100 deductibles, single status, and no other discounts are factored in.
Local Durham insurance agencies and car insurance
Some consumers just prefer to buy from a licensed agent and often times that is recommended A good thing about price shopping on the web is that drivers can save money and get lower prices and still have an agent to talk to.
After filling out this simple form, the quote information is immediately sent to companies in Durham who will gladly provide quotes for your insurance coverage. You won’t need to even leave your home because prices are sent immediately to your email address. Get lower rates without having to waste a lot of time. If for some reason you want to get a rate quote from a particular provider, you just need to jump over to their website to submit a rate quote request.
Picking an insurance company shouldn’t rely on just a cheap quote. The following questions are important to ask.
- Is the agent and/or agency licensed to do business in North Carolina?
- If independent agents, which companies do they recommend?
- Are they actively involved in the community?
- Do they reduce claim amounts on high mileage vehicles?
- How many years have they been established?
When looking for a local insurance agency, you should know the different agency structures and how they are slightly different. Agencies in Durham can be categorized as either exclusive or independent (non-exclusive).
Exclusive Insurance Agencies
Exclusive insurance agents can only provide pricing for a single company such as AAA, State Farm, Farmers Insurance, and Allstate. Exclusive agents cannot give you multiple price quotes so they really need to provide good service. Exclusive agencies are very knowledgeable on their products and sales techniques and that allows them to sell at a higher price point.
Listed below is a short list of exclusive agencies in Durham that can give you rate quotes.
Allstate Insurance Agent: Reginald Wright
2310 S Miami Blvd Ste 131 – Durham, NC 27703 – (919) 484-2493 – View Map
Ashley Manuel – State Farm Insurance Agent
5842 Fayetteville Rd #112 – Durham, NC 27713 – (919) 544-8101 – View Map
Shawn Cockerham – State Farm Insurance Agent
5518 NC-55 – Durham, NC 27713 – (919) 316-3276 – View Map
Independent Car Insurance Agencies
Agents in the independent channel do not work for one specific company so they have the ability to put coverage with many different companies and find you the best rates. If they find a cheaper price, your agent can just switch to a different company which makes it simple for you. If you are trying to find cheaper rates, you definitely need to compare prices from at least one independent agent so that you have a good selection of quotes to compare.
The following is a list of independent insurance agencies in Durham who can help you get price quotes.
Insurance People-N Carolina
1920 Front St # 750 – Durham, NC 27705 – (919) 383-0442 – View Map
Bull City Insurance
121 Sherron Rd #302 – Durham, NC 27703 – (919) 596-0671 – View Map
Knox Insurance Agency
200 Meredith Dr Suite 104 – Durham, NC 27713 – (919) 313-6411 – View Map
Six Tips to Get Cheaper Durham Insurance Premiums
It’s important that you understand a few of the rating criteria that aid in calculating your policy premiums. When you understand what determines base rates, this helps enable you to make changes that can earn you better auto insurance rates.
The items below are a few of the “ingredients” auto insurance companies consider when setting your rates.
Add-on coverages can add up – There are a lot of extra add-on coverages that you can get tricked into buying on your auto insurance policy. Insurance for rental car reimbursement, better glass coverage, and motor club memberships are examples of these. The coverages may be enticing when deciding what coverages you need, but now you might not need them so remove them from your policy.
Cheaper rates after marriage – Getting married may earn you lower rates on your auto insurance policy. Having a significant other means you’re more financially stable and statistics prove married couples file fewer claims.
Liability protection is important – The liability section of your policy is the coverage that protects you if a court rules you are at fault for physical damage or personal injury to other. Your policy’s liability insurance provides you with a defense in court starting from day one. Liability is cheap compared to comp and collision, so drivers should buy more than the minimum limits required by law.
Higher premiums for auto insurance policy lapses – Not maintaining insurance can get your license suspended and any future policy may cost more because you let your coverage lapse. In addition to paying higher premiums, being ticketed for driving with no insurance may result in a revoked license or a big fine. You may then have to submit proof of financial responsibility or a SR-22 with the North Carolina motor vehicle department to get your license reinstated.
Excellent credit equals lower premiums – Having a bad credit history factor in determining your rates. If your credit score is lower than you’d like, you may save money insuring your BMW M5 by repairing your credit. Insureds with very good credit scores tend to be better risks to insure than drivers who have poor credit scores.
Premiums increase with driving tickets – Even one driving citation can increase the cost of insurance twenty percent or more. Good drivers receive lower rates compared to drivers with tickets. Drivers who have received serious citations like hit and run, DWI or reckless driving convictions might be required by their state to file a SR-22 with the DMV in their state in order to drive a vehicle legally.
The diagram below demonstrates how speeding tickets and at-fault claims drive up BMW M5 auto insurance costs for each different age group. Data assumes a single male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are taken into consideration.
Insurance loss data for a BMW M5 – Insurance companies use data from past claims when setting premium costs. Models that are shown to have higher prevalence or dollar amount of losses will be charged more to insure.
The table below outlines the insurance loss data for BMW M5 vehicles. For each policy coverage type, the loss probability for all vehicles, as a total average, equals 100. Numbers shown that are under 100 suggest losses that are better than average, while values that are above 100 show a trend for more claims or larger claims.
| 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
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
It may be expensive, but it’s not optional
Even though it can be expensive, maintaining insurance serves a purpose in several ways.
- The majority of states have mandatory insurance requirements which means you are required to carry a specific level of liability coverage in order to be legal. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your BMW has a lienholder, almost every bank will require you to buy full coverage to protect their interest in the vehicle. If coverage lapses or is canceled, the lender may have to buy a policy to insure your BMW at a significantly higher premium and force you to reimburse them the higher premium.
- Auto insurance protects not only your BMW but also your financial assets. It also can pay for many types of medical costs for both you and anyone you injure as the result of an accident. One policy coverage, liability insurance, will also pay for a defense attorney if you are sued as the result of your driving. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will cover the repair costs.
The benefits of carrying enough insurance definitely exceed the cost, specifically if you ever have a liability claim. The average driver in North Carolina overpays as much as $810 a year so you should quote your policy with other companies at least once a year to help ensure money is not being wasted.
Smart shoppers get results
Budget-friendly auto insurance in Durham is possible both online in addition to many Durham insurance agents, and you should compare price quotes from both to get a complete price analysis. There are still a few companies who may not offer online rate quotes and usually these regional insurance providers only sell through independent agencies.
When getting Durham car insurance quotes online, it’s a bad idea to skimp on critical coverages to save a buck or two. There are many occasions where an insured dropped liability coverage limits to discover at claim time that the savings was not a smart move. The proper strategy is to get the best coverage possible at an affordable rate while still protecting your assets.
Additional detailed information is located in these articles:
- What Does No-Fault Insurance Cover? (Allstate)
- What Car Insurance is Cheapest for Drivers Requiring a SR22 in Durham? (FAQ)
- Who Has Affordable Durham Car Insurance Quotes for a Subaru Impreza? (FAQ)
- How Much are Durham Car Insurance Quotes for Immigrants? (FAQ)
- How Much is Auto Insurance for Drivers with Good Credit in Durham? (FAQ)
- Who Has Affordable Auto Insurance Rates for a Hyundai Santa Fe in Durham? (FAQ)
- How Much is Car Insurance for Nurses in Durham? (FAQ)
- Who Has Cheap Durham Auto Insurance for Business Use? (FAQ)
- Winter Driving (Insurance Information Institute)
- Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)
- Vehicle Safety Ratings (iihs.org)
- Understanding Limits and Deductibles (Allstate)