Under the BMW M sub-brand, the BMW M5 is a high-performance version of the BMW 5 Series. Within the realm of sports sedans, it is widely recognized as a legendary model. This sports sedan is priced at $109,895 and $117,495 for the 2023 M5 and M5 Competition.
The price of the car, its safety features, and several driving and non-driving factors are all considered when determining BMW M5 insurance costs. Here, we look at which insurance company offers the cheapest BMW M5 car insurance coverage and analyze if this high-end vehicle is eligible for insurance discounts.
The average car insurance cost of the BMW M5 series is $2806 annually. The monthly rate is calculated at $234. With the label of a luxury sports sedan, higher insurance rates are expected of the series.
Here is a list of general parameters that affect the car insurance cost of BMW M5 models. A teen driver driving a BMW M5 pays $7009 annually, more than thrice the average insurance rate of a BMW M5. However, higher deductibles can decrease insurance costs.
| Parameter | Insurance Cost |
|---|---|
| Discount Rate | $1132 |
| High Deductibles | $1658 |
| Low Deductibles | $2418 |
| High-Risk Driver | $4087 |
| Teen Driver | $7009 |
To understand whether the M5 series from BMW is costlier to insure, we look at the average insurance cost of cars with similar specs. The cost to insure a BMW M5 is higher than most models. For example, it costs $814 more to insure an M5 than a Jaguar XF. Similarly, it costs $342 more than insuring an Infiniti Q50.
| Make/Model | Insurance Cost |
|---|---|
| Cadillac CT5 | $1,904 |
| Lexus ES 350 | $1,908 |
| Lexus ES 250 | $1,920 |
| Lexus RC 300 | $1,926 |
| Mercedes-Benz AMG CLA35 | $1,930 |
| Audi A3 | $1,934 |
| Mercedes-Benz AMG CLA45 | $1,975 |
| Mercedes-Benz CLA250 | $1,984 |
| Lexus IS 300 | $1,992 |
| Jaguar XF | $1,994 |
| Audi S4 | $2,036 |
| BMW i4 | $2,046 |
| Mercedes-Benz E350 | $2,060 |
| Lexus ES 300h | $2,088 |
| BMW 530i | $2,128 |
| Audi A6 | $2,170 |
| Audi S5 | $2,172 |
| BMW 540i | $2,176 |
| BMW 430i | $2,212 |
| Lexus IS 500 | $2,218 |
| Mercedes-Benz E450 | $2,238 |
| Genesis G80 | $2,244 |
| Mercedes-Benz CLS450 | $2,302 |
| Mercedes-Benz EQE 350 | $2,318 |
| Audi RS 5 | $2,324 |
| BMW 530e | $2,336 |
| Audi S6 | $2,360 |
| Mercedes-Benz AMG C43 | $2,364 |
| BMW M440i | $2,368 |
| Mercedes-Benz EQE 500 | $2,370 |
| Audi A7 | $2,462 |
| Infiniti Q50 | $2,464 |
| Lexus LC 500h | $2,646 |
| BMW M550i | $2,650 |
| Tesla Model S | $2,710 |
| Audi S7 | $2,726 |
| BMW M5 | $2,806 |
| BMW M8 | $2,960 |
A person's driving record, age, location, and kind of insurance provider determine how much they will pay for car insurance. For example, the following variables can affect the price of a BMW M5 series.
We can observe the rate difference and how it decreases with older models by comparing the various BMW M5 models based on year. For instance, a recent 2023 M5 model will cost $2806 to insure, whereas a 2014 model will cost $1812.
| Model Year and Vehicle | Average Annual Insurance Rate |
|---|---|
| 2023 BMW M5 | $2,806 |
| 2022 BMW M5 | $2,856 |
| 2021 BMW M5 | $2,784 |
| 2016 BMW M5 | $1,922 |
| 2015 BMW M5 | $1,880 |
| 2014 BMW M5 | $1,812 |
| 2013 BMW M5 | $1,754 |
| 2010 BMW M5 | $1,538 |
Since your age indicates whether you are a high-risk or low-risk driver, it plays a significant role in determining how much you will pay for car insurance. It is likely due to a lack of experience that a driver under the age of twenty pays $7009 for a BMW M5 while a driver over forty pays only $1922 for the same vehicle.
An area's accident and theft rates play a significant role in determining insurance premiums. These factors are considered high-end sports cars when determining location-based insurance rates.
| City | Average Annual Insurance Rate |
|---|---|
| Los Angeles, CA | $3282 |
| New York, NY | $3033 |
| Houston, TX | $3008 |
| Jacksonville, FL | $2784 |
| Philadelphia, PA | $2573 |
| Chicago, IL | $2535 |
| Phoenix, AZ | $2229 |
| Seattle | $1865 |
| Indianapolis, IN | $1635 |
| Columbus, OH | $1596 |
Not all insurance companies provide sports car insurance. Based on the model year, different companies offer your BMW M5 series rates.
The average cost to insure a 2015 BMW M5 is $3458. Plymouth Rock Insurance and Erie provide the cheapest rates.
| Insurance Company | Average Annual Insurance Rate |
|---|---|
| Plymouth Rock Insurance | $1863 |
| Erie | $1929 |
| Tennesse Farmers | $1930 |
| Amica | $2300 |
| Allied | $2427 |
| State Farm | $2456 |
| Nationwide | $2469 |
| Progressive | $2492 |
The average annual insurance cost of a 2014 BMW M5 is $3310. Plymouth Rock Insurance and Acuity provide the cheapest rates.
The average annual insurance cost of a 2015 BMW M5 is $3013. Acuity and Plymouth Rock Insurance offer the cheapest rates for a 2015 BMW M5.
| Insurance Company | Average Annual Insurance Rate |
|---|---|
| Acuity | $1731 |
| Plymouth Rock Insurance | $1742 |
| Erie | $1773 |
| Vermont | $1846 |
| Tennesse Farmers | $1863 |
| Arbella | $1878 |
| State Farm | $2298 |
| USAA | $2341 |
The insurance cost of the BMW M5 series is influenced by each trim level's safety features and specifications. Here, we examine the safety factors that influence insurance quotes. These unique characteristics guarantee not only safety but also lower insurance costs.
This safety rating for the 2022 BMW M5 model by the Insurance Institute of Highway Safety can determine its insurance rates.
| Test Type | Rating |
|---|---|
| Small overlap front: driver-side | Good |
| Small overlap front: passenger-side | Good |
| Moderate overlap front | Good |
| Side | Good |
| Roof strength | Good |
| Head restraints and seats | Good |
Moreover, the numerous safety features of the BMW M5 series ensure safety and a lower insurance rating. These are the salient safety features hosted on a BMW M5.
According to the Insurance Institute for Highway Safety data, the loss ratio of BMW M5 differs according to coverage types.
| Insurance Coverage Category | Loss Rate |
|---|---|
| Collision | 184% |
| Property Damage | -6% |
| Comprehensive | 273% |
| Personal Injury | no data |
| Medical Payment | no data |
| Bodily Injury | no data |
The insurance for a luxury sports car can be quite pricey because of the high cost of these vehicles, the greater risk of theft, and the costly repairs they require. Here are some suggestions for lowering the cost of your BMW M5 series insurance.
A BMW M5 series is an expensive investment. So, you must consider how much it will cost you in the long run to protect the car. Most insurance companies will charge you for three years if you cause an accident. One must consider these implications before filing a claim or paying out-of-pocket.
It is critical to conduct research and obtain quotes from multiple insurance companies. This will determine which one best meets your needs. It also keeps you from overpaying for insurance.
Leading insurers offer online quotes for the BMW M5 series. Comparing quotes for the same coverage is important because companies may charge different rates.
You can save a lot of money by purchasing your life, home, auto, and pet insurance from the same company. Similarly, multi-line discounts are offered by many insurance companies in exchange for the purchase of multiple policies.
Many insurance companies provide discounts depending on your clean driving record, driving history, credit scores, strong school record, and other factors. Inquiring about these discounts' availability may result in lower pricing.
Having a higher deductible will result in a decrease in the amount of your monthly premium.
Possession of a luxury vehicle may indicate infrequent driving. If you do not drive your car often, then you can choose to store it. Similarly, you can forego all coverage except for comprehensive coverage. Certain companies will allow you to maintain only comprehensive coverage if you have chosen seasonal driving coverage.
Due to their safety features, such as anti-lock brakes, daytime running lights, airbags, and traction control systems, expensive sports cars like the BMW M5 series often receive discounts on auto insurance.
Car alarms, secure parking, electronic monitoring equipment, and window etching for vehicle identification numbers qualify for discounts from some insurers.
If you want your auto insurance premiums to be as affordable as they possibly can be, it is vital that you keep a clean driving record throughout. Even if you drive a luxury sports car with a reputation for having high insurance premiums, such as a BMW M5, you can still save money on your policy by shopping around for policies offered by various providers.
It is easy to fetch savings on Way.com with their convenient app to aid the process! With it, you may easily access Way.com's pool of over 200 leading insurance companies by answering easy questions and comparing quotes! In addition, Way.com can assist you in locating the finest savings.
The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
Way.com’s Insurance Broker Quote Data
The average car insurance cost of the BMW M5 series is $2806 annually. The monthly rate is calculated at $234.
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