If shopping for Honolulu auto insurance quotes online is new to you, it’s easy to be baffled because of the huge number of local and online companies competing for business in Honolulu.
How to find the cheapest rates for BMW M5 insurance in Honolulu
The best way we recommend to quote cheaper BMW M5 insurance is to make a habit of regularly comparing prices from insurers in Honolulu. Price quotes can be compared by following these steps.
- It will benefit you to learn about how your policy works and the steps you can take to drop your rates. Many rating criteria that cause high rates like traffic violations and your credit history can be controlled by improving your driving habits or financial responsibility. Read the full article for tips to get cheaper coverage and get additional discounts that may be available.
- Compare price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like GEICO or Allstate, while independent agents can provide prices from multiple sources.
- Compare the new rates to your existing rates to see if switching to a new carrier will save money. If you find a better price and change companies, ensure coverage does not lapse between policies.
- Tell your current company of your decision to cancel your existing policy and submit a down payment and signed policy application to your new insurance company. Once received, store the certificate verifying coverage above your visor, in the console, or in the glove compartment.
The critical component of shopping around is to try to compare identical coverages on every quote and and to get quotes from all possible companies. This provides an apples-to-apples comparison and the best price selection.
A study showed that a large majority of drivers have been with the same company for more than four years, and nearly the majority have never compared rate quotes at all. Many drivers in Hawaii could save themselves up to $356 a year just by getting comparison quotes, but they just assume it’s a time-consuming process to find cheaper rates by getting comparison quotes.
Companies offer many types of discounts on BMW M5 insurance in Honolulu
Insuring your fleet can be pricey, but you might find some hidden discounts that you may not even know about. Certain discounts will be triggered automatically when you quote, but less common discounts must be inquired about before you get the savings.
- Multi-Vehicle Discounts – Buying coverage for all your vehicles with the same insurance company qualifies for this discount.
- Buy New and Save – Buying insurance coverage on a new vehicle can cost up to 25% less since newer vehicles have better safety ratings.
- Air Bags and Passive Restraints – Factory options such as air bags can receive discounts up to 30%.
- Pay Now and Pay Less – If you pay your bill all at once instead of monthly or quarterly installments you can avoid the installment charge.
- Data Collection Discounts – People who choose to allow companies to analyze when and where they use their vehicle by using a small device installed in their vehicle such as Snapshot from Progressive or Drivewise from Allstate could see a rate decrease as long as the data is positive.
Drivers should understand that some credits don’t apply to your bottom line cost. Most only reduce the price of certain insurance coverages like comp or med pay. Even though the math looks like all the discounts add up to a free policy, you aren’t that lucky.
The information below shows the comparison of BMW M5 car insurance costs with and without discounts applied to the policy premium. The premiums are based on a male driver, no claims or driving citations, Hawaii 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 safe-driver, multi-policy, claim-free, multi-car, homeowner, and marriage discounts applied.
To see insurance companies that offer multiple discounts in Hawaii, click here.
The quickest method we recommend to compare insurance rates from multiple companies is to know the fact most insurance companies participate in online systems to give rate comparisons. The only thing you need to do is provide details like how much you drive, level of coverage desired, your general credit rating, and whether you drive to work or school. Those rating factors is automatically sent to multiple companies and you will get price comparisons with very little delay.
To compare lower-cost BMW M5 insurance rates now, click here and complete the form.
The companies in the list below are ready to provide comparison quotes in Hawaii. If several companies are displayed, we suggest you visit as many as you can to get a more complete price comparison.
Premium rates and analysis
The coverage table displayed below highlights estimates of insurance costs for BMW M5 models. Understanding how car insurance premiums are figured can be useful when making smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M5 4-Dr Sedan||$322||$762||$278||$16||$84||$1,462||$122|
|Get Your Own Custom Quote Go|
Cost estimates assume married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Hawaii minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Prices do not factor in specific location information which can influence insurance rates greatly.
Full coverage rates vs. liability-only in Honolulu
The chart below compares BMW M5 annual premium costs with full coverage compared to only the Hawaii minimum liability coverage. The premium estimates are based on no violations or claims, $100 deductibles, single status, and no other discounts are factored in.
Should you be buying full coverage?
There isn’t a steadfast formula of when to stop paying for physical damage insurance, but there is a general school of thought. If the annual cost of coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
For example, let’s say your BMW M5 settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would receive is $6,000 after paying the physical damage deductible. If premiums are more than $600 a year for your policy with full coverage, then it might be time to consider dropping full coverage.
There are a few cases where only buying liability is not a good plan. If you haven’t satisfied your loan, you are required to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should keep full coverage in place.
Honolulu Insurance Rates are Influenced by These Factors
Smart consumers have a good feel for the rating factors that come into play when calculating the price you pay for auto insurance. If you have a feel for what influences your rates, this enables you to make decisions that can help you get much lower annual insurance costs. Lots of factors are considered when premium rates are determined. Some are obvious such as traffic violations, but other criteria are less obvious like where you live and annual miles driven.
The following are some of the things companies use to determine rates.
More policies can equal more savings – Lots of companies will give better rates to clients who have multiple policies with them. It’s known as a multi-policy discount. Even with this discount, you may still want to compare BMW M5 rates in Honolulu to help ensure you have the lowest rates.There is a chance you can find lower rates by insuring with multiple companies.
Do you really need the extra coverages? – There are a lot of add-on coverages you can purchase if you aren’t careful. Insurance for rental car coverage, death and dismemberment, and extra equipment coverage are examples of these. They may seem good when deciding what coverages you need, but if you’ve never needed them in the past get rid of them and save.
Get a ticket, pay higher costs – Your driving citation history has a big impact on rates. Getting just one speeding ticket can boost insurance rates by as much as twenty percent. Drivers who don’t get tickets tend to pay less for car insurance compared to bad drivers. Drivers unfortunate enough to have dangerous violations like DWI, reckless driving or hit and run convictions might be required by their state to file a SR-22 with the DMV in their state in order to continue driving.
The diagram below shows how speeding tickets and at-fault accidents can increase BMW M5 premium costs for different age groups of insureds. The premium estimates are based on a single male driver, full physical damage coverage, $100 deductibles, and no other discounts are factored in.
Your gender affects premiums – Statistics demonstrate that men are more aggressive behind the wheel. The data does not necessarily mean that men are worse drivers. Men and women tend to get into at-fault accidents at about the same rate, but the men tend to have more serious accidents. Not only are claims higher, but men receive more major tickets such as driving while intoxicated (DWI) or driving recklessly.
The example below illustrates the difference between BMW M5 annual premium costs for male and female drivers. The premiums are based on no driving violations, no at-fault accidents, full physical damage coverage, $500 deductibles, single marital status, and no discounts are factored in.
Drive a safer car and pay less – Safer cars tend to have lower insurance rates. The safest vehicles help reduce the chance of injuries in an accident and fewer injuries means less claims paid and more competitive rates for policyholders.
Annual mileage impacts premiums – The higher the miles on your BMW in a year’s time the higher the price you pay to insure it. Almost all companies apply a rate based upon how much you drive. Vehicles that sit idle most of the time qualify for better rates than cars that get driven a lot. Verify your vehicle rating is showing the correct driver usage. Improper usage on your M5 is throwing money out the window.
Poor credit decisions can cost you – An insured’s credit rating is likely to be a major factor in determining what you pay. If your credit history is low, you could save money insuring your BMW M5 by taking the time to improve your credit score. People that have high credit ratings tend to file fewer claims and have better driving records as compared to drivers with poor credit.
More performance means higher prices – The make and model of the car you own makes a huge difference in determining your rates. The cheapest rates are usually found on smaller low performance passenger cars, but the cost you end up paying is determined by many additional factors.
The data below is based on a single female driver age 20, full coverage with $500 deductibles, and no discounts or violations. The data compares BMW M5 car insurance rates compared to other makes and models that have a range of risk factors.
BMW M5 statistical loss data – Companies include the past claim history for a vehicle in order to profitably underwrite each model. Vehicles that have higher claim amounts or frequency will cost more to insure. The table shown below demonstrates the insurance loss data for BMW M5 vehicles.
For each type of coverage, the claim probability for all vehicles as a whole equals 100. Values that are under 100 are indicative of better than average losses, while numbers above 100 point to more claims or a tendency for losses to be larger than average.
|Specific BMW 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 from IIHS.org for 2013-2015 Model Years
Compare rates but buy from a local Honolulu insurance agent
Many drivers just prefer to have an agent’s advice. The best thing about comparing rate quotes online is the fact that you can find cheaper car insurance rates and still choose a local agent. And buying from neighborhood agents is definitely important in Honolulu.
For easy comparison, once you complete this short form, your information is submitted to local insurance agents in Honolulu who will return price quotes for your insurance coverage. There is no need to contact any agents since price quotes are sent to the email address you provide. Get lower rates and a licensed agent to work with. If you want to compare rates from a particular provider, you can always go to their quote page and complete a quote there.
Listed below are agents in Honolulu willing to provide price quotes for BMW M5 insurance in Honolulu.
- Dongbu Insurance
1440 Kapiolani Blvd # 950 – Honolulu, HI 96814 – (808) 942-5353 – View Map
- Cindy Perkins – State Farm Insurance Agent
1313 S Beretania St #100 – Honolulu, HI 96814 – (808) 593-8221 – View Map
- Island Insurance Hawaii
1022 Bethel St – Honolulu, HI 96813 – (808) 643-4000 – View Map
- Cavanah Associates, Inc.
1100 Alakea St #2600 – Honolulu, HI 96813 – (808) 537-1970 – View Map
Choosing the best insurance company should depend on more than just the premium amount. These are some questions your agent should answer.
- Is the agency involved in supporting local community causes?
- Will their companies depreciate repairs to your car based on the mileage?
- Do they assist clients in filing claims?
- What company holds the largest book of business for them?
- How long has their agency been open in Honolulu?
- Are claim adjusters local or do you have to take your car somewhere else?
- Do they write coverage based solely on cost?
Once you have received good responses for all questions you ask and an acceptable price quote, it’s a good possibility that you have found an insurer that will properly service your insurance policy. Just keep in mind consumers can terminate coverage at any time so never feel that you’re stuck with any specific company with no way out.
Why you need insurance for your BMW M5
Even though Honolulu M5 insurance rates can get expensive, auto insurance is required in Hawaii but it also protects you in many ways.
First, most states have mandatory insurance requirements which means it is punishable by state law to not carry specific limits of liability protection in order to license the vehicle. In Hawaii these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you bought your car with a loan, more than likely the lender will make it a condition of the loan that you have insurance to protect their interest in the vehicle. If coverage lapses or is canceled, the bank may buy a policy for your BMW at a more expensive rate and force you to pay the higher premium.
Third, auto insurance preserves both your assets and your BMW. Insurance will also pay for medical bills for yourself as well as anyone injured by you. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If you have damage to your BMW as the result of the weather or an accident, collision and comprehensive coverages will pay to repair the damage.
The benefits of having auto insurance outweigh the cost, particularly when you have a large claim. As of last year, the average driver in Hawaii is overpaying more than $820 a year so smart consumers compare quotes each time the policy renews to ensure rates are competitive.
Auto insurance companies ranked
Insuring your vehicle with the right insurer can be challenging considering how many companies there are in Hawaii. The ranking data below can help you pick which coverage providers you want to consider shopping your coverage with.
Top 10 Honolulu Car Insurance Companies Ranked by Customer Service
- State Farm
- The Hartford
- American Family
- AAA Insurance
- Liberty Mutual
- Farmers Insurance
Top 10 Honolulu Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 94%
- AAA Insurance – 91%
- State Farm – 90%
- Nationwide – 90%
- The Hartford – 89%
- GEICO – 89%
- Liberty Mutual – 88%
- Allstate – 88%
- Esurance – 87%
- Progressive – 87%
Quote more and you will save more
You just learned some good ideas how you can find affordable BMW M5 insurance in Honolulu. The most important thing to understand is the more times you quote, the better your comparison will be. You may even find the best price on car insurance is with a small local company.
Some car insurance companies may not provide online rate quotes and most of the time these small insurance companies only sell coverage through local independent agents. Budget-conscious BMW M5 insurance can be bought online in addition to many Honolulu insurance agents, so compare prices from both to get a complete price analysis.
People change insurance companies for many reasons like high rates after DUI convictions, denial of a claim, extreme rates for teen drivers and being labeled a high risk driver. No matter why you want to switch, finding a great new company is easier than you think.
How to find lower priced BMW M5 insurance in Honolulu
The most effective way to find lower priced car insurance rates in Honolulu is to compare prices at least once a year from companies in Hawaii.
First, get an understanding of what is in your policy and the measures you can take to keep rates low. Many policy risk factors that cause high rates such as accidents, traffic tickets, and a bad credit rating can be controlled by making lifestyle changes or driving safer.
Second, quote rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can provide rates from one company like Progressive or Allstate, while independent agencies can provide prices for a wide range of insurance providers. View a list of agents
Third, compare the new rates to your current policy premium and determine if cheaper M5 coverage is available. If you find better rates, make sure coverage does not lapse between policies.
A key point to remember is that you’ll want to compare similar deductibles and liability limits on each quote and and to get quotes from every insurance company. Doing this provides a level playing field and maximum price selection.
Much more information about car insurance in Hawaii can be read below:
- Senior Drivers (Insurance Information Institute)
- Who Has Affordable Honolulu Auto Insurance Rates for First-time Drivers? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for a Toyota Highlander in Honolulu? (FAQ)
- How Much are Auto Insurance Quotes for a Hyundai Elantra in Honolulu? (FAQ)
- Older Driver Statistics (Insurance Information Institute)
- Things to Know Before you Cancel Insurance (Allstate)
- Comprehensive Coverage (Liberty Mutual)