Want to know how to find the cheapest auto insurance rates in Omaha, NE? Omaha buyers have lots of choices when searching for the lowest priced BMW M5 insurance. They can either waste time driving around to get rate comparisons or save time using the internet to make rate comparisons. There are more efficient ways to compare auto insurance rates so we’re going to tell you the absolute fastest way to compare rates for a new or used BMW and locate the best price possible from both online companies and Omaha agents.
Smart consumers take time to quote other rates once or twice a year because rates fluctuate regularly. Even if you got the best premium rates on BMW M5 insurance in Omaha on your last policy a different company probably has better prices today. Forget anything you know (or think you know) about auto insurance because you’re about to learn the proper way to lower your rates without sacrificing coverage.
The companies shown below provide free quotes in Omaha, NE. If multiple companies are listed, it’s a good idea that you get rate quotes from several of them to get the most affordable price.
Why you need insurance
Even though it can be expensive, insuring your vehicle is required by state law in Nebraska and it also provides benefits you may not be aware of.
- The majority of states have minimum mandated liability insurance limits which means it is punishable by state law to not carry specific minimum amounts of liability insurance in order to drive the car. In Nebraska these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you bought your vehicle with a loan, most banks will have a requirement that you buy full coverage to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the lender may insure your BMW at a much higher rate and force you to pay for it.
- Insurance safeguards both your BMW M5 and your assets. Insurance will also pay for hospital and medical expenses for yourself as well as anyone injured by you. Liability coverage will also pay to defend you if someone files suit against you as the result of an accident. If you have damage to your BMW as the result of the weather or an accident, comprehensive and/or collision insurance will pay to repair the damage minus the deductible amount.
The benefits of buying enough insurance outweigh the cost, particularly for liability claims. Today the average American driver is currently overpaying as much as $865 each year so you should quote rates at least once a year to ensure rates are inline.
Rates and detailed analysis
The coverage information below covers different insurance costs for BMW M5 models. Learning more about how car insurance premiums are formulated can benefit drivers when making smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $202 | $478 | $338 | $20 | $102 | $1,140 | $95 |
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Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Nebraska minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Information does not factor in specific garaging location which can influence insurance rates substantially.
Analysis of deductible levels
One common question asked by Omaha drivers is how high should the deductibles for physical damage be. The figures shown below may aid in understanding the difference in cost of buying low and high deductibles. The first set of rates uses a $100 deductible for comprehensive and collision coverage and the second price table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $424 | $882 | $300 | $18 | $90 | $1,739 | $145 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $236 | $464 | $300 | $18 | $90 | $1,108 | $92 |
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Nebraska minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Premium amounts do not factor in your specific Omaha location which can raise or lower insurance rates significantly.
Using the premium rates above, we can conclude that using a $100 deductible costs an average of $53 more each month or $636 each year across all BMW M5 models than selecting the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go more than 17 months between claims, you would more than likely save some money by selecting a higher deductible. The numbers below show an example of how we made this calculation.
| Average monthly premium for $100 deductibles: | $145 |
| Average monthly premium for $1,000 deductibles (subtract): | – $92 |
| Monthly savings from raising deductible: | $53 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $53 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 17 months |
An important sidenote is that raising deductibles to get cheaper rates means you pay more out-of-pocket when you have a physical damage claim. That will require enough money in the bank in order to pay the higher deductible in order to repair your vehicle.
The diagram below demonstrates how choosing different deductibles and can increase or decrease BMW M5 insurance costs for each different age group. The premiums assume a single male driver, comp and collision included, and no discounts are factored in.
Rate comparison of male drivers versus female drivers
The illustration below visualizes the comparison of BMW M5 car insurance costs for male and female drivers. The premiums assume no claims or violations, comp and collision included, $500 deductibles, single marital status, and no other discounts are factored in.
Difference between full coverage and liability only rates
The chart below compares BMW M5 annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on no accidents, no driving violations, $250 deductibles, single status, and no additional discounts are factored in.
Are you wasting money on full coverage?
There is no clear-cut rule of when to drop physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let’s say your BMW M5 claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $6,000 after the policy deductible has been paid. If it’s costing in excess of $600 annually for your policy with full coverage, then you might want to think about dropping full coverage.
There are some circumstances where removing full coverage is not in your best interest. If you still have a loan on your vehicle, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should maintain full coverage.
You may qualify for discounts for BMW M5 insurance in Omaha
Insurance is neither fun to buy or cheap, but you may qualify for discounts to help bring down the price. Larger premium reductions will be automatically applied when you purchase, but occasionally some discounts must be asked for before they will apply. If you aren’t receiving every discount available, you are not getting the best rate possible.
- Seat Belt Discounts – Drivers who require all occupants to fasten their seat belts could cut 10% or more off PIP or medical payments premium.
- Good Driver Discounts – Accident-free drivers can save up to 40% or more on their Omaha auto insurance quote compared to accident prone drivers.
- Omaha Homeowners Pay Less – Owning a home in Omaha can help you save on insurance because owning a home shows financial diligence.
- Defensive Driving Course – Passing a driver safety course could earn you a small percentage discount if your company offers it.
- Military Discounts – Being deployed with a military unit may lower your insurance rates slightly.
- Membership in Organizations – Being a member of a civic or occupational organization in Omaha may earn a discount on your policy.
- College Student Discount – Kids who live away from home to go to college and do not take a car to college could qualify for this discount.
- Discount for Passive Restraints – Vehicles equipped with air bags or motorized seat belts can receive discounts of 20% or more.
One last thing about discounts, some of the credits will not apply to the whole policy. Most only cut the price of certain insurance coverages like collision or personal injury protection. So when the math indicates you can get free auto insurance, insurance companies wouldn’t stay in business.
The diagram below shows the comparison of BMW M5 annual premium costs with and without policy discounts. The rate quotes are based on a female driver, no violations or accidents, Nebraska state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, claim-free, marriage, homeowner, multi-policy, and safe-driver discounts applied.
Some of the larger companies who may offer some of the discounts shown above may include but are not limited to:
When comparing rates, check with each company to give you their best rates. A few discounts may not be offered everywhere. If you would like to view providers that offer discounts in Omaha, click here to view.
What is the best insurance coverage?
When it comes to buying adequate coverage for your personal vehicles, there really is no best way to insure your cars. Everyone’s needs are different.
Here are some questions about coverages that may help you determine whether you will benefit from professional help.
- Do I have newly-acquired coverage?
- Am I covered if I wreck a rental car?
- Is motorclub coverage worth it?
- Am I covered when driving on a suspended license?
- Do I need higher collision deductibles?
- When should I have rental car coverage?
- When should I not file a claim?
If you’re not sure about those questions, you may need to chat with a licensed agent. To find an agent in your area, complete this form. It only takes a few minutes and you can get the answers you need.