Shockingly, about 70% of customers renewed their policy with the same company for at least the last four years, and approximately 38% of consumers have never even compared rates from other companies. With the average insurance premium being $1,160, Alaska drivers could pocket up to $370 a year, but most undervalue how much savings they would realize if they replace their high priced policy.
The recommended way to get more affordable car insurance rates in Anchorage is to compare prices at least once a year from companies who sell insurance in Alaska.
- Try to learn about car insurance and the modifications you can make to prevent high rates. Many risk factors that are responsible for high rates like tickets, at-fault accidents, and a not-so-good credit rating can be amended by making lifestyle changes or driving safer.
- Quote rates from direct, independent, and exclusive agents. Direct and exclusive agents can only give prices from a single company like Progressive or Farmers Insurance, while independent agents can provide rate quotes from multiple insurance companies. View insurance agents
- Compare the new rates to the price on your current policy to see if switching to a new carrier will save money. If you find a lower rate quote and buy the policy, make sure there is no lapse in coverage.
One key aspect of rate comparisons is that you’ll want to compare the same physical damage deductibles and liability limits on every price quote and and to compare every company you can. This guarantees a level playing field and the best price selection.
Companies offering low-cost BMW M5 price quotes in Anchorage, AK
The car insurance companies shown below provide comparison quotes in Alaska. If you want to find cheap car insurance in AK, it’s highly recommended you visit two to three different companies in order to find the most affordable rates.
Rates and detailed analysis
The price information below highlights detailed analysis of rate quotes for BMW M5 models. Knowing how prices are figured can help customers make informed decisions when comparing rate quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M5 4-Dr Sedan||$270||$570||$262||$16||$78||$1,196||$100|
|Get Your Own Custom Quote Go|
Price data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Alaska minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Table data does not factor in vehicle location which can affect prices greatly.
BMW M5 full coverage rates compared to liability only
The information below visualizes the comparison of BMW M5 insurance costs with full coverage compared to only the Alaska minimum liability coverage. The prices are based on a clean driving record, no claims, $1,000 deductibles, single status, and no discounts are applied to the premium.
Are you wasting money on full coverage?
There is no definitive rule to drop full coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s assume your BMW M5 book value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $6,000 after you pay the deductible. If you are currently paying more than $600 annually for physical damage coverage, then it may be the right time to buy liability only.
There are some conditions where dropping physical damage coverage is not a good idea. If you still have a loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not opt for liability only.
Reduce your auto insurance rates with discounts
Auto insurance is not an enjoyable expense, but you may qualify for discounts to cut the cost considerably. Larger premium reductions will be automatically applied when you purchase, but less common discounts must be asked about before they will apply. If you do not double check each discount possible, you could be paying more than you need to.
- Online Discount – Some larger companies will give a small break for buying your policy online.
- Safety Course Discount – Participating in a safe driver course could save 5% or more and also improve your driving technique.
- New Car Discount – Buying a new car model may earn a small discount since new model year vehicles are generally safer.
- Discounts for Cautious Drivers – Drivers who don’t get into accidents could pay up to 40% less compared to rates paid by drivers with frequent claims.
- Safety Restraint Discount – Using a seat belt and requiring all passengers to buckle up before driving can save up to 15% on the medical payments or PIP coverage costs.
- First Accident Forgiveness – This one isn’t a discount, but a few companies such as Liberty Mutual and GEICO will allow you to have one accident before raising your premiums so long as you haven’t had any claims prior to the accident.
- Early Switch Discount – Some auto insurance companies reward drivers for signing up before your current expiration date. Ten percent is about the average savings.
- Multiple Vehicles – Drivers who insure multiple cars on the same auto insurance policy can get a discount for every vehicle.
- Policy Bundle Discount – When you have multiple policies with one insurance company you could get a discount of up to 20% and get you the cheapest BMW M5 insurance in Anchorage.
It’s important to understand that many deductions do not apply to the whole policy. Most only reduce individual premiums such as medical payments or collision. So when the math indicates you could get a free auto insurance policy, that’s just not realistic.
The information below illustrates the comparison of BMW M5 insurance costs with and without some available policy discounts. The premiums are based on a female driver, no violations or accidents, Alaska 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-policy, marriage, multi-car, safe-driver, homeowner, and claim-free discounts applied.
The best auto insurance companies and a selection of discounts can be found below.
- State Farm discounts include multiple policy, Drive Safe & Save, good driver, student away at school, safe vehicle, driver’s education, and anti-theft.
- Progressive has discounts for good student, homeowner, online signing, online quote discount, multi-policy, continuous coverage, and multi-vehicle.
- Travelers policyholders can earn discounts including early quote, student away at school, driver training, payment discounts, and multi-policy.
- American Family offers discounts for early bird, good driver, defensive driver, TimeAway discount, mySafetyValet, bundled insurance, and accident-free.
- Liberty Mutual may include discounts for multi-policy, newly married, new move discount, hybrid vehicle, good student, and exclusive group savings.
If you need lower rates, check with each company or agent the best way to save money. Some of the earlier mentioned discounts might not be available to policyholders everywhere.
You may need specialized insurance coverage
When buying coverage online or from an agent, there isn’t really a cookie cutter policy. Each situation is unique.
These are some specific questions may help highlight whether or not you would benefit from professional advice.
- How can I get the company to pay a claim?
- What is GAP insurance?
- What are the financial responsibility laws in my state?
- Why do I have to buy liability insurance?
- Do I have coverage if my license is suspended?
- Does medical payments coverage apply to all occupants?
- Are rock-chip repairs free?
- Is a driver training discount available?
If you can’t answer these questions but one or more may apply to you, you may need to chat with a licensed agent. To find lower rates from a local agent, fill out this quick form.
Compare prices but still have a neighborhood Anchorage auto insurance agent
Some consumers still like to talk to a local agent and that is a smart decision The best thing about price shopping on the web is the fact that drivers can get the best rates but still work with a licensed agent. And buying from neighborhood insurance agencies is important especially in Anchorage.
After completing this simple form, your information is immediately sent to companies in Anchorage who will give competitive quotes for your coverage. You won’t need to leave your house since price quotes are sent to your email. You can most likely find cheaper rates AND an agent nearby. If you need to compare prices for a specific company, just find their quoting web page and fill out the quote form the provide.
Deciding on an insurer should include more criteria than just the premium amount. Get answers to these questions too.
- Do they have designations such as AIC, CPCU, or CIC?
- Will you get a loaner vehicle if you car is being repaired?
- Where would your vehicle be repaired?
- Do the coverages you’re quoting properly cover your vehicle?
- Does the agency have a current Errors and Omissions policy?
- Did they already check your driving record and credit reports?
Cover all your bases
Lower-priced BMW M5 insurance in Anchorage is possible from both online companies and also from your neighborhood Anchorage agents, so you need to quote Anchorage car insurance with both in order to have the best chance of saving money. There are still a few companies who may not provide online rate quotes and these smaller companies work with local independent agencies.
When buying insurance coverage, make sure you don’t sacrifice coverage to reduce premiums. In too many instances, someone dropped full coverage to discover at claim time that the few dollars in savings costed them thousands. Your objective should be to get the best coverage possible at a price you can afford and still be able to protect your assets.
You just read some good ideas how you can reduce BMW M5 insurance prices online in Anchorage. The key thing to remember is the more companies you get rates for, the better likelihood of getting cheaper Anchorage car insurance quotes. You may even be surprised to find that the lowest priced auto insurance comes from a company that doesn’t do a lot of advertising.
Much more information about auto insurance in Alaska can be read at the links below
- Child Safety Seats (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance for Homeowners in Anchorage? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Chevrolet Equinox in Anchorage? (FAQ)
- How Much is Car Insurance for Good Drivers in Anchorage? (FAQ)
- Airbag FAQ (iihs.org)
- Auto Theft Statistics (Insurance Information Institute)
- Red Light Cameras (State Farm)
- Smart Auto Insurance Tips (Insurance Information Institute)