Astonishing but true according to a recent study, almost 70% of drivers have purchased from the same company for at least four years, and almost 40% of drivers have never even shopped around for lower-cost coverage. The average driver in Fort Worth could save almost $1,800 every year, but most just don’t grasp the big savings they would realize if they moved their coverage to a different company.
If your goal is the lowest price, then the best way to get cheaper auto insurance rates in Fort Worth is to start comparing prices yearly from providers in Texas. This can be done by following these guidelines.
Step 1: Try to comprehend what is in your policy and the steps you can take to prevent expensive coverage. Many policy risk factors that result in higher rates like accidents, careless driving, and an imperfect credit history can be controlled by paying attention to minor details.
Step 2: Compare prices from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO or Farmers Insurance, while agents who are independent can give you price quotes for many different companies.
Step 3: Compare the new rate quotes to your current policy to determine if you can save on M5 insurance. If you find a better price and decide to switch, ensure there is no coverage lapse between policies.
Step 4: Provide proper notification to your current company of your intent to cancel your current coverage. Submit a down payment and signed policy application to the new company. Be sure to store the proof of insurance certificate along with the vehicle’s registration papers.
A good tip to remember is to make sure you’re comparing the same level of coverage on each quote request and and to get quotes from as many companies as you can. This ensures the most accurate price comparison and the most accurate and complete price analysis.
The easiest way to get policy rate comparisons for BMW M5 insurance in Fort Worth is to realize almost all companies will pay a fee to compare rate quotes. The only thing you need to do is provide details such as how many miles driven, if the car is leased, if you are currently licensed, and deductibles desired. That information is then submitted to multiple different insurance companies and they return cost estimate instantly.
If you would like to start a quote now, click here and find out if you can get cheaper insurance in Fort Worth.
The following companies provide free quotes in Fort Worth, TX. If multiple companies are listed, we recommend you visit as many as you can in order to get a fair rate comparison.
Get cheaper rates by taking advantage of these nine discounts
Auto insurance is neither fun to buy or cheap, but there are discounts available that could help you make your next renewal payment. Many of these discounts will be applied automatically at the time you complete a quote, but some need to be specially asked for in order for you to get them.
- Responsible Drivers – Insureds who avoid accidents may save up to 50% more compared to rates paid by drivers with frequent claims.
- Student in College – Kids who attend college more than 100 miles from Fort Worth and won’t have access to an insured vehicle can receive lower rates.
- Pay Early and Save – If you pay your entire premium ahead of time instead of paying each month you could save up to 5%.
- Own a Home and Save – Simply owning a home can save you money because maintaining a house is proof that your finances are in order.
- Senior Citizens – Mature drivers may be able to get a slight reduction on a Fort Worth car insurance quote.
- Multi-car Discount – Buying a policy with multiple vehicles with one company can reduce rates for all insured vehicles.
- No Accidents – Drivers with accident-free driving histories are rewarded with significantly better rates on Fort Worth car insurance quote compared to bad drivers.
- Driver’s Education for Students – Cut your cost by having your teen driver successfully take a driver’s education course in high school.
- Telematics Discount – Fort Worth drivers who agree to allow driving data collection to analyze driving habits by using a telematic data system like In-Drive from State Farm and Progressive’s Snapshot might get better premium rates as long as the data is positive.
One last thing about discounts, most discounts do not apply to the entire cost. A few only apply to the cost of specific coverages such as liability and collision coverage. So even though it sounds like it’s possible to get free car insurance, auto insurance companies aren’t that generous.
The diagram below compares BMW M5 car insurance rates with and without discounts being applied to the rates. The prices are based on a male driver, no claims or driving violations, Texas state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, marriage, safe-driver, homeowner, and multi-policy discounts applied.
Companies and a partial list of their discounts are included below.
- State Farm offers discounts including passive restraint, Steer Clear safe driver discount, student away at school, driver’s education, and multiple autos.
- GEICO has discounts for daytime running lights, military active duty, emergency military deployment, air bags, and anti-lock brakes.
- Progressive offers discounts for multi-vehicle, homeowner, good student, online quote discount, continuous coverage, and multi-policy.
- 21st Century includes discounts for driver training, anti-lock brakes, early bird, teen driver, and good student.
- American Family offers premium reductions for defensive driver, Steer into Savings, early bird, TimeAway discount, multi-vehicle, air bags, and mySafetyValet.
- The Hartford may have discounts that include anti-theft, driver training, vehicle fuel type, bundle, good student, and defensive driver.
- AAA may offer discounts for AAA membership discount, anti-theft, good driver, education and occupation, good student, and multi-policy.
If you need lower rates, check with each insurance company to apply every possible discount. Savings might not be available to policyholders in every state. To find insurers that can offer you the previously mentioned discounts in Texas, follow this link.
Detailed insurance information
The price information below outlines different policy rates for BMW M5 models. Having a good grasp of how auto insurance premiums are calculated can help guide drivers when making informed decisions when comparing rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $420 | $952 | $366 | $22 | $110 | $1,870 | $156 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Price estimates do not factor in Fort Worth location which can change rates substantially.
Deductible analysis
One of the more difficult decisions when buying insurance is how high should the physical damage deductibles be. The data tables below sum up the rate difference of buying low and high insurance deductibles. The first price estimate table uses a $250 deductible for comp and collision and the second price chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $484 | $938 | $382 | $22 | $114 | $1,965 | $164 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M5 4-Dr Sedan | $394 | $756 | $382 | $22 | $114 | $1,668 | $139 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Premium amounts do not factor in specific zip code location which can impact rates greatly.
Based on this data, using a $250 deductible would cost the average driver about $25 more each month or $300 for a full year than buying the higher $500 deductible. Since you would pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you tend to go at least 10 months between claims, you would probably come out ahead if you choose the higher deductible.
The diagram below demonstrates how deductibles and can increase or decrease BMW M5 annual premium costs for each age group. Data assumes a single female driver, comprehensive and collision coverage, and no other discounts are factored in.
Impact of citations and accidents on insurance rates
The chart below illustrates how speeding tickets and at-fault accidents can raise BMW M5 premium costs for each age group. The premium estimates are based on a single female driver, full physical damage coverage, $100 deductibles, and no discounts are factored in.
Rate comparison of male drivers versus female drivers
The information below illustrates the comparison of BMW M5 insurance costs for male and female drivers. Data assumes no claims or violations, full coverage, $1,000 deductibles, drivers are single, and no discounts are applied.
Should you buy full coverage?
The information below illustrates the difference between BMW M5 annual premium costs with full coverage compared to only the Texas minimum liability coverage. The costs are based on no accidents, no driving violations, $1,000 deductibles, single marital status, and no discounts are applied to the premium.
When to eliminate full coverage
There is no written rule of when to exclude comprehensive and collision coverage on your policy, but there is a general convention. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let’s say your BMW M5 replacement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $5,000 after paying your deductible. If premium cost is more than $500 a year to have full coverage, then you may need to consider dropping full coverage.
There are a few cases where dropping physical damage coverage is not recommended. If you still have a loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.
Local Fort Worth car insurance agents and insurance
Many drivers just want to talk to an insurance agent and that is OK! Professional insurance agents can make sure you are properly covered and help in the event of a claim. The biggest benefit of comparing insurance prices online is that drivers can save money and get better rates and also buy local.
After completing this form (opens in new window), the quote information is instantly submitted to companies in Fort Worth that provide free Fort Worth car insurance quotes to get your business. You never need to contact any agents because prices are sent to you instantly. If you wish to get a price quote from a particular provider, feel free to visit that company’s website and fill out their quote form.
Selecting a insurer should depend on more than just a cheap price quote. The following questions are important to ask.
- If they are an independent agency in Fort Worth, which companies do they recommend?
- Do they receive special compensation for putting your coverage with one company over another?
- Do they assist clients in filing claims?
- Which insurance companies are they affiliated with?
- What insurance company do they write the most business with?
- Are claim adjusters local or do you have to take your car somewhere else?
- How many years have they been established?
Auto insurance agents in Fort Worth come in two varieties
If you are wanting to purchase insurance from a local Fort Worth insurance agent, it can be helpful to understand the different types of agencies to choose from. Insurance agents can either be independent (non-exclusive) or exclusive. Either one can properly insure your vehicles, but it’s worth learning how they differ since it can impact the type of agent you choose.
Exclusive Agents
Agents that choose to be exclusive write business for a single company and examples are Farmers Insurance, American Family, State Farm and Allstate. They are unable to shop your coverage around so they have to upsell other benefits. Exclusive agents are highly trained on what they offer which helps them compete with independent agents. Consumers frequently buy from exclusive agents mostly because of the brand and the convenience of having all coverages with one company.
Below is a short list of exclusive agents in Fort Worth that can give you price quote information.
- Farmers Insurance – Robert Lee
908 W Berry St b – Fort Worth, TX 76110 – (817) 923-0555 – View Map - Raudel Flores – State Farm Insurance Agent
4200 South Fwy #102 – Fort Worth, TX 76115 – (817) 926-9537 – View Map - Allstate Insurance: Robert Stine
3509 Hulen St Ste 103 – Fort Worth, TX 76107 – (817) 377-4048 – View Map
Independent Agents
Agents of this type do not sell for just one brand so they have the ability to put coverage amongst many companies and find you the best rates. If they find a lower price, your agent can just switch to a different company and you don’t have to do anything.
When searching for an agent, you need to get quotes from at a minimum one independent agency for maximum quote selection. They also have the ability to place coverage with mutual insurance companies which could offer lower prices.
The following are Fort Worth independent insurance agencies that are able to give comparison quotes.
- Northside Insurance Agency
1237 Lincoln Ave – Fort Worth, TX 76164 – (817) 626-3100 – View Map - Bradley Insurance
1415 Summit Ave – Fort Worth, TX 76102 – (817) 332-4064 – View Map - Hemphill Insurance Agency
3121 Hemphill St – Fort Worth, TX 76110 – (817) 923-2001 – View Map
Once you have positive feedback to all your questions and locked in a price quote, you may have just found a car insurance agent that can properly insure your vehicles. But remember, policyholders can cancel your policy at any time so don’t assume that you are obligated to a policy for the full term.
Learn about auto insurance coverages for a BMW M5
Understanding the coverages of auto insurance can be of help when determining the right coverages and proper limits and deductibles. Auto insurance terms can be impossible to understand and nobody wants to actually read their policy.
Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage protects you and your vehicle when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for medical payments for you and your occupants and also any damage incurred to your BMW M5.
Because many people carry very low liability coverage limits (30/60/25 in Texas), their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked.
Collision coverage – Collision insurance pays for damage to your M5 from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision can pay for claims like backing into a parked car, sideswiping another vehicle and colliding with another moving vehicle. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. You can also bump up the deductible on your M5 to bring the cost down.
Comprehensive insurance – This coverage covers damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage protects against things such as rock chips in glass, damage from flooding, theft and hitting a deer. The maximum payout you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.
Liability insurance – Liability coverage protects you from damages or injuries you inflict on other’s property or people by causing an accident. Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 30/60/25 which means $30,000 bodily injury coverage, a limit of $60,000 in injury protection per accident, and property damage coverage for $25,000.
Liability can pay for claims such as repair costs for stationary objects, medical expenses, repair bills for other people’s vehicles and legal defense fees. How much liability should you purchase? That is a decision to put some thought into, but consider buying higher limits if possible. Texas requires minimum liability limits of 30/60/25 but it’s recommended drivers buy more liability than the minimum.
The chart below demonstrates why low liability limits may not provide you with enough coverage.
Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses such as chiropractic care, X-ray expenses and ambulance fees. They are utilized in addition to your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and also covers any family member struck as a pedestrian. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay
Affordable insurance premiums are possible
Consumers leave their current company for a number of reasons such as an unsatisfactory settlement offer, poor customer service, extreme rates for teen drivers or even delays in paying claims. No matter why you want to switch, switching insurance companies is less work than it seems.
As you quote Fort Worth car insurance, it’s not a good idea to buy poor coverage just to save money. There have been many situations where someone sacrificed liability coverage limits and discovered at claim time that it was a big mistake. The goal is to purchase a proper amount of coverage at the best possible price, not the least amount of coverage.
We’ve covered some good ideas how you can get a better price on BMW M5 insurance in Fort Worth. The key thing to remember is the more companies you get prices for, the higher the chance of saving money. You may even be surprised to find that the lowest premium rates come from the least-expected company.
More detailed insurance information is available in the articles below:
- Young Drivers: The High Risk Years Video (iihs.org)
- Who Has the Cheapest Car Insurance Rates for Drivers with a Bad Driving Record in Fort Worth? (FAQ)
- Who Has Cheap Car Insurance Rates for Immigrants in Fort Worth? (FAQ)
- Auto Insurance FAQ (Farmers Insurance)
- Preventing Carjacking and Theft (Insurance Information Institute)
- Auto Insurance Basics (Insurance Information Institute)
- Can I Drive Legally without Insurance? (Insurance Information Institute)