Published on May 10th, 2014 | by neil0
Practical Ways To Lower Your BMW M5 Insurance Costs
One of my favourite cars in the world is, without a doubt, the mighty BMW M5! For those of you that have about as much knowledge of cars as they do brain surgery, the BMW M5 is essentially a souped-up version of the BMW 5-Series saloon.
The German carmaker obviously targets their vehicles at the higher end of the market, and with a plethora of luxuries and gadgets, BMW cars are the equivalent to travelling business class on a plane!
Of course, luxury executive cars aren’t the only types of vehicles that BMW produce, as the firm also has a number of motorsport-oriented vehicles in its model portfolio (the M5 being one of them).
It has to be said that owners of BMW M5 cars don’t tend to buy these cars for reasons of fuel efficiency or tax savings; no, they buy them because they want an uber-luxurious motorway stormer!
One of my good friends is an even-bigger fan of the BMW M5 than I am, and spent several years saving up enough cash to buy one.
He recently went out and bought a used model from Eastern Western (even he can’t save up £74k for a brand new one!), and whilst he was initially chuffed with the purchase of his dream car, one thing he didn’t really think about beforehand was how much it was going to cost him on insurance… D’oh!
Anyway if you are reading this blog post, Gareth, or if anyone else is about to buy a BMW M5, here are some practical ways to lower your insurance costs.
Fit a GPS tracker
I don’t need to tell you that the BMW M5 is one of the most sought-after cars by thieves around the world.
These are one of the few cars that are stolen to order by “professional” car thieves, and are often exported abroad under false documentation for the purposes of selling on the black market.
Insurance companies know this, and so you will end up paying a fortune for this group 47 car. In order to bring your car insurance premiums back down to Earth, it is highly recommended that you install a GPS tracker on the car for security and insurance reasons.
Get insurance quotes from specialists
Rather than using comparison websites such as MoneySupermarket or comparethemarket.com, you should head straight for specialist car insurers.
These insurance companies don’t insure standard run-of-the-mill cars, but offer a fully bespoke service designed for those that drive high-performance vehicles (either UK-spec or imported), and will give you a competitive price for your fully-comprehensive insurance cover.
Join an owner’s club
There are a few BMW M5 owner’s clubs dotted around the world, all with a website and community forum system.
Apart from being able to mingle with like-minded enthusiasts and getting deals on group buys for aftermarket parts, many of these clubs also offer discounted insurance services through affiliate insurers.
A lot of people join such clubs purely for the purposes of reducing their insurance costs, especially as those same insurers will usually charge you more for your insurance if you aren’t a member!