1994 BMW 7 Series Car Insurance Cost

I can’t think of a single person who looks forward to buying auto insurance, especially when they are paying too much. Because there are so many options when it comes to auto insurance, it is very difficult to choose the lowest price insurer.

It is always a good idea to do rate comparisons at least once a year due to the fact that insurance rates trend upward over time. Even if you think you had the best deal on 7 Series insurance six months ago there may be better deals available now. Forget anything you know (or think you know) about auto insurance because I’m going to let you in on the secrets to the easiest way to find better coverage at a better price.

Pieces of the BMW 7 Series insurance rate puzzle

Consumers need to have an understanding of some of the elements that play a part in calculating your car insurance rates. Knowing what impacts premium levels helps enable you to make changes that may reward you with big savings.

  • How many coverages with the same company – Most insurers give discounts to people who buy several policies from them, otherwise known as a multi-policy discount. If you currently are using one company, it’s in your best interest to compare rates to confirm you are receiving the best rates possible. You may still be able to find a better deal by buying car insurance from a different company.
  • Your location affects your rates – Residing in a rural area is a positive aspect when talking about car insurance. Lower population means fewer accidents and a lower car theft rate. City drivers have more traffic problems and much longer commute distances. More time commuting can result in more accidents.
  • High crash test scores lower rates – Cars with high safety ratings can get you lower premiums. The safest vehicles reduce injuries and fewer injuries translates into fewer and smaller insurance claims passed on to you as lower rates. If your BMW 7 Series earned at least four stars on Safercar.gov or an “acceptable” rating on iihs.org it is probably cheaper to insure.
  • Frequent car insurance claims increase rates – Auto insurance companies generally give better rates to drivers who file claims infrequently. If you frequently file small claims, you can definitely plan on either policy cancellation or increased premiums. Your insurance policy is intended to be relied upon for the large, substantial claims.
  • Theft deterrents lower rates – Driving a car with a theft deterrent system can help lower your rates. Anti-theft devices like GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder auto theft.
  • Occupation reflects on rates – Occupations such as lawyers, executives and financial analysts tend to pay higher average rates attributed to job stress and long work hours. Conversely, professions such as scientists, engineers and the unemployed have the lowest average rates on 7 Series insurance.

Discounts to lower BMW 7 Series insurance rates

Companies offering auto insurance don’t always list all their discounts in a way that’s easy to find, so we researched both the well known and also the lesser-known ways to save on auto insurance. If you aren’t receiving every discount you qualify for, you’re just leaving money on the table.

  • Seat Belts Save more than Lives – Drivers who require all occupants to wear their seat belts could save 15% off your PIP or medical payments premium.
  • Discounts for Safe Drivers – Drivers who avoid accidents can get discounts for up to 45% lower rates on 7 Series insurance than their less cautious counterparts.
  • Government Employees – Active or retired federal employment can save as much as 8% on 7 Series insurance depending on your company.
  • Accident Waiver – A few companies permit an accident without raising rates so long as you haven’t had any claims prior to the accident.
  • Discount for Life Insurance – Companies who offer life insurance give a break if you buy a life insurance policy as well.
  • Own a Home – Simply owning a home may trigger a auto insurance policy discount because maintaining a house requires personal responsibility.
  • Driver Safety – Completing a driver safety course could cut 5% off your bill depending on where you live.

A little note about advertised discounts, some of the credits will not apply to the entire cost. Most only apply to specific coverage prices like comprehensive or collision. So when the math indicates all those discounts means the company will pay you, auto insurance companies aren’t that generous.

To see a list of providers who offer auto insurance discounts, click here.

Can you really save that much by switching?

Drivers constantly see and hear ads for car insurance savings by Progressive, GEICO, Allstate and State Farm. All the ads have a common claim that you can save after switching to their company.

How do they all say the same thing?

All companies have a preferred profile for the type of customer that is profitable for them. An example of a driver they prefer might be profiled as between 30 and 50, a clean driving record, and has excellent credit. A driver that hits that “sweet spot” is entitled to the best price and as a result will probably save when switching.

Potential insureds who fall outside these standards will have to pay more money which usually ends up with business going elsewhere. The ads state “people who switch” not “everyone that quotes” save that kind of money. That’s why companies can truthfully make the claims of big savings. Because of the profiling, it’s extremely important to compare as many rates as you can. It is impossible to predict the company that will fit your personal profile best.

Tailor your coverage to you

When buying the right insurance coverage, there is no “best” method to buy coverage. Everyone’s needs are different so this has to be addressed. Here are some questions about coverages that could help you determine whether your personal situation might need an agent’s assistance.

  • Who is covered when they drive my 1994 BMW 7 Series?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • Is my trailer covered?
  • How do I insure my teen driver?
  • Should I sign the liability waiver when renting a car?
  • What is the ISO rating for a 1994 BMW 7 Series?

If you’re not sure about those questions but you think they might apply to your situation, then you may want to think about talking to an insurance agent. If you don’t have a local agent, complete this form or go to this page to view a list of companies. It is quick, free and can help protect your family.

Car insurance coverages for a 1994 BMW 7 Series

Knowing the specifics of insurance can be of help when determining appropriate coverage and the correct deductibles and limits. The terms used in a policy can be ambiguous and coverage can change by endorsement. Listed below are typical coverages offered by insurance companies.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP pay for short-term medical expenses for pain medications, surgery, rehabilitation expenses, X-ray expenses and EMT expenses. The coverages can be used in conjunction with a health insurance policy or if you lack health insurance entirely. Coverage applies to not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not available in all states but can be used in place of medical payments coverage

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims such as hail damage, damage from getting keyed, damage from a tornado or hurricane and hitting a bird. The maximum amount your insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Coverage for collisions

This coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage pays for claims such as sustaining damage from a pot hole, damaging your car on a curb and crashing into a building. Collision coverage makes up a good portion of your premium, so consider dropping it from older vehicles. Another option is to raise the deductible to bring the cost down.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage gives you protection from other motorists when they are uninsured or don’t have enough coverage. This coverage pays for injuries to you and your family and damage to your 1994 BMW 7 Series.

Due to the fact that many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Liability coverages

This can cover damage or injury you incur to other’s property or people in an accident. This coverage protects you against other people’s claims. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 50/100/50 which stand for $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property.

Liability coverage protects against claims like pain and suffering, court costs, medical services, loss of income and attorney fees. How much liability should you purchase? That is up to you, but consider buying as much as you can afford.

Save your cold hard cash

In this article, we presented quite a bit of information on how to lower your 1994 BMW 7 Series insurance rates. It’s most important to understand that the more rate quotes you have, the more likely it is that you will get a better rate. You may even discover the lowest premiums are with the least-expected company. They can often insure niche markets at a lower cost as compared to the big name companies such as State Farm or Progressive.

When trying to cut insurance costs, it’s a bad idea to buy less coverage just to save a little money. There have been many cases where an insured dropped liability coverage limits only to discover later they didn’t purchase enough coverage. The aim is to purchase plenty of coverage at a price you can afford, not the least amount of coverage.

Much more information about insurance coverage can be found below: