Cheaper 2001 BMW 7 Series Car Insurance Rates

Did you fall for a flashy sales pitch and buy an overpriced insurance coverage policy? Trust us when we tell you you’re not alone. Big-name insurance companies like State Farm, Progressive and GEICO all promote huge savings with ad campaigns and it can be hard to see past the corporate glitz and find the best price available.

Comparison of Insurance Coverage

Getting a lower price on 2001 BMW 7 Series insurance can be relatively painless. All you need to do is take the time to get quotes from different insurance companies. This is very easy and can be done using a couple different methods.

  1. One of the best ways to get quotes would be an industry-wide quote request form like this one (opens in new window). This method prevents you from having to do separate quotes for every insurance coverage company. One simple form gets rate comparisons from many national carriers.
  2. A more time consuming way to find lower rates is going to each company website to complete a price quote. For example, we’ll assume you want to compare Progressive, GEICO and State Farm. To get rate quotes you would need to spend time on each company’s site to input your insurance information, which is why the first method is quicker. To view a list of companies in your area, click here.
  3. The most time-consuming method to compare rates is driving around to and from local insurance agencies. Buying insurance online can eliminate the need for a local agent unless you have a need for the personal advice of a local agent. You can, however, get the lowest quotes online and still use a local agent.

It doesn’t matter which method you choose, just make darn sure you compare apples-to-apples information for each price quote. If you are comparing mixed coverages it will be impossible to decipher which rate is best.

The fine print in car insurance ads

Consumers can’t ignore all the ads that promise big savings by Progressive, Allstate and GEICO. All the ads say the same thing that you can save if you switch to their company.

How do they all claim to save you money? This is how they do it.

Insurance companies have a preferred profile for the type of customer that earns them a profit. A good example of a driver they prefer could possibly be between the ages of 30 and 50, a clean driving record, and drives less than 10,000 miles a year. Any new insured that hits that “sweet spot” will get the preferred rates and most likely will save when switching.

Potential insureds who are not a match for this ideal profile will be charged a more expensive rate which leads to business not being written. Company advertisements say “people who switch” not “people who quote” save money. That’s why insurance companies can confidently advertise the savings.

That is why it is so important to get quotes from several different companies. It’s impossible to know which company will fit your personal profile best.

Are you getting all your discounts?

Insurance can cost an arm and a leg, but you can get discounts to help offset the cost. A few discounts will automatically apply when you complete an application, but a few must be asked about before being credited. If they aren’t giving you every credit you qualify for, you are throwing money away.

  • Memberships – Being a member of certain professional organizations is a good way to get lower rates when buying auto insurance on 7 Series coverage.
  • One Accident Forgiven – A handful of insurance companies permit an accident before hitting you with a surcharge as long as you don’t have any claims for a set time period.
  • Anti-theft System – Anti-theft and alarm systems prevent vehicle theft and will save you 10% or more.
  • Discounts for Safe Drivers – Insureds without accidents can pay as much as 50% less on 7 Series coverage than drivers with accident claims.
  • Life Insurance Discount – Some companies give lower rates if you buy life insurance from them.
  • Payment Method – By paying your policy upfront instead of monthly or quarterly installments you may reduce your total bill.
  • Paperwork-free – A few companies give back up to $50 for buying your policy online.

Consumers should know that some of the credits will not apply to the entire cost. Some only reduce individual premiums such as comprehensive or collision. Even though it may seem like adding up those discounts means a free policy, auto insurance companies aren’t that generous. But all discounts will bring down your premiums.

Car insurance companies that may offer these benefits may include but are not limited to:

Check with every prospective company what discounts are available to you. All car insurance discounts may not apply everywhere.

When might I need an agent?

When choosing proper insurance coverage, there is no cookie cutter policy. Your needs are not the same as everyone else’s so your insurance should reflect that Here are some questions about coverages that may help highlight if you would benefit from professional advice.

  • Do I have coverage when making deliveries for my home business?
  • Is extra glass coverage worth it?
  • What companies insure drivers after a DUI or DWI?
  • Should I buy full coverage?
  • Is my teen driver covered when they drive my company car?
  • Is my babysitter covered when using my vehicle?

If you can’t answer these questions but a few of them apply then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area. It’s fast, free and can help protect your family.

Learn about insurance coverages for a 2001 BMW 7 Series

Learning about specific coverages of insurance can be of help when determining appropriate coverage for your vehicles. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. These are the usual coverages available from insurance companies.

UM/UIM Coverage

Your UM/UIM coverage provides protection when other motorists either are underinsured or have no liability coverage at all. This coverage pays for hospital bills for your injuries as well as your vehicle’s damage.

Because many people carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is very important. Most of the time these limits are identical to your policy’s liability coverage.

Auto collision coverage

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

Collision coverage protects against things like crashing into a ditch, colliding with another moving vehicle, hitting a parking meter, rolling your car and driving through your garage door. Collision is rather expensive coverage, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to raise the deductible to save money on collision insurance.

Liability coverages

Liability coverage protects you from damages or injuries you inflict on other’s property or people. It protects YOU from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 25/50/25 which stand for a limit of $25,000 per injured person, $50,000 for the entire accident, and a limit of $25,000 paid for damaged property. Some companies may use one limit called combined single limit (CSL) which limits claims to one amount without having the split limit caps.

Liability coverage protects against things such as legal defense fees, funeral expenses and court costs. How much liability coverage do you need? That is a personal decision, but buy as large an amount as possible.

Comprehensive or Other Than Collision

Comprehensive insurance coverage covers damage from a wide range of events other than collision. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things like a broken windshield, damage from getting keyed, hail damage, rock chips in glass and hitting a deer. The maximum payout a insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills like EMT expenses, funeral costs, nursing services and ambulance fees. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. They cover both the driver and occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

A tidy conclusion

In this article, we presented a lot of tips how to compare 2001 BMW 7 Series insurance prices online. It’s most important to understand that the more quotes you get, the better likelihood of reducing your rate. You may even discover the biggest savings come from the least-expected company. These companies may often insure only within specific states and give getter rates as compared to the big name companies such as Allstate or State Farm.

As you go through the steps to switch your coverage, do not sacrifice coverage to reduce premiums. There have been many situations where an insured dropped liability limits or collision coverage and found out when filing a claim that it was a big error on their part. The aim is to get the best coverage possible at a price you can afford.

Low-cost insurance is definitely available on the web in addition to many insurance agents, so compare prices from both to have the best selection. Some auto insurance companies do not provide online quoting and most of the time these small insurance companies sell through independent agents.

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