2003 BMW 7 Series Insurance Rates

Looking for cheaper auto insurance rates for your BMW 7 Series? I can’t think of a single person who enjoys paying for auto insurance, particularly when they are paying too much.

You have multiple auto insurance companies to pick from, and though it is a good thing to have a choice, having more insurers makes it harder to find the lowest cost provider.

It is always a good idea to take a look at other company’s rates on a regular basis since insurance rates fluctuate regularly. Even if you think you had the lowest rates for 7 Series coverage a few years ago there may be better deals available now. You can find a lot of wrong information about auto insurance online but I’m going to show you a bunch of ideas how to slash your auto insurance rates.

You probably qualify for some discounts

Companies don’t always list every available discount in a way that’s easy to find, so we break down both well-publicized and the harder-to-find discounts you could be receiving.

  • Driver’s Ed – Cut your cost by having your teen driver enroll in driver’s education in school.
  • Discount for Good Grades – Performing well in school can get you a discount of up to 25%. The discount lasts until age 25.
  • New Vehicle Savings – Insuring a new car can cost up to 25% less compared to insuring an older model.
  • Memberships – Being a member of a civic or occupational organization could qualify you for a break on insurance for 7 Series coverage.
  • Multiple Cars – Having all your vehicles on the same insurance policy could earn a price break for each car.
  • Bundle and Save – If you insure your home and vehicles with the same insurance company you may save approximately 10% to 15%.
  • Theft Prevention System – Vehicles with anti-theft systems are stolen less frequently and earn discounts up to 10%.
  • Payment Discounts – By paying your policy upfront instead of paying each month you may reduce your total bill.
  • E-sign – Some insurance companies will discount your bill up to fifty bucks simply for signing online.
  • Lower Rates for Military – Having a deployed family member could mean lower rates.

It’s important to understand that some of the credits will not apply to the overall cost of the policy. Most only reduce individual premiums such as medical payments or collision. So even though it sounds like all the discounts add up to a free policy, you’re out of luck.

To see a list of providers with discount insurance rates, click this link.

Complexity of BMW 7 Series insurance rates

It’s important that you understand the rating factors that play a part in calculating the rates you pay for insurance coverage. Having a good understanding of what impacts premium levels enables informed choices that could result in big savings.

  • Tickets mean higher rates – Good drivers tend to pay less for car insurance than bad drivers. Even a single ticket can increase rates by as much as thirty percent. Drivers who get serious violations such as DWI, reckless driving or hit and run convictions may be required to submit a SR-22 or proof of financial responsibility with their state motor vehicle department in order to continue driving.
  • Special features that cut premiums – Purchasing a vehicle that has an advanced theft prevention system can get you a discount on your insurance coverage. Theft prevention features such as GM’s OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping auto theft.
  • Where you live – Residing in less populated areas is a positive aspect when buying insurance coverage. Drivers in populated areas have more traffic problems and a longer drive to work. Fewer drivers means fewer accidents.
  • The more you drive the more you pay – The more miles you rack up on your BMW each year the more you will pay for insurance coverage. Most insurance companies charge to insure your cars based upon how you use the vehicle. Autos used primarily for pleasure use get more affordable rates than vehicles that are driven to work every day. If your policy improperly rates your 7 Series can result in significantly higher rates. Double check that your insurance coverage policy is showing how each vehicle is driven.
  • Protect yourself with liability coverage – Liability coverage provides coverage when a jury decides you are liable for damages caused by your negligence. Liability provides legal defense coverage up to the limits shown on your policy. Liability insurance is quite affordable when compared with rates for comp and collision, so do not skimp.
  • Do men or women drive better? – Statistics have proven women are more cautious behind the wheel. However, don’t assume that men are worse drivers. They both are in accidents at about the same rate, but the men cause more damage and cost insurance companies more money. Men also statistically get more serious tickets such as DWI and reckless driving.

There’s no such thing as the perfect policy

When it comes to choosing adequate coverage, there really is no single plan that fits everyone. Everyone’s situation is a little different so your insurance should reflect that Here are some questions about coverages that may help highlight whether your personal situation may require specific advice.

  • Can my teen drive my company car?
  • What exactly is covered by my policy?
  • Do I pay less if my vehicle is kept in my garage?
  • Why does it cost so much to insure a teen driver?
  • Can I get a multi-policy discount?
  • Do I have coverage when using my vehicle for my home business?

If you don’t know the answers to these questions but a few of them apply, then you may want to think about talking to an agent. To find an agent in your area, take a second and complete this form or click here for a list of car insurance companies in your area.

Do you really save 40% when you switch?

Companies like 21st Century, Allstate and State Farm continually stream television and radio advertisements. All the ads say the same thing of big savings after switching your policy. How does each company make almost identical claims?

All the different companies have a certain “appetite” for the type of customer they prefer to insure. An example of a driver they prefer could possibly be over the age of 50, owns a home, and has great credit. A driver that hits that “sweet spot” is entitled to the best price and therefore will save a lot of money.

Potential insureds who fall outside the requirements must pay higher premiums which leads to the customer not buying. The ads state “customers who switch” not “everyone that quotes” save that much. That’s why companies can truthfully advertise the savings. This illustrates why you should compare as many rates as you can. It’s just too difficult to predict which insurance companies will have the lowest BMW 7 Series insurance rates.

Coverages available on your policy

Understanding the coverages of a auto insurance policy can help you determine the right coverages and proper limits and deductibles. The terms used in a policy can be ambiguous and coverage can change by endorsement. These are the normal coverages available from auto insurance companies.

Comprehensive or Other Than Collision

This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things such as rock chips in glass, damage from getting keyed and hail damage. The highest amount a auto insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Auto collision coverage

This coverage covers damage to your 7 Series resulting from colliding with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims such as damaging your car on a curb, scraping a guard rail, colliding with a tree, hitting a parking meter and backing into a parked car. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. It’s also possible to choose a higher deductible to bring the cost down.

UM/UIM Coverage

Your UM/UIM coverage protects you and your vehicle when other motorists do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as damage to your 2003 BMW 7 Series.

Because many people have only the minimum liability required by law, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family.

Liability car insurance

Liability insurance will cover damages or injuries you inflict on other’s property or people. It protects YOU against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/25 that translate to a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $25,000.

Liability coverage protects against things such as court costs, pain and suffering, structural damage and repair costs for stationary objects. How much liability coverage do you need? That is up to you, but you should buy as large an amount as possible.

Medical costs insurance

Medical payments and Personal Injury Protection insurance pay for expenses for things like EMT expenses, hospital visits, nursing services, prosthetic devices and X-ray expenses. They are used in conjunction with a health insurance policy or if you do not have health coverage. Medical payments and PIP cover both the driver and occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage

Coverage on a shoestring budget

We covered some good ideas how you can save on 2003 BMW 7 Series insurance. The key concept to understand is the more rate quotes you have, the better chance you’ll have of finding lower rates. Consumers could even find that the most savings is with some of the lesser-known companies. Some small companies often have lower prices on specific markets than their larger competitors like Allstate or State Farm.

Affordable insurance is possible both online and also from your neighborhood agents, so compare prices from both to have the best selection. Some companies may not provide online price quotes and usually these small insurance companies provide coverage only through local independent agents.

When trying to cut insurance costs, never buy less coverage just to save a little money. There are many occasions where someone sacrificed full coverage and found out when filing a claim that they should have had better coverage. The ultimate goal is to buy the best coverage you can find at an affordable rate, not the least amount of coverage.

More information is located below: