Cheaper 2004 BMW 7 Series Insurance Quotes

Looking for lower auto insurance rates for your BMW 7 Series? Are you overwhelmed by the crazy number of auto insurance company choices? You’re not alone. You have so many companies to choose from that it can easily become a real hassle to compare prices.

Discounts can save BIG

Car insurance companies don’t always advertise all their discounts very clearly, so we break down some of the best known and the more hidden insurance savings.

  • Student Driver Training – Require your teen driver to complete a driver education course if offered at their school.
  • Auto/Home Discount – If you insure your home and vehicles with one company you may earn up to 20% off your total premium.
  • Safe Drivers – Drivers who don’t get into accidents may receive a discount up to 45% less on 7 Series coverage than less cautious drivers.
  • Senior Citizens – If you’re over the age of 55, you may receive better insurance rates on 7 Series coverage.
  • Club Memberships – Participating in certain professional organizations could trigger savings when shopping for insurance on 7 Series coverage.
  • Passive Restraint Discount – Vehicles equipped with air bags may earn rate discounts of more than 20%.
  • Save with a New Car – Adding a new car to your policy can be considerably cheaper due to better safety requirements for new cars.
  • Payment Method – If paying your policy premium upfront instead of paying each month you can actually save on your bill.
  • Sign Early and Save – Select companies give a discount for switching to them before your current expiration date. It can save you around 10%.

Drivers should understand that many deductions do not apply the the whole policy. Some only reduce the price of certain insurance coverages like medical payments or collision. Just because you may think all those discounts means the company will pay you, it just doesn’t work that way.

Insurance companies that may offer these money-saving discounts include:

Before buying, ask each insurance company which discounts they offer. Savings might not be offered in your area.

Complexity of BMW 7 Series insurance rates

Smart consumers have a good feel for the different types of things that play a part in calculating insurance rates. Having a good understanding of what controls the rates you pay enables informed choices that may reward you with much lower annual insurance costs.

  • Increase deductibles and save – Physical damage deductibles represent how much money you are required to spend out-of-pocket if you file a covered claim. Physical damage insurance, also known as collision and other-than-collision, insures against damage to your car. Some instances where coverage would apply are colliding with a building, vandalism, and windstorm damage. The more you are required to pay out-of-pocket, the lower your rates will be on 7 Series coverage.
  • Men are more aggressive – Statistics have proven women tend to be less risk to insure than men. That doesn’t necessarily mean that men are WORSE drivers than women. They both have accidents in similar percentages, but men cause more damage. Men also get cited for more serious violations like reckless driving and DUI. Male drivers age 16 to 19 are most likely to cause an accident and therefore have the most expensive insurance rates.
  • More claims means more premium – Insurance companies generally give cheaper rates to people who file claims infrequently. If you are a frequent claim filer, you can look forward to either higher rates or even cancellation. Auto insurance is intended to be relied upon for the bigger claims that can’t be paid out-of-pocket.
  • Having a spouse can save you money – Having a wife or husband helps lower the price on insurance. Having a significant other is viewed as being more mature and it’s proven that drivers who are married are more cautious.
  • Extra add-on coverages are wasting money – There are a ton of extra bells and whistles you can purchase if you aren’t careful. Coverages like roadside assistance, better glass coverage and term life insurance may be wasting your money. These coverages may sound good at first, but if they’re wasting money get rid of them and save.
  • High crash test scores lower rates – Safer cars can get you lower premiums. These vehicles protect occupants better and lower injury rates translates into savings for insurance companies and thus lower rates. If the BMW 7 Series has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
  • More people means more accidents – Choosing to live in a small town is a positive aspect when buying insurance. Fewer people translates into fewer accidents and a lower car theft rate. Drivers in populated areas tend to have more traffic problems and a longer drive to work. Longer commute distances means higher likelihood of an accident.
  • One company can mean more discounts – Many insurance companies provide better rates to policyholders who carry more than one policy. It’s known as a multi-policy discount. Discounts can add up to 10 percent or more. Even though this discount sounds good, you still need to comparison shop to ensure the best deal.

Will just any policy work for me?

When choosing adequate coverage, there really is no “best” method to buy coverage. Everyone’s needs are different.

For instance, these questions might point out whether your personal situation would benefit from professional advice.

  • How can I get my company to pay me more for my totalled car?
  • What if I owe more than I can insure my car for?
  • Do I need more liability coverage?
  • Do I need added coverage for expensive stereo equipment?
  • What is high-risk coverage and where do I buy it?
  • Does my insurance cover a custom paint job?
  • Does coverage extend to Mexico or Canada?
  • Am I missing any policy discounts?
  • Are all vehicle passengers covered by medical payments coverage?
  • Is my state a no-fault state?

If it’s difficult to answer those questions but a few of them apply then you might want to talk to an agent. If you want to speak to an agent in your area, take a second and complete this form.

Can you really save $474 a year?

Insurance coverage providers like Progressive, Allstate and GEICO regularly use ads on television and other media. They all have a common claim about savings if you move your coverage to them. How do they all say the same thing?

All companies have a certain “appetite” for the type of driver they prefer to insure. For instance, a profitable customer might be over the age of 40, is a homeowner, and has a short commute. A driver who meets those qualifications gets the lowest rates and therefore will pay quite a bit less when switching companies.

Potential insureds who fall outside the requirements will have to pay a more expensive rate and ends up with business not being written. The ads state “people who switch” not “everybody who quotes” save that much. That’s why companies can make those claims. Because of the profiling, drivers must quote coverage with many companies. It is impossible to predict which insurance companies will fit your personal profile best.

Auto insurance 101

Understanding the coverages of your auto insurance policy aids in choosing the right coverages for your vehicles. Auto insurance terms can be difficult to understand and even agents have difficulty translating policy wording.

Collision insurance

This coverage pays for damage to your 7 Series resulting from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for things like damaging your car on a curb, scraping a guard rail and crashing into a ditch. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are older. Another option is to raise the deductible to get cheaper collision coverage.

Liability insurance

This protects you from damage or injury you incur to a person or their property. This insurance protects YOU from legal claims by others, and 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. Your policy might show liability limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property.

Liability insurance covers claims like loss of income, structural damage, repair costs for stationary objects and bail bonds. How much coverage you buy is a personal decision, but you should buy as high a limit as you can afford.

UM/UIM (Uninsured/Underinsured Motorist) coverage

This protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. This coverage pays for injuries to you and your family and also any damage incurred to your 2004 BMW 7 Series.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for X-ray expenses, prosthetic devices, dental work, pain medications and chiropractic care. They can be used to cover expenses not covered by your health insurance program or if you do not have health coverage. Coverage applies to both the driver and occupants and also covers being hit by a car walking across the street. PIP is not universally available and may carry a deductible

Comprehensive auto coverage

This covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for things like hitting a bird, hail damage, rock chips in glass, a tree branch falling on your vehicle and damage from getting keyed. The most you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Online plus local equals savings

We’ve covered a lot of information how to save on 2004 BMW 7 Series insurance. The key thing to remember is the more rate quotes you have, the higher your chance of finding lower rates. You may be surprised to find that the best prices are with a lesser-known regional company.

People switch companies for a number of reasons such as extreme rates for teen drivers, an unsatisfactory settlement offer, policy cancellation or even policy non-renewal. Regardless of your reason for switching companies, choosing a new insurance company is not as difficult as it may seem.

Budget-conscious insurance can be sourced from both online companies as well as from independent agents, and you should compare price quotes from both so you have a total pricing picture. There are still a few companies who don’t offer the ability to get a quote online and most of the time these small insurance companies sell through independent agents.

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