Compare 2014 BMW 7 Series Insurance Rates

Paying for high-priced BMW 7 Series insurance can take a big chunk out of your savings account and make it hard to pay other bills. Comparison shopping is a smart way to make sure you’re not throwing money away. You have so many insurers to pick from, and though it is a good thing to be able to choose, it can be more difficult to get the best deal.

It’s smart to shop coverage around on a regular basis because prices go up and down regularly. Even if you got the best rates on 7 Series insurance a couple years back there is a good chance you can find better rates now. Starting now, ignore everything you know about insurance because you’re about to learn how to quote online to find lower rates on insurance.

Why your BMW 7 Series might be costing you more

Smart consumers have a good feel for the rating factors that go into determining the rates you pay for insurance. Having a good understanding of what influences your rates helps enable you to make changes that could result in lower insurance prices.

  • Policy add-ons can waste money – There are a ton of extra coverages that you can get tricked into buying on your insurance policy. Things like rental car reimbursement, accidental death and term life insurance are examples of these. They may seem good initially, but if they’re wasting money remove them from your policy.
  • Where do you drive? – The higher the mileage driven in a year the more you will pay for insurance. The majority of insurers price each vehicle’s coverage based on how the vehicle is used. Cars not used for work or commuting get more affordable rates than vehicles that are driven to work every day. If your policy improperly rates your 7 Series may be costing you. Ask your agent if your insurance declarations sheet shows the correct usage for each vehicle.
  • Males pay more for insurance – The statistics show that women are safer drivers than men. However, this does not mean men are WORSE drivers than women. Men and women are in accidents in similar numbers, but the male of the species have costlier accidents. Men also tend to get cited for more serious violations like DUI and reckless driving. Male drivers age 16 to 19 are the most expensive to insure and therefore have the most expensive insurance rates.
  • Pay less after the wedding – Having a spouse can get you a discount when buying insurance. Marriage means you’re more mature than a single person and it’s proven that married drivers get in fewer accidents.
  • Optional equipment can affect rates – Purchasing a vehicle with anti-theft technology or alarm system can save you a little every year. Theft prevention features such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping car theft.

How to Buy Auto Insurance Online

All major auto insurance companies provide price estimates directly from their websites. Obtaining pricing is fairly straightforward as you simply enter your personal and coverage information into the quote form. After you submit the form their rating system sends out for your credit score and driving record and generates pricing information. This makes it a lot easier to compare rates but having to visit a lot of sites and fill out multiple forms can be a bit tiresome and repetitive. But it’s absolutely necessary to perform this step in order to find the best price on auto insurance.

The easy way to compare rates

A more efficient way to find lower prices uses one form that obtains quotes from many companies. The form is fast, requires much less work on your part, and makes quoting online a little more enjoyable. As soon as you send your information, it is rated and you are able to buy any of the quotes returned.

If one or more price quotes are lower than your current rates, you simply finish the application and purchase coverage. The entire process takes just a few minutes to complete and you will know how your current rates stack up.

To save time and use this form to compare rates, click here to open in new window and fill out the form. If you currently have coverage, we recommend you replicate deductibles and limits exactly as shown on your declarations page. Using the same limits helps guarantee you will get an apples-to-apples comparison for exact coverage.

Do you really save 40% when you switch?

Consumers can’t ignore all the ads for the lowest price auto insurance by Geico, State Farm and Progressive. They all seem to make an identical promise that you can save if you move to their company.

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

Insurance companies are able to cherry pick for the driver that makes them money. An example of a preferred risk could be a mature driver, owns a home, and has great credit. A customer getting a price quote who fits that profile gets the lowest rates and most likely will pay quite a bit less when switching companies.

Consumers who don’t meet the requirements must pay more money which leads to the customer not buying. The ads say “drivers who switch” not “everyone that quotes” save that kind of money. That is how insurance companies can advertise the savings.

This illustrates why you absolutely need to get quotes from several different companies. It’s not possible to predict the company that will provide you with the cheapest BMW 7 Series insurance rates.

Save with discounts on BMW 7 Series insurance

Insurance can be prohibitively expensive, but there are discounts available to help bring down the price. A few discounts will automatically apply when you purchase, but lesser-known reductions have to be manually applied prior to receiving the credit. If you’re not getting every credit you deserve, you are throwing money away.

  • Senior Discount – If you’re over the age of 55, you can possibly qualify for a discount up to 10% on 7 Series insurance.
  • Drivers Education – Cut your cost by having your teen driver enroll in driver’s education if it’s offered in school.
  • Anti-lock Brakes – Vehicles equipped with ABS or steering control are safer to drive and will save you 10% or more.
  • Service Members Pay Less – Being deployed with a military unit could mean lower rates.
  • Early Signing – Some companies give discounts for switching to them prior to your current policy expiration. This can save 10% or more.
  • Passive Restraints – Vehicles equipped with air bags or motorized seat belts may earn rate discounts up to 30%.
  • Drive Less and Save – Low mileage vehicles can qualify you for better rates on cars that stay parked.

It’s important to note that some of the credits will not apply to your bottom line cost. Some only apply to the cost of specific coverages such as physical damage coverage or medical payments. Just because it seems like adding up those discounts means a free policy, companies wouldn’t make money that way. But all discounts will cut the amount you have to pay.

A partial list of companies that possibly offer these benefits include:

Check with each company what discounts are available to you. All car insurance discounts might not apply in every state.

Tailor your coverage to you

When choosing the right insurance coverage, there isn’t really a best way to insure your cars. Each situation is unique so your insurance needs to address that. For instance, these questions could help you determine whether your personal situation may require specific advice.

  • When should my teen driver be added to my policy?
  • What if I owe more than I can insure my car for?
  • Am I covered if my car is in a flood?
  • Does my liability insurance cover pulling a trailer or camper?
  • Do I need replacement cost coverage on my 2014 BMW 7 Series?
  • Who is covered when they drive my 2014 BMW 7 Series?
  • Will my rates increase for filing one claim?
  • Does insurance cover tools stolen from my truck?
  • Does my insurance cover a custom paint job?

If you’re not sure about those questions but a few of them apply, you might consider talking to a licensed insurance agent. To find an agent in your area, complete this form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and may give you better protection.

Insurance coverages and their meanings

Having a good grasp of your policy aids in choosing which coverages you need for your vehicles. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. Listed below are typical coverage types found on the average insurance policy.

Comprehensive or Other Than Collision

This covers damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things such as damage from flooding, hitting a bird, damage from a tornado or hurricane, hitting a deer and falling objects. The maximum payout you’ll receive from a claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Liability auto insurance

Liability insurance provides protection from damage or injury you incur to people or other property by causing an accident. It protects you from legal claims by others. It does not cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 50/100/50 which stand for $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000. Alternatively, you may have a combined single limit or CSL that pays claims from the same limit without having the split limit caps.

Liability insurance covers claims like repair costs for stationary objects, attorney fees, emergency aid, court costs and structural damage. The amount of liability coverage you purchase is your choice, but you should buy as much as you can afford.

Coverage for collisions

Collision coverage pays for damage to your 7 Series caused by collision with another car or object. You will need to pay your deductible then your collision coverage will kick in.

Collision can pay for claims such as backing into a parked car, rolling your car, crashing into a ditch, driving through your garage door and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. It’s also possible to bump up the deductible to bring the cost down.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage kick in for expenses like doctor visits, prosthetic devices, surgery, hospital visits and X-ray expenses. They are often used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. They cover both the driver and occupants in addition to being hit by a car walking across the street. PIP coverage is not an option in every state and gives slightly broader coverage than med pay

UM/UIM Coverage

This coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. Covered losses include medical payments for you and your occupants and damage to your BMW 7 Series.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is very important. Normally these limits are similar to your liability insurance amounts.

At the end of the day…

As you restructure your insurance plan, never sacrifice coverage to reduce premiums. In too many instances, drivers have reduced liability coverage limits and learned later that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to buy a smart amount of coverage for the lowest price while not skimping on critical coverages.

Cheap 2014 BMW 7 Series insurance is definitely available from both online companies as well as from independent agents, so you should compare both in order to have the best chance of saving money. Some insurance companies don’t offer you the ability to get quotes online and most of the time these smaller companies sell through independent agents.

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