Cheaper 2015 BMW 7 Series Car Insurance Rates

Looking for better insurance coverage rates for your BMW 7 Series? Overpriced BMW 7 Series insurance can overdraw your personal savings and put a big crunch on your finances. Shopping your coverage around is free, only takes a few minutes, and is a good way to slash your bill and have more diposable income. Online insurance companies like State Farm and Geico promote their brand names with ad campaigns and it is difficult to see past the geckos and flying pigs and take the time to shop coverage around.

You need to shop coverage around periodically due to the fact that insurance rates are usually higher with each renewal. If you had the best deal for 7 Series coverage six months ago you can probably find a lower rate today. There is a lot of bad advice regarding insurance coverage on the web, but I’m going to show you some proven techniques to find cheap insurance coverage.

If you have a current insurance policy or are looking for a new policy, you will benefit by learning to find the best rates and still get good coverage. Finding affordable coverage is not that difficult. Vehicle owners only need an understanding of the best way to compare price quotes on the web.

Comparison of Insurance

There are a lot of ways you can shop for insurance but there is one way that is more efficient than others. You could spend your day talking about coverages with insurance agencies in your area, or you could use online quotes to get rate comparisons in just a few minutes.

Many popular insurance companies participate in a marketplace where prospective buyers send in one quote, and every company then returns a price quote determined by their information. This prevents consumers from doing quotation requests to each individual insurance company.

To compare pricing click here (opens in new window).

The only downside to pricing coverage this way is you are unable to specify the providers to get pricing from. So if you prefer to pick from a list of companies to request quotes from, we have a page of insurance companies in your area. Click here for list of insurance companies.

Whichever method you choose, be sure to compare apples-to-apples coverage limits on every quote you get. If you have different liability limits it will be very difficult to truly determine the lowest rate.

Save money by taking advantage of these discounts

Companies offering auto insurance do not list every discount in an easy-to-find place, so the following is a list of both well-publicized and also the lesser-known discounts you could be receiving. If they aren’t giving you every credit possible, you are throwing money away.

  • New Car Discount – Insuring a new car can be considerably cheaper compared to insuring an older model.
  • Club Memberships – Affiliation with a civic or occupational organization is a good way to get lower rates on car insurance for 7 Series coverage.
  • Homeowners Savings – Being a homeowner may earn you a small savings because owning a home is proof that your finances are in order.
  • 55 and Retired – Older drivers can possibly qualify for a discount up to 10% for 7 Series coverage.
  • Multiple Policy Discount – When you combine your home and auto insurance with one insurance company you may earn 10% to 20% off each policy.
  • Safe Drivers – Drivers who don’t get into accidents can get discounts for up to 45% lower rates for 7 Series coverage than their less cautious counterparts.

As a disclaimer on discounts, most discounts do not apply to your bottom line cost. Some only apply to individual premiums such as liability, collision or medical payments. So when the math indicates you would end up receiving a 100% discount, companies don’t profit that way.

To see a list of providers with discount car insurance rates, click here to view.

Why you might be paying too much to insure your BMW 7 Series

It’s important that you understand the rating factors that play a part in calculating your auto insurance rates. When you know what positively or negatively influences your rates enables informed choices that could result in much lower annual insurance costs.

Shown below are a partial list of the pieces auto insurance companies consider when setting premiums.

  • Keep rates low by being claim-free – Insurance companies give cheaper rates to people who are claim-free. If you frequently file small claims, you can expect either policy cancellation or increased premiums. Your insurance policy is designed for major claims that would cause financial hardship.
  • Big city or small town – Choosing to live in a small town has it’s advantages when talking about auto insurance. Fewer drivers means a lower chance of having an accident as well as less vandalism and auto theft. Drivers in populated areas have congested traffic and much longer commute distances. More time commuting can result in more accidents.
  • Do you qualify for a multi-policy discount? – The majority of companies will award you with lower prices to customers who buy several policies from them. It’s known as a multi-policy discount. Discounts can amount to anywhere from five to ten percent in most cases. If you currently are using one company, it’s still a good idea to comparison shop to ensure the best deal. Consumers may find a better deal by buying auto insurance from a different company.
  • Your stress level may be raising your rates – Jobs such as doctors, social workers and financial analysts are shown to have higher average rates due to stressful work requirements and long work days. Conversely, professions such as actors, engineers and retirees pay the least for 7 Series coverage.
  • Little extras can really add up – There are quite a few extra bells and whistles you can purchase if you aren’t careful. Insurance for personal injury protection, better glass coverage and membership fees are examples of these. These coverages may sound good when you first buy your policy, but your needs may have changed so eliminate the coverages to reduce your premium.
  • Better crash test results mean better rates – Vehicles with high crash test scores are cheaper to insure. The safest vehicles have better occupant injury protection and better occupant protection translates into fewer and smaller insurance claims passed on to you as lower rates. If your BMW earned at least four stars on or an “acceptable” rating on you may qualify for a discount.

When should I use an insurance agent?

When buying coverage, there is no perfect coverage plan. Everyone’s situation is unique and your policy should reflect that. For instance, these questions may help highlight whether your personal situation might need an agent’s assistance.

  • What is the difference between comprehensive and collision coverage?
  • Is my ex-spouse still covered by my policy?
  • When should my teen driver be added to my policy?
  • Does my policy pay for OEM or aftermarket parts?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Does car insurance cover theft of personal property?

If you’re not sure about those questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you don’t have a local agent, simply complete this short form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and you can get the answers you need.

The fine print in car insurance ads

Consumers can’t get away from ads for the lowest price auto insurance by companies like Geico, State Farm and Progressive. They all make an identical promise of big savings if you switch to them.

How can each company make the same claim?

All companies have a certain “appetite” for the type of customer that earns them a profit. For example, a preferred risk might be a mature driver, has no prior claims, and drives newer vehicles. Any driver who fits that profile receives the best rates and as a result will probably cut their rates substantially.

Consumers who don’t meet this ideal profile must pay higher prices which leads to business going elsewhere. The ads state “people who switch” not “everyone that quotes” save that much. That is how insurance companies can state the savings. This illustrates why it is so important to compare as many rates as you can. It is impossible to predict which insurance companies will fit your personal profile best.

Car insurance 101

Understanding the coverages of your policy can help you determine appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring. These are the normal coverages offered by insurance companies.

Collision protection

This covers damage to your 7 Series from colliding with an object or car. You have to pay a deductible and then insurance will cover the remainder.

Collision can pay for things like damaging your car on a curb, driving through your garage door, rolling your car, colliding with a tree and crashing into a building. Collision is rather expensive coverage, so consider dropping it from lower value vehicles. It’s also possible to raise the deductible to bring the cost down.

Uninsured/Underinsured Motorist coverage

This protects you and your vehicle’s occupants from other drivers when they are uninsured or don’t have enough coverage. It can pay for medical payments for you and your occupants and damage to your BMW 7 Series.

Due to the fact that many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is important protection for you and your family.

Comprehensive coverage

This coverage will pay to fix damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive can pay for claims like vandalism, falling objects, fire damage, damage from flooding and theft. The maximum payout your insurance company will pay is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance kick in for immediate expenses such as EMT expenses, pain medications, rehabilitation expenses and chiropractic care. The coverages can be used in conjunction with a health insurance program or if you lack health insurance entirely. It covers all vehicle occupants and also covers any family member struck as a pedestrian. PIP coverage is not universally available but can be used in place of medical payments coverage

Liability coverages

This can cover damage or injury you incur to people or other property. This coverage protects you from claims by other people, and doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have liability limits of 100/300/100 that translate to $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property.

Liability coverage pays for claims like medical expenses, medical services, legal defense fees, pain and suffering and repair costs for stationary objects. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase as high a limit as you can afford.

Saving money is sweet as honey

In this article, we presented a lot of tips how to reduce 2015 BMW 7 Series insurance prices online. It’s most important to understand that the more providers you compare, the better likelihood of reducing your rate. Drivers may discover the most savings is with a small local company. These companies may only write in your state and offer lower rates as compared to the big name companies such as State Farm or Progressive.

Cheaper insurance is attainable from both online companies as well as from independent agents, and you need to price shop both to have the best rate selection. There are still a few companies who don’t offer the ability to get a quote online and many times these small, regional companies only sell through independent insurance agents.

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