Cheaper 2016 BMW 7 Series Car Insurance Cost

Looking for cheaper auto insurance rates for your BMW 7 Series? Comparing auto insurance quotes online can be a challenge if you are like the majority of consumers and have never used online auto insurance quotes. But keep reading because comparing prices is actually very simple.

How to lower your insurance prices

Many factors are used in the calculation when pricing auto insurance. Some are obvious like your driving record, but other factors are more obscure such as your marital status or how financially stable you are.

The items below are a partial list of the pieces that factor into your rates.

  • Alarms and GPS tracking lower premiums – Buying a car that has a built-in theft deterrent system can get you a discount on your car insurance. Anti-theft features such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help prevent auto theft and help lower rates.
  • Getting married can save you money – Your spouse helps lower the price on car insurance. Marriage may mean you are more mature and insurance companies reward insureds because drivers who are married are more cautious.
  • Bump up coverage deductibles to lower rates – Insurance for physical damage, termed comprehensive and collision coverage on your policy, is used to repair damage to your BMW. Some instances where coverage would apply are a dented fender, collision with an animal, and damage caused by flying debris. The deductibles you choose are how much you are required to spend out-of-pocket before your car insurance pays a claim. The more money you are required to pay out-of-pocket, the better rate you will receive for 7 Series insurance.
  • How much liability coverage – The liability coverage on your policy kicks in in the event that you are determined to be liable for causing damage or personal injury in an accident. This coverage provides legal defense up to the limits shown on your policy. Carrying liability coverage is mandatory and cheap compared to insuring for physical damage coverage, so insureds should have plenty of protection for their assets.
  • Frequent car insurance claims will cost you more – Companies generally give better rates to insureds who are claim-free. If you frequently file small claims, you can definitely plan on either higher rates or even cancellation. Your car insurance is intended to be relied upon for claims that you cannot pay yourself.
  • Poor driving habits means higher prices – Even a single citation may cause rates to rise to the point where it’s not affordable. Careful drivers get better rates than bad drivers. Drivers unfortunate enough to have license-revoking violations like DUI, reckless driving or excessive speeding may face state-mandated requirements to complete a SR-22 with their state’s licensing department in order to prevent their license from being revoked.
  • Do females or males drive better? – Statistics demonstrate women tend to be less risk to insure than men. This data doesn’t prove that women are better drivers. Females and males have fender benders at a similar rate, but males tend to have more serious accidents. Men also receive more costly citations such as DWI and reckless driving.

Discounts for cheaper insurance coverage rates

Insuring your vehicles can cost a lot, but there are discounts available that can help lower your rates. Many discounts should be triggered at quote time, but some need to be inquired about before being credited.

  • Military Discounts – Having a deployed family member could trigger a small discount.
  • Passive Restraints – Factory options such as air bags and/or automatic seat belt systems can qualify for discounts of 25 to 30%.
  • Claim-Free Discount – Insureds who avoid accidents and claims can save substantially as compared to drivers with a long claim history.
  • Drivers Education – Reduce the cost of insurance for teen drivers by having them sucessfully take a drivers education course in school.
  • Clubs and Organizations – Being a member of certain professional organizations is a simple method to lower premiums on your bill.
  • Theft Deterent Discount – Cars equipped with anti-theft or alarm systems help deter theft so companies will give you a small discount.
  • Discounts for New Vehicles – Adding a new car to your policy may earn a small discount because newer models are generally safer.
  • Safety Restraint Discount – Using a seat belt and requiring all passengers to buckle their seat belts could cut 10% or more off the PIP or medical payment premium.
  • 55 and Retired – Drivers over the age of 55 can possibly qualify for a small decrease in premiums for 7 Series insurance.

While discounts sound great, it’s important to understand that many deductions do not apply to all coverage premiums. Some only apply to the cost of specific coverages such as collision or personal injury protection. So even though it sounds like it’s possible to get free car insurance, insurance companies wouldn’t stay in business.

For a list of companies who offer cheap insurance coverage quotes, click this link.

Tailor your insurance coverage to you

When it comes to buying proper insurance coverage for your personal vehicles, there is no one size fits all plan. Every situation is different.

For example, these questions might help in determining whether your personal situation might need an agent’s assistance.

  • Do I have coverage if my license is suspended?
  • If my pet gets injured in an accident are they covered?
  • Is other people’s property covered if stolen from my vehicle?
  • Am I better off with higher deductibles on my 2016 BMW 7 Series?
  • Are my friends covered when driving my car?
  • Does coverage extend to my business vehicle?

If it’s difficult to answer those questions but you think they might apply to your situation then you might want to talk to an agent. To find lower rates from a local agent, fill out this quick form.

Specific coverage details

Understanding the coverages of your policy aids in choosing appropriate coverage for your vehicles. Policy terminology can be impossible to understand and reading a policy is terribly boring.

Auto collision coverage

Collision insurance covers damage to your 7 Series resulting from a collision with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers things like backing into a parked car, colliding with another moving vehicle and crashing into a building. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. It’s also possible to bump up the deductible to bring the cost down.

Comprehensive insurance

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

Comprehensive coverage protects against claims like hail damage, damage from getting keyed, theft and damage from flooding. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low consider dropping full coverage.

Liability

Liability insurance provides protection from damage that occurs to other people or property in an accident. This coverage protects you from claims by other people. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have values of 50/100/50 that translate to a limit of $50,000 per injured person, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Alternatively, you may have one number which is a combined single limit which provides one coverage limit rather than limiting it on a per person basis.

Liability can pay for claims like legal defense fees, repair bills for other people’s vehicles, loss of income, medical expenses and pain and suffering. How much coverage you buy is up to you, but consider buying as much as you can afford.

Uninsured/Underinsured Motorist (UM/UIM)

This protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your BMW 7 Series.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Normally these limits do not exceed the liability coverage limits.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance kick in for bills for X-ray expenses, surgery, rehabilitation expenses, nursing services and dental work. They are utilized in addition to your health insurance policy or if there is no health insurance coverage. They cover all vehicle occupants as well as any family member struck as a pedestrian. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage

More effort can pay off

We’ve covered many tips how you can compare 2016 BMW 7 Series insurance rates online. It’s most important to understand that the more providers you compare, the better chance you’ll have of finding the cheapest auto insurance. You may even discover the best rates are with a small local company.

While you’re price shopping online, make sure you don’t sacrifice coverage to reduce premiums. There are many occasions where an insured dropped liability limits or collision coverage only to regret at claim time that it was a big mistake. Your objective should be to buy enough coverage at the best cost and still be able to protect your assets.

Drivers switch companies for many reasons like denial of a claim, being labeled a high risk driver, policy non-renewal or policy cancellation. No matter why you want to switch, switching companies is easier than you think.

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