2017 BMW 7 Series Car Insurance Cost – 5 Tips for Cheapest Prices

Trying to find cheaper auto insurance rates for your BMW 7 Series? Nobody likes paying for auto insurance, in particular when their premiums are too high.

Due to the fact that there are so many companies to choose from, it’s nearly impossible to find the right insurer.

It’s smart to quote other rates as often as possible due to the fact that insurance prices change quite often. Just because you had the lowest rates on 7 Series insurance a couple years back a different company probably has better rate quotes today. You’ll find quite a bit of inaccurate information about auto insurance online but I’m going to show you a lot of great tips on how to quit paying high auto insurance rates.

Choosing the best insurance company for you is not rocket science. If you currently have a car insurance policy, you stand a good chance to be able to cut costs considerably using this information. Although car owners should learn the way insurance companies market on the web and use this information to your advantage.

Auto insurance companies offer lots of discounts

The price of auto insurance can be rather high, but you may find discounts that you may not even know about. A few discounts will be applied when you get a quote, but lesser-known reductions have to be asked for before you get the savings. If you’re not getting every credit available, you are just wasting money.

  • Save over 55 – If you’re over the age of 55, you may qualify for a discount up to 10% on 7 Series insurance.
  • Paperless Signup – A few larger online companies provide a small discount for completing your application digitally online.
  • Payment Discounts – By paying your entire bill at once as opposed to paying monthly you can avoid the installment charge.
  • Clubs and Organizations – Having an affiliation with certain professional organizations can get you a small discount when shopping for auto insurance.
  • Theft Prevention Discount – Cars and trucks optioned with advanced anti-theft systems are less likely to be stolen and therefore earn up to a 10% discount.

Please keep in mind that some of the credits will not apply to the overall cost of the policy. Some only apply to the cost of specific coverages such as liability, collision or medical payments. So when it seems like you would end up receiving a 100% discount, you aren’t that lucky.

To find insurance companies that can offer you the previously mentioned discounts, follow this link.

The method we recommend to compare rates is to take advantage of the fact all the major auto insurance companies have advanced systems to compare rate quotes. The one thing you need to do is give them rating details including what you do for a living, how much education you have, your general credit rating, and whether you drive to work or school. Those rating factors is instantly sent to many highly-rated insurers and you should receive rate quotes within a short period of time.

Do I just need basic coverages?

When it comes to buying proper insurance coverage, there is no cookie cutter policy. Coverage needs to be tailored to your specific needs and your policy should reflect that. Here are some questions about coverages that can aid in determining if your situation would benefit from an agent’s advice.

  • Am I covered if I hit my neighbor’s mailbox?
  • Does having multiple vehicles earn me a discount?
  • Is business property covered if stolen from my car?
  • Is rental equipment covered for theft or damage?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • Will filing a claim cost me more?
  • Is my 2017 BMW 7 Series covered for flood damage?
  • Am I covered if I drive in a foreign country?
  • When should I drop full coverage on my 2017 BMW 7 Series?
  • Is my custom paint covered by insurance?

If you’re not sure about those questions but a few of them apply, you may need to chat with an insurance agent. If you don’t have a local agent, complete this form or go to this page to view a list of companies.

The ad said I’d save $492 a year!

Insurance coverage providers like GEICO, State Farm and Progressive consistently run ads on television and other media. All the companies make the point about how much you will save if you just switch your insurance coverage coverage to their company. How is it possible that every company can charge you a lower premium? This is the way they can do it.

Many companies have a preferred profile for the driver that will generate a profit. A good example of a profitable insured might be a mature driver, insures multiple vehicles, and insures a new vehicle. A driver who matches those parameters receive the lowest rate quotes and most likely will cut their rates if they switch.

Potential customers who cannot meet the “perfect” profile will be quoted a more expensive rate with the end result being business not being written. If you pay attention, the ads say “customers that switch” but not “everyone who gets a quote” save the amount stated. This is how insurance companies can confidently make those statements. That is why you need to get price quotes at each policy renewal. It’s just not possible to know which company will provide the lowest car insurance rates.

The coverage is in the details

Understanding the coverages of your auto insurance policy can be of help when determining which coverages you need for your vehicles. Policy terminology can be impossible to understand and coverage can change by endorsement. These are typical coverages found on the average auto insurance policy.

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims like a broken windshield, theft and damage from flooding. The most your auto insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Liability coverage

This coverage will cover damage that occurs to a person or their property. It protects you against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have 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 $25,000 of coverage for damaged propery.

Liability can pay for claims like repair bills for other people’s vehicles, emergency aid and structural damage. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase as much as you can afford.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage protects you and your vehicle when the “other guys” do not carry enough liability coverage. This coverage pays for medical payments for you and your occupants and also any damage incurred to your 2017 BMW 7 Series.

Due to the fact that many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is a good idea.

Collision coverage protection

This will pay to fix damage to your 7 Series resulting from a collision with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers things like sideswiping another vehicle, crashing into a ditch and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to raise the deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for hospital visits, pain medications and X-ray expenses. They can be used to fill the gap from your health insurance policy or if you do not have health coverage. It covers you and your occupants and also covers any family member struck as a pedestrian. PIP is not universally available and gives slightly broader coverage than med pay

Better coverage you can count on

In this article, we presented a lot of techniques to compare 2017 BMW 7 Series insurance prices online. The most important thing to understand is the more you quote insurance coverage, the higher your chance of finding the cheapest insurance coverage. Consumers may even find the lowest prices are with a lesser-known regional company. Smaller companies can often insure niche markets at a lower cost than their larger competitors like Progressive and GEICO.

When shopping online for auto insurance, it’s not a good idea to reduce coverage to reduce premium. Too many times, someone dropped full coverage only to regret that it was a big error on their part. The goal is to buy the best coverage you can find for the lowest price but still have enough coverage for asset protection.

Additional resources