Cheaper 1994 BMW 7 Series Insurance Rates

Looking for lower insurance rates for your BMW 7 Series? Do you think you bought an expensive insurance policy? It’s quite common and many drivers feel the same as you. Consumers have many insurers to purchase coverage from, and although it’s nice to have multiple companies, so many choices can make it hard to adequately compare rates.

Finding the best rates is easy if you know what you’re doing. If you have car insurance now, you stand a good chance to be able to reduce your rates substantially using this information. Consumers only need an understanding of the most effective way to get comparison quotes online.

How to compare free insurance quotes

There are a variety of methods to shop for insurance, but some are less labor-intensive and much quicker. You can waste hours talking about coverages with agents in your area, or you could save time and use the internet to maximize your effort.

Most major companies participate in an industry program where prospective buyers submit their information once, and each participating company provides a quote determined by their information. This saves time by eliminating repetitive form submissions to every company.

To compare rates using this form now click here (opens in new window).

The one downside to comparing rates this way is buyers cannot specifically choose which insurance companies to get quotes from. So if you prefer to pick from a list of companies to receive pricing from, we put together a list of the cheapest insurance companies in your area. Click to view list.

Which method you use is up to you, but make darn sure you compare the same coverage limits and deductibles for every quote you compare. If you enter differing limits then you won’t be able to truly determine the lowest rate.

Advertising myths

Consumers can’t ignore all the ads for car insurance savings by Progressive, Geico, Allstate and State Farm. All the companies make the same claim about how much you will save if you change your coverage.

How do they all charge lower premium rates? Just pay attention to how they say it.

Insurance providers have specific characteristics for a prospective insured that earns them the most money. For instance, a preferred risk may need to be a married female, has no claims, and drives less than 7,500 miles a year. Someone that meets those criteria will probably get the lowest premium rates and have a good chance to cut their rates if they switch.

Potential insureds who don’t measure up to these standards will probably have to pay a higher rate with the end result being the customer not buying. The trick companies use is to say “people who switch” not “all people who quote” save that kind of money. That’s why insurance companies can make it sound like they have such great auto insurance rates. Different companies use different criteria so you really should compare rate quotes every year. It is just not possible to predict the company that will have the lowest rate quotes.

Insurance rates are influenced by these factors

The best way to find cheaper car insurance is to take a look at a few of the rating criteria that go into determining your car insurance rates. If you understand what positively or negatively impacts your premiums, this helps enable you to make changes that can earn you much lower annual insurance costs. Multiple criteria are considered when you get a price on insurance. Some of the criteria are obvious like your driving record, but other criteria are not quite as obvious such as your marital status or your vehicle rating.

Listed below are just a few of the factors companies use to determine your rates.

• Drive a safer car and pay less – Vehicles that have high safety ratings tend to have better insurance rates. Vehicles built for safety reduce injuries and lower rates of occupant injuries means your insurance company pays less and cheaper rates on your policy.
• Driving citations are costly – Whether or not you get tickets has a big impact on rates. Getting just one driving citation could increase your next policy renewal by as much as thirty percent. Drivers with clean records get better rates compared to drivers with tickets. Drivers unfortunate enough to have severe violations such as hit and run, DWI or reckless driving convictions may need to complete a SR-22 with their state’s licensing department in order to legally drive.
• Continuous car insurance coverage lowers rates – Allowing your coverage to lapse is a quick way to pay more for car insurance. Not only will rates go up, not being able to provide proof of insurance could earn you a revoked license or a big fine. You could then be forced to prove you have insurance by filing a SR-22 with your state motor vehicle department.
• Raise comp and collision deductibles and save – The deductibles you choose represent how much money you are willing to pay if the claim is covered. Insurance for physical damage, aka comp and collision, covers damage that occurs to your car. Some coverage claims could be a windshield broken by a bird, animal collisions, or theft of your vehicle. The more damage repair cost you are required to pay out-of-pocket, the less money you will pay for car insurance for 7 Series coverage.

Lower-cost auto insurance rates with discounts

Auto insurance is neither fun to buy or cheap, but you may find discounts that could help you make your next renewal payment. Larger premium reductions will be automatically applied when you get a quote, but occassionally some discounts must be specially asked for prior to getting the savings.

• Resident Student – Youth drivers living away from home attending college and won’t have access to an insured vehicle may be able to be covered for less.
• Senior Citizen Discount – Drivers over the age of 55 are able to get a discount up to 10% for 7 Series coverage.
• Defensive Driver – Taking a course in driver safety could earn you a small percentage discount and easily recoup the cost of the course.
• Drive Safe and Save – Accident-free drivers could pay up to 40% less for 7 Series coverage than less cautious drivers.
• Telematics Discount – Insureds who allow data collection to look at vehicle usage through the use of a telematics system like Allstate’s Drivewise might see lower rates if they have good driving habits.
• Accident Free – Insureds who avoid accidents and claims get the best auto insurance rates when compared to policyholders that have many claims.
• Pay Upfront and Save – If you pay your bill all at once as opposed to paying monthly you can avoid monthly service charges.

Don’t be shocked that some credits don’t apply to the entire cost. Most only apply to individual premiums such as comp or med pay. So even though they make it sound like all the discounts add up to a free policy, you aren’t that lucky.

A few companies that may offer these money-saving discounts include:

• Geico
• MetLife
• State Farm
• Progressive
• Mercury Insurance
• 21st Century
• Allstate

If you are trying to find cheaper car insurance quotes, ask every prospective company to give you their best rates. Depending on the company, some discounts might not be offered in your area. If you would like to choose from a list of companies who offer online auto insurance quotes, click here.

Tailor your car insurance coverage to you

When buying the right insurance coverage for your vehicles, there isn’t really a “perfect” insurance plan. Every situation is different and your policy should reflect that. These are some specific questions could help you determine if your insurance needs would benefit from professional advice.

• Is extra glass coverage worth it?
• Does medical payments coverage apply to all occupants?
• Can I drive in Mexico and have coverage?
• Am I covered when driving someone else’s vehicle?
• Will my vehicle be repaired with OEM or aftermarket parts?
• Should I carry comprehensive and collision coverage?
• Should I waive the damage coverage when renting a car?
• Does my liability insurance cover pulling a trailer or camper?
• Can my teen driver be rated on a liability-only vehicle?

If you don’t know the answers to these questions but a few of them apply then you might want to talk to a licensed agent. If you want to speak to an agent in your area, complete this form or you can also visit this page to select a carrier It is quick, free and can provide invaluable advice.

Parts of your insurance policy

Learning about specific coverages of insurance aids in choosing appropriate coverage for your vehicles. Insurance terms can be difficult to understand and nobody wants to actually read their policy. Shown next are the usual coverages offered by insurance companies.

Comprehensive or Other Than Collision – Comprehensive insurance coverage 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 tree branch falling on your vehicle, hail damage, a broken windshield and hitting a bird. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

UM/UIM Coverage – Your UM/UIM coverage protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. It can pay for medical payments for you and your occupants and also any damage incurred 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 should not be overlooked.

Collision – Collision coverage will pay to fix damage to your 7 Series resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers claims like crashing into a building, rolling your car, colliding with another moving vehicle, driving through your garage door and crashing into a ditch. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to choose a higher deductible in order to get cheaper collision rates.

Auto liability – Liability coverage provides protection from damages or injuries you inflict on people or other property. This coverage protects you against claims from other people. It does not cover damage to your own property or vehicle.

It consists of 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 policy limits of 100/300/100 that translate to a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and a limit of $100,000 paid for damaged property.

Liability coverage pays for things such as loss of income, repair costs for stationary objects and court costs. How much liability should you purchase? That is a personal decision, but you should buy as much as you can afford.

Medical costs insurance – Coverage for medical payments and/or PIP provide coverage for immediate expenses such as dental work, prosthetic devices, ambulance fees, pain medications and doctor visits. They can be used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers if you are hit as a while walking down the street. PIP is only offered in select states and gives slightly broader coverage than med pay

In any little way, save everyday

Affordable 1994 BMW 7 Series insurance is available online and from local agencies, so you need to quote car insurance with both to have the best chance of lowering rates. Some auto insurance companies may not provide online quoting and these regional carriers provide coverage only through independent agents.

When getting car insurance quotes online, don’t be tempted to buy less coverage just to save a little money. Too many times, consumers will sacrifice comprehensive coverage or liability limits only to regret that the savings was not a smart move. Your aim should be to purchase plenty of coverage for the lowest price, but do not skimp to save money.

For more information, take a look at the resources below:

• Speed and Speed Limit FAQ (iihs.org)
• Uninsured Motorists: Threats on the Road (Insurance Information Insitute)
• Teen Driver Licensing Information (iihs.org)
• How to Avoid Common Accidents (State Farm)
• Vehicle Insurance (Wikipedia)