Cheaper 1996 BMW 7 Series Car Insurance Quotes

Sick and tired of paying out the nose to pay high insurance rates every month? You are no different than many other drivers.

Having so many different company options, it can be challenging to choose a lower cost insurance company.

It’s a good idea to price shop coverage at least once a year since prices are adjusted regularly by insurance companies. Just because you found the lowest price for 7 Series coverage two years ago you may be paying too much now. Block out anything you think you know about insurance because you’re about to learn the tricks you need to know to get good coverage at a lower rate.

This article will introduce you to how to effectively get price quotes and some tips to save money. If you are paying for car insurance now, you will most likely be able to lower your premiums substantially using this information. But drivers can benefit from knowing the methods companies use to price online insurance and take advantage of how the system works.

Seven factors that influence insurance premiums

It’s important that you understand a few of the rating criteria that go into determining the price you pay for insurance. If you have a feel for what positively or negatively impacts your premiums, this enables you to make decisions that could help you find much lower annual insurance costs.

Listed below are some of the most common factors companies use to determine your rate level.

• Lower premiums with alarm systems – Choosing a vehicle with anti-theft technology or alarm system can help lower your rates. Theft deterrent systems such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping car theft and help bring rates down.
• Use credit responsibly and save – Having a good credit score can be an important factor in determining what you pay for insurance. If your credit history is lower than you’d like, you could pay less to insure your 1996 BMW 7 Series by improving your rating. People that have excellent credit tend to be better drivers and file fewer claims than those with lower credit ratings.
• High coverage deductibles lower costs – Comp and collision deductibles define how much you are required to pay before a claim is paid by your company. Protection for physical damage, aka comp and collision, protects your car from damage. Some examples of covered claims could be a windshield broken by a bird, collision with a deer, or theft of your vehicle. The more damage repair cost you choose to pay out-of-pocket, the lower your rates will be for 7 Series coverage.
• Insurance policy lapses increase premiums – Allowing your coverage to lapse is a guaranteed way to increase your insurance rates. And not only will insurance be more expensive, the inability to provide proof of insurance might get you a revoked license or a big fine. You will then be forced to submit proof of financial responsibility or a SR-22 with your state motor vehicle department to get your license reinstated.
• Occupation and insurance rates – Did you know your job can affect your rates? Jobs like military generals, social workers and dentists usually pay higher premiums than the average policyholder due to intense work requirements and incredibly demanding work hours. On the other hand, careers like professors, engineers and retirees pay the least for 7 Series coverage.
• Pay more by driving carelessly – Just one ticket can increase the cost of insurance by twenty percent. Drivers with clean records tend to pay less for car insurance compared to bad drivers. Drivers who get serious citations like DUI or willful reckless driving might be required by their state to submit a SR-22 or proof of financial responsibility with their state’s department of motor vehicles in order to keep their license.
• The more you drive the more you pay – The higher the miles on your BMW every year the higher your rate. Most companies price each vehicle’s coverage based upon how much you drive. Cars not used for work or commuting can be on a lower rate level than vehicles that have high annual mileage. Incorrect rating for your 7 Series may be wasting your money. Make sure your declarations sheet is showing the correct driver usage, because improper ratings can cost you money.

You may qualify for discounts

Not too many consumers would say auto insurance is affordable, but there could be available discounts to help bring down the price. Many of these discounts will be applied automatically at the time you complete a quote, but occassionally some discounts must be manually applied before they will apply. If you don’t get every credit you qualify for, you may be paying too high a price.

• Service Members Pay Less – Having a family member in the military can result in better prices.
• Home Ownership Discount – Being a homeowner can save you money since owning and maintaining a home is proof of financial responsibility.
• Braking Control Discount – Anti-lock brake equipped vehicles have fewer accidents and earn discounts up to 10%.
• Fewer Miles Equal More Savings – Driving less may allow you to get lower prices on the low mileage vehicles.
• Safety Course Discount – Passing a course in defensive driving may get you a small discount and also improve your driving technique.
• Theft Deterent – Vehicles that have factory alarm systems and tracking devices have a lower chance of being stolen so companies will give you a small discount.
• Good Student Discount – A discount for being a good student may save you up to 25%. This discount can apply well after school through age 25.
• Senior Citizens – Mature drivers are able to get better auto insurance rates for 7 Series coverage.
• Onboard Data Collection – Drivers that enable data collection to study where and when they drive through the use of a telematics system such as Progressive’s Snapshot and State Farm’s In-Drive may get a rate reduction if their driving habits are good.
• New Car Discount – Adding a new car to your policy can save you some money compared to insuring an older model.

One thing to note about discounts is that some of the credits will not apply to the overall cost of the policy. The majority will only reduce the price of certain insurance coverages like comprehensive or collision. Despite the appearance that you would end up receiving a 100% discount, you’re out of luck. Any amount of discount will cut the cost of coverage.

Larger auto insurance companies and some of the discounts are:

• Geico may include discounts for daytime running lights, emergency military deployment, federal employee, membership and employees, and five-year accident-free.
• MetLife may offer discounts for claim-free, accident-free, good driver, defensive driver, and good student.
• Progressive offers discounts for multi-policy, online quote discount, good student, continuous coverage, homeowner, and multi-vehicle.
• Travelers policyholders can earn discounts including IntelliDrive, student away at school, driver training, save driver, and home ownership.
• SAFECO has savings for safe driver, teen safety rewards, bundle discounts, multi-car, and homeowner.
• AAA offers premium reductions for good student, AAA membership discount, anti-theft, multi-policy, and education and occupation.

Before buying, ask all companies you are considering which discounts you qualify for. Some discounts listed above may not be offered in your area. For a list of companies that offer the discounts shown above, follow this link.

There’s no such thing as the perfect insurance policy

When it comes to choosing the best insurance coverage, there really is no “best” method to buy coverage. Your needs are not the same as everyone else’s so your insurance needs to address that. For instance, these questions might point out whether your personal situation could use an agent’s help.

• Is business equipment covered while in my vehicle?
• When should my teen driver be added to my policy?
• Am I covered if I crash into my own garage door?
• Do I have coverage if my license is suspended?
• Does my personal policy cover me when driving out-of-state?
• What is PIP insurance?
• Am I covered if I hit a deer?
• Do I need higher collision deductibles?
• Is pleasure use cheaper than using my 1996 BMW 7 Series to commute?
• Does my policy pay for OEM or aftermarket parts?

If you can’t answer these questions but one or more may apply to you, you might consider talking to a licensed agent. If you want to speak to an agent in your area, take a second and complete this form or you can also visit this page to select a carrier

Insurance coverages and their meanings

Having a good grasp of a insurance policy can be of help when determining the right coverages for your vehicles. Policy terminology can be confusing and coverage can change by endorsement. Listed below are typical coverage types available from insurance companies.

Insurance for medical payments

Med pay and PIP coverage provide coverage for immediate expenses like chiropractic care, X-ray expenses and doctor visits. They are used to cover expenses not covered by your health insurance program or if you do not have health coverage. Coverage applies to both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state and may carry a deductible

Liability coverage

This coverage can cover damage that occurs to other’s property or people by causing an accident. This insurance protects YOU against other people’s claims. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 50/100/50 which stand for $50,000 bodily injury coverage, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property. Some companies may use one limit called combined single limit (CSL) that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage pays for things like structural damage, legal defense fees, repair bills for other people’s vehicles, funeral expenses and loss of income. How much liability coverage do you need? That is a personal decision, but you should buy as large an amount as possible.

Comprehensive coverage (or Other than Collision)

Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers things like fire damage, a broken windshield and rock chips in glass. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Uninsured Motorist or Underinsured Motorist insurance

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they do not carry enough liability coverage. It can pay for hospital bills for your injuries as well as damage to your BMW 7 Series.

Since many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. So UM/UIM coverage is very important. Frequently your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Auto collision coverage

Collision insurance covers damage to your 7 Series resulting from a collision with a stationary object or other vehicle. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims like crashing into a ditch, crashing into a building and colliding with a tree. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. It’s also possible to raise the deductible to save money on collision insurance.

Don’t throw your cash in the trash

We covered many tips how you can reduce 1996 BMW 7 Series insurance premium rates online. It’s most important to understand that the more you quote car insurance, the better likelihood of getting cheaper car insurance. You may even find the best price on car insurance is with a company that doesn’t do a lot of advertising. These smaller insurers may have significantly lower prices on certain market segments than their larger competitors like State Farm, Geico and Nationwide.

Budget-conscious 1996 BMW 7 Series insurance is attainable both online and from local agencies, so you need to quote car insurance with both to have the best selection. Some insurance companies don’t offer rate quotes online and many times these smaller companies work with local independent agencies.

More tips and info about car insurance is available by following these links:

• Speed and Speed Limit FAQ (iihs.org)
• Prom Night Tips for Teen Drivers (State Farm)
• Distracted Driving (Insurance Information Insitute)
• Collision Coverage (Liberty Mutual)
• How do I File a Claim? (Insurance Information Insitute)