How Much Does 1998 BMW 7 Series Insurance Cost?

Looking for better car insurance rates for your BMW 7 Series? Having to pay for overpriced car insurance can diminish your funds and put a big crunch on your finances. Doing a price comparison is free and is an excellent way to slash your bill and have more diposable income.

Numerous insurance companies battle for your insurance dollar, so it’s not easy to compare every company to discover the definitive cheapest price

If you have car insurance now, you stand a good chance to be able to cut costs considerably using these tips. Finding affordable coverage is not that difficult. Nevertheless, drivers do need to learn the way companies price insurance differently because it can help you find the best coverage.

Take advantage of every car insurance discount

Companies that sell car insurance don’t always advertise all their discounts very clearly, so the following list contains some of the more common and also the lesser-known discounts that you can inquire about if you buy insurance coverage online.

• Federal Employees – Employees or retirees of the government may qualify for a discount when you quote insurance coverage on 7 Series coverage with some car insurance companies.
• Data Collection Discounts – Drivers who agree to allow data collection to analyze vehicle usage by using a small device installed in their vehicle like Drivewise from Allstate or In-Drive from State Farm could see a rate decrease if they are good drivers.
• Early Payment Discounts – By paying your policy upfront instead of paying each month you may reduce your total bill.
• Good Drivers – Insureds without accidents could pay up to 40% less on 7 Series coverage than less cautious drivers.
• Claim Free – Drivers who stay claim-free pay much less as compared to drivers who are more careless.

As a footnote on discounts, some credits don’t apply the the whole policy. Most only reduce the price of certain insurance coverages like medical payments or collision. Just because you may think you could get a free car insurance policy, it just doesn’t work that way.

To view car insurance companies with the best car insurance discounts, click here to view.

Lower the price of car insurance with these tips

Lots of factors are part of the equation when you quote your car insurance policy. Some of the criteria are obvious such as your driving record, but some are not as apparent such as your marital status or your financial responsibility.

Shown below are some of the items companies use to determine your prices.

• Safeguard your assets with liability coverage – Liability coverage will afford coverage if you are found liable for damages from an accident. Liability provides legal defense to attempt to prove you were not liable. Liability is cheap compared to physical damage coverage, so do not cut corners here.
• Know your vehicle’s NHTSA crash test rating – Cars with five star safety ratings tend to be cheaper to insure. Safer cars reduce occupant injuries and better occupant protection means less money paid by your insurance company and cheaper rates on your policy.
• Bundle policies with the same company – Lots of companies will give a discount to people who carry more than one policy in the form of a multi-policy discount. Even though this discount sounds good, it’s always a smart idea to compare other insurance prices to make sure you are getting the best deal.There is a chance you can save more without the discount even if you insure with multiple companies
• Men tend to take more risk – The statistics show that women are safer drivers than men. This data doesn’t prove that women are BETTER drivers than men. Females and males cause auto accidents at a similar rate, but men tend to have more serious accidents. Men also receive more major tickets like reckless driving and DUI. Male drivers age 16 to 19 tend to get in the most accidents so they pay the highest premiums.
• Premiums are affected by your credit history – Having a bad credit score is a large factor in determining your rates. People with good credit tend to file fewer claims as compared to drivers with bad credit. So if your credit rating is lower than you’d like, you may save money insuring your 1998 BMW 7 Series if you improve your credit rating.
• Small coverages can add up – There are a lot of add-on coverages that can waste your money but may not be useful. Insurance for things like rental car reimbursement, accidental death, and motor club memberships may be wasting your money. You may think they are a good idea when deciding what coverages you need, but your money might be better spent on other coverage so consider taking them off your policy.

How to know if you need help

When choosing proper insurance coverage, there really is no “perfect” insurance plan. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that might help in determining if you might need professional guidance.

• What is high-risk coverage and where do I buy it?
• Can I make deliveries for my home business?
• Does my insurance cover a custom paint job?
• How much liability do I need to cover my assets?
• Can I get a multi-policy discount for packaging my home and auto coverage?
• Am I covered by my spouse’s policy after a separation?
• What is no-fault insurance?
• At what point should I drop full coverage?
• Will I be non-renewed for getting a DUI or other conviction?
• Should I buy more coverage than the required minimum liability coverage?

If you can’t answer these questions, you might consider talking to an insurance agent. If you want to speak to an agent in your area, simply complete this short form or go to this page to view a list of companies.

Be skeptical of auto insurance ads

Companies like State Farm, Allstate and Geico continually stream ads in print and on television. All the ads advertise the message about saving some big amount if you get a free insurance coverage quote and switch your policy. That’s great but how can every company make the same claim? It’s all in the numbers.

Different companies offer their best rates for the type of customer that earns them the most money. For instance, a profitable insured should be over the age of 50, owns their home, and drives less than 5,000 miles a year. A driver that matches those criteria is entitled to the best price and will also save some money.

Potential insureds who are not a match for these stringent criteria must pay more expensive rates with the end result being the customer not buying. The trick companies use is to say “customers that switch” not “everybody who quotes” save that much when switching. This is how insurance companies can advertise the savings.

That is why you need to do a rate comparison at every renewal. Because you cannot predict which auto insurance company will give you lower rates than your current company.

Coverage specifics

Understanding the coverages of your auto insurance policy can help you determine which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. Below you’ll find typical coverage types offered by auto insurance companies.

Coverage for liability

Liability insurance can cover injuries or damage you cause to other’s property or people that is your fault. It protects YOU against claims from other people. Liability doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see limits of 25/50/25 that translate to $25,000 bodily injury coverage, $50,000 for the entire accident, and property damage coverage for $25,000. Another option is one limit called combined single limit (CSL) that pays claims from the same limit with no separate limits for injury or property damage.

Liability coverage pays for things like pain and suffering, emergency aid, court costs, legal defense fees and attorney fees. How much liability should you purchase? That is a personal decision, but buy as much as you can afford.

Comprehensive auto insurance

This will pay to fix 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 can pay for claims like rock chips in glass, hail damage and fire damage. The maximum payout a auto insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision coverage

This coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims such as backing into a parked car, hitting a parking meter, driving through your garage door, scraping a guard rail and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. You can also raise the deductible to save money on collision insurance.

Coverage for medical expenses

Medical payments and Personal Injury Protection insurance pay for expenses such as pain medications, X-ray expenses and funeral costs. They can be used to fill the gap from your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants as well as any family member struck as a pedestrian. PIP coverage is not an option in every state and gives slightly broader coverage than med pay

Coverage for uninsured or underinsured drivers

Your UM/UIM coverage gives you protection when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for hospital bills for your injuries as well as damage to your 1998 BMW 7 Series.

Due to the fact that many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Most of the time these limits are set the same as your liablity limits.

Be a Smart Shopper

As you go through the steps to switch your coverage, make sure you don’t skimp on coverage in order to save money. In many cases, an accident victim reduced uninsured motorist or liability limits only to regret at claim time that they should have had better coverage. The proper strategy is to find the BEST coverage at the best cost, but don’t skip important coverages to save money.

In this article, we covered a lot of ways to reduce 1998 BMW 7 Series insurance car insurance rates online. The key concept to understand is the more companies you get premium rates for, the better likelihood of getting inexpensive insurance coverage. You may be surprised to find that the lowest priced insurance comes from a small mutual company. Smaller companies may have significantly lower premium rates on certain market segments than the large multi-state companies such as Geico and State Farm.

Additional insurance information is available at these links:

• A Tree Fell on Your Car: Now What? (Allstate)
• What is a Telematics Device? (Allstate)
• Medical Payments Coverage (Liberty Mutual)
• Determing Auto Insurance Rates (Geico)