Lower Your 2001 BMW 7 Series Insurance Rates

Searching for lower insurance rates for your BMW 7 Series? Did budget coverage turn out to be an underperforming, overpriced insurance policy? Don’t sweat it because many drivers feel the same as you. There are many auto insurance companies to insure vehicles with, and although it’s a good thing to have a selection, more choices can make it harder to compare rates.

How to compare free car insurance rate quotes

There are several ways to shop for car insurance, but there is one way that is more efficient than others. You can waste a few hours (or days) talking about coverages with local insurance agents in your area, or you can stay home and use online quotes to get the quickest rates.

Most of the best insurance companies participate in a marketplace that allows shoppers to submit their information once, and every company then gives them pricing. This eliminates the need for quote forms to each individual car insurance company.

To get comparison pricing now click to open in new window.

The only drawback to getting quotes like this is buyers cannot specifically choose the companies to get quotes from. So if you want to select from a list of companies to request quotes from, we put together a list of companies who write car insurance in your area. View list of insurance companies.

You can use whichever method you prefer to find lower rates, just be certain you are entering nearly identical information for each quote you get. If you compare differing limits then you won’t be able to decipher which rate is best.

Take policy discounts and save

Car insurance is not cheap, but companies offer discounts that you may not even know about. Larger premium reductions will be automatically applied at quote time, but some need to be asked for before you will receive the discount. If you’re not getting every credit possible, it’s possible you qualify for a lower rate.

• Good Student – Getting good grades can get you a discount of up to 25%. The good student discount can last up to age 25.
• Active Military Service – Having a deployed family member could mean lower insurance rates.
• Passive Restraints – Options like air bags and/or automatic seat belt systems could see savings as much as 30%.
• Telematics Data – Insureds that choose to allow their insurance company to monitor driving habits remotely such as State Farm’s In-Drive may get a rate reduction if they have good driving habits.
• Organization Discounts – Joining a professional or civic organization could qualify you for a break on your bill.

It’s important to note that some credits don’t apply to the overall cost of the policy. Most only apply to the cost of specific coverages such as comprehensive or collision. So even though it sounds like you could get a free insurance policy, you aren’t that lucky.

If you would like to see a list of providers who offer free insurance quotes, click here to view.

Learn how to quote car insurance for less

Lots of things are taken into consideration when premium rates are determined. Some of the criteria are obvious like a motor vehicle report, although some other factors are not as apparent like your continuous coverage or how safe your car is.Smart consumers have a good feel for the factors that are used to determine your premiums. If you have some idea of what influences your rates, this enables informed choices that may result in lower rates.

The following are some of the most rate-impacting factors that factor into premiums.

• Deter theft and lower rates – Choosing a vehicle with a theft deterrent system can save you a little every year. Systems that thwart theives such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all help prevent your car from being stolen.
• How much liability coverage – Your policy’s liability coverage is the coverage that protects you if you are determined to be liable for causing personal injury or damage in an accident. Your policy’s liability insurance provides legal defense coverage which can cost thousands of dollars. This coverage is relatively inexpensive as compared to coverage for physical damage, so drivers should make sure they buy enough to cover all assets.
• Annual mileage and car insurance rates – Driving more miles in a year’s time the more you’ll pay to insure it. Almost all companies rate vehicles based upon how the vehicle is primarily used. Vehicles that are left in the garage receive lower rates than those used for commuting. A policy that improperly rates your 7 Series can cost quite a bit. Ask your agent if your declarations sheet properly reflects annual mileage.
• High comp and collision deductibles reduce rates – Protection for physical damage, also called comprehensive and collision insurance, insures against damage to your BMW. Examples of covered claims are a broken windshield, damage caused by hail, and windstorm damage. Comp and collision deductibles define the amount you are willing to pay out-of-pocket before your car insurance pays a claim. The more expense the insured is willing to pay, the lower your rates will be for 7 Series insurance.
• Teen drivers pay more – More experienced drivers are shown to be more cautious, file fewer claims and tend to be get fewer driving tickets.Young drivers have been known to be inattentive behind the wheel so car insurance rates are higher.
• Do women or men drive better? – Over time, data shows that females take fewer risks when driving. That doesn’t necessarily mean that females are better drivers. They both are responsible for accidents at a similar rate, but guys tend to have more serious accidents. Men also tend to have more aggressive citations like reckless driving and DUI. Young males tend to get in the most accidents so they pay the highest premiums.
• Occupation can influence car insurance rates – Did you know your career choice can influence rates? Careers such as fire fightersair traffic controllers and dentists tend to have higher rates than the rest of us attributed to job stress and long work days. On the other hand, careers like farmers, students and performers generally pay rates lower than average for 7 Series insurance.

Which policy gives me the best coverage?

When choosing adequate coverage, there really is not a “perfect” insurance plan. Every situation is different so this has to be addressed. Here are some questions about coverages that can help discover if your situation would benefit from an agent’s advice.

• How can I get my company to pay me more for my totalled car?
• Do I get a pro-rated refund if I cancel my policy early?
• Are there companies who specialize in insuring high-risk drivers?
• If I drive on a suspended license am I covered?
• Will my vehicle be repaired with OEM or aftermarket parts?
• Do I benefit by insuring my home with the same company?

If you can’t answer these questions but one or more may apply to you, you might consider talking to an agent. If you want to speak to an agent in your area, complete this form or click here for a list of insurance companies in your area. It’s fast, doesn’t cost anything and can help protect your family.

Parts of your insurance policy

Knowing the specifics of your policy helps when choosing which coverages you need at the best deductibles and correct limits. The terms used in a policy can be ambiguous and even agents have difficulty translating policy wording. Listed below are the usual coverages offered by insurance companies.

Auto liability

This coverage protects you from damages or injuries you inflict on a person or their property by causing an accident. This coverage protects you from claims by other people. It does not cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 100/300/100 that means you have $100,000 bodily injury coverage, a limit of $300,000 in injury protection per accident, and a total limit of $100,000 for damage to vehicles and property.

Liability can pay for claims like legal defense fees, loss of income and emergency aid. How much liability coverage do you need? That is up to you, but you should buy as much as you can afford.

Medical costs insurance

Med pay and PIP coverage pay for short-term medical expenses for things like hospital visits, funeral costs, surgery, nursing services and doctor visits. They are often utilized in addition to your health insurance plan or if you do not have health coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover getting struck while a pedestrian. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

UM/UIM Coverage

Your UM/UIM coverage gives you protection when other motorists either have no liability insurance or not enough. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Since many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important.

Auto collision coverage

Collision coverage covers damage to your 7 Series caused by collision with a stationary object or other vehicle. A deductible applies then your collision coverage will kick in.

Collision can pay for claims such as backing into a parked car, colliding with a tree, damaging your car on a curb and hitting a mailbox. 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. It’s also possible to raise the deductible in order to get cheaper collision rates.

Comprehensive or Other Than Collision

This coverage will pay to fix damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive can pay for things such as damage from flooding, a broken windshield, fire damage and falling objects. The maximum payout you’ll receive from a claim is the actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

A penny earned…

As you go through the steps to switch your coverage, never skimp on coverage in order to save money. In too many instances, an accident victim reduced uninsured motorist or liability limits to discover at claim time that it was a big error on their part. The proper strategy is to find the BEST coverage at the lowest possible cost while not skimping on critical coverages.

Budget-friendly auto insurance is available on the web as well as from insurance agents, and you should compare rates from both to have the best selection. Some insurance providers may not provide rate quotes online and many times these regional carriers only sell through independent insurance agencies.

More detailed auto insurance information can be found in these articles:

• Auto Insurance 101 (About.com)
• How to Avoid Staged Accidents (State Farm)
• Air Bags: Potential Dangers to Your Children (Insurance Information Insitute)
• Electronic Stability Control FAQ (iihs.org)
• Cellphones, Texting and Driving (iihs.org)