How Much Does 2007 BMW 7 Series Car Insurance Cost?

Locating the cheapest insurance for a new or used BMW 7 Series can turn out to be an all-consuming task, but you can use our insurance buying tips to save time. There is a better way to compare insurance rates so you’re going to learn the quickest way to price shop coverage for your BMW and locate the lowest possible price from local insurance agents and online providers.

Consumers should take time to compare premium rates quite often because insurance prices are constantly changing. If you had the best price for 7 Series insurance a few years ago other companies may now be cheaper. Forget anything you know (or think you know) about insurance because you’re going to learn the fastest way to find better rates and still maintain coverage.

Informed consumers can reduce their insurance prices

Lots of factors are used when you get your auto insurance bill. Some are obvious like your driving record, although some other factors are more obscure such as whether you are married or your vehicle rating.One of the most helpful ways to save on auto insurance is to to have a grasp of the rating factors that help determine auto insurance rates. If you understand what influences your rates, this helps enable you to make changes that will entitle you to lower rates.

The following are some of the things utilized by car insurance companies to help set premiums.

• Too many claims will drive auto insurance rates up – Car insurance companies award better rates to drivers who do not rely on their insurance for small claims. If you are the type of insured that files lots of claims you can definitely plan on higher rates. Your insurance policy is meant to be used in the event of the large, substantial claims.
• Get better prices if you’re married – Having a significant other can get you a discount compared to being single. Having a significant other demonstrates that you tend to be more mature than a single person and it’s proven that being married results in fewer claims.
• Add-on coverages can waste money – There are many add-on coverages you can purchase if you aren’t diligent. Insurance for rental car reimbursement, accident forgiveness, and additional equipment coverage may be costing you every month. You may think they are a good idea when discussing your needs, but your money might be better spent on other coverage so get rid of them and save.
• Good drivers pay less – Being a careful driver impacts premiums far more than you think. Attentive drivers get better rates as compared to those with violations. Having a single ticket can boost insurance rates substantially. Drivers who get multiple citations like reckless driving or DUI may be required to file a proof of financial responsibility form (SR-22) with their state’s licensing department in order to legally drive a vehicle.
• Save money with theft deterrents – Purchasing a vehicle with a theft deterrent system can earn a premium discount. Theft deterrent systems such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all aid in stopping car theft and help bring rates down.
• Rates may be higher where you live – Having an address in smaller towns and rural areas of the country is a good thing when it comes to auto insurance. Fewer drivers and short commutes translates into fewer accident claims as well as less vandalism and auto theft. City drivers have more traffic problems and longer commute times. More time commuting statistically corresponds to a higher accident and claim rate.
• Higher premiums for tough occupations – Did you know that where you work can have an impact on rates? Jobs such as military generals, executives and financial analysts usually pay the highest average rates in part from stressful work requirements and lots of time spent at work. On the flip side, jobs like professors, engineers and retirees pay the least for 7 Series insurance.

Get lower-cost auto insurance with discounts

Auto insurance is expensive, but there’s a good chance there are discounts to reduce the price significantly. Larger premium reductions will be automatically applied when you quote, but some need to be specially asked for prior to receiving the credit.

• Federal Government Employee – Federal government employees may reduce rates when you quote insurance for 7 Series insurance depending on your auto insurance provider.
• Life Insurance – Auto insurance companies who offer life insurance give a discount if you purchase some life insurance in addition to your auto policy.
• Full Payment Discount – By paying your policy upfront rather than spreading payments over time you can actually save on your bill.
• Service Members Pay Less – Having an actively deployed family member could mean lower auto insurance rates.
• Discounts for Responsible Drivers – Safe drivers can save up to 40% or more on their insurance quote for 7 Series insurance as compared to drivers with claims.
• Use Seat Belts – Drivers who require all vehicle occupants to wear their seat belts could cut 10% or more off the personal injury premium cost.
• Bundle and Save – If you have multiple policies and place coverage with the same company you could save approximately 10% to 15%.

Consumers should know that some of the credits will not apply to the entire policy premium. A few only apply to individual premiums such as medical payments or collision. If you do the math and it seems like it’s possible to get free car insurance, you aren’t that lucky.

Larger auto insurance companies and their offered discounts are detailed below.

• Progressive discounts include multi-vehicle, continuous coverage, online signing, good student, homeowner, and online quote discount.
• SAFECO offers premium reductions for accident prevention training, teen safety rewards, safe driver, homeowner, teen safe driver, multi-car, and bundle discounts.
• American Family has discounts for bundled insurance, good driver, good student, defensive driver, early bird, air bags, and accident-free.
• MetLife may have discounts that include multi-policy, defensive driver, good student, good driver, and claim-free.
• Geico may offer discounts for federal employee, military active duty, good student, daytime running lights, and five-year accident-free.
• The Hartford has savings for defensive driver, anti-theft, good student, vehicle fuel type, and bundle.

When quoting, ask all companies you are considering to apply every possible discount. All car insurance discounts might not be offered on policies in your area. To see a list of auto insurance companies with the best auto insurance discounts, click here to view.

Save $494 a year. For real?

Consumers can’t get away from all the ads for cheaper insurance coverage from the likes of Allstate and Progressive. They all advertise claims that you’ll save big if you just switch to their company.

Is it even possible that every company can charge lower premium rates? Just pay attention to how they say it.

Insurance coverage companies are able to cherry pick for the type of customer that makes them money. An example of a desirable insured should be over the age of 35, has no driving citations, and drives a vehicle with a low ISO rating. Any person who matches that profile will probably get cheap prices and most likely will cut their rates substantially.

Potential customers who are not a match for the “perfect” profile may be required to pay a higher premium and this can result in business going elsewhere. If you pay attention, the ads say “people that switch” not “all people who quote” save the amount stated. This is how companies can claim big savings. This really emphasizes why drivers must compare many company’s prices. Because you never know which company will be your best fit.

Tailor your auto insurance coverage to you

When buying coverage for your personal vehicles, there is no one size fits all plan. Coverage needs to be tailored to your specific needs.

For example, these questions may help highlight if your insurance needs will benefit from professional help.

• Is my vehicle covered by my employer’s policy when using it for work?
• What can I do if my company won’t pay a claim?
• Do I need special endorsements for business use of my vehicle?
• Does my personal policy cover me when driving out-of-state?
• Does my 2007 BMW 7 Series need full coverage?
• Should I get collision insurance on every vehicle?
• Can I get a multi-policy discount for packaging my home and auto coverage?
• Am I covered when driving someone else’s vehicle?
• Do I need added coverage for expensive stereo equipment?

If you can’t answer these questions but a few of them apply, you may need to chat with an insurance agent. To find lower rates from a local agent, take a second and complete this form. It’s fast, free and can provide invaluable advice.

The coverage is in the details

Learning about specific coverages of car insurance can be of help when determining appropriate coverage at the best deductibles and correct limits. Car insurance terms can be impossible to understand and coverage can change by endorsement.

Liability coverages

This coverage will cover damages or injuries you inflict on other’s property or people that is your fault. This insurance protects YOU from claims by other people, and doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 100/300/100 that translate to a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property.

Liability coverage pays for things such as legal defense fees, repair bills for other people’s vehicles, funeral expenses, emergency aid and attorney fees. How much coverage you buy is up to you, but buy as large an amount as possible.

Auto collision coverage

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

Collision insurance covers things such as crashing into a ditch, colliding with a tree, damaging your car on a curb and hitting a parking meter. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible in order to get cheaper collision rates.

Coverage for uninsured or underinsured drivers

This coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. Covered claims include injuries to you and your family and damage to your 2007 BMW 7 Series.

Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Comprehensive car insurance

Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like vandalism, damage from a tornado or hurricane and hitting a bird. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Coverage for medical expenses

Medical payments and Personal Injury Protection insurance reimburse you for short-term medical expenses like dental work, rehabilitation expenses, EMT expenses and ambulance fees. They are often used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. It covers you and your occupants in addition to being hit by a car walking across the street. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Shop smart and save

We just covered a lot of information how to shop for 2007 BMW 7 Series insurance online. It’s most important to understand that the more you quote insurance, the better your chances of lowering your car insurance rates. You may even discover the best rates are with some of the lesser-known companies.

Affordable 2007 BMW 7 Series insurance is attainable from both online companies and from local insurance agents, and you should be comparing both to get a complete price analysis. There are still a few companies who don’t offer the ability to get quotes online and many times these smaller companies prefer to sell through independent insurance agents.

When searching for cheap insurance quotes, make sure you don’t buy poor coverage just to save money. There are many occasions where an accident victim reduced uninsured motorist or liability limits and discovered at claim time that it was a big error on their part. Your objective should be to buy the best coverage you can find at the best price, but do not skimp to save money.

More tips and info about auto insurance is located in the articles below:

• State Laws for Cellphones and Texting (iihs.org)
• Insurance Losses by Make and Model (iihs.org)
• Safety Features for Your New Car (State Farm)
• Teen Driving Statistics (Geico)