Paying more affordable premium rates for insurance can seem to be difficult for people new to online rate comparisons. Consumers have so many agents and companies to choose from that it can easily become a chore to find the best price.
Some insurance providers don’t list every available discount in an easy-to-find place, so below is a list both the well known and the more hidden credits that you can use to lower your rates.
As a footnote on discounts, most credits do not apply to your bottom line cost. Most only cut the price of certain insurance coverages like liability, collision or medical payments. So even though it sounds like adding up those discounts means a free policy, companies don’t profit that way.
Large insurance companies and the discounts they provide can be read below.
Before purchasing a policy, check with each company or agent to give you their best rates. Some discounts might not apply in your state. To see a list of insurance companies that offer multiple discounts, click here to view.
There are a variety of methods to shop for insurance coverage, but there is one way that is easier and takes less work. You could spend your day discussing policy coverages with agents in your area, or you could save time and use online quotes to maximize your effort.
Many popular insurance companies participate in a marketplace that enables customers to submit their information once, and every company can give them a price based on that data. This prevents consumers from doing repetitive form submissions to each company.
To find out how much you can save on insurance coverage click here to open in new window.
The one disadvantage to comparing rates this way is you cannot specify the insurers to get quotes from. So if you want to choose individual companies to compare rates, we put together a list of companies who write insurance coverage in your area. Click here for list of insurance companies.
The method you choose is up to you, but make absolute certain that you use the exact same deductibles and coverage limits for every company. If you use different values for each quote it will be next to impossible to determine the best price for your BMW 7 Series. Just slight variations in coverage limits can make a big difference in price. Keep in mind that comparing more rates from different companies will enable you to find the best price.
When it comes to choosing adequate coverage, there is no “best” method to buy coverage. Everyone’s situation is unique.
For instance, these questions can help discover whether or not you might need professional guidance.
If it’s difficult to answer those questions but a few of them apply, you may need to chat with a licensed insurance agent. If you don’t have a local agent, take a second and complete this form.
Understanding the coverages of your policy can help you determine which coverages you need at the best deductibles and correct limits. Insurance terms can be difficult to understand and even agents have difficulty translating policy wording.
Collision – This pays to fix your vehicle from damage resulting from a collision with an object or car. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers things such as rolling your car, colliding with another moving vehicle and scraping a guard rail. This coverage can be expensive, so you might think about dropping it from older vehicles. It’s also possible to bump up the deductible to save money on collision insurance.
Comprehensive insurance – Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive can pay for claims such as hitting a bird, a tree branch falling on your vehicle and a broken windshield. The most a insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Liability auto insurance – Liability coverage will cover injuries or damage you cause to people or other property that is your fault. It protects you against claims from other people. It does not cover your own vehicle damage or injuries.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 100/300/100 that translate to a limit of $100,000 per injured person, $300,000 for the entire accident, and property damage coverage for $100,000.
Liability coverage pays for things like bail bonds, medical expenses and structural damage. The amount of liability coverage you purchase is up to you, but you should buy as high a limit as you can afford.
Coverage for uninsured or underinsured drivers – This coverage provides protection when other motorists do not carry enough liability coverage. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW 7 Series.
Since a lot of drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family.
Coverage for medical expenses – Med pay and PIP coverage pay for short-term medical expenses for things like funeral costs, prosthetic devices, pain medications, EMT expenses and X-ray expenses. They are used to cover expenses not covered by 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 as well as if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay
When searching for cheap insurance quotes, make sure you don’t sacrifice coverage to reduce premiums. In too many instances, drivers have reduced full coverage only to find out they didn’t purchase enough coverage. The proper strategy is to purchase plenty of coverage for the lowest price, but do not sacrifice coverage to save money.
We covered a lot of tips how to reduce 2010 BMW 7 Series insurance car insurance rates online. The most important thing to understand is the more times you quote, the higher your chance of finding cheaper insurance. Consumers could even find that the lowest car insurance rates come from a small mutual company.
Drivers change insurance companies for a number of reasons such as delays in responding to claim requests, unfair underwriting practices, extreme rates for teen drivers or even high rates after DUI convictions. It doesn’t matter what your reason, finding a new insurance company can be less work than you think.
Much more information about insurance is available at the links below