2013 BMW 7 Series Insurance Rates – 10 Tips to Save

Trying to find cheaper auto insurance rates for your BMW 7 Series? There isn’t anyone who anticipates paying for auto insurance, especially when they are aware that they could get a better deal.

Popular companies such as State Farm, Farmers Insurance, Geico and Allstate promote their brand names with advertising and it is difficult to not get sucked in by the cute commercials and do the work needed to find the best deal.

If you currently have a car insurance policy, you should be able to reduce your rates substantially using these methods. Buying car insurance is not that difficult. Nevertheless, car owners need to have an understanding of how insurance companies sell online and take advantage of how the system works.

Car insurance discounts are available to reduce your rates

Auto insurance companies do not advertise all their discounts very clearly, so the list below contains a few of the more common and also the more inconspicuous credits available to lower your premiums when you buy insurance online.

• Responsible Driver Discount – Accident-free drivers could pay up to 40% less on 7 Series coverage than their less cautious counterparts.
• No Accidents – Insureds who avoid accidents and claims can save substantially as opposed to drivers who are more careless.
• Fewer Miles Equal More Savings – Keeping the miles down on your BMW could qualify for better rates on cars that stay parked.
• E-sign – Some larger companies give back up to $50 get insurance over the internet.
• Early Payment Discounts – If you can afford to pay the entire bill rather than paying monthly you can avoid monthly service charges.
• Military Rewards – Having a family member in the military may qualify for rate reductions.
• Switch and Save Discount – Select insurance companies give a discount for buying a new policy prior to the expiration date on your current policy. This discount can save up to 10%.
• Waiver for an Accident – This isn’t a discount exactly, but companies like Libery Mutual, Geico and Allstate permit an accident without getting socked with a rate hike if you have no claims for a specific time period.
• Seat Belt Discounts – Drivers who always wear seat belts and also require passengers to buckle up can save up to 10 percent (depending on the company) on the medical payments or PIP coverage costs.
• Homeowners Discount – Owning your own home or condo may earn you a small savings because it is proof that your finances are in order.

A quick disclaimer, most discounts do not apply to the entire policy premium. Most only reduce the cost of specific coverages such as collision or personal injury protection. Just because you may think you could get a free car insurance policy, that’s just not realistic.

Companies and some of their more popular discounts are:

• 21st Century offers discounts including theft prevention, early bird, driver training, anti-lock brakes, and good student.
• State Farm has discounts for passive restraint, safe vehicle, driver’s education, anti-theft, and student away at school.
• AAA discounts include good driver, education and occupation, AAA membership discount, good student, and multi-policy.
• Liberty Mutual may offer discounts for multi-policy, hybrid vehicle, good student, new vehicle discount, and newly married.
• Progressive offers premium reductions for multi-policy, multi-vehicle, online signing, homeowner, continuous coverage, and good student.

When comparing rates, check with every insurance company to apply every possible discount. Some of the earlier mentioned discounts might not be offered on policies in every state.

Everyone needs different auto insurance coverages

When buying adequate coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Your needs are not the same as everyone else’s so this has to be addressed. For example, these questions could help you determine if your insurance needs might need an agent’s assistance.

• Is my camper covered by my car insurance policy?
• I have a DUI can I still get coverage?
• What is no-fault insurance?
• Can I make deliveries for my home business?
• Will I be non-renewed for getting a DUI or other conviction?
• I have good health insurance, so how much medical payments coverage do I need?
• Is a new car covered when I drive it off the dealer lot?
• Does my policy pay for OEM or aftermarket parts?
• Which companies will insure high-risk drivers?
• What is the rate difference between pleasure use and commuting?

If you’re not sure about those questions then you might want to talk to an agent. If you don’t have a local agent, fill out this quick form or click here for a list of auto insurance companies in your area.

Auto insurance buyers beware

Companies like Progressive, Geico, Allstate and State Farm regularly use ads in print and on television. All the ads have a common claim about saving some big amount if you change your auto insurance policy to them. How do they all charge less that you’re paying now? It’s all in the numbers.

Companies give the best rates for the type of driver that earns them the most money. For example, a preferred risk could be a mature driver, has never had a claim, and drives newer vehicles. Someone that fits those parameters will qualify for the lowest car insurance rates and therefore will save quite a bit of money when switching.

People who fall outside these stringent criteria will have to pay higher premium rates with the end result being the customer not purchasing. If you listen to the ad wording, they say “people that switch” but not “all drivers who get quotes” can get the lowest rates when switching. That is how companies can truthfully advertise the savings. Different companies use different criteria so it’s extremely important to do a quote comparison often. You cannot predict the company that will provide you with the cheapest rates.

Specific coverages for a 2013 BMW 7 Series

Having a good grasp of your insurance policy aids in choosing appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. Shown next are typical coverages offered by insurance companies.

Uninsured and underinsured coverage

Your UM/UIM coverage protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked.

Auto liability insurance

Liability coverage protects you from damage that occurs to other’s property or people by causing an accident. It protects you from claims by other people. It does not cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 25/50/25 that means you have a $25,000 limit per person for injuries, $50,000 for the entire accident, and $25,000 of coverage for damaged propery.

Liability coverage protects against things such as medical expenses, loss of income, pain and suffering and legal defense fees. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive coverages

Comprehensive insurance will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things like damage from a tornado or hurricane, falling objects and hitting a bird. The highest amount your insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Coverage for collisions

This covers damage to your 7 Series resulting from colliding 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 crashing into a ditch, rolling your car, backing into a parked car, colliding with a tree and sustaining damage from a pot hole. This coverage can be expensive, so consider removing coverage from vehicles that are older. Another option is to increase the deductible to save money on collision insurance.

Coverage for medical payments

Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses for things like dental work, nursing services, doctor visits, funeral costs and surgery. They can be utilized in addition to your health insurance plan or if there is no health insurance coverage. It covers all 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 but can be used in place of medical payments coverage

Shop smart and save

More affordable auto insurance is attainable both online as well as from independent agents, and you should be comparing both to have the best chance of lowering rates. Some auto insurance companies may not provide online rate quotes and many times these smaller companies only sell through independent insurance agencies.

In this article, we covered quite a bit of information on how to lower your 2013 BMW 7 Series insurance premium rates. The most important thing to understand is the more price quotes you have, the more likely it is that you will get a better rate. You may even discover the most savings is with a small local company. These smaller insurers may cover specific market segments cheaper as compared to the big name companies such as State Farm, Geico and Nationwide.

When trying to cut insurance costs, you should never reduce needed coverages to save money. Too many times, an insured dropped collision coverage and learned later that the few dollars in savings costed them thousands. The proper strategy is to buy the best coverage you can find for the lowest price, not the least amount of coverage.

Other learning opportunities

• Event Data Recorders FAQ (iihs.org)
• Teen Driving and Texting (State Farm)
• Steps to Take After an Auto Accident (Insurance Information Insitute)
• Frontal Crash Tests (iihs.org)
• Five Mistakes to Avoid (Insurance Information Insitute)
• Avoiding Deer Collisions (Insurance Information Insitute)