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.
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.
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:
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.
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.
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.
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.
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.
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.
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 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.
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.
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
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.