Cheap 2014 BMW 7 Series Insurance Rates

Searching for the cheapest car insurance rates for your BMW 7 Series? Comparing and finding low cost rates for Driverscar insurance might be slightly frustrating for drivers who are new to buying insurance online. With so many insurance agents and companies, it can quickly become hard work to lower your prices.

It’s a good habit to quote other rates quite often due to the fact that insurance prices trend upward over time. Even if you got the lowest quotes on 7 Series insurance a couple years back other companies may now be cheaper. Forget all the misinformation about car insurance because we’re going to show you the fastest and easiest way to reduce your cost while increasing coverage.

Why your insurance premiums might be higher

Multiple criteria are taken into consideration when you quote your car insurance policy. A few of the factors are predictable like a motor vehicle report, but some are not as apparent like your vehicle usage or your vehicle rating.Smart consumers have a good feel for some of the elements that play a part in calculating the price you pay for insurance coverage. When consumers understand what influences your rates, this enables informed choices that may result in big savings.

• Save money by raising physical damage deductibles – Physical damage insurance, also known as collision and other-than-collision, is used to repair damage to your vehicle. Some coverage claims could be a windshield shattered by a rock, flood damage, and damage from a fallen tree branch. Deductibles for physical damage are how much you are willing to pay out-of-pocket if you file a covered claim. The higher the amount you pay before a claim is paid (deductible), the better rate you will receive on 7 Series insurance.
• Your career may increase premiums – Jobs like judges, architects and financial analysts are shown to have the highest average rates due to intense work-related stress and incredibly demanding work hours. On the other hand, jobs like professors, engineers and retirees get better rates on 7 Series insurance.
• The more you drive the more you pay – The more you drive your BMW annually the more you will pay for insurance coverage. Most insurance companies charge to insure your cars based on their usage. Autos that are left in the garage can get a lower rate than those used for commuting. Having the wrong rating on your 7 Series can cost quite a bit. Double check that your insurance coverage declarations sheet correctly shows the correct driver usage, because it can save money.
• Gender matters – Statistics have proven women are more cautious behind the wheel. However, don’t assume that women are better drivers. Males and females get in at-fault accidents in similar numbers, but the males get into accidents with more damage. Not only are claims higher, but men receive more costly citations like reckless driving and DUI. Male drivers age 16 to 19 generally have the highest accident percentage and are penalized with high insurance coverage rates.
• Rates can drop if you have more than one policy – Most larger companies give lower prices for people that have more than one policy in the form of a multi-policy discount. The discount can be ten or even up to twenty percent in some cases. Even if you already get this discount, drivers will still want to compare other insurance prices to ensure the best deal.

The best way we recommend to compare car insurance rates is to know the fact most larger insurance companies pay for the opportunity to quote your coverage. All you need to do is give them rating details such as the year, make and model of vehicles, marital status, deductibles desired, and whether or not you need a SR-22. That rating data is instantly submitted to insurance carriers in your area and they return rate quotes with very little delay.

Save $423 a year? Really?

Insurance coverage providers like Allstate and Progressive endlessly run television, radio, and online ads. All the ads make an identical promise that drivers can save some big amount just by switching your insurance coverage coverage to their company. How do they all have lower policy pricing?

All the different companies have specific guidelines for the driver that will most likely be profitable. For instance, a desirable risk might have to be between 25 and 40, is a homeowner, and has excellent credit. Someone that matches those criteria will probably get cheap premium rates and have a good chance to save if they switch.

People who are not a match for these standards will probably have to pay higher premium rates which usually ends up with the prospect going elsewhere. If you listen to the ad wording, they say “drivers that switch” but not “everyone who gets a quote” can get the lowest rates when switching. This is how companies can truthfully make those statements.

Because of this risk profiling, you should compare quotes as often as possible. It’s just not possible to know which company will provide you with the cheapest car insurance rates.

Don’t miss these discounts

Companies don’t always list their entire list of discounts in an easy-to-find place, so the following list contains a few of the more common and the more hidden discounts that you can inquire about if you buy car insurance online. If you don’t get every credit possible, you’re just leaving money on the table.

• Responsible Drivers – Accident-free drivers may receive a discount up to 45% on 7 Series insurance as compared to drivers with claims.
• Drive Less and Save – Keeping the miles down on your BMW may allow you to get substantially lower rates.
• Homeowners Savings – Being a homeowner can save you money since owning and maintaining a home means you have a higher level of financial diligence.
• Multi-line Discount – If the company offers life insurance, you could get a discount if you purchase a life policy as well.
• First Accident Forgiveness – This one is not really a discount per se, but certain companies may permit one accident before your rates go up so long as you are claim-free for a specific time period.
• Pay Now and Pay Less – If you pay your entire premium ahead of time rather than paying in monthly installments you can actually save on your bill.
• Bundle and Save – If you have multiple policies with one company you will save approximately 10% to 15%.

As a footnote on discounts, some credits don’t apply the the whole policy. Some only reduce specific coverage prices like physical damage coverage or medical payments. Even though it appears you can get free auto insurance, companies don’t profit that way. Any qualifying discounts will definitely lower the cost of coverage.

A list of companies and their offered discounts are outlined below.

• Progressive policyholders can earn discounts including online signing, homeowner, multi-vehicle, continuous coverage, and good student.
• The Hartford may include discounts for driver training, anti-theft, air bag, defensive driver, good student, bundle, and vehicle fuel type.
• Mercury Insurance may offer discounts for annual mileage, anti-theft, accident-free, age of vehicle, type of vehicle, and multi-policy.
• Geico has discounts for multi-policy, anti-lock brakes, membership and employees, good student, multi-vehicle, and five-year accident-free.
• AAA has savings for anti-theft, multi-car, AAA membership discount, education and occupation, good driver, pay-in-full, and good student.
• State Farm includes discounts for Steer Clear safe driver discount, multiple autos, Drive Safe & Save, student away at school, defensive driving training, accident-free, and good student.

If you are trying to find low cost car insurance quotes, ask each company which credits you are entitled to. Some of the earlier mentioned discounts may not apply in every state. If you would like to view companies that provide some of the discounts listed above, click here.

Special considerations

When choosing coverage for your vehicles, there really is no best way to insure your cars. Everyone’s needs are different.

These are some specific questions can aid in determining if your situation could use an agent’s help.

• Do I have coverage when pulling a U-Haul trailer?
• Does coverage extend to Mexico or Canada?
• Am I covered if my car is in a flood?
• When should I not file a claim?
• Am I covered by my spouse’s policy after a separation?
• Why am I required to buy high-risk coverage?
• What if I don’t agree with a claim settlement offer?
• Is my BMW 7 Series covered if I use it for business?
• Is my cargo covered for damage or theft?

If you can’t answer these questions, you might consider talking to an insurance agent. If you don’t have a local agent, complete this form.

Educate yourself about insurance coverages

Having a good grasp of insurance aids in choosing the right coverages and the correct deductibles and limits. The terms used in a policy can be difficult to understand and reading a policy is terribly boring.

Comprehensive coverage

Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as fire damage, damage from flooding, rock chips in glass, damage from a tornado or hurricane and a broken windshield. The maximum amount you’ll receive from a claim is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist coverage

This coverage provides protection when the “other guys” either have no liability insurance or not enough. This coverage pays for medical payments for you and your occupants and damage to your BMW 7 Series.

Due to the fact that many drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family. Usually the UM/UIM limits are similar to your liability insurance amounts.

Liability auto insurance

Liability coverage will cover damages or injuries you inflict on people or other property in an accident. This insurance protects YOU from legal claims by others, and doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have values of 100/300/100 which stand for $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000. Occasionally you may see one limit called combined single limit (CSL) which combines the three limits into one amount with no separate limits for injury or property damage.

Liability insurance covers things like medical expenses, attorney fees, repair bills for other people’s vehicles and legal defense fees. How much liability coverage do you need? That is a personal decision, but you should buy as much as you can afford.

Collision protection

Collision coverage will pay to fix damage to your 7 Series from colliding with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision can pay for things such as colliding with another moving vehicle, hitting a mailbox, sideswiping another vehicle, sustaining damage from a pot hole and driving through your garage door. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. You can also choose a higher deductible to bring the cost down.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for things like funeral costs, chiropractic care, dental work, doctor visits and X-ray expenses. They are often used to fill the gap from your health insurance program or if you do not have health coverage. They cover you and your occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage

Don’t be a big spender

The cheapest 2014 BMW 7 Series insurance can be found from both online companies in addition to many insurance agents, so you need to quote car insurance with both to have the best chance of lowering rates. Some insurance companies do not offer the ability to get quotes online and usually these small insurance companies only sell through local independent agents.

We covered many ideas to compare 2014 BMW 7 Series insurance premium rates online. The key thing to remember is the more rate comparisons you have, the better likelihood of getting the cheapest car insurance. Consumers could even find that the lowest priced insurance comes from a small mutual company.

As you shop your coverage around, never reduce coverage to reduce premium. In many cases, consumers will sacrifice physical damage coverage and found out when filing a claim that they should have had better coverage. Your focus should be to purchase plenty of coverage at a price you can afford while still protecting your assets.

More resources

• Five Steps to Filing an Auto Insurance Claim (Insurance Information Insitute)
• Bodily Injury Coverage (Liberty Mutual)
• Coverage Information (Progressive Insurance)
• Electronic Stability Control FAQ (iihs.org)
• Neck Injury FAQ (iihs.org)