View 2016 BMW 7 Series Car Insurance Rates

Finding more affordable Driversauto insurance is frustrating for people who have little experience shopping for insurance online. Because there are so many companies, it can quickly become a challenge to locate the lowest premium rates.

You should take the time to get comparison quotes before your policy renews because prices are rarely the same from one policy term to another. Even if you think you had the best rates on 7 Series coverage last year you can probably find a lower rate today. Block out anything you think you know about auto insurance because you’re about to learn the easiest way to remove unneeded coverages and save money.

Choosing the best insurance company for you is not that difficult. If you have car insurance now, you will be able to lower your premiums substantially using this information. Although vehicle owners need to have an understanding of the way companies sell insurance online and apply this information to your search.

First Step: Get free insurance coverage quotes

There are multiple methods to compare insurance coverage prices but there is one way that is easier and takes less work. You could waste time talking about coverages with insurance companies in your area, or you can stay home and use online quotes to get rate comparisons in just a few minutes.

Many of the larger companies are enrolled in a marketplace where insurance shoppers enter their coverage request one time, and at least one company provides a quote based on that information. This prevents consumers from doing quote forms for each company. To compare rates using this form now click here to start a free quote.

The one disadvantage to using this type of form is you don’t know exactly the insurers you want to price. So if you want to select specific providers to compare prices, we have a page of the cheapest insurance coverage companies in your area. Click here for list of insurance companies.

The method you choose is up to you, but be sure to compare the exact same coverage limits for every quote you compare. If you have differing limits it will be impossible to determine which rate is truly the best. Having just a slight variation in coverages can mean a large discrepancy in price. Just remember that comparing more rates from different companies helps increase your odds of locating more affordable rates.

Why you might not save $396 a year

Well-known insurance companies like 21st Century, Allstate and State Farm regularly use television, radio, and online ads. All the ads state the claim about saving some big amount just by moving your insurance coverage to their company. How does every company charge you a lower premium? This is the trick they use.

All the different companies give the cheapest rates for the right customer that is profitable for them. One example of this type of insured might have to be a married male, has no claims, and drives less than 10,000 miles a year. A propective insured who fits that profile receives the best premium rates and have a good chance to save when they switch companies.

Potential insureds who don’t measure up to these stringent criteria will see higher premiums and this can result in the customer not purchasing. If you listen closely, the ads state “people that switch” not “all people who quote” save that kind of money. This is how insurance companies can claim big savings. This illustrates why you absolutely need to get insurance coverage quotes as often as possible. You cannot predict which insurance companies will give you the biggest savings.

Get lower-cost insurance costs by understanding these factors

Smart consumers have a good feel for the factors that aid in calculating insurance rates. When you understand what determines base rates, this enables you to make decisions that may reward you with lower premium levels. Lots of factors are used when premium rates are determined. Some factors are common sense such as your driving history, but others are more transparent such as your marital status or your commute time.

The list below includes some of the factors used by your company to calculate rates.

• Your address can impact price – Being located in less populated areas of the country is a good thing when insuring your vehicles. Fewer drivers and short commutes translates into fewer accidents in addition to fewer liability claims. Drivers in populated areas have traffic congestion and more time behind the wheel. Longer commute distances can result in more accidents.
• Lower rates by increasing physical damage deductibles – Insurance for physical damage to your car, also called ‘full coverage’, covers damage that occurs to your BMW. Examples of some claims that would be covered would be a broken side mirror, damage from fire, and windstorm damage. Your deductibles define how much you are willing to pay out-of-pocket if the claim is covered. The more of the claim the insured has to pay upfront, the bigger discount you will receive on 7 Series coverage.
• Men tend to take more risk – Statistics show women are more cautious behind the wheel. However, this does not mean men are WORSE drivers than women. Both genders tend to get into fender benders at a similar rate, but the males cause more damage and cost insurance companies more money. Men also receive more major tickets like DUI and reckless driving. Young males tend to get in the most accidents and thus pay the highest rates.
• Your career may increase insurance rates – Did you know your job can affect your rates? Jobs such as doctors, architects and medical professionals generally have the highest rates due to intense work requirements and extremely grueling work hours. On the flip side, jobs like professors, students and homemakers pay the least on 7 Series coverage.
• Marriage is a factor – Having a spouse may earn you lower rates on insurance. Having a spouse usually means you are more mature and it’s proven that married couples file fewer claims.
• Alarm systems save money – Choosing to buy a car with an alarm system can earn a premium discount. Anti-theft devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help stop vehicle theft.
• Liability claims can be big – Your policy’s liability coverage provides coverage when a jury decides you are liable for damages caused by your negligence. Liability insurance provides legal defense to defend your case. This coverage is very inexpensive when compared with rates for comp and collision, so insureds should have plenty of protection for their assets.
• Pleasure use saves money – The more you drive your BMW annually the higher your rate. A lot of insurance companies calculate rates based upon how the vehicle is primarily used. Vehicles used primarily for pleasure use receive lower rates than cars that get driven a lot. Make sure your declarations sheet properly reflects how each vehicle is driven. Improper usage on your 7 Series may be costing you.

Car insurance policy discounts you can’t miss

Insurance can be prohibitively expensive, but there may be some discounts to cut the cost considerably. A few discounts will automatically apply when you quote, but a few must be requested specifically prior to receiving the credit. If you don’t get every credit you deserve, you’re just leaving money on the table.

• Multi-Vehicle Discounts – Having all your vehicles on a single policy could earn a price break for each car.
• Own a Home and Save – Being a homeowner may trigger a policy discount on car insurance because it requires personal responsibility.
• Discounts for Government Workers – Active or retired federal employment can save as much as 8% on 7 Series coverage depending on your car insurance provider.
• Senior Citizens – Older drivers may qualify for better car insurance rates on 7 Series coverage.
• Multi-line Discount – Some insurance carriers give a small discount if you purchase some life insurance in addition to your auto policy.
• Paperwork-free – Some of the larger companies provide a small discount shop insurance coverage on the internet.
• Discount for Low Mileage – Driving fewer miles can qualify you for cheaper car insurancerates.
• Distant College Student Discount – Kids who live away from home to go to college and leave their car at home can receive lower rates.
• Driver’s Education for Students – Have your child successfully complete driver’s ed class in high school.

Drivers should understand that many deductions do not apply to all coverage premiums. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. Just because you may think you would end up receiving a 100% discount, you won’t be that lucky.

A few companies that may include these benefits are:

• Progressive
• MetLife
• Mercury Insurance
• Nationwide
• Geico
• AAA

Before purchasing a policy, check with each company the best way to save money. Some of the earlier mentioned discounts might not be available to policyholders in your state. To see a list of insurance companies that can offer you the previously mentioned discounts, click here.

Insurance agents can help

When buying adequate coverage, there is no cookie cutter policy. Everyone’s situation is unique.

Here are some questions about coverages that could help you determine whether your personal situation will benefit from professional help.

• Does my medical payments coverage pay my health insurance deductible?
• What is PIP insurance?
• How high should my medical payments coverage be?
• Will my rates increase for filing one claim?
• What is covered by UM/UIM coverage?
• Do I have coverage when using my vehicle for my home business?
• Do I benefit by insuring my home with the same company?
• Am I covered when driving on a suspended license?
• Does coverage extend to my business vehicle?

If you can’t answer these questions but you know they apply to you then you might want to talk to a licensed agent. To find lower rates from a local agent, simply complete this short form.

Parts of your auto insurance policy

Learning about specific coverages of auto insurance can be of help when determining which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be confusing and nobody wants to actually read their policy.

Collision coverage protection

This covers damage to your 7 Series resulting from colliding with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers claims like colliding with a tree, scraping a guard rail, crashing into a ditch and driving through your garage door. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. It’s also possible to bump up the deductible to get cheaper collision coverage.

Liability coverage

Liability coverage can cover injuries or damage you cause to other’s property or people. This insurance protects YOU against claims from other people. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 50/100/50 that means you have a $50,000 limit per person for injuries, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property.

Liability coverage protects against things such as medical services, loss of income, attorney fees, repair bills for other people’s vehicles and funeral expenses. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive or Other Than Collision

Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things like vandalism, theft and falling objects. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

UM/UIM Coverage

This protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Because many people carry very low liability coverage 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.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for things like doctor visits, surgery and nursing services. They are used to cover expenses not covered by your health insurance program or if you are not covered by health insurance. Coverage applies to all vehicle occupants as well as being hit by a car walking across the street. PIP coverage is not an option in every state but can be used in place of medical payments coverage

Find Good Coverage for Less

Cost effective 2016 BMW 7 Series insurance is available from both online companies and also from your neighborhood agents, and you need to price shop both to get a complete price analysis. There are still a few companies who may not offer online rate quotes and many times these small, regional companies provide coverage only through local independent agents.

People leave their current company for any number of reasons including being labeled a high risk driver, policy non-renewal, lack of trust in their agent and an unsatisfactory settlement offer. It doesn’t matter why you want to switch switching companies can be less work than you think.

As you go through the steps to switch your coverage, make sure you don’t reduce coverage to reduce premium. In many cases, an insured dropped liability coverage limits only to regret at claim time that it was a big mistake. Your objective should be to purchase a proper amount of coverage at an affordable rate and still be able to protect your assets.

Additional insurance coverage information is available below:

• Avoiding Deer Collisions (Insurance Information Insitute)
• Teen Driving and Texting (State Farm)
• No-Fault Auto Insurance Statistics (Insurance Information Insitute)
• Frontal Crash Tests (iihs.org)