Cheaper 2013 BMW 7 Series Car Insurance Rates

Have you fallen victim to an overpriced insurance coverage policy? Believe me when I say there are a lot of people just like you who feel imprisoned by their insurance coverage policy.

Many insurers vie to insure your vehicles, so it’s not easy to compare every company to discover the definitive best rate

It is always a good idea to price shop coverage quite often because insurance rates change regularly. Despite the fact that you may have had the best price for 7 Series coverage two years ago there may be better deals available now. So just ignore everything you know about insurance coverage because we’re going to show you the proper way to remove unneeded coverages and save money.

If you are paying for car insurance now, you should be able to save some money using this information. Finding the best rates is not that difficult. But car owners must learn how companies sell online because it can help you find the best coverage.

Take discounts and save

Car insurance companies don’t list all available discounts in a way that’s easy to find, so we took the time to find some of the best known as well as the least known savings tricks you should be using.

  • Low Mileage Discounts – Keeping the miles down on your BMW could qualify for discounted rates on garaged vehicles.
  • Employee of Federal Government – Simply working for the federal government may qualify you for a discount for 7 Series coverage with select insurance companies.
  • Discount for New Cars – Adding a new car to your policy is cheaper because new vehicles have to meet stringent safety requirements.
  • Accident Waiver – A handful of insurance companies will allow you to have one accident before your rates go up if your claims history is clear prior to the accident.
  • Drive Safe and Save – Drivers who avoid accidents may receive a discount up to 45% less for 7 Series coverage than drivers with accident claims.
  • Bundle and Save – If you have multiple policies with the same company you will save approximately 10% to 15%.
  • Paperwork-free – A few companies will give a small break just for signing your application digitally online.
  • Sign Early and Save – A few companies offer discounts for buying a policy prior to your current policy expiring. It can save you around 10%.
  • Student Driver Training – Require your teen driver to successfully complete driver’s ed class in high school.
  • Seat Belts Save – Buckling up and requiring all passengers to use a seat belt can save up to 15% on the medical payments or PIP coverage costs.

A little note about advertised discounts, some credits don’t apply to the overall cost of the policy. Most only reduce the price of certain insurance coverages like physical damage coverage or medical payments. So despite the fact that it appears all those discounts means the company will pay you, companies don’t profit that way.

A partial list of companies that possibly offer these money-saving discounts include:

Before buying, ask each company how you can save money. Some discounts may not apply in your state.

How to Compare Insurance Rates

When shopping for insurance there are multiple ways of comparing rates and find the best price. The quickest method to compare 2013 BMW 7 Series insurance prices involves getting comparison quotes online. This is very easy and can be done in a couple of different ways.

One of the simplest ways consumers can make multiple comparisons is to use a rate comparison form (click to open form in new window). This method eliminates the need for separate quote forms for each company you want a rate for. One form submission compares rates instantly.

Another way to get comparison quotes is to take the time to go to each company website and fill out their own quote form. For examples sake, let’s assume you want to compare rates from Auto-Owners, Allstate and Geico. To get each rate you have to go to every website and enter your information, which is why most consumers use the first method.

For a list of links to insurance companies in your area, click here.

It doesn’t matter which method you choose, just make sure you use apples-to-apples information for each price quote. If you have different limits and deductibles on each one you will not be able to find the best deal for your BMW 7 Series. Having just a slight variation in insurance coverages may result in large price differences. And when quoting insurance, remember that getting more free quotes will improve the odds of getting a better price.

Complexity of BMW 7 Series insurance rates

An important part of buying insurance is that you know the rating factors that help determine the price you pay for auto insurance. Having a good understanding of what influences your rates allows you to make educated decisions that could result in much lower annual insurance costs.

  • Males pay more for insurance – Statistics demonstrate women are more cautious behind the wheel. However, this does not mean men are WORSE drivers than women. Both sexes are in accidents at a similar rate, but the men have costlier accidents. Men also statistically have more aggressive citations like reckless driving and DUI. Teenage male drivers tend to get in the most accidents and are penalized with high auto insurance rates.
  • Save money with special equipment – Purchasing a vehicle with an alarm system can get you a discount on your auto insurance. Theft prevention devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping auto theft.
  • Where you reside plays a part – Living in a rural area can save you money when it comes to auto insurance. Drivers in populated areas have traffic congestion and much longer commute distances. Fewer people translates into fewer accidents and a lower car theft rate.
  • Liability coverage protects you – Your policy’s liability coverage is the coverage that protects you when you are found to be at fault for damages from an accident. It provides legal defense up to the limits shown on your policy. Liability insurance is quite affordable as compared to coverage for physical damage, so do not cut corners here.

Which policy gives me the best coverage?

When it comes to buying proper insurance coverage, there isn’t really a “perfect” insurance plan. Coverage needs to be tailored to your specific needs so your insurance needs to address that. Here are some questions about coverages that can aid in determining whether you will benefit from professional help.

  • Am I covered by my spouse’s policy after a separation?
  • Do I pay less for low miles?
  • Do I need rental car coverage?
  • How can I get my company to pay me more for my totalled car?
  • Will filing a claim cost me more?
  • Do I benefit by insuring my home with the same company?
  • Should I have combined single limit or split liability limits?
  • Is other people’s property covered if stolen from my vehicle?

If you can’t answer these questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, simply complete this short form or you can go here for a list of companies in your area.

Buyer beware of insurance advertising tricks

Insurance providers like Progressive, Geico, Allstate and State Farm constantly bombard you with ads on television and other media. They all make an identical promise about savings if you switch your policy. How do they all make the same claim?

All companies have a preferred profile for the type of customer they prefer to insure. For example, a driver they prefer could be over the age of 40, insures multiple vehicles, and chooses high deductibles. Any new insured who fits that profile will qualify for the lowest rates and therefore will save when switching.

Potential customers who don’t measure up to the requirements must pay higher premiums which leads to the driver buying from a lower-cost company. Company advertisements say “people who switch” not “everyone that quotes” save money. This is how insurance companies can make those claims. This illustrates why it is so important to quote coverage with many companies. It’s just too difficult to predict which company will fit your personal profile best.

Car insurance 101

Knowing the specifics of your auto insurance policy can help you determine appropriate coverage and proper limits and deductibles. The terms used in a policy can be impossible to understand and nobody wants to actually read their policy. Below you’ll find typical coverages available from auto insurance companies.

Comprehensive coverage

This pays for damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things like fire damage, falling objects, hitting a bird and hail damage. The most your auto insurance company will pay is the ACV or 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 gives you protection when the “other guys” either have no liability insurance or not enough. It can pay for hospital bills for your injuries and also any damage incurred to your BMW 7 Series.

Since a lot of drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance kick in for bills such as doctor visits, pain medications, ambulance fees and funeral costs. They are used to fill the gap from your health insurance policy or if you do not have health coverage. It covers you and your occupants and also covers any family member struck as a pedestrian. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Liability coverages

This coverage will cover injuries or damage you cause to a person or their property. This coverage protects you against claims from other people. It does not cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see values of 50/100/50 which means $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged propery.

Liability coverage protects against claims such as medical services, repair bills for other people’s vehicles, legal defense fees, funeral expenses and pain and suffering. How much liability should you purchase? That is a decision to put some thought into, but buy as much as you can afford.

Collision insurance

This covers damage to your 7 Series caused by collision with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like crashing into a building, rolling your car, hitting a mailbox, backing into a parked car and hitting a parking meter. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. Another option is to choose a higher deductible in order to get cheaper collision rates.

Final thoughts

As you prepare to switch companies, never sacrifice coverage to reduce premiums. Too many times, someone dropped comprehensive coverage or liability limits only to find out they didn’t have enough coverage. Your strategy should be to find the BEST coverage at the best price while still protecting your assets.

You just read some good ideas how to save on 2013 BMW 7 Series insurance. The key concept to understand is the more you quote, the more likely it is that you will get a better rate. You may even find the best price on insurance coverage is with some of the smallest insurance companies. These smaller insurers may cover specific market segments cheaper than their larger competitors like State Farm or Progressive.

More tips and info about insurance coverage can be read in these articles: