How Much Does 1998 BMW 7 Series Insurance Cost?

Searching for the cheapest auto insurance rates for your BMW 7 Series? Tired of sacrificing to make your auto insurance payment? You have the same problem as many other drivers.

Many insurance companies vie for your insurance dollar, and it can be difficult to compare rates and get the best coverage at the best rates possible.

Consumers should take time to get comparison quotes quite often because auto insurance prices change quite often. Even if you think you had the best price on 7 Series coverage on your last policy other companies may now be cheaper. There is lot of inaccurate information about auto insurance online, but I’m going to show you some good information on how to buy auto insurance cheaper.

If you currently have a car insurance policy, you stand a good chance to be able to save some money using this strategy. Buying car insurance is not that difficult. But car owners must learn how companies market on the web and take advantage of how the system works.

Car insurance policy discounts you can’t miss

Insurance can be prohibitively expensive, but there are discounts available that may help make it more affordable. Larger premium reductions will be automatically applied when you quote, but a few must be manually applied before you will receive the discount.

  • Discounts for New Vehicles – Insuring a new car can cost up to 25% less because new vehicles have to meet stringent safety requirements.
  • Home Ownership Discount – Owning a house can save a few bucks because of the fact that having a home requires a higher level of personal finance.
  • Discounts for Seat Belt Usage – Drivers who require all occupants to wear their seat belts could cut 10% or more on medical payment and PIP coverage.
  • Safe Drivers – Accident-free drivers may receive a discount up to 45% on 7 Series coverage than drivers with accident claims.
  • Passive Restraint Discount – Vehicles with factory air bags or automatic seat belts could see savings of 20 to 30 percent.
  • Defensive Driver – Taking a course in driver safety could cut 5% off your bill if you qualify.
  • Military Rewards – Being deployed with a military unit may lower your rates slightly.

As a footnote on discounts, some credits don’t apply to the entire policy premium. Most only reduce specific coverage prices like liability and collision coverage. So even though you would think it’s possible to get free car insurance, it’s just not the way it works.

Some of the larger companies that may offer quotes with these benefits include:

Check with each company or agent how many discounts you can get. Some of the earlier mentioned discounts may not apply to policyholders in your state. To locate car insurance companies who offer online car insurance quotes, click here to view.

The easiest way to compare rates is to understand most insurance companies provide online access to give rate comparisons. The one thing you need to do is provide details like the year, make and model of vehicles, driver details, if it has an anti-theft system, and if a SR-22 is required. The rating information is then sent to multiple different insurance companies and they provide comparison quotes within a short period of time.

How you can control BMW 7 Series insurance costs

When buying car insurance it’s important to understand some of the factors that aid in calculating the price you pay for car insurance. When you know what positively or negatively controls the rates you pay, this enables informed choices that could help you find much lower annual insurance costs.

  • Your address can influence price – Choosing to live in areas with lower population may provide you with better prices when it comes to car insurance. Fewer drivers and short commutes translates into fewer accident claims and a lower car theft rate. City drivers tend to have traffic congestion and much longer commute distances. The longer drive time can result in more accidents.
  • Add-on coverages can add up – There are a ton of extra add-on coverages that can add up on your car insurance policy. Coverages for personal injury protection, better glass coverage, and term life insurance are examples of these. These coverages may sound good when talking to your agent, but your needs may have changed so think about removing them and cutting costs.
  • Responsible drivers pay the best costs – Your driving record has a huge affect on how much you pay. Getting just one chargable violation may cause rates to rise by as much as thirty percent. Attentive drivers tend to pay less for car insurance than bad drivers. Drivers who have multiple violations such as DWI, reckless driving or hit and run convictions may find that they have to to prove financial responsibility with their state’s licensing department in order to keep their license.
  • Vehicle theft costs us all – Selecting a car model with an alarm system can help lower your premiums. Theft prevention devices such as OnStar, LoJack tracking, and tamper alarms help track and prevent your car from being stolen.
  • Coverage lapses lead to higher premiums – Allowing your car insurance policy to lapse is a guaranteed way to trigger a rate increase. And not only will insurance be more expensive, the inability to provide proof of insurance could earn you a hefty fine and possibly a revoked license.
  • What are your coverage deductibles? – Insurance for physical damage to your car, also known as collision and other-than-collision, is used to repair damage to your vehicle. A few examples of covered claims are a dented fender, hail damage, and burglary. Physical damage deductibles define the amount you are willing to pay out-of-pocket if a claim is determined to be covered. The more damage repair cost you have to pay, the less your car insurance will be on 7 Series coverage.
  • Bundle home and auto and save – Some car insurance companies provide discounts to buyers who buy several policies from them. It’s known as a multi-policy discount. If you currently are using one company, you may still want to compare other company rates to confirm you are receiving the best rates possible. It’s possible to still find lower rates by insuring with multiple companies.
  • With age comes responsibility – Youthful drivers have been known to be careless and easily distracted in a vehicle so they pay higher car insurance rates. Mature drivers are more cautious drivers, tend to file fewer claims and tend to be get fewer driving tickets.

Insurance agents can help

When buying proper insurance coverage for your vehicles, there isn’t really a one size fits all plan. Coverage needs to be tailored to your specific needs so your insurance needs to address that. These are some specific questions might point out if your situation would benefit from professional advice.

  • Is my nanny covered when driving my vehicle?
  • Where can I find DUI or SR-22 insurance?
  • What is medical payments coverage?
  • Is extra glass coverage worth it?
  • Do I benefit by insuring my home with the same company?
  • When should I not file a claim?

If it’s difficult to answer those questions but a few of them apply, then you may want to think about talking to an insurance agent. If you don’t have a local agent, simply complete this short form or go to this page to view a list of companies.

Can you really save that much by switching?

Insurance companies such as Progressive, GEICO, Allstate and State Farm seem to constantly run ads in print and on television. They all seem to try to convey promises that you’ll save big if you get a free insurance coverage quote and switch your coverage to them. How is it plausible that every one can make the same claim? It’s all in how they say it.

Companies have specific guidelines for the type of driver that will be a good risk. One example of a preferred risk could be a mature driver, is a homeowner, and has great credit. Anyone who fits that profile will get very good car insurance rates and will probably save quite a bit of money when switching.

Potential insureds who fall outside these standards will probably be forced to pay higher rates and ends up with business going elsewhere. The trick is to say “people that switch” not “everyone that quotes” will save that much if they switch. That’s the way companies can truthfully make it sound like they have such great premium rates. This really illustrates why you should compare as many free insurance coverage quotes as you can. It’s just too difficult to predict with any certainty which company will have the lowest rates.

Car insurance coverage options for a BMW 7 Series

Knowing the specifics of a car insurance policy helps when choosing the best coverages for your vehicles. Car insurance terms can be impossible to understand and nobody wants to actually read their policy. Shown next are the normal coverages found on the average car insurance policy.

Uninsured/Underinsured Motorist coverage

This coverage gives you protection from other motorists when they either have no liability insurance or not enough. Covered claims include injuries to you and your family as well as damage to your BMW 7 Series.

Due to the fact that many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Auto liability insurance

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

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see limits of 100/300/100 which stand for a $100,000 limit per person for injuries, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery.

Liability coverage protects against claims like attorney fees, structural damage and repair costs for stationary objects. How much coverage you buy is up to you, but buy higher limits if possible.

Medical payments coverage and PIP

Med pay and PIP coverage kick in for short-term medical expenses for things like surgery, nursing services and dental work. They can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. PIP is not universally available and gives slightly broader coverage than med pay

Comprehensive coverage

This coverage covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things like damage from getting keyed, damage from flooding, falling objects, hitting a bird and rock chips in glass. The highest amount a car insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Auto collision coverage

This pays to fix your vehicle from damage resulting from a 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 insurance covers things such as sustaining damage from a pot hole, hitting a parking meter, hitting a mailbox and rolling your car. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. Another option is to increase the deductible in order to get cheaper collision rates.

Power to the consumer

The cheapest 1998 BMW 7 Series insurance can be sourced from both online companies as well as from independent agents, so you need to shop insurance coverage with both so you have a total pricing picture. A few companies don’t offer online rate quotes and most of the time these small, regional companies sell through independent insurance agents.

When trying to cut insurance costs, you should never reduce coverage to reduce premium. In too many instances, consumers will sacrifice liability coverage limits and found out when filing a claim that they should have had better coverage. Your strategy should be to buy a smart amount of coverage at a price you can afford while still protecting your assets.

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