Lower Your 2001 BMW 7 Series Car Insurance Quotes

Having to pay for high-priced insurance can consume your family’s budget and make it impossible to make ends meet.

Due to the fact that there are so many choices, it can be hard to locate the right insurance provider.

It’s important to shop coverage around on a regular basis since insurance prices are variable and change quite frequently. Just because you had the best deal on 7 Series coverage a couple years back the chances are good that you can find a lower premium rate today. You’ll find a ton of advice on insurance on the internet, but we’re going to give you some tested techniques to save money.

How much is insurance coverage?

There are several ways of comparing rates from lots of insurance coverage companies. The best method to comparison shop involves getting comparison quotes online. This can be accomplished in a couple minutes as outlined below.

The most efficient way to find the lowest comparison rates is a comparison rater form (click to open form in new window). This method keeps you from doing repetitive form submissions for every company. One form will get you rate comparisons from many national carriers.

Another way to obtain and compare quotes online consists of going to the website of each company and get a separate price quote. For sake of this example, let’s assume you want to compare prices for Progressive, Liberty Mutual and Farmers. To get each rate you have to navigate to each company’s site to enter the same coverage data repeatedly, which can get old fast. For a list of companies in your area, click here.

You can choose any of those ways to find more affodable coverage, but ensure you’re using equivalent coverage information for each comparison quote. If your comparisons have different deductibles it will be nearly impossible to determine which rate is truly the best. Slightly different coverages may result in large price differences. And when quoting insurance coverage, remember that comparing all the rates in your area helps improve the odds of finding the best offered rates.

What determines BMW 7 Series insurance costs?

Many different elements are used when you get your auto insurance bill. Most are fairly basic like an MVR report, although some other factors are more obscure such as your credit history or how financially stable you are.

Listed below are a few of the “ingredients” companies use to determine prices.

  • Bad credit hurts insurance costs – Having a bad credit score can be a huge factor in calculating your insurance coverage rates. If your credit can use some improvement, you may save money insuring your 2001 BMW 7 Series if you improve your credit rating. Insureds that have excellent credit scores tend to be better risks to insure than those with worse credit.
  • Low coverage deductibles mean high premiums – The deductibles define the amount you are required to pay before a claim is paid by your company. Protection for physical damage, also known as collision and other-than-collision, insures against damage to your car. Some examples of claims that would be covered are rearending another vehicle, animal collisions, or theft of your vehicle. The more damage repair cost you have to pay, the better rate you will receive on 7 Series coverage.
  • Maintain insurance coverage coverage – Having a gap between insurance policy dates is a sure-fire way to increase your insurance coverage rates. Not only will rates go up, failure to provide proof of insurance may result in fines or a revoked license.
  • Better premiums with anti-theft devices – Owning a car that has an advanced theft prevention system can help lower your premiums. Advanced theft deterrents like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help prevent auto theft.
  • Only buy what you need – There are many extra add-on coverages that may not really be needed but may not be useful. Things like personal injury protection, better glass coverage, and term life insurance are examples of these. These may sound like a good investment when deciding what coverages you need, but now you might not need them so remove them from your policy.
  • Cars with good safety ratings mean better insurance coverage rates – Vehicles with high crash test scores tend to have lower insurance rates. The safest vehicles help reduce the chance of injuries in an accident and fewer injuries means less money paid by your insurance company and cheaper rates on your policy.

Insurance coverage policy discounts you can’t miss

Companies offering auto insurance do not advertise every policy discount in a way that’s easy to find, so we researched some of the more common and also the lesser-known discounts that you may qualify for.

  • Passenger Safety Discount – Options like air bags and/or automatic seat belt systems can qualify for discounts of up to 25% or more.
  • Multi-car Discount – Drivers who insure primary and secondary vehicles with one company qualifies for this discount.
  • Own a Home – Just being a homeowner may trigger a policy discount on insurance coverage since home ownership requires personal responsibility.
  • Clubs and Organizations – Being in a civic or occupational organization is a simple method to lower premiums on your next renewal.
  • Defensive Driver Discount – Successfully completing a course that instructs on driving safety could possibly earn you a 5% discount if your company offers it.
  • Early Signing – A few larger companies offer discounts for switching to them prior to the expiration date on your current policy. You can save around 10% with this discount.
  • Drive Safe and Save – Insureds without accidents can get discounts for up to 45% lower rates on 7 Series coverage compared to rates paid by drivers with frequent claims.
  • Auto/Life Discount – Select insurance coverage companies reward you with better rates if you take out life insurance.
  • Accident Forgiveness Coverage – Not a discount per se, but certain companies allow you one accident without getting socked with a rate hike if your claims history is clear prior to being involved in the accident.

Consumers should know that most credits do not apply to the entire cost. A few only apply to the cost of specific coverages such as liability, collision or medical payments. So even though they make it sound like all those discounts means the company will pay you, you’re out of luck.

A list of insurance coverage companies and a selection of discounts are shown below.

  • State Farm discounts include accident-free, driver’s education, multiple autos, student away at school, Steer Clear safe driver discount, good student, and safe vehicle.
  • American Family has discounts for good driver, air bags, early bird, Steer into Savings, accident-free, and mySafetyValet.
  • AAA may offer discounts for anti-theft, good student, pay-in-full, good driver, multi-car, and AAA membership discount.
  • GEICO may have discounts that include defensive driver, multi-vehicle, federal employee, emergency military deployment, anti-lock brakes, and seat belt use.
  • Mercury Insurance offers discounts for anti-theft, low natural disaster claims, accident-free, professional/association, good driver, annual mileage, and type of vehicle.
  • Farmers Insurance offers discounts including pay in full, alternative fuel, switch companies, youthful driver, and business and professional.
  • Progressive has savings for good student, online quote discount, continuous coverage, multi-vehicle, and online signing.

When getting free car insurance quotes, it’s a good idea to each company how many discounts you can get. Some credits might not apply in your area. To see insurance coverage companies who offer cheap insurance coverage quotes, click here.

Insurance agents can help

When it comes to choosing the right insurance coverage for your vehicles, there really is no one size fits all plan. Every insured’s situation is different so your insurance needs to address that. These are some specific questions could help you determine if your situation might need professional guidance.

  • What is roadside assistance coverage?
  • Is my custom paint covered by insurance?
  • Does coverage extend to my business vehicle?
  • Am I covered when driving a rental car?
  • Will my insurance pay for OEM parts?
  • How can I get high-risk coverage after a DUI?

If you’re not sure about those questions but a few of them apply, you may need to chat with a licensed agent. If you want to speak to an agent in your area, simply complete this short form or you can also visit this page to select a carrier

Specific coverage details

Understanding the coverages of a insurance policy helps when choosing the best coverages at the best deductibles and correct limits. Policy terminology can be impossible to understand and nobody wants to actually read their policy. Shown next are the normal coverages found on most insurance policies.

Liability coverage

This coverage will cover damages or injuries you inflict on people or other property in an accident. This coverage protects you against claims from other people. It does not cover your own vehicle damage or injuries.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and $100,000 of coverage for damaged propery. Another option is one number which is a combined single limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage pays for claims such as attorney fees, court costs and legal defense fees. How much liability coverage do you need? That is up to you, but you should buy as large an amount as possible.

Comprehensive coverage (or Other than Collision)

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

Comprehensive coverage pays for claims like fire damage, rock chips in glass, vandalism, damage from a tornado or hurricane and hitting a bird. The most you’ll receive from a claim is the market value of your vehicle, so if the vehicle is not worth much consider dropping full coverage.

Insurance for medical payments

Coverage for medical payments and/or PIP reimburse you for bills such as dental work, EMT expenses, funeral costs and chiropractic care. The coverages can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Coverage applies to not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is not available in all states and gives slightly broader coverage than med pay

Uninsured Motorist or Underinsured Motorist insurance

Uninsured or Underinsured Motorist 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 many drivers have only the minimum liability required by law, their limits can quickly be used up. So UM/UIM coverage is very important. Normally these limits are set the same as your liablity limits.

Collision coverage

This covers damage to your 7 Series resulting from colliding with an object or car. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims like hitting a mailbox, damaging your car on a curb and colliding with a tree. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible to get cheaper collision coverage.

Smart shoppers get results

Budget-friendly auto insurance can be bought both online as well as from independent agents, and you should compare rates from both to have the best rate selection. There are still a few companies who don’t offer online price quotes and most of the time these regional carriers work with independent insurance agencies.

We just covered many ideas to compare 2001 BMW 7 Series insurance premium rates online. The most important thing to understand is the more companies you get prices for, the higher your chance of finding cheap car insurance. You may be surprised to find that the best premium rates are with some of the lesser-known companies. These companies often have lower prices on specific markets than their larger competitors like State Farm and Allstate.

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