2002 BMW 7 Series Car Insurance Cost – 9 Policy Discounts

Trying to find the cheapest insurance coverage rates for your BMW 7 Series? Searching for the cheapest insurance for a BMW 7 Series can be a painful process, but you can learn a few tricks and make it easy. There are both good and bad ways to buy insurance coverage so we’re going to tell you the best way to price shop coverage for a new or used BMW and obtain the lowest possible price either online or from local insurance agents.

It’s a great practice to shop coverage around every six months because prices are usually higher with each renewal. Just because you had the best quotes for 7 Series insurance two years ago other companies may now be cheaper. You can find a lot of misleading information regarding insurance coverage online but we’re going to give you a bunch of ideas how to buy insurance coverage cheaper.

Which auto insurance is cheapest?

Effectively comparing auto insurance prices can be a daunting task if you don’t understand the most efficient way. You could waste a few hours talking to insurance agencies in your area, or you can utilize the internet to get pricing more quickly.

Most of the larger companies take part in a program where prospective buyers complete one form, and each company then gives them pricing for coverage. This saves time by eliminating quote forms for every auto insurance company.

To enter your information into the quoting system, click here (opens in new window).

The one downside to getting quotes like this is that consumers can’t choose which companies you want pricing from. So if you prefer to pick individual companies for rate comparison, we put together a list of low cost auto insurance companies in your area. Click here for list of insurance companies.

You can choose any of those ways to find more affodable coverage, but make sure you are using apples-to-apples quote data for each quote you get. If you have differing limits it will be very difficult to truly determine the lowest rate.

Lower rate quotes by taking advantage of these nine discounts

Properly insuring your vehicles can get expensive, but there are discounts available that can help lower your rates. Some of these disounts will be visible when you complete an application, but a few need to be requested specifically in order for you to get them.

  • Low Mileage – Low annual miles may allow you to get lower rates due to less chance of an accident.
  • Passenger Safety Discount – Vehicles with factory air bags or automatic seat belts may qualify for discounts of more than 20%.
  • New Vehicle Savings – Buying a new car instead of a used car can cost up to 25% less compared to insuring an older model.
  • Discounts for Safe Drivers – Drivers who avoid accidents may receive a discount up to 45% for 7 Series insurance compared to rates paid by drivers with frequent claims.
  • Seat Belts Save – Drivers who always wear seat belts and also require passengers to use their safety belts can save a little on medical payment and PIP coverage.
  • Defensive Driving Course – Taking time to complete a class that teaches defensive driver techniques could possibly earn you a 5% discount and easily recoup the cost of the course.
  • Save over 55 – Older drivers may receive a slight reduction on a car insurance quote for 7 Series insurance.
  • Claim-Free Discount – Drivers who don’t have accidents pay less in comparison with bad drivers.
  • Pay Upfront and Save – If paying your policy premium upfront instead of making monthly payments you can avoid monthly service charges.

A little note about advertised discounts, most discounts do not apply to all coverage premiums. A few only apply to specific coverage prices like liability, collision or medical payments. Even though it may seem like all the discounts add up to a free policy, companies don’t profit that way.

For a list of companies that offer the discounts shown above, follow this link.

How much car insurance do I need?

When it comes to buying the best car insurance coverage for your vehicles, there is no best way to insure your cars. Every insured’s situation is different.

These are some specific questions can help discover whether or not you might need an agent’s assistance.

  • What if I owe more than I can insure my car for?
  • Why do I only qualify for high-risk insurance?
  • Am I covered when driving someone else’s vehicle?
  • How does medical payments coverage work?
  • Can I afford to buy a different vehicle if my 2002 BMW 7 Series is totaled?
  • What is UM/UIM insurance?

If you’re not sure about those questions but you know they apply to you, you might consider talking to an insurance agent. To find lower rates from a local agent, complete this form. It’s fast, doesn’t cost anything and may give you better protection.

Specifics of your insurance policy

Having a good grasp of your insurance policy helps when choosing which coverages you need and proper limits and deductibles. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy.

Liability – This coverage will cover damage that occurs to a person or their property in an accident. Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 50/100/50 that means you have a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property.

Liability coverage protects against things like emergency aid, bail bonds and structural damage. The amount of liability coverage you purchase is a personal decision, but you should buy as high a limit as you can afford.

Medical expense coverage – Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses such as EMT expenses, prosthetic devices and ambulance fees. They are utilized in addition to your health insurance policy or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Comprehensive protection – This pays for damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims such as theft, damage from a tornado or hurricane and fire damage. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for medical payments for you and your occupants as well as damage to your BMW 7 Series.

Since a lot of drivers have only the minimum liability required by law, 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.

Collision – This will pay to fix damage to your 7 Series resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible then your collision coverage will kick in.

Collision can pay for claims like sideswiping another vehicle, hitting a parking meter, scraping a guard rail and colliding with a tree. Paying for collision coverage can be pricey, so consider dropping it from lower value vehicles. Drivers also have the option to bump up the deductible to bring the cost down.

Be Smart and Buy Smart

In this article, we covered some good ideas how to save on 2002 BMW 7 Series insurance. It’s most important to understand that the more providers you compare, the better your chances of lowering your rates. Drivers may discover the lowest prices come from a small mutual company.

Lower-priced car insurance can be found both online in addition to many insurance agents, and you need to price shop both to have the best chance of lowering rates. Some insurance providers don’t offer the ability to get a quote online and many times these small insurance companies prefer to sell through independent agents.

People switch companies for many reasons like unfair underwriting practices, delays in paying claims, questionable increases in premium and even high prices. It doesn’t matter what your reason, finding a new company is pretty simple and you could end up saving a buck or two.

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