How Much Does 2010 BMW 7 Series Insurance Cost?

No car owner fancies paying their premiums for insurance, especially knowing the cost is too high. Consumers have so many insurers to choose from, and though it is a good thing to have a selection, having more auto insurance companies makes it harder to locate the cheapest rates.

Consumers need to shop coverage around quite often due to the fact that insurance rates are constantly changing. Even if you got the lowest premium rates for 7 Series insurance six months ago the chances are good that you can find a lower price today. Ignore everything you know about insurance because you’re about to learn how to use the internet to lower your annual insurance bill.

Earn discounts to get lower-cost auto insurance rates

Auto insurance companies do not list every discount they offer in a way that’s easy to find, so the following is a list of a few of the more well known and also the more inconspicuous discounts you could be receiving when you buy insurance coverage online. If you do not check that you are getting every discount possible, you are throwing money away.

  • Telematics Data Discounts – Drivers who elect to allow driving data submission to study their driving habits by using a telematics device such as Progressive’s Snapshot could see a rate decrease if they have good driving habits.
  • Early Payment Discounts – If you pay your bill all at once instead of paying each month you may reduce your total bill.
  • ABS and Traction Control Discounts – Vehicles with ABS braking systems or traction control prevent accidents and will save you 10% or more.
  • Military Deployment Discount – Being on active deployment in the military could be rewarded with lower premium rates.
  • Bundle and Save – When you have multiple policies and insure them both with the same insurance company you could get a discount of at least 10 to 15 percent or more.
  • Seat Belts Save – Drivers who always wear seat belts and also require passengers to use their safety belts can save 10% or more off the PIP or medical payment premium.
  • Good Student Discount – A discount for being a good student could provide a savings of up to 20% or more. This discount can apply until age 25.
  • Multiple Vehicles – Drivers who insure multiple cars or trucks on the same auto insurance policy could earn a price break for each car.
  • Homeowners Pay Less – Just owning your own home may trigger a policy discount on auto insurance since home ownership is proof that your finances are in order.
  • Discount for Life Insurance – Auto insurance companies who offer life insurance give a small discount if you purchase auto and life insurance together.

Drivers should understand that most of the big mark downs will not be given the the whole policy. Some only apply to individual premiums such as comp or med pay. Even though it may seem like all those discounts means the company will pay you, you won’t be that lucky. Any amount of discount will cut your policy premiums.

A few popular companies and the discounts they provide are:

  • State Farm may have discounts that include Steer Clear safe driver discount, multiple policy, accident-free, Drive Safe & Save, multiple autos, and safe vehicle.
  • Liberty Mutual includes discounts for teen driver discount, good student, safety features, multi-car, exclusive group savings, newly retired, and new vehicle discount.
  • American Family offers discounts including good driver, Steer into Savings, multi-vehicle, mySafetyValet, accident-free, and defensive driver.
  • Progressive has discounts for online signing, continuous coverage, multi-vehicle, multi-policy, good student, online quote discount, and homeowner.
  • Farmers Insurance discounts include pay in full, mature driver, alternative fuel, early shopping, electronic funds transfer, good student, and youthful driver.
  • Auto-Owners Insurance has savings for anti-lock brakes, student away at school, safe vehicle, anti-theft, good student, and teen driver.
  • SAFECO offers premium reductions for teen safety rewards, homeowner, drive less, multi-car, anti-lock brakes, accident prevention training, and bundle discounts.

It’s a good idea to ask every prospective company how many discounts you can get. Some of the discounts discussed earlier might not apply everywhere. To see a list of insurance companies offering auto insurance discounts, click this link.

Tailor your car insurance coverage to you

When it comes to choosing adequate coverage for your personal vehicles, there is no “best” method to buy coverage. Everyone’s situation is unique and your policy should reflect that. For example, these questions may help highlight if your situation would benefit from an agent’s advice.

  • How can I find cheaper teen driver insurance?
  • Does my 2010 BMW 7 Series need full coverage?
  • Exactly who is provided coverage by my policy?
  • Do I need higher collision deductibles?
  • Do I need PIP (personal injury protection) coverage in my state?
  • Do I need medical payments coverage since I have good health insurance?
  • How much liability insurance is required?
  • Is business property covered if stolen from my car?

If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to an agent. To find an agent in your area, take a second and complete this form or click here for a list of car insurance companies in your area. It’s fast, free and can help protect your family.

Is there deception in advertising?

Consumers can’t avoid all the ads that claim the cheapest premium rates by Progressive, Allstate and GEICO. They all state the claim that you’ll save big if you just switch to them.

How can each company offer you a better deal?

Different companies have a preferred profile for the type of customer that earns them the highest profit. A good example of this type of risk profile should be a married male, has no driving citations, and drives newer vehicles. Any person who matches that profile will probably get cheap prices and as a result will probably save some money.

Insureds who are not a match for these stringent criteria may be required to pay higher premiums with the end result being the customer not buying. If you pay attention, the ads say “people that switch” not “all people who quote” save that much. That’s why companies can truthfully make claims that they all have the best premium rates.

Because every company is different, you absolutely need to compare rate quotes every year. It’s just not possible to know which insurance companies will have the best car insurance rates.

Car insurance coverages for a 2010 BMW 7 Series

Having a good grasp of a insurance policy can help you determine the best coverages for your vehicles. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording. Below you’ll find the normal coverages offered by insurance companies.

UM/UIM Coverage

This coverage protects you and your vehicle’s occupants when the “other guys” do not carry enough liability coverage. It can pay for injuries to you and your family as well as your vehicle’s damage.

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. So UM/UIM coverage is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Comprehensive or Other Than Collision

This pays for damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims like hitting a bird, rock chips in glass, theft, vandalism and hail damage. The most a insurance company will pay at claim time is the actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Liability car insurance

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

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 25/50/25 which stand for $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property. Alternatively, you may have one number which is a combined single limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability can pay for claims like repair bills for other people’s vehicles, funeral expenses and court costs. How much coverage you buy is your choice, but consider buying as high a limit as you can afford.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses like chiropractic care, hospital visits, doctor visits and surgery. They are used in conjunction with a health insurance plan or if you lack health insurance entirely. They cover you and your occupants and will also cover being hit by a car walking across the street. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage

Collision coverage

Collision coverage covers damage to your 7 Series from colliding with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.

Collision coverage pays for claims like hitting a mailbox, rolling your car, crashing into a building and colliding with another moving vehicle. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Another option is to increase the deductible in order to get cheaper collision rates.

Don’t break the bank

Affordable 2010 BMW 7 Series insurance can be sourced from both online companies and from local agencies, and you should be comparing both so you have a total pricing picture. There are still a few companies who do not provide rate quotes online and most of the time these regional carriers prefer to sell through local independent agents.

As you shop your coverage around, it’s a bad idea to skimp on coverage in order to save money. Too many times, an accident victim reduced uninsured motorist or liability limits only to regret that the few dollars in savings costed them thousands. Your goal should be to buy enough coverage for the lowest price, but don’t skip important coverages to save money.

Additional insurance coverage information is available on the following sites: