Lower Your 2014 BMW 7 Series Car Insurance Rates

High-priced BMW 7 Series insurance can diminish your accounts and force you to make tough financial choices. You have so many car insurance companies to choose from, and though it is a good thing to be able to choose, having more insurers makes it harder to find a good deal.

It’s a great practice to check insurance prices every six months since prices go up and down regularly. Despite the fact that you may have had the best deal for 7 Series insurance a year ago you will most likely find a better rate today. Forget anything you know (or think you know) about insurance because you’re about to find out how to use online quotes to reduce your cost while improving coverage.

Auto insurance companies offer money-saving discounts

Some providers do not advertise every discount they offer very clearly, so we took the time to find a few of the more common as well as some of the hidden discounts you could be receiving when you buy car insurance online. If you are not receiving all the discounts you qualify for, you are paying more than you should be.

  • Discount for Passive Restraints – Factory air bags could see savings of 20% or more.
  • Anti-theft Discount – Anti-theft and alarm system equipped vehicles can help prevent theft so companies will give you a small discount.
  • Student Discounts – Performing well in school can get you a discount of up to 25%. Most companies allow this discount up to age 25.
  • Multi-Vehicle Discounts – Buying a policy with primary and secondary vehicles on a single policy can reduce rates for all insured vehicles.
  • Discounts for New Vehicles – Adding a new car to your policy can save up to 30% because newer vehicles are generally safer.
  • Professional Memberships – Affiliation with a professional or civic organization may earn a discount on your next renewal.
  • Seat Belt Discounts – Drivers who require all vehicle occupants to buckle up can save up to 10 percent (depending on the company) off the PIP or medical payment premium.
  • Homeowners Savings – Owning a home may earn you a small savings since home ownership is proof that your finances are in order.

Discounts lower rates, but most credits do not apply to the entire cost. Most only reduce individual premiums such as comp or med pay. Just because you may think it’s possible to get free car insurance, you aren’t that lucky.

To see insurance companies with discount auto insurance rates, click here to view.

Ways to get auto insurance quotes

Cutting your auto insurance rates is a fairly straight forward process. Consumers just need to spend a little time comparing free car insurance quotes online with multiple companies. This is very easy and can be done using a couple different methods.

  • The single most time-saving way to compare a lot of rates at once is an all-inclusive rate comparison (click to open form in new window). This method keeps you from doing repetitive form entry for each price estimate. Taking the time to complete one form will get you rate comparisons instantly.
  • A less efficient way to obtain and compare quotes online requires a trip to the website for each individual company and get a separate price quote. For examples sake, we’ll pretend you want to compare prices for Progressive, GEICO and American Family. You would be required to go to each individual site to enter your coverage information, which is why the first method is more popular.

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

  • The least recommended method to get comparison rates is calling or driving to and from local insurance agencies. Doing it all online can eliminate the need for a local agent unless you prefer the advice and guidance of a licensed agent. Some companies do allow you to get the lowest quotes online and still use a local agent.

Compare rates however you want, just make sure you are using the exact same deductibles and coverage limits for every company. If the quotes have different limits and deductibles on each one you will not be able to find the best deal for your BMW 7 Series.

What determines BMW 7 Series insurance prices?

Lots of factors are used in the calculation when you get your auto insurance bill. Some are obvious like an MVR report, although others are not as apparent such as whether you are married or your financial responsibility.Part of the auto insurance buying process is learning some of the factors that come into play when calculating the rates you pay for auto insurance. If you have a feel for what determines base rates, this allows you to make good choices that could help you find lower auto insurance prices.

  • Bundle policies to earn discounts – Some insurers will give discounts to policyholders that purchase more than one policy, otherwise known as a multi-policy discount. Even if you’re getting this discount drivers will still want to comparison shop to make sure you are getting the best deal. You may still find better rates by splitting coverages up.
  • How much liability coverage do you need? – Liability insurance provides coverage when you are responsible for causing damage or personal injury in an accident. Liability provides legal defense to defend your case. Carrying liability coverage is mandatory and cheap when compared to the cost of physical damage coverage, so buy as much as you can afford.
  • Auto insurance policy lapses increase rates – Not having insurance can get you a ticket and companies may charge more for letting your coverage lapse. And not only will insurance be more expensive, being ticketed for driving with no insurance may result in a license revocation or jail time.
  • Premiums are affected by your credit score – An insured’s credit score is a large factor in calculating your premium rate. Insureds that have high credit scores tend to be less risk to insure as compared to drivers with lower credit scores. If your credit is low, you could save money insuring your 2014 BMW 7 Series by repairing your credit.
  • Battle of the sexes – Statistics have proven women are more cautious behind the wheel. Now that doesn’t mean women are BETTER drivers than men. Men and women tend to get into fender benders in similar percentages, but males tend to have more serious accidents. They also receive more costly citations like DWI (DUI) or reckless driving. Youthful male drivers are most likely to cause an accident and thus pay the highest rates.

Do I just need basic coverages?

When buying coverage, there really is no “best” method to buy coverage. Everyone’s needs are different and your policy should reflect that. Here are some questions about coverages that can aid in determining if you might need professional guidance.

  • What is the ISO rating for a 2014 BMW 7 Series?
  • Are split liability limits better than a combined single limit?
  • Is a new car covered when I drive it off the dealer lot?
  • Should I buy more coverage than the required minimum liability coverage?
  • Will I lose any money if I cancel my policy before it expires?
  • Is my custom paint covered by insurance?
  • Do I need medical payments coverage since I have good health insurance?
  • How high should deductibles be on a 2014 BMW 7 Series?
  • Are rental cars covered under my policy?
  • Is my business laptop covered if it gets stolen from my vehicle?

If it’s difficult to answer those questions but you know they apply to you, you might consider talking to an insurance agent. If you want to speak to an agent in your area, simply complete this short form or go to this page to view a list of companies. It’s fast, doesn’t cost anything and you can get the answers you need.

Big brands don’t always mean big savings

Consumers can’t get away from ads that promise big savings for switching from companies such as GEICO, State Farm and Progressive. They all try to convey promises of big savings after switching your auto insurance coverage to their company.

How does each company give you a lower rate? It’s all in the words they use.

All companies have specific criteria for the type of insured that makes them money. One example of a desirable insured may be over age 30, has never had a policy lapse, and has a short commute. Anyone who matches that profile will get low prices and is almost guaranteed to save money with a new company.

People who fall outside those standards will see more expensive rates with the end result being the customer buying from someone else. If you pay close attention to the ads, they say “drivers who switch” not “all people who quote” can get the lowest rates when switching. That’s the way insurance companies can make those claims. Because of the profiling, drivers must compare quotes as often as possible. It is just not possible to predict with any certainty which company will have the lowest car insurance rates for your situation.

Auto insurance 101

Learning about specific coverages of your policy helps when choosing the best coverages and proper limits and deductibles. The terms used in a policy can be confusing and coverage can change by endorsement. Shown next are typical coverage types offered by car insurance companies.

Uninsured/Underinsured Motorist coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries and also any damage incurred to your BMW 7 Series.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. So UM/UIM coverage is very important.

Collision coverage – This pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against claims like scraping a guard rail, backing into a parked car, colliding with a tree and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. You can also raise the deductible to get cheaper collision coverage.

Medical payments coverage and PIP – Coverage for medical payments and/or PIP kick in for bills for things like X-ray expenses, surgery, funeral costs and ambulance fees. They can be used in conjunction with a health insurance program or if there is no health insurance coverage. They cover you and your occupants and also covers if you are hit as a while walking down the street. PIP is not universally available and gives slightly broader coverage than med pay

Liability coverages – This coverage can cover damages or injuries you inflict on people or other property. It protects you against claims from other people. It does not cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 25/50/25 that translate to $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and property damage coverage for $25,000.

Liability insurance covers claims such as repair bills for other people’s vehicles, attorney fees, loss of income and repair costs for stationary objects. How much liability should you purchase? That is a decision to put some thought into, but consider buying higher limits if possible.

Comprehensive coverage – This will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things like theft, falling objects, vandalism, damage from flooding and hitting a bird. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low consider dropping full coverage.

More comparisons equals lower rates

You just read some good ideas how to save on 2014 BMW 7 Series insurance. The key concept to understand is the more quotes you get, the better chance you’ll have of finding inexpensive car insurance. Consumers could even find that the biggest savings come from some of the smallest insurance companies. Regional companies may only write in your state and offer lower auto insurance rates than their larger competitors like State Farm and Allstate.

As you prepare to switch companies, it’s not a good idea to reduce needed coverages to save money. In too many instances, drivers have reduced comprehensive coverage or liability limits and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to buy the best coverage you can find for the lowest price while not skimping on critical coverages.

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