Cheap 2016 BMW 7 Series Car Insurance Cost

Want the cheapest insurance rates for your BMW 7 Series? Finding cheap prices for insurance is frustrating for beginners to online price comparisons. There are so many companies to choose from that it can be a real challenge to compare prices.

If you have car insurance now, you will most likely be able to save some money using these techniques. Shopping for the cheapest auto insurance coverage is not that difficult. But consumers can benefit by having an understanding of how companies compete online because it can help you find the best coverage.

Insurance costs are influenced by these factors

One of the most helpful ways to save on car insurance is to to have a grasp of some of the things that play a part in calculating the rates you pay for car insurance. If you have some idea of what controls the rates you pay, this helps enable you to make changes that could help you find lower rates.

  • Occupation impacts prices – Did you know your car insurance rates can be affected by your occupation? Jobs like military personnelair traffic controllers and medical professionals generally pay higher premiums than the average policyholder because of intense work requirements and long work hours. On the flip side, jobs such as farmers, historians and performers get better rates for 7 Series coverage.
  • Prevent theft and save – Driving a car with a theft deterrent system can help lower your premiums. Theft deterrent systems like vehicle immobilizer systems, OnStar, and tracking devices like LoJack can thwart car theft and help bring rates down.
  • Are you male or female? – Over the last 50 years, statistics have shown women tend to be less risk to insure than men. However, don’t assume that men are worse drivers. Men and women get in fender benders in similar numbers, but the males tend to have more serious accidents. Not only that, but men also get more serious tickets such as reckless driving.
  • How much liability insurance – The liability coverage on your policy kicks in when you are found liable for damages from an accident. Liability provides legal defense which can be incredibly expensive. It is affordable coverage as compared to coverage for physical damage, so do not cut corners here.
  • Higher rates for coverage lapses – Driving your car without having proper coverage is a big no-no and you may have a hard time finding new coverage because you let your insurance expire. And not only will insurance be more expensive, being ticketed for driving with no insurance can result in fines or a revoked license. You may have to submit proof of financial responsibility or a SR-22 with your state motor vehicle department.
  • Costs are affected by your address – Being located in small towns and rural areas is a positive aspect when insuring your vehicles. People who live in big cities have more aggressive driving styles and more time behind the wheel. Fewer drivers translates into fewer accident claims in addition to fewer liability claims.
  • Better credit means lower rates – Your credit rating will be a significant factor in determining premium rates. If your credit history leaves room for improvement, you could save money insuring your 2016 BMW 7 Series by spending a little time repairing your credit. Drivers who have very good credit scores tend to be more responsible than drivers who have lower credit scores.
  • Avoid unnecessary add-on coverages – There are a lot of additional coverages that can waste your money if you don’t pay attention. Coverage for things like coverage for rental cars, better glass coverage, and additional equipment coverage are probably not needed. You may think they are a good idea when you first buy your policy, but your money might be better spent on other coverage so eliminate them to save money.

How to get low cost insurance

Shopping for lower insurance rates can be a daunting task if you don’t utilize the easiest way. You could waste time driving to agents in your area, or you could use the web to achieve your goal.

Many popular insurance companies are enrolled in a marketplace that enables customers to send in one quote, and at least one company then gives them pricing based on the submitted data. This system prevents you from having to do repetitive form submissions for each company.

To compare rates now click here to open in new window.

The only downside to doing it this way is you don’t know exactly the providers you want pricing from. So if you prefer to pick specific providers to compare rates, we have assembled a list of the cheapest insurance companies in your area. Click here for list of insurance companies.

The approach you take is up to you, just do your best to use the exact same coverage limits with every price quote. If your comparisons have different limits and deductibles on each one it will be very difficult to truly determine the lowest rate. Having just a slight variation in insurance coverages or limits may result in large price differences. And when price shopping your coverage, comparing a large number of companies increases your odds of finding a lower rate. Not every company allows you to get quotes online, so it’s important to compare quotes from them as well.

Lower rate quotes with these discounts

Some companies don’t always list the complete list of policy discounts in an easy-to-find place, so we took the time to find some of the more common and the harder-to-find savings tricks you should be using when you buy auto insurance online.

  • Low Mileage – Low mileage vehicles could be rewarded with discounted rates on garaged vehicles.
  • Renewal Discounts – A few larger companies allow discounts for switching policies prior to your current policy expiration. You may see this discount when you get auto insurance quotes online.
  • Paperless Signup – A few larger online companies will give a small break just for signing your application on the web.
  • Passive Restraints and Air Bags – Vehicles equipped with air bags and/or automatic seat belt systems can get savings up to 30%.
  • Accident Free – Insureds with no claims or accidents can earn big discounts in comparison with drivers with a long claim history.
  • Discount for New Cars – Insuring a vehicle that is new can get you a discount because new vehicles have to meet stringent safety requirements.
  • Student Discount for Driver Training – Reduce the cost of insurance for teen drivers by having them successfully complete driver’s ed class in school or through a local driver safety program.
  • Discounts for Federal Employees – Active or retired federal employment can save as much as 8% for 7 Series coverage but check with your company.
  • Payment Method – By paying your policy upfront instead of making monthly payments you could save up to 5%.
  • Multi-policy Discount – When you have multiple policies and insure them both with the same insurance company you could get a discount of nearly 15% which can help you find affordable auto insurance.

Don’t be surprised that most of the big mark downs will not be given to the overall cost of the policy. Most only reduce the price of certain insurance coverages like liability, collision or medical payments. Even though the math looks like you would end up receiving a 100% discount, companies don’t profit that way.

A list of companies and some of the discounts can be found below.

  • State Farm offers premium reductions for accident-free, Drive Safe & Save, anti-theft, multiple policy, multiple autos, good student, and passive restraint.
  • American Family includes discounts for good student, air bags, mySafetyValet, bundled insurance, multi-vehicle, early bird, and accident-free.
  • GEICO has savings for military active duty, anti-theft, federal employee, membership and employees, driver training, and good student.
  • 21st Century offers discounts for driver training, theft prevention, air bags, automatic seat belts, early bird, 55 and older, and good student.
  • Progressive may include discounts for online quote discount, online signing, multi-policy, good student, multi-vehicle, and homeowner.

Check with all companies you are considering to give you their best rates. Some credits may not be available in your area. To locate insurers that offer discounts, click here to view.

Insurance can be complex

When it comes to choosing proper insurance coverage for your vehicles, there is no cookie cutter policy. Every insured’s situation is different.

These are some specific questions may help you determine whether your personal situation might need professional guidance.

  • Do I pay less if my vehicle is kept in my garage?
  • Can my babysitter drive my car?
  • Is my BMW 7 Series covered if I use it for business?
  • Do I have coverage when making deliveries for my home business?
  • Am I covered when driving in Canada or Mexico?
  • Do I get a pro-rated refund if I cancel my policy early?

If you don’t know the answers to these questions, you may need to chat with a licensed insurance agent. To find an agent in your area, take a second and complete this form.

Coverage specifics

Understanding the coverages of your policy can help you determine appropriate coverage for your vehicles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance provide coverage for expenses like pain medications, doctor visits and nursing services. They are often used to cover expenses not covered by your health insurance policy or if you do not have health coverage. They cover all vehicle occupants and also covers any family member struck as a pedestrian. PIP is not universally available and may carry a deductible

Comprehensive insurance

Comprehensive insurance coverage pays for damage OTHER than collision with another vehicle or object. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive insurance covers things like a broken windshield, vandalism and hitting a deer. The maximum amount a car insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Coverage for collisions

This will pay to fix damage to your 7 Series resulting from a collision with another car or object. A deductible applies and then insurance will cover the remainder.

Collision can pay for claims such as crashing into a building, hitting a mailbox and scraping a guard rail. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible to bring the cost down.

Liability coverage

This provides protection from injuries or damage you cause to other people or property. It protects you against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 50/100/50 which stand for a limit of $50,000 per injured person, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Alternatively, you may have a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability insurance covers things such as pain and suffering, legal defense fees, repair bills for other people’s vehicles and medical services. How much coverage you buy is up to you, but consider buying higher limits if possible.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage provides protection from other drivers when they are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries and also any damage incurred to your 2016 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. This is the reason having UM/UIM coverage is important protection for you and your family. Most of the time these coverages do not exceed the liability coverage limits.

A tidy conclusion

Insureds change insurance companies for a number of reasons such as delays in responding to claim requests, an unsatisfactory settlement offer, being labeled a high risk driver and even questionable increases in premium. No matter why you want to switch, switching insurance companies can be easy and end up saving you some money.

When trying to cut insurance costs, you should never buy poor coverage just to save money. Too many times, drivers have reduced comprehensive coverage or liability limits and discovered at claim time that it was a big error on their part. Your goal should be to find the BEST coverage at the lowest possible cost, but don’t skip important coverages to save money.

Cheaper 2016 BMW 7 Series insurance can be bought from both online companies and also from your neighborhood agents, and you should compare price quotes from both in order to have the best chance of saving money. Some insurance companies may not have the ability to get a quote online and these small, regional companies only sell through independent insurance agencies.

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