2001 BMW 7 Series Car Insurance Rates – 7 Tips for Best Quotes

Searching for cheaper insurance coverage rates for your BMW 7 Series? No one likes paying for insurance coverage, especially knowing they are paying too much.

With so many choices of insurance companies, it can be diffult for consumers to locate the best provider.

Finding affordable coverage is easy if you know what you’re doing. If you currently have car insurance, you stand a good chance to be able to reduce your rates substantially using these tips. Nevertheless, car owners benefit from understanding the methods companies use to compete online because it can help you find the best coverage.

More discounts equal less premium

Companies offering auto insurance don’t always publicize every available discount in a way that’s easy to find, so we took the time to find both the well known as well as the least known insurance coverage savings.

  • Drive Less and Save – Fewer annual miles on your BMW could be rewarded with lower rates on the low mileage vehicles.
  • One Accident Forgiven – Some insurance companies will allow you to have one accident before your rates go up as long as you don’t have any claims for a set time period.
  • Seat Belt Usage – Drivers who require all occupants to buckle their seat belts can save 10% or more off your medical payments premium.
  • Payment Discounts – If paying your policy premium upfront instead of paying each month you can actually save on your bill.
  • Theft Prevention Discount – Cars that have factory anti-theft systems help deter theft and earn discounts up to 10%.
  • Good Student Discount – This discount can get you a discount of up to 25%. This discount can apply until age 25.
  • Anti-lock Brake Discount – Vehicles with anti-lock braking systems can avoid accidents and will save you 10% or more.

Consumers should know that some credits don’t apply to all coverage premiums. Some only apply to individual premiums such as medical payments or collision. So even though it sounds like having all the discounts means you get insurance for free, you won’t be that lucky.

Insurance companies that may offer these discounts may include but are not limited to:

Check with all companies you are considering which discounts you may be entitled to. Some discounts may not apply in every state.

It’s not one size fits all

When buying adequate coverage, there isn’t really a cookie cutter policy. Everyone’s needs are different and your policy should reflect that. Here are some questions about coverages that can aid in determining whether or not you might need an agent’s assistance.

  • Do I have newly-aquired coverage?
  • Do I have coverage when pulling a U-Haul trailer?
  • Can I still get insurance after a DUI?
  • Do I really need UM/UIM coverage?
  • How high should deductibles be on a 2001 BMW 7 Series?
  • When should I remove comp and collision on my 2001 BMW 7 Series?

If you don’t know the answers to these questions, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form or you can go here for a list of companies in your area.

Car insurance 101

Knowing the specifics of insurance helps when choosing the best coverages and the correct deductibles and limits. The terms used in a policy can be impossible to understand and nobody wants to actually read their policy. Shown next are typical coverages available from insurance companies.

Collision coverage

Collision insurance covers damage to your 7 Series resulting from a collision with an object or car. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims like sideswiping another vehicle, scraping a guard rail, colliding with another moving vehicle and driving through your garage door. Paying for collision coverage can be pricey, so consider removing coverage from lower value vehicles. It’s also possible to raise the deductible to save money on collision insurance.

Uninsured and underinsured coverage

Your UM/UIM coverage gives you protection when the “other guys” either have no liability insurance or not enough. It can pay for medical payments for you and your occupants and also any damage incurred to your BMW 7 Series.

Since a lot of drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important.

Liability coverages

Liability insurance will cover damage or injury you incur to a person or their property that is your fault. This coverage protects you from legal claims by others. It does not cover 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 might see limits of 100/300/100 which stand for $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000.

Liability coverage pays for claims like legal defense fees, pain and suffering and structural damage. How much liability should you purchase? That is up to you, but buy as much as you can afford.

Coverage for medical payments

Medical payments and Personal Injury Protection insurance pay for immediate expenses for things like X-ray expenses, ambulance fees and doctor visits. They are used to cover expenses not covered by your health insurance program or if there is no health insurance coverage. Medical payments and PIP cover both the driver and occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not universally available but it provides additional coverages not offered by medical payments coverage

Comprehensive coverages

Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like damage from flooding, falling objects, hail damage, theft and damage from a tornado or hurricane. The maximum amount your insurance company will pay is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Quote more, save more

We just showed you many ideas to lower your 2001 BMW 7 Series insurance rates. It’s most important to understand that the more quotes you get, the better chance you’ll have of finding lower rates. Consumers could even find that the best price on auto insurance is with a smaller regional carrier. They often have lower prices on specific markets as compared to the big name companies such as State Farm or Progressive.

When buying insurance coverage, it’s not a good idea to reduce needed coverages to save money. There have been many situations where an insured cut collision coverage only to find out that the savings was not a smart move. The ultimate goal is to find the BEST coverage at a price you can afford while not skimping on critical coverages.

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