2013 BMW 7 Series Car Insurance Cost

Finding lower premiums on insurance coverage is a challenge for beginners to shopping for insurance online. You have so many options available that it can easily become a big hassle to find lower rates.

Consumers should take time to get comparison quotes quite often because rates are variable and change quite frequently. Despite the fact that you may have had the best rates on 7 Series insurance a year ago there may be better deals available now. There is a lot of bad information regarding insurance coverage on the web, but by reading this article, you’re going to learn the best ways to slash your insurance coverage rates.

What determines your BMW 7 Series insurance premium

Consumers need to have an understanding of the rating factors that help determine the price you pay for auto insurance. Having a good understanding of what influences your rates empowers consumers to make smart changes that may reward you with lower auto insurance prices.

The following are a few of the “ingredients” used by your company to calculate rates.

Where do you drive? – Driving more miles in a year’s time the higher your rate. Almost all companies price each vehicle’s coverage based on their usage. Autos that are left in the garage receive lower rates compared to those used for work or business. Verify your auto insurance coverage properly reflects the proper vehicle usage, because improper ratings can cost you money. If your policy improperly rates your 7 Series may be wasting your money.
Extra coverages can waste money – There are quite a few extra coverages you can purchase on your 7 Series policy. Insurance for vanishing deductibles, better glass coverage and membership fees are some examples. They may seem good when talking to your agent, but your needs may have changed so eliminate the coverages to reduce your premium.
Don’t sacrifice liability coverage – Liability insurance provides coverage in the event that you are found to be at fault for damages caused by your negligence. It provides you with a defense in court which can cost thousands of dollars. Liability is cheap compared to physical damage coverage, so do not skimp.
What are your deductibles? – Physical damage deductibles represent how much money you are required to spend before your auto insurance pays a claim. Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, protects your car from damage. Some instances where coverage would apply are colliding with a building, damage caused by hail, and rolling your vehicle. The more expense you are required to pay out-of-pocket, the less your auto insurance will be on 7 Series insurance.
Lower rates with optional equipment – Owning a car with an alarm system can help bring down rates. Theft prevention features such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can help prevent your vehicle from being stolen.

Take advantage of discounts

The cost of insuring your cars can be expensive, but there are discounts available to reduce the price significantly. Some trigger automatically when you quote, but a few must be asked for prior to getting the savings.

Braking Control Discount – Anti-lock brake equipped vehicles can reduce accidents and earn discounts up to 10%.
Driver’s Ed – Have your child take driver’s ed class if offered at their school.
Early Signing – Some insurance companies reward drivers for switching policies before your current expiration date. This can save 10% or more.
Lower Rates for Military – Being on active duty in the military may qualify for rate reductions.
Senior Citizens – Older drivers may qualify for a small decrease in premiums on 7 Series insurance.
Passive Restraint Discount – Vehicles equipped with air bags or motorized seat belts can get savings of 20% or more.

Keep in mind that most credits do not apply to the overall cost of the policy. The majority will only reduce individual premiums such as physical damage coverage or medical payments. So even though they make it sound like you would end up receiving a 100% discount, it just doesn’t work that way. But any discount will bring down the amount you have to pay.

To see a list of insurers with the best car insurance discounts, click this link.

Car insurance myths debunked

Car insurance companies such as State Farm and Allstate consistently run television and radio advertisements. They all seem to have a common claim about savings if you change to them. But how can every company make almost identical claims? It’s all in the numbers.

All companies have a preferred profile for the driver that earns them a profit. An example of a preferred risk might be a mature driver, is a homeowner, and drives less than 10,000 miles a year. Any new insured who fits that profile will qualify for the lowest rates and as a result will probably pay quite a bit less when switching companies.

Potential insureds who don’t qualify for the requirements will have to pay higher rates which leads to the driver buying from a lower-cost company. Company advertisements say “customers who switch” not “everybody who quotes” save that much money. That’s why insurance companies can state the savings.

Because of the profiling, you should get quotes from several different companies. It’s impossible to know which car insurance company will have the lowest BMW 7 Series insurance rates.

How to know if you need help

When choosing proper insurance coverage for your vehicles, there isn’t really a “best” method to buy coverage. Coverage needs to be tailored to your specific needs.

These are some specific questions could help you determine whether your personal situation would benefit from an agent’s advice.

Which companies will insure high-risk drivers?
Am I covered if I drive in a foreign country?
Who is covered by my policy?
What is PIP insurance?
How high should my medical payments coverage be?
Does coverage extend to my business vehicle?
Should I sign the liability waiver when renting a car?
How do I file an SR-22 for a DUI in my state?
Is a fancy paint job covered?

If you’re not sure about those questions, you might consider talking to a licensed insurance agent. To find an agent in your area, simply complete this short form.

Specific coverages for a BMW 7 Series

Understanding the coverages of your policy can be of help when determining the right coverages and proper limits and deductibles. The terms used in a policy can be confusing and reading a policy is terribly boring.

Collision coverage

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

Collision coverage protects against things such as damaging your car on a curb, rolling your car, hitting a mailbox, colliding with a tree and crashing into a ditch. This coverage can be expensive, so you might think about dropping it from lower value vehicles. Drivers also have the option to raise the deductible to get cheaper collision coverage.

Medical expense coverage

Med pay and PIP coverage pay for bills such as surgery, hospital visits and funeral costs. They are used in conjunction with a health insurance program or if you are not covered by health insurance. It covers all vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage

Uninsured or underinsured coverage

This coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Because many people have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is important protection for you and your family. Normally your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Liability

Liability insurance provides protection from damages or injuries you inflict on a person or their property by causing an accident. It protects you from claims by other people, and doesn’t cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/25 which means $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and property damage coverage for $25,000. Alternatively, you may have a combined single limit or CSL which limits claims to one amount rather than limiting it on a per person basis.

Liability coverage pays for things such as repair bills for other people’s vehicles, legal defense fees, funeral expenses, pain and suffering and court costs. The amount of liability coverage you purchase is up to you, but you should buy as high a limit as you can afford.

Comprehensive protection

This coverage covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for claims such as falling objects, theft, fire damage and hitting a bird. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Quote more, save more

People who switch companies do it for a number of reasons such as unfair underwriting practices, delays in responding to claim requests, not issuing a premium refund or even policy non-renewal. Regardless of your reason, choosing a new insurance company is less work than it seems.

Cheaper 2013 BMW 7 Series insurance is possible on the web and also from your neighborhood agents, and you should compare price quotes from both to have the best rate selection. Some insurance companies may not provide the ability to get a quote online and usually these small insurance companies provide coverage only through local independent agents.

We just showed you some good ideas how you can reduce insurance prices online. It’s most important to understand that the more companies you get rates for, the higher the chance of saving money. Consumers may even find the lowest rates come from some of the lesser-known companies.