2003 BMW 7 Series Insurance Rates – 9 Tips for Cheapest Quotes

Buying affordable car insurance may at first seem to be rather challenging for drivers who are beginners to quoting and comparison shopping on the internet. With a ridiculous number of insurers to choose from, how can you have a chance to compare them all to find the best price?

Compare insurance coverage rates

Shopping for lower insurance coverage rates can be a lot of work if you don’t understand the most efficient way. You could waste time discussing policy coverages with agents in your area, or you could save time and use online quotes to maximize your effort.

Most of the larger companies belong to an insurance system where insurance shoppers send in one quote, and at least one company returns a competitive quote for coverage. This system prevents you from having to do repetitive form submissions to each individual insurance coverage company. To use this form to compare rates click here to start a free quote.

The one disadvantage to comparing rates this way is buyers cannot specifically choose the insurers you will receive quotes from. So if you want to choose specific providers to request quotes from, we put together a list of low cost insurance coverage companies in your area. View list of insurance companies.

How you compare quotes is your choice, just be sure to compare nearly identical coverage data for each quote you get. If each company quotes higher or lower deductibles you will not be able to determine which rate is truly the best. Quoting even small variations in limits could throw off the whole comparison. Just keep in mind that comparing more rates from different companies helps increase your odds of locating more affordable insurance.

Save money with these nine car insurance discounts

Some providers don’t always publicize every discount they offer very clearly, so the list below contains some of the best known and also the lesser-known discounts that may be available. If you check and find you aren’t receiving every discount you qualify for, you could be paying more than you need to.

  • No Charge for an Accident – Not a discount per se, but companies like State Farm, Progressive and Geico will forgive one accident before raising your premiums so long as you are claim-free prior to the accident.
  • Multiple Policy Discount – If you combine your homeowners and auto policies and insure them both with the same insurance company you could earn a discount of at least 10% off all policies.
  • Safety Restraint Discount – Drivers who always wear seat belts and also require passengers to buckle up before driving can save up to 15% off the personal injury premium cost.
  • Accident Free – Drivers who don’t have accidents can save substantially when compared with drivers who are more careless.
  • College Student Discount – Older children who are enrolled in higher education away from home and leave their car at home can receive lower rates.
  • Own a Home – Just owning your own home may earn you a small savings because maintaining a house is proof that your finances are in order.
  • Pay Early and Save – If you pay your entire premium ahead of time as opposed to paying monthly you may reduce your total bill.
  • Online Discount – Some companies will give you a small discount shop insurance coverage on the internet.
  • Student Driver Training – Reduce the cost of insurance for teen drivers by having them take driver’s ed class in school or through a local driver safety program.

Please keep in mind that most discount credits are not given to the entire cost. The majority will only reduce the cost of specific coverages such as liability and collision coverage. So even though they make it sound like having all the discounts means you get insurance for free, you’re out of luck.

To see insurers that offer multiple discounts, follow this link.

Auto insurance can get complicated

When choosing coverage, there is no “perfect” insurance plan. Every situation is different.

Here are some questions about coverages that could help you determine if your insurance needs would benefit from an agent’s advice.

  • Does coverage extend to Mexico or Canada?
  • Is my camper covered by my car insurance policy?
  • Does insurance cover tools stolen from my truck?
  • Is my BMW 7 Series covered if I use it for business?
  • What is high-risk coverage and where do I buy it?
  • Am I covered when driving a rental car?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Should I carry comprehensive and collision coverage?

If you don’t know the answers to these questions, you might consider talking to an insurance agent. To find lower rates from a local agent, complete this form.

Educate yourself about insurance coverages

Understanding the coverages of insurance can help you determine appropriate coverage for your vehicles. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording.

Medical costs insurance

Coverage for medical payments and/or PIP provide coverage for expenses for things like EMT expenses, doctor visits, X-ray expenses, dental work and funeral costs. They can be utilized in addition to your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Liability auto insurance

This coverage will cover injuries or damage you cause to other people or property that is your fault. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 25/50/25 which stand for a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Some companies may use one number which is a combined single limit that pays claims from the same limit without having the split limit caps.

Liability insurance covers claims such as legal defense fees, pain and suffering and attorney fees. How much coverage you buy is a personal decision, but you should buy as high a limit as you can afford.

Collision coverage

This covers damage to your 7 Series resulting from colliding with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.

Collision coverage protects against things like crashing into a building, backing into a parked car and rolling your car. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. You can also choose a higher deductible to get cheaper collision coverage.

Comprehensive or Other Than Collision

This coverage pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things like rock chips in glass, hitting a bird and a broken windshield. The maximum payout your insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

UM/UIM Coverage

Your UM/UIM coverage gives you protection from other motorists when they do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as damage to your BMW 7 Series.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family. Frequently these coverages are similar to your liability insurance amounts.

Make an honest buck

Some insurance providers don’t offer internet price quotes and these small, regional companies sell through local independent agencies. Cheaper auto insurance can be found from both online companies and with local insurance agents, so you should be comparing quotes from both to get a complete price analysis.

We just covered a lot of tips how to get a better price on 2003 BMW 7 Series insurance. The most important thing to understand is the more price quotes you have, the higher your chance of finding cheaper insurance coverage. You may even discover the lowest premium rates come from an unexpected company.

Consumers change insurance companies for a number of reasons such as policy non-renewal, unfair underwriting practices, an unsatisfactory settlement offer or even questionable increases in premium. Regardless of your reason, finding a new company is pretty simple and you could end up saving a buck or two.

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