Lower Your 2014 BMW 7 Series Insurance Cost

Trying to find the cheapest insurance coverage rates for your BMW 7 Series? Tired of scraping nickels together to pay your insurance coverage bill each month? You are in the same boat as the majority of other consumers. There are many insurers to choose from, and although it’s a good thing to have a choice, so many choices can make it hard to compare company pricing.

Consumers should take time to do price comparisons every six months because insurance coverage rates change quite often. Even if you think you had the lowest rate for 7 Series coverage a couple years back a different company probably has better prices today. Forget anything you know (or think you know) about insurance coverage because you’re about to find out the fastest way to properly buy coverages while reducing your premium.

Verify you’re getting every discount

Companies offering auto insurance don’t always list every possible discount very clearly, so we break down a few of the more well known and the harder-to-find credits that you can use to lower your rates.

  • Club Memberships – Participating in qualifying clubs or civic groups may earn a discount when getting a car insurance quote.
  • Early Renewal Discounts – A few insurance companies allow discounts for renewing your policy prior to your current policy expiration. Ten percent is about the average savings.
  • Save with a New Car – Buying a new car instead of a used car can cost up to 25% less since newer models are generally safer.
  • Active Military Service – Having a family member in the military could trigger a small discount.
  • Accident Forgiveness – This one is not really a discount per se, but a few companies such as Allstate and Geico permit an accident without raising rates if your claims history is clear for a set time period.
  • Discounts for Seat Belt Usage – Forcing all vehicle occupants to fasten their seat belts can save a little on the medical payments or PIP coverage costs.

Don’t be shocked that some credits don’t apply to the entire policy premium. Most cut specific coverage prices like collision or personal injury protection. Despite the appearance that having all the discounts means you get insurance for free, nobody gets a free ride. But any discount will cut the amount you have to pay.

Insurance companies that possibly offer some of the discounts shown above may include but are not limited to:

When quoting, ask each company or agent which discounts you may be entitled to. Discounts might not be available to policyholders in your area. If you would like to view insurers that offer many of these discounts, click here to view.

Compare free auto insurance price quotes

Finding a lower price on 2014 BMW 7 Series insurance is a fairly straight forward process. The only thing you need to do is invest a few minutes to compare rate quotes to find the company with inexpensive car insurance quotes. It is quite easy and can be accomplished using one of these methods.

The fastest way consumers can make multiple comparisons is to use a rate comparison form like this one (opens in new window). This style of form eliminates the need for repetitive form entry to each individual auto insurance company. One quote request compares rates from auto insurance companies with the best prices.

A less efficient way to obtain and compare quotes online consists of going to each company website and go through the quote process again. For sake of this example, we’ll assume you want to get rates from Allstate, Esurance and Farmers. You would be required to go to each individual site and repeatedly enter your information, which is why the first method is more popular.

To view a list of companies in your area, click here.

If you have time to kill, the last method to get price estimates is physically going to insurance agencies in your area. Comparing rate quotes online reduces the need to sit down with an agent unless your situation requires the trained advice of a local agency. It is possible with some companies comparison shop online but buy the policy through an agent.

However you get your quotes, compare exactly the same coverages for every quote you compare. If you enter differing limits you can’t possibly truly determine the lowest rate.

When should I discuss my situation with an agent?

When buying the right insurance coverage, there really is not a one size fits all plan. Everyone’s situation is a little different so your insurance should reflect that Here are some questions about coverages that may help you determine whether you might need an agent’s assistance.

  • Is my ex-spouse still covered by my policy?
  • Why am I required to get a high-risk car insurance policy?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Should I buy full coverage?
  • Am I getting all the discounts available?
  • When does my teenage driver need to be added to my policy?
  • Am I insured when driving a different vehicle?
  • Is a new car covered when I drive it off the dealer lot?
  • Is my teen driver covered when they drive my company car?
  • Is my nanny covered when driving my vehicle?

If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, take a second and complete this form or you can go here for a list of companies in your area. It’s fast, free and can help protect your family.

Learn about insurance coverages for a BMW 7 Series

Knowing the specifics of insurance can help you determine the best coverages and the correct deductibles and limits. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording. Below you’ll find the normal coverages found on most insurance policies.

Collision coverage

Collision coverage will pay to fix damage to your 7 Series caused by collision with another car or object. You first must pay a deductible then your collision coverage will kick in.

Collision insurance covers things like driving through your garage door, colliding with another moving vehicle and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. Drivers also have the option to choose a higher deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses for doctor visits, rehabilitation expenses and nursing services. They are often used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Coverage applies to all vehicle occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not an option in every state but can be used in place of medical payments coverage

Comprehensive insurance

This pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against things such as falling objects, a tree branch falling on your vehicle, fire damage and hitting a deer. The most you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. It can pay for injuries to you and your family and also any damage incurred to your BMW 7 Series.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. So UM/UIM coverage should not be overlooked.

Auto liability insurance

This will cover damage or injury you incur to a person or their property. It protects you against claims from other people. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 25/50/25 which stand for a limit of $25,000 per injured person, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property.

Liability can pay for things like funeral expenses, bail bonds, legal defense fees and attorney fees. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as large an amount as possible.

In Summary

Some insurance providers may not provide internet price quotes and most of the time these small insurance companies prefer to sell through independent agencies. Cost effective 2014 BMW 7 Series insurance can be sourced on the web and from local agencies, and you should compare price quotes from both to have the best chance of lowering rates.

In this article, we presented some good ideas how you can save on 2014 BMW 7 Series insurance. The key thing to remember is the more rate quotes you have, the higher your chance of finding affordable car insurance. You may even find the biggest savings come from an unexpected company. They can often insure niche markets at a lower cost than the large multi-state companies such as Progressive and Geico.

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