2018 BMW 7 Series Insurance Cost – 10 Ways to Save

Car owners fed up with high insurance rates and are new to comparing auto insurance rates on the internet can find locating low cost auto insurance is nearly impossible.

It’s smart to compare premium rates at least once a year because car insurance rates fluctuate regularly. Even if you think you had the best premium rates on 7 Series coverage a couple years back you may be paying too much now. Block out anything you think you know about car insurance because you’re about to find out the tricks you need to know to properly buy coverages while reducing your premium.

How to get free car insurance quotes online

There are a variety of methods to compare car insurance quotes, and some are easier and takes less work. You can waste a lot of time discussing policy coverages with local insurance agents in your area, or you could use the web to get rate comparisons in just a few minutes.

The majority of car insurance companies belong to an insurance system that allows shoppers to submit one quote, and at least one company returns a competitive quote based on that data. This prevents consumers from doing form submissions to each individual car insurance company.

To fill out one form to compare multiple rates now click to open in new window.

The only drawback to pricing coverage this way is that you can’t choose the providers to receive prices from. So if you want to select specific providers to compare prices, we have assembled a list of companies who write car insurance in your area. Click here for list of insurance companies.

Take whichever approach you prefer, but be sure to compare nearly identical coverage limits and deductibles on every quote. If you have different deductibles you will not be able to get a fair rate comparison. Having just a slight variation in insurance coverages or limits may result in a large different in cost. It’s important to know that comparing more company’s prices will improve the odds of getting more affordable rates.

Are you falling for claims of savings?

Respected companies like Allstate, Geico and Progressive continually stream ads on TV and radio. They all seem to have a common claim about savings after switching your coverage to them. It sounds good, but how can they all make the same claim? It’s all in the words they use.

Most companies quote their best rates for the type of driver that will not have excessive claims. For instance, this type of insured could be married and over the age of 30, is a homeowner, and drives less than 10,000 miles a year. Anyone who fits those characteristics receive the lowest rate quotes and will also save a lot if they switch.

Drivers who cannot meet the “perfect” profile will be quoted higher rates which translates to the prospect going elsewhere. If you pay attention, the ads say “drivers that switch” but not “all drivers who get quotes” save that much money. That’s why insurance companies can confidently advertise the way they do.

That is why it is so important to quote coverage with many companies. It is impossible to predict with any certainty which company will fit your personal profile best.

Are you receiving every discount?

Companies offering auto insurance do not list all possible discounts in an easy-to-find place, so the next list breaks down both the well known as well as the least known credits available to you. If you don’t get every credit possible, you are just wasting money.

  • Drive Safe and Save – Drivers who don’t get into accidents may receive a discount up to 45% on 7 Series coverage compared to rates paid by drivers with frequent claims.
  • Life Insurance – If the company offers life insurance, you could get a discount if you purchase a life insurance policy as well.
  • Discounts for Federal Employees – Active or former government employment could qualify for a slight premium decrease on 7 Series coverage with select insurance companies.
  • Pay Now and Pay Less – If paying your policy premium upfront rather than paying in monthly installments you could save 5% or more.
  • Driver’s Ed – Make teen driver coverage more affordable by requiring them to participate in a local driver’s education class in school.
  • Passive Restraints – Factory options such as air bags and/or automatic seat belt systems may qualify for discounts as much as 30%.
  • Anti-lock Brake Discount – Anti-lock brake equipped vehicles are safer to drive and therefore earn up to a 10% discount.
  • College Student – Any of your kids who live away from home to go to college without a vehicle on campus could get you a discount.
  • Use Seat Belts – Drivers who always wear seat belts and also require passengers to wear their seat belts can save up to 10 percent (depending on the company) off the medical payments premium.
  • Sign Online – Certain insurance companies provide a small discount just for signing your application on the web.

Remember that most discount credits are not given to the entire cost. Most only cut the price of certain insurance coverages like physical damage coverage or medical payments. Even though it appears all those discounts means the company will pay you, it’s just not the way it works. But any discount will definitely lower the premium cost.

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

  • Farmers Insurance discounts include teen driver, switch companies, business and professional, distant student, and bundle discounts.
  • Esurance may include discounts for anti-theft, online quote, online shopper, renters, defensive driver, and Pac-12 alumni.
  • State Farm policyholders can earn discounts including multiple policy, passive restraint, driver’s education, anti-theft, Drive Safe & Save, student away at school, and multiple autos.
  • Geico includes discounts for anti-theft, multi-policy, anti-lock brakes, air bags, five-year accident-free, and seat belt use.
  • Allstate has savings for utility vehicle, economy car, anti-lock brakes, early signing, and premier discount.

If you need low cost auto insurance quotes, ask every prospective company which discounts you qualify for. Some credits may not be offered in every state.

When in doubt talk to an agent

When choosing the right insurance coverage, there really is not a one size fits all plan. Everyone’s needs are different.

For instance, these questions could help you determine if your insurance needs might need an agent’s assistance.

  • Am I covered if my car is in a flood?
  • Is a new car covered when I drive it off the dealer lot?
  • Can I afford to buy a different vehicle if my 2018 BMW 7 Series is totaled?
  • How much liability do I need to cover my assets?
  • What should my uninsured motorist coverage limits be in my state?
  • At what point should I drop full coverage?
  • Do I need PIP coverage since I have good health insurance?

If you don’t know the answers to these questions, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form.

Specific coverages for a BMW 7 Series

Understanding the coverages of a insurance policy aids in choosing which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and even agents have difficulty translating policy wording.

Comprehensive insurance – This covers damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like fire damage, falling objects and a tree branch falling on your vehicle. The most your insurance company will pay is the cash value of the vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Uninsured/Underinsured Motorist (UM/UIM) – This provides protection when the “other guys” either have no liability insurance or not enough. Covered claims include injuries to you and your family as well as damage to your BMW 7 Series.

Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Frequently these limits are set the same as your liablity limits.

Med pay and Personal Injury Protection (PIP) – Coverage for medical payments and/or PIP reimburse you for bills for X-ray expenses, funeral costs, rehabilitation expenses and hospital visits. They are utilized in addition to your health insurance plan or if you do not have health coverage. Coverage applies to all vehicle occupants and will also cover any family member struck as a pedestrian. PIP is only offered in select states and gives slightly broader coverage than med pay

Coverage for liability – Liability coverage protects you from damage or injury you incur to other people or property by causing an accident. It protects you from claims by other people, and does not provide coverage for damage to your own property or vehicle.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 25/50/25 that translate to $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Alternatively, you may have one number which is a combined single limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage pays for things such as loss of income, repair bills for other people’s vehicles and pain and suffering. How much coverage you buy is a personal decision, but consider buying as much as you can afford.

Collision coverage – This coverage pays to fix your vehicle from damage resulting from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims like colliding with another moving vehicle, rolling your car, sideswiping another vehicle, sustaining damage from a pot hole and crashing into a ditch. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. You can also raise the deductible to save money on collision insurance.

Best coverage at the best price

Affordable 2018 BMW 7 Series insurance can be purchased from both online companies and from local agencies, so you should compare both to get a complete price analysis. Some insurance companies do not offer price quotes online and these regional insurance providers work with independent insurance agencies.

When you buy auto insurance online, it’s a bad idea to skimp on coverage in order to save money. In many instances, an accident victim reduced full coverage only to discover later they didn’t have enough coverage. The ultimate goal is to get the best coverage possible at the lowest possible cost, but do not skimp to save money.

Insureds who switch companies do it for a number of reasons such as high prices, poor customer service, high rates after DUI convictions or delays in responding to claim requests. Regardless of your reason for switching companies, finding a new insurance company can be pretty painless.

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