Save on 1997 BMW 7 Series Insurance Cost

Trying to find cheaper insurance rates for your BMW 7 Series? Searching for cheaper insurance for your BMW 7 Series can normally be an all-consuming task, but you can learn our insurance buying tips to save time. There are more efficient ways to compare insurance rates so we’re going to tell you the best way to quote coverages for your BMW and find the cheapest rates from both online companies and local agents.

Consumers should take time to do rate comparisons once or twice a year because rates trend upward over time. Just because you had the best price on 7 Series coverage a couple years back you can probably find a lower rate today. So forget anything you know (or think you know) about insurance because you’re going to learn one of the best ways to save on insurance.

Choosing the best insurance company for you is easy if you know what you’re doing. If you have a current auto insurance policy or are looking for a new policy, you will benefit by learning to cut your premiums and possibly find even better coverage. Drivers just need to know the proper way to compare prices over the internet.

The easiest way to compare car insurance rates is to understand auto insurance companies pay for the opportunity to compare rate quotes. To get started, all you need to do is provide the companies a bit of rating information such as types of safety features, the type of vehicles you drive, how much coverage you want, and if you have an active license. The data gets transmitted to multiple top-rated companies and you will receive price estimates very quickly.

Cut your premium with discounts

Companies that sell car insurance don’t always advertise every discount in an easy-to-find place, so the following is a list of some of the more common and the more hidden savings tricks you should be using. If they aren’t giving you every credit possible, you’re paying more than you need to.

  • Federal Government Employee – Simply working for the federal government can earn a discount up to 10% on 7 Series coverage depending on your company.
  • Club Memberships – Being a member of a civic or occupational organization is a good way to get lower rates when shopping for insurance coverage on 7 Series coverage.
  • Anti-theft System – Cars that have factory anti-theft systems can help prevent theft and earn discounts up to 10%.
  • Military Discounts – Being deployed with a military unit could be rewarded with lower premiums.
  • Anti-lock Brake Discount – Vehicles equipped with ABS or steering control can reduce accidents and earn discounts up to 10%.

Consumers should know that most of the big mark downs will not be given to the entire policy premium. Some only reduce individual premiums such as physical damage coverage or medical payments. Even though it may seem like adding up those discounts means a free policy, it just doesn’t work that way.

For a list of companies with discount insurance coverage rates, click here.

Factors that can influence BMW 7 Series insurance rates

It’s important that you understand the rating factors that come into play when calculating your car insurance rates. Understanding what influences your rates empowers consumers to make smart changes that will entitle you to better car insurance rates.

  • Your spouse saves you money – Having a spouse actually saves money when buying car insurance. It means you’re more mature it has been statistically shown that married drivers get in fewer accidents.
  • Little extras can really add up – There are quite a few add-on coverages that can waste your money when buying car insurance. Coverages like vanishing deductibles, accident forgiveness and term life insurance are examples of these. They may seem like a good idea at first, but if they’re wasting money get rid of them and save.
  • The more you drive the more you pay – The more miles you rack up on your BMW in a year the more you’ll pay to insure your vehicle. Most insurance companies price each vehicle’s coverage based on their usage. Cars left parked in the garage can get a lower rate than vehicles that are driven to work every day. Make sure your car insurance policy is showing how each vehicle is driven, because it can save money. Incorrect usage on your 7 Series can cost quite a bit.
  • Multi-policy discounts can save money – Many insurers will award you with lower prices to people who consolidate policies with them. It’s known as a multi-policy discount. Discounts can be five, ten or even twenty percent. Even though this discount sounds good, you still need to compare rates to verify if the discount is saving money. You may still find better rates by buying insurance from more than one company.
  • Your credit rating is important – Credit score is a big factor in your rate calculation. If your credit is lower than you’d like, you could be paying less to insure your 1997 BMW 7 Series by improving your rating. Consumers who have good credit tend to be less risk to insure than drivers with poor credit.
  • Choose a safe vehicle and save – Cars with high safety ratings are cheaper to insure. The safest vehicles protect occupants better and better occupant protection means less money paid by your insurance company and lower rates for you. If your BMW 7 Series is rated at least four stars on Safercar.gov it is probably cheaper to insure.

What is the best insurance coverage?

When buying coverage for your personal vehicles, there really is not a one size fits all plan. Everyone’s needs are different.

For example, these questions may help you determine whether you could use an agent’s help.

  • Is my dog or cat covered if injured in an accident?
  • When should I buy a commercial auto policy?
  • Should I drop comprehensive coverage on older vehicles?
  • Is my BMW 7 Series covered if I use it for business?
  • Should I rate my 1997 BMW 7 Series as pleasure use or commute?
  • Is other people’s property covered if stolen from my vehicle?

If you don’t know the answers to these questions but a few of them apply then you might want to talk to a licensed insurance agent. To find an agent in your area, simply complete this short form. It is quick, free and may give you better protection.

Don’t believe everything you hear

Consumers constantly see and hear ads for the lowest price auto insurance from the likes of State Farm, Allstate and GEICO. All the ads have a common claim that you can save if you switch your coverage to them.

How can each company make almost identical claims?

All the different companies can use profiling for the right customer they prefer to insure. For example, a driver they prefer could possibly be between 30 and 50, owns a home, and chooses high deductibles. A customer getting a price quote who matches those parameters receives the best rates and therefore will cut their rates substantially.

Drivers who fall outside the “perfect” profile will be quoted a more expensive rate which leads to business going elsewhere. The ad wording is “people who switch” not “everybody who quotes” save that much money. That’s the way insurance companies can make those claims. This emphasizes why it is so important to get as many quotes as possible. Because you never know which insurance company will fit your personal profile best.

Insurance coverage options for a 1997 BMW 7 Series

Knowing the specifics of a insurance policy helps when choosing the right coverages at the best deductibles and correct limits. Policy terminology can be ambiguous and nobody wants to actually read their policy.

Medical expense coverage – Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses such as funeral costs, dental work and EMT expenses. They can be used in conjunction with a health insurance program or if you are not covered by health insurance. It covers you and your occupants and also covers being hit by a car walking across the street. PIP is not universally available and may carry a deductible

Uninsured or underinsured coverage – This coverage provides protection when the “other guys” do not carry enough liability coverage. It can pay for medical payments for you and your occupants as well as damage to your BMW 7 Series.

Since a lot of drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage should not be overlooked.

Comprehensive protection – This coverage will pay to fix damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive insurance covers things such as vandalism, a tree branch falling on your vehicle, damage from getting keyed, hail damage and theft. The highest amount a insurance company will pay at claim time is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Collision – Collision coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.

Collision insurance covers claims such as hitting a mailbox, crashing into a ditch, backing into a parked car and scraping a guard rail. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. You can also choose a higher deductible to save money on collision insurance.

Coverage for liability – This coverage protects you from damage that occurs to a person or their property. This insurance protects YOU from claims by other people, and does not provide coverage for your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 100/300/100 that translate to a $100,000 limit per person for injuries, $300,000 for the entire accident, and $100,000 of coverage for damaged propery.

Liability coverage pays for things like attorney fees, bail bonds, legal defense fees and medical expenses. How much coverage you buy is your choice, but you should buy higher limits if possible.

Shop around and save

As you go through the steps to switch your coverage, it’s not a good idea to skimp on coverage in order to save money. Too many times, someone sacrificed liability limits or collision coverage and learned later they didn’t purchase enough coverage. Your strategy should be to buy enough coverage at a price you can afford.

Drivers leave their current company for a number of reasons such as lack of trust in their agent, an unsatisfactory settlement offer, delays in paying claims or even not issuing a premium refund. Regardless of your reason, finding a new car insurance company can be easier than you think.

We just showed you a lot of tips how to get a better price on 1997 BMW 7 Series insurance. The key thing to remember is the more rate quotes you have, the better your chances of lowering your rates. Consumers may even find the lowest premiums are with a small local company.

More information can be found at the links below