Cheap 2011 BMW 7 Series Insurance Cost

Searching for lower auto insurance rates for your BMW 7 Series? Are you overwhelmed by the number of auto insurance options? Many other drivers are as well. Drivers have so many options available that it can easily become a challenge to find better rates.

It is always a good idea to get comparison quotes on a regular basis because prices are adjusted regularly by insurance companies. Despite the fact that you may have had the best price for 7 Series coverage six months ago you may be paying too much now. Forget anything you know (or think you know) about auto insurance because I’m going to let you in on the secrets to the only way to reduce your cost while improving coverage.

If you have car insurance now, you will be able to save some money using this information. This information will tell you the most effective way to quote insurance and some money-saving tips. But vehicle owners must comprehend how big insurance companies market on the web and use this information to your advantage.

How to save on 2011 BMW 7 Series insurance

Companies that sell car insurance don’t always list all their discounts in a way that’s easy to find, so we break down some of the more common and the harder-to-find car insurance savings.

  • Drive Less and Save – Keeping the miles down on your BMW could qualify for better rates on cars that stay parked.
  • Passive Restraint Discount – Vehicles equipped with air bags may earn rate discounts of more than 20%.
  • Sign Early and Save – Select companies give a discount for switching policies before your current expiration date. It can save you around 10%.
  • Defensive Driver – Taking a course in driver safety could save 5% or more and easily recoup the cost of the course.
  • New Car Discount – Putting insurance coverage on a new car can save up to 30% because new vehicles have to meet stringent safety requirements.
  • Multiple Vehicles – Buying coverage for multiple vehicles on one policy may reduce the rate for each vehicle.
  • Auto/Life Discount – Companies who offer life insurance give a discount if you purchase life insurance.
  • Drivers Education – Have your child enroll in driver’s education in high school.

As a disclaimer on discounts, most credits do not apply to the entire cost. Some only reduce individual premiums such as medical payments or collision. Even though it may seem like all those discounts means the company will pay you, you won’t be that lucky.

Insurance companies that possibly offer these benefits include:

Before buying, ask every prospective company what discounts are available to you. Discounts might not be offered in your area.

Why you might be paying too much to insure your BMW 7 Series

It’s important that you understand the rating factors that go into determining insurance coverage rates. Knowing what controls the rates you pay helps enable you to make changes that can help you get better insurance coverage rates.

Listed below are a few of the “ingredients” that factor into your rates.

  • Drive a safer car and pay less – Safer cars are cheaper to insure. Safe vehicles protect occupants better and lower injury rates translates into fewer and smaller insurance claims and more competitive rates for policyholders. If the BMW 7 Series earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.
  • Do you know your deductibles? – Deductibles for physical damage represent how much money you are required to spend out-of-pocket if you file a covered claim. Coverage for physical damage, also known as collision and other-than-collision, insures against damage to your car. A few examples of covered claims could be colliding with a building, vandalism, and burglary. The higher the amount you have to pay, the lower your rates will be for 7 Series coverage.
  • Always keep insurance in force – Allowing your coverage to lapse is a sure-fire way to trigger a rate increase. And not only will insurance be more expensive, getting caught without coverage can result in a hefty fine and possibly a revoked license.You may then be required to file a SR-22 with your state department of motor vehicles.
  • Protect your assets with liability insurance – Liability insurance is the protection in the event that a jury decides you are liable for damages from an accident. It will provide legal defense which can be incredibly expensive. Liability is cheap compared to physical damage coverage, so do not cut corners here.
  • Lower miles equals lower premium – The more miles you rack up on your BMW every year the higher your rates will be. Almost all companies apply a rate based upon how you use the vehicle. Cars and trucks not used for work or commuting can get a lower rate than vehicles that are driven to work every day. An improperly rated 7 Series may be wasting your money. Ask your agent if your insurance coverage policy shows how each vehicle is driven, because it can save money.
  • Lower rates with optional equipment – Owning a car with an alarm system can save you a little every year. Theft prevention devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can help prevent auto theft.

Tailor your coverage to you

When it comes to choosing proper insurance coverage, there really is no “perfect” insurance plan. Your needs are not the same as everyone else’s.

Here are some questions about coverages that may help you determine if you would benefit from professional advice.

  • How can I get my company to pay me more for my totalled car?
  • Is my teen driver covered when they drive my company car?
  • Should I have combined single limit or split liability limits?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Does my personal policy cover me when driving out-of-state?
  • Do I need medical payments coverage since I have good health insurance?

If you can’t answer these questions then you might want to talk to an agent. To find lower rates from a local agent, fill out this quick form.

Are you falling for claims of savings?

State Farm, Allstate and GEICO consistently run television and radio advertisements. All the companies make the same claim of big savings if you change to them. How does each company claim to save you money?

Insurance companies have a certain “appetite” for the type of driver that makes them money. For instance, a preferred risk might be between 25 and 40, a clean driving record, and drives less than 10,000 miles a year. Any new insured who meets those qualifications will get the preferred rates and most likely will save when switching.

Drivers who don’t meet these standards will be charged more money which leads to business not being written. The ads say “people who switch” not “people who quote” save that kind of money. That’s the way companies can advertise the way they do. That is why you need to get as many quotes as possible. It’s impossible to know the company that will fit your personal profile best.

What insurance coverages do you need?

Learning about specific coverages of your insurance policy can be of help when determining appropriate coverage and the correct deductibles and limits. Policy terminology can be ambiguous and nobody wants to actually read their policy.

Liability car insurance – This coverage will cover damage or injury you incur to people or other property. This coverage protects you against other people’s claims, and doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show values of 100/300/100 which means $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery.

Liability coverage protects against claims like repair bills for other people’s vehicles, bail bonds and pain and suffering. How much liability should you purchase? That is a personal decision, but you should buy as high a limit as you can afford.

Comprehensive insurance – Comprehensive insurance coverage pays for damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for things like damage from flooding, fire damage, vandalism and hitting a deer. The most a insurance company will pay at claim time is the cash value of the vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Uninsured/Underinsured Motorist (UM/UIM) – This coverage provides protection when the “other guys” either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your 2011 BMW 7 Series.

Since many drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is very important.

Collision – Collision coverage pays for damage to your 7 Series from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims like sustaining damage from a pot hole, crashing into a building, damaging your car on a curb, scraping a guard rail and crashing into a ditch. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to bump up the deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses for things like nursing services, hospital visits, surgery, doctor visits and X-ray expenses. They can be used in conjunction with a health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not an option in every state and may carry a deductible

Shop Smart and Save

People switch companies for any number of reasons including questionable increases in premium, policy cancellation, delays in responding to claim requests or high rates after DUI convictions. It doesn’t matter why you want to switch switching companies is pretty easy and you might even save some money in the process.

Affordable 2011 BMW 7 Series insurance can be bought from both online companies and also from your neighborhood agents, and you need to price shop both so you have a total pricing picture. Some insurance companies may not provide the ability to get a quote online and these small insurance companies work with independent agents.

In this article, we presented a lot of information how to lower your insurance rates. The key concept to understand is the more companies you get rates for, the more likely it is that you will get a better rate. You may be surprised to find that the biggest savings come from a lesser-known regional company.

Additional detailed information can be read by following these links: