2013 BMW 7 Series Insurance Cost

Saving money on car insurance can be challenging for consumers new to buying insurance online. People have so many options that it can quickly become a real challenge to compare prices.

This information will familiarize you with the most effective way to quote insurance and some tips to save money. If you are paying for car insurance now, you will most likely be able to reduce your rates substantially using this information. Nevertheless, car owners must comprehend how insurance companies market insurance on the web and apply this information to your search.

The best way we recommend to compare rates utilizes the fact almost all companies actually pay money for the chance to give you rate quotes. All consumers are required to do is provide a small amount of information including how much school you completed, if you are currently licensed, whether you drive to work or school, and distance driven. That rating data is sent automatically to all major companies and they return rate quotes within a short period of time.

Save $409 a year. For real?

Companies like State Farm, Allstate and GEICO continually stream ads on TV and radio. All the ads say the same thing of big savings after switching your coverage to them. How can each company say the same thing? It’s all in the numbers.

Insurance companies have a certain “appetite” for the driver they prefer to insure. For instance, a driver they prefer could possibly be over the age of 40, a clean driving record, and drives newer vehicles. A propective insured that hits that “sweet spot” gets the lowest rates and is almost guaranteed to save a lot of money.

Potential insureds who are not a match for the requirements will have to pay higher prices which leads to business going elsewhere. The ad wording is “customers that switch” not “everyone that quotes” save that kind of money. That’s why insurance companies can confidently claim big savings.

Because of the profiling, you should compare many company’s rates. It’s just too difficult to predict the company that will give you the biggest savings on BMW 7 Series insurance.

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

Smart consumers have a good feel for the rating factors that come into play when calculating your insurance rates. Having a good understanding of what determines base rates helps enable you to make changes that may reward you with much lower annual insurance costs.

The list below includes a few of the “ingredients” that factor into rates.

  • Your spouse saves you money – Getting married can get you a discount on your policy. Marriage is viewed as being more responsible and statistics show drivers who are married are more cautious.
  • Men fork out a little more – Statistics demonstrate that men are more aggressive behind the wheel. Now that doesn’t mean men are WORSE drivers than women. Both sexes cause accidents at a similar rate, but the male of the species tend to have more serious accidents. Men also tend to receive more costly citations such as reckless driving.
  • Do you have enough liability coverage? – Your policy’s liability coverage is the protection if ever a court rules you are at fault for personal injury or accident damage. It provides legal defense coverage up to the limits shown on your policy. This coverage is very inexpensive as compared to coverage for physical damage, so do not skimp.
  • Better credit scores mean better rates – Your credit score is a big factor in determining your rates. Drivers who have good credit tend to be better drivers and file fewer claims than drivers who have lower ratings. If your credit rating is low, you could pay less to insure your 2013 BMW 7 Series by spending a little time repairing your credit.

How to reduce BMW 7 Series insurance rates

The cost of insuring your cars can be expensive, but discounts can save money and there are some available that you may not even be aware of. Some trigger automatically when you complete an application, but some may not be applied and must be asked for before being credited.

  • Good Student Discount – Performing well in school can save 20 to 25%. Earning this discount can benefit you until age 25.
  • Homeowners Discount – Simply owning a home can help you save on auto insurance because of the fact that having a home shows financial diligence.
  • Paperwork-free – Certain companies give back up to $50 for buying a policy and signing up over the internet.
  • Use Seat Belts – Requiring all passengers to wear their seat belts can save up to 15% off the personal injury premium cost.
  • Memberships – Belonging to a civic or occupational organization could trigger savings on your policy for 7 Series insurance.
  • Service Members Pay Less – Having a family member in the military may qualify for rate reductions.
  • Early Switch Discount – Select companies give a discount for buying a policy prior to your current policy expiring. It’s a savings of about 10%.
  • Theft Prevention Discount – Anti-theft and alarm systems can help prevent theft and qualify for as much as a 10% discount.
  • Anti-lock Brakes – Vehicles equipped with ABS or steering control prevent accidents and earn discounts up to 10%.
  • Passive Restraint Discount – Vehicles with factory air bags and/or automatic seat belt systems can get savings of more than 20%.

Keep in mind that some credits don’t apply to all coverage premiums. A few only apply to specific coverage prices like physical damage coverage or medical payments. So when the math indicates it’s possible to get free car insurance, companies don’t profit that way. But any discount will cut the amount you have to pay.

Companies that possibly offer some of the above discounts include:

It’s a good idea to ask every prospective company which discounts they offer. Discounts may not be available in your state.

Tailor your coverage to you

When buying the right insurance coverage, there is no “perfect” insurance plan. Everyone’s needs are different.

For instance, these questions may help highlight if your insurance needs might need professional guidance.

  • What is no-fault insurance?
  • Do I need motorclub coverage?
  • Is my cargo covered for damage or theft?
  • I don’t drive much so do I pay less?
  • Does my policy cover my teen driver if they drive my company car?
  • When can I cancel my policy?
  • How do I file an SR-22 for a DUI in my state?

If it’s difficult to answer those questions, you might consider talking to an agent. If you don’t have a local agent, complete this form.

Car insurance coverage options for a 2013 BMW 7 Series

Knowing the specifics of car insurance helps when choosing the right coverages for your vehicles. Policy terminology can be impossible to understand and coverage can change by endorsement.

Collision insurance

This 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 parking meter, hitting a mailbox, sideswiping another vehicle and rolling your car. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. You can also choose a higher deductible to save money on collision insurance.

Liability insurance

This coverage will cover damage or injury you incur to people or other property that is your fault. This coverage protects you against claims from other people, and does not provide coverage for damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 100/300/100 which stand for a $100,000 limit per person for injuries, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery. Occasionally you may see one number which is a combined single limit that pays claims from the same limit with no separate limits for injury or property damage.

Liability can pay for claims like emergency aid, pain and suffering, loss of income, funeral expenses and court costs. How much liability should you purchase? That is a decision to put some thought into, but you should buy higher limits if possible.

Comprehensive insurance

This coverage covers damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive can pay for claims like hitting a deer, theft and rock chips in glass. The maximum payout a car insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Uninsured/Underinsured Motorist (UM/UIM)

This gives you protection when the “other guys” do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as damage to your 2013 BMW 7 Series.

Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family. Frequently these coverages are set the same as your liablity limits.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage provide coverage for immediate expenses such as prosthetic devices, hospital visits, chiropractic care and dental work. They are often used to fill the gap from your health insurance plan or if there is no health insurance coverage. It covers you and your occupants and also covers if you are hit as a while walking down the street. PIP is not universally available and gives slightly broader coverage than med pay

The bottom line

Discount 2013 BMW 7 Series insurance is possible online as well as from independent agents, and you need to price shop both to get a complete price analysis. There are still a few companies who don’t offer online price quotes and these smaller companies work with independent agents.

As you shop your coverage around, it’s not a good idea to buy less coverage just to save a little money. In too many instances, consumers will sacrifice liability limits or collision coverage and learned later that saving that couple of dollars actually costed them tens of thousands. The aim is to find the BEST coverage for the lowest price while not skimping on critical coverages.

We just covered many ways to compare insurance prices online. The key concept to understand is the more rate comparisons you have, the better chance you’ll have of finding lower rates. You may be surprised to find that the lowest priced auto insurance comes from some of the smallest insurance companies.

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