2016 BMW 7 Series Car Insurance Cost in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: May 8, 2024

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Trying to find lower car insurance rates for your BMW 7 Series? Pretty sure you bought an overpriced car insurance policy? You’re in good company because many consumers are feeling buyer’s remorse and feel like there’s no way out.

There is such a variety of auto insurance companies to purchase coverage from, and although it’s nice to have multiple companies, so many choices can make it hard to locate the cheapest rates.

It’s a good idea to check car insurance prices once or twice a year because car insurance prices trend upward over time. If you had the lowest rates for 7 Series coverage a year ago there may be better deals available now. Block out anything you think you know about car insurance because you’re about to learn the fastest way to properly buy coverages and cut your premium.

Finding car insurance

To find the best car insurance rates, there are several ways to compare prices from local car insurance companies. The best method to find cheaper 2016 BMW 7 Series rates is to jump online and get quotes. This can be accomplished in a couple minutes as outlined below.

  1. If you’re in a hurry, the quickest way consumers can analyze rates is a comparison rater form. This method saves time by eliminating separate forms for each company you want a rate for. One simple form gets coverage cost estimates from several companies.
  2. A more time consuming way to analyze rates is to take the time to go to each company’s website and go through the quote process again. For instance, let’s say you want to get rates from GEICO, State Farm and American Family. You would need to visit each site and enter your information, which is why most consumers use the first method.
  3. The least efficient way to compare rates to local insurance agencies. Buying insurance online eliminates the need for an insurance agent unless you prefer the trained guidance of a licensed agent. However, consumers can obtain prices from the web but buy from a local insurance agent.

Whichever way you choose to compare rates, be sure to compare equivalent quote information with every price quote. If you have different liability limits you will not be able to determine which company has the best rates. Just slight variations in coverages could skew the results. Just remember that comparing a wide range of rates will increase your chances of finding a better price. Some regional insurers cannot provide online price quotes, so it’s recommended that you also compare prices on coverage from those companies, too.

Lower-cost insurance rates with discounts

Car insurance can cost a lot, but there could be significant discounts that may help make it more affordable. A few discounts will automatically apply at the time you complete a quote, but some may not be applied and must be manually applied before they will apply.

  • Auto/Life Discount – Some companies give lower prices if you buy some life insurance in addition to your auto policy.
  • ABS Braking Discount – Cars and trucks that have steering control and anti-lock brakes can reduce accidents and earn discounts up to 10%.
  • Payment Discounts – If you pay your entire premium ahead of time rather than paying in monthly installments you can avoid the installment charge.
  • Low Miles Discount – Maintaining low annual mileage may enable drivers to earn cheaper rates.
  • Early Signing – A few larger companies allow discounts for signing up prior to the expiration date on your current policy. It could save around 10% when you buy auto insurance online.
  • Discount for Good Grades – Performing well in school can save 20 to 25%. You can use this discount normally up until you turn 25.

It’s important to understand that some credits don’t apply to your bottom line cost. Most only apply to specific coverage prices like liability and collision coverage. Just because it seems like having all the discounts means you get insurance for free, you won’t be that lucky.

To find providers with the best insurance discounts, enter your zip code here.

Tailor your insurance coverage coverage to you

When buying proper insurance coverage, there isn’t really a “perfect” insurance plan. Everyone’s needs are different and your policy should reflect that. For instance, these questions might help in determining if your insurance needs could use an agent’s help.

  • Does my insurance cover a custom paint job?
  • Am I getting all the discounts available?
  • When should my teen driver be added to my policy?
  • I don’t drive much so do I pay less?
  • What should my uninsured motorist coverage limits be in my state?
  • Why do I only qualify for high-risk insurance?
  • Does liability extend to a camper or trailer?
  • Is extra glass coverage worth it?
  • Do I need special endorsements for business use of my vehicle?

If you can’t answer these questions but one or more may apply to you, then you may want to think about talking to a licensed agent. To find an agent in your area, complete your zip code.

Learn about insurance coverages for a BMW 7 Series

Having a good grasp of your policy can help you determine the right coverages for your vehicles. The terms used in a policy can be confusing and coverage can change by endorsement. These are typical coverage types offered by insurance companies.

Liability coverage – Liability insurance protects you from damages or injuries you inflict on a person or their property by causing an accident. It protects you from claims by other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 25/50/25 which stand for a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property.

Liability can pay for claims such as repair bills for other people’s vehicles, medical expenses, loss of income and emergency aid. How much liability should you purchase? That is up to you, but consider buying as high a limit as you can afford.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses such as nursing services, ambulance fees, funeral costs and prosthetic devices. They are used in conjunction with a health insurance plan or if there is no health insurance coverage. Coverage applies to all vehicle occupants as well as being hit by a car walking across the street. Personal Injury Protection is not universally available but it provides additional coverages not offered by medical payments coverage

Collision coverage – Collision coverage will pay to fix damage to your 7 Series from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims such as crashing into a ditch, colliding with another moving vehicle, crashing into a building and sideswiping another vehicle. This coverage can be expensive, so consider removing coverage from vehicles that are older. You can also choose a higher deductible in order to get cheaper collision rates.

Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage gives you protection when other motorists either have no liability insurance or not enough. It can pay for injuries sustained by your vehicle’s occupants and damage to your BMW 7 Series.

Due to the fact that many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family.

Comprehensive insurance – Comprehensive insurance coverage covers damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things such as falling objects, fire damage and damage from getting keyed. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Be a Smart Shopper

When you buy auto insurance online, never buy poor coverage just to save money. There are a lot of situations where someone dropped liability limits or collision coverage and learned later that the small savings ended up costing them much more. Your objective should be to purchase plenty of coverage at the lowest possible cost, but do not sacrifice coverage to save money.

We’ve covered many tips how you can shop for 2016 BMW 7 Series insurance online. The key concept to understand is the more rate quotes you have, the better likelihood of getting inexpensive auto insurance. Consumers may even find the lowest priced car insurance comes from an unexpected company. Smaller companies may often insure only within specific states and give getter rates compared to the large companies like Progressive and GEICO.

Cost effective 2016 BMW 7 Series insurance can be found on the web and from local insurance agents, and you need to price shop both to have the best chance of lowering rates. Some car insurance companies do not offer the ability to get a quote online and usually these small insurance companies work with independent agents.

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