How Much Does 2018 BMW 7 Series 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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Feeling guilty for buying an underperforming, overpriced car insurance policy? Trust us when we tell you there are many drivers thinking the same thing.

You have so many insurers to purchase coverage from, and although it’s a good thing to have a selection, it can be more challenging to find a good deal.

It’s a good idea to get comparison quotes yearly due to the fact that insurance prices are constantly changing. Even if you think you had the best rate on 7 Series insurance a few years ago other companies may now be cheaper. You can find a lot of misleading information regarding car insurance on the web, but we’re going to give you some solid techniques on how to stop overpaying for insurance.

This information will introduce you to the most effective way to quote insurance and some tips to save money. If you have car insurance now, you stand a good chance to be able to cut costs considerably using these techniques. But car owners do need to understand how insurance companies price online insurance and use this information to your advantage.

Earn discounts on car insurance

Auto insurance companies don’t necessarily list the entire discount list very clearly, so we break down both well-publicized as well as some of the hidden credits that may apply to you.

  • Multiple Cars – Buying insurance for more than one vehicle with the same company can reduce the rates for all insured vehicles.
  • ABS Braking Discount – Cars with ABS braking systems or traction control are much safer to drive and earn discounts up to 10%.
  • Payment Method – If you pay your entire premium ahead of time instead of monthly or quarterly installments you may reduce your total bill.
  • Safety Restraint Discount – Buckling up and requiring all passengers to fasten their seat belts could save 15% off PIP or medical payments premium.
  • Driver Safety – Passing a defensive driving class may get you a small discount depending on where you live.
  • Theft Deterrent Discount – Vehicles with anti-theft systems are stolen with less frequency and earn discounts up to 10% off your insurance quote.
  • Low Mileage Discounts – Keeping the miles down on your BMW could qualify for better prices on cars that stay parked.

Policy discounts save money, but some credits don’t apply to all coverage premiums. A few only apply to individual premiums such as liability and collision coverage. Despite the appearance that all those discounts means the company will pay you, you won’t be that lucky. Any qualifying discounts will bring down your premiums.

If you would like to see a list of insurance companies that offer the discounts shown above, enter your zip code here.

How to get free car insurance quotes online

Most companies such as 21st Century, Allstate and State Farm allow you to get price estimates directly from their websites. This process can be done by anyone as you just type in your coverage information into a form. Upon sending the form, their quoting system will obtain your driving record and credit report and returns pricing information. This streamlines rate comparisons, but having to visit several different sites and type in the same data can be a bit tiresome and repetitive. But it is imperative to perform this step if you want to get a lower rate.

The preferred way to lower your car insurance bill requires only one form that obtains quotes from more than one company. It’s a real time-saver, requires less work, and makes comparison shopping much easier to do. After sending the form, your coverage is rated with multiple companies and you can pick any or none of the quote results.

If one or more price quotes are lower than your current rates, you can click and sign and buy the policy. It can be completed in a matter of minutes and can result in significant savings.

To save time and compare pricing, simply enter your zip code here and enter your vehicle and coverage information. If you have a policy now, it’s recommended you copy your coverages exactly as they are listed on your policy. This way, you are getting a price comparison for similar coverage.

How insurance providers calculate BMW 7 Series insurance costs

A large part of saving on car insurance is knowing the different types of things that go into determining your policy premiums. If you understand what determines base rates, this allows you to make educated decisions that may result in much lower annual insurance costs. Lots of factors are used when you get your auto insurance bill. Some are obvious such as traffic violations, although others are more transparent such as your credit history or your commute time.

  • Never let your car insurance policy lapse – Having a gap between insurance policy dates can be a fast way to increase your car insurance rates. Not only will rates go up, getting caught without coverage can result in fines and jail time.
  • Does car insurance cost less for females? – Over the last 50 years, statistics have shown that men are more aggressive behind the wheel. Now that doesn’t mean women are better drivers. Both sexes have fender benders at a similar rate, but males tend to have more serious accidents. In addition to higher claims, males also get cited for more serious violations such as driving while intoxicated (DWI) or driving recklessly. Young men ages 16 to 20 are several times more likely to be in an accident so they pay the highest premiums.
  • Do you really need the incidental coverages? – There are many additional coverages that sound like a good idea at the time on your car insurance policy. Insurance for things like rental car reimbursement, accident forgiveness, and additional equipment coverage are examples of these. These may sound like a good investment when discussing your needs, but your money might be better spent on other coverage so remove them from your policy.
  • Rate your vehicle for proper use – Driving more miles in a year the more you will pay for car insurance. The majority of insurers price each vehicle’s coverage partially by how you use the vehicle. Cars left parked in the garage receive lower rates than those that get driven frequently. It’s a smart idea to ensure your car insurance declarations sheet correctly shows the correct usage for each vehicle. An incorrectly rated 7 Series may be costing you.
  • Raising comp and collision deductibles lowers rates – The deductibles represent how much money you are required to pay before a claim is paid by your company. Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Some examples of claims that would be covered are rear-ending another vehicle, animal collisions, and damage from wind. The more of the claim the insured has to pay upfront, the lower your rates will be on 7 Series insurance.
  • What are good liability limits? – The liability section of your policy provides coverage in the event that you are found liable for causing personal injury or damage in an accident. Your policy’s liability insurance provides you with a defense in court to attempt to prove you were not liable. This coverage is relatively inexpensive when compared with rates for comp and collision, so do not cut corners here.
  • Insure car and home with the same company – Most companies allow a discount to policyholders that purchase more than one policy in the form of a multi-policy discount. The amount of the discounts can be anywhere from five to ten percent in most cases. Even if you already get this discount, you still need to compare other insurance prices to help ensure you have the lowest rates. There is a good possibility that you can save more without the discount by splitting coverages up.

Tailor your insurance coverage to you

When it comes to buying coverage for your personal vehicles, there is no perfect coverage plan. Every insured’s situation is different and a cookie cutter policy won’t apply. For example, these questions can aid in determining if your situation may require specific advice.

  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • How much liability coverage do I need in my state?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • How high should my medical payments coverage be?
  • How much underlying liability do I need for an umbrella policy?
  • Are all vehicle passengers covered by medical payments coverage?
  • Should I buy full coverage?

If you don’t know the answers to these questions but a few of them apply, then you may want to think about talking to a licensed agent. If you want to speak to an agent in your area, fill out your zip code.

Auto insurance coverage information

Knowing the specifics of a insurance policy can help you determine appropriate coverage at the best deductibles and correct limits. Insurance terms can be impossible to understand and reading a policy is terribly boring. Below you’ll find typical coverage types found on most insurance policies.

Collision coverage

Collision insurance covers damage to your 7 Series from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage pays for things like hitting a parking meter, sustaining damage from a pot hole, driving through your garage door and colliding with another moving vehicle. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are older. You can also increase the deductible in order to get cheaper collision rates.

Comprehensive insurance

Comprehensive insurance coverage will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims such as rock chips in glass, damage from flooding and a tree branch falling on your vehicle. The maximum payout you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage gives you protection when other motorists are uninsured or don’t have enough coverage. It can pay for hospital bills for your injuries and also any damage incurred to your BMW 7 Series.

Due to the fact that many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family. Normally the UM/UIM limits do not exceed the liability coverage limits.

Auto liability

This coverage protects you from damage that occurs to other people or property in an accident. It protects YOU against other people’s claims. Liability doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see limits of 50/100/50 which means a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property. Occasionally you may see one number which is a combined single limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability can pay for things such as bail bonds, legal defense fees, funeral expenses and loss of income. How much liability should you purchase? That is your choice, but buy as large an amount as possible.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage pay for expenses for things like funeral costs, X-ray expenses and ambulance fees. They can be used in conjunction with a health insurance policy or if you are not covered by health insurance. Coverage applies to you and your occupants as well as being hit by a car walking across the street. PIP coverage is not an option in every state and gives slightly broader coverage than med pay

Spend less. Save more.

In this article, we presented many tips how you can get a better price on 2018 BMW 7 Series insurance. The key concept to understand is the more quotes you get, the better your chances of lowering your rates. You may even find the lowest prices are with a small mutual company. These smaller insurers can often insure niche markets at a lower cost as compared to the big name companies such as Allstate, GEICO and Progressive.

Cheap 2018 BMW 7 Series insurance is definitely available online in addition to local insurance agencies, so get free insurance quotes from both of them to have the best selection. There are still a few companies who don’t offer the ability to get a quote online and most of the time these regional insurance providers work with local independent agents.

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