View 2020 BMW 7 Series Insurance Quotes 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 9, 2024

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Searching for better auto insurance rates for your BMW 7 Series? Scraping up a payment for high-priced BMW 7 Series insurance can sap your family’s budget and put a big crunch on your finances. Getting a rate comparison can be a smart way to make ends meet.

Vehicle owners have multiple car insurance companies to buy insurance from, and although it’s nice to have a selection, having more auto insurance companies makes it harder to compare rates and find the lowest cost auto insurance.

It is always a good idea to quote other rates before your next renewal due to the fact that insurance prices fluctuate regularly. Even if you got the best rates on 7 Series insurance on your last policy you can probably find a better premium rate now. There are lots of tips to save on auto insurance out there, but in this article, you’re going to get a bunch of ideas how to lower your auto insurance rates.

The purpose of this article is to let you in on how car insurance quotes work and some money-saving tips. If you have car insurance now, you stand a good chance to be able to save some money using these techniques. But car owners can benefit from knowing the methods companies use to price insurance differently.

Low cost auto insurance quotes

There are a variety of methods to shop for auto insurance, and some are more efficient than others. You could spend your day driving to insurance agencies in your area, or you could use the web to quickly compare rates.

Most of the larger companies belong to a marketplace that enables customers to enter their coverage request one time, and every company then gives them pricing based on that information. This eliminates the need for repetitive form submissions to each company.

To compare pricing enter your zip code here.

The one disadvantage to using this type of form is buyers cannot specifically choose which carriers to get quotes from. If you prefer to choose specific insurance companies for rate comparison, we have a page of companies who write auto insurance in your area. Click to enter zip code.

It’s up to you how you get prices quotes, just ensure you’re using nearly identical coverage limits and deductibles for each quote you get. If your comparisons have higher or lower deductibles then you won’t be able to get a fair rate comparison. Having just a slight variation in insurance coverages can mean a large discrepancy in price. It’s important to know that obtaining a wide range of quotes gives you a better chance of getting the best rates. Not every company provides rate quotes online, so it’s important to compare price estimates from them as well.

Well known brands might not be cheapest

State Farm and Allstate continually stream ads on TV and radio. They all seem to make the same claim that people will save just by switching your coverage. How can each company charge you a lower premium? Here is how they do it.

Companies quote their cheapest rates for the right customer that is profitable for them. For example, a desirable risk may need to be over the age of 35, insures multiple vehicles, and drives a lower-performance vehicle. Any customer who meets those qualifications will qualify for the lowest premium rates and will most likely save when they switch companies.

People who cannot meet the “perfect” profile will be quoted a more expensive rate which results in the customer buying from a different company. The trick companies use is to say “customers who switch” not “everybody who quotes” can get the lowest rates when switching. That is how insurance companies can confidently claim big savings.

Different companies use different criteria so it’s extremely important to compare price quotes frequently. Because you never know which car insurance company will give you lower rates than your current company.

Informed drivers can cut insurance costs

Many different elements are used when premium rates are determined. A few of the factors are predictable like your driving record, but other criteria are not quite as obvious such as your credit history or how safe your car is. When buying car insurance it’s important to understand the different types of things that come into play when calculating car insurance rates. When you understand what positively or negatively impacts your premiums, this allows you to make educated decisions that could help you find big savings.

  • Younger drivers pay more – Mature drivers are more responsible, tend to file fewer claims , and are generally more financially stable. Inexperienced drivers have a tendency to be inattentive in a vehicle therefore car insurance rates are much higher.
  • Choose high crash test ratings and save – Cars with five star safety ratings tend to be cheaper to insure. Vehicles engineered for safety reduce the chance of injuries and better occupant protection translates into savings for insurance companies and lower rates for you. If the BMW 7 Series has at least an “acceptable” rating on the Insurance Institute for Highway Safety website you may qualify for a discount.
  • Pay more if you have a long commute – Living in smaller towns and rural areas of the country is a positive aspect when buying car insurance. Less people means reduced accidents in addition to fewer liability claims. City drivers tend to have more road rage incidents and more time behind the wheel. Higher commute times means a statistically higher chance of an accident.
  • Use credit responsibly and save – An insured’s credit history is likely to be a major factor in determining your rates. Therefore, if your credit rating is not that good, you could be paying less to insure your 2020 BMW 7 Series by taking the time to improve your credit score. People that have good credit tend to be better drivers and file fewer claims as compared to drivers with worse credit.

Reduce your car insurance rates with discounts

Companies don’t always publicize every possible discount very well, so the next list breaks down both the well known and also the more inconspicuous credits available to you.

  • Student Discounts – Excelling in school can be rewarded with saving of up to 25%. Many companies even apply the discount to college students until age 25.
  • College Student Discount – Children who attend college more than 100 miles from home and do not have access to a covered vehicle can be insured at a reduced rate.
  • Discounts for Seat Belt Usage – Drivers who require all vehicle occupants to buckle up before driving could save 15% off the personal injury premium cost.
  • Telematics Data – Insureds that choose to allow data collection to scrutinize when and where they use their vehicle by using a telematic data system like Allstate’s Drivewise could save a few bucks as long as the data is positive.
  • Government Employee Discount – Employees or retirees of the government may qualify for a discount when you quote insurance coverage on 7 Series insurance with certain companies.
  • Own a Home – Owning a house can get you a discount since home ownership means you have a higher level of financial diligence.

Don’t be shocked that most discount credits are not given to the overall cost of the policy. Most only reduce the price of certain insurance coverages like liability, collision or medical payments. So even though it sounds like all the discounts add up to a free policy, it just doesn’t work that way.

A list of car insurance companies and a partial list of their discounts are included below.

  • 21st Century has savings for student driver, good student, driver training, automatic seat belts, and air bags.
  • Progressive offers discounts including online quote discount, good student, homeowner, continuous coverage, and multi-policy.
  • State Farm policyholders can earn discounts including defensive driving training, passive restraint, good driver, Drive Safe & Save, multiple policy, and driver’s education.
  • Nationwide has discounts for multi-policy, anti-theft, defensive driving, business or organization, Farm Bureau membership, good student, and accident-free.
  • Esurance may include discounts for renters, paid-in-full, multi-car, anti-lock brakes, and good driver.
  • The Hartford may offer discounts for vehicle fuel type, air bag, defensive driver, bundle, driver training, anti-theft, and good student.

If you need lower rates, check with all the companies how many discounts you can get. Some discounts listed above may not be available in your area. If you would like to see a list of insurance companies that provide some of the discounts listed above, enter your zip code here.

You are unique and your insurance should be too

When it comes to buying coverage for your vehicles, there is no “best” method to buy coverage. Every insured’s situation is different and your policy should reflect that. These are some specific questions might point out whether you might need an agent’s assistance.

  • Do I need rental car coverage?
  • What exactly is covered by my policy?
  • What are the financial responsibility laws in my state?
  • Does my policy cover my teen driver if they drive my company car?
  • How can I get high-risk coverage after a DUI?
  • What is high-risk coverage and where do I buy it?
  • How much can I save by bundling my policies?
  • Why is insurance for a teen driver so high?

If you’re not sure about those questions, you may need to chat with an agent. If you don’t have a local agent, fill out your zip code.

Insurance coverages and their meanings

Having a good grasp of insurance aids in choosing the best coverages at the best deductibles and correct limits. Insurance terms can be impossible to understand and even agents have difficulty translating policy wording. These are the normal coverages available from insurance companies.

Collision coverage

Collision coverage covers damage to your 7 Series caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things like hitting a parking meter, scraping a guard rail, backing into a parked car, sustaining damage from a pot hole and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to increase the deductible to get cheaper collision coverage.

Coverage for uninsured or underinsured drivers

Uninsured or Underinsured Motorist coverage provides protection from other drivers when they either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants and also any damage incurred to your BMW 7 Series.

Due to the fact that many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is a good idea. Frequently these coverages are identical to your policy’s liability coverage.

Coverage for liability

Liability insurance protects you from injuries or damage you cause to other people or property by causing an accident. This insurance protects YOU from claims by other people. Liability doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 100/300/100 which stand for a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged property. Occasionally you may see one limit called combined single limit (CSL) which provides one coverage limit without having the split limit caps.

Liability can pay for claims like funeral expenses, repair bills for other people’s vehicles, structural damage and medical expenses. How much coverage you buy is your choice, but it’s cheap coverage so purchase as high a limit as you can afford.

Coverage for medical expenses

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses like ambulance fees, doctor visits, EMT expenses, nursing services and funeral costs. They are often utilized in addition to your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants in addition to if you are hit as a while walking down the street. PIP coverage is not available in all states but can be used in place of medical payments coverage

Comprehensive insurance

This coverage covers damage that is not covered by collision coverage. 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 a broken windshield, damage from a tornado or hurricane, theft and fire damage. The maximum amount a insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Smart shoppers get results

When shopping online for insurance coverage, never sacrifice coverage to reduce premiums. In too many instances, an accident victim reduced liability coverage limits only to find out that it was a big mistake. Your aim should be to buy enough coverage at the lowest possible cost, but do not sacrifice coverage to save money.

Budget-conscious 2020 BMW 7 Series insurance is attainable on the web in addition to many insurance agents, so you need to shop insurance coverage with both in order to have the best chance of saving money. Some insurance coverage companies may not have online quoting and many times these small, regional companies only sell coverage through independent agencies.

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