View 2022 BMW 7 Series Insurance Rates 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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If you’re looking for cheaper insurance online, are you confused by the crazy number of insurance companies? Many other drivers are too. Consumers have so many companies to choose from that it is a real hassle to find better prices.

Consumers should take time to get comparison quotes at least once a year since insurance rates are usually higher with each renewal. Just because you had the best deal on 7 Series insurance a year ago you will most likely find a better price today. Ignore everything you know about insurance because you’re going to get a crash course in the fastest way to save on insurance.

Don’t miss with these discounts

Companies offering auto insurance don’t always publicize the complete list of policy discounts very clearly, so the list below details some of the more common and the more hidden credits that may apply to you. If you don’t get every credit available, you’re paying more than you need to.

  • Good Student Discount – A discount for being a good student can earn a discount of 20% or more. This discount can apply up to age 25.
  • More Vehicles More Savings – Buying insurance for multiple cars or trucks with one company could earn a price break for each car.
  • Passive Restraints – Cars that have air bags or automatic seat belts may get savings of 25 to 30%.
  • Fewer Miles Equal More Savings – Maintaining low annual mileage could be rewarded with discounted premium rates on garaged vehicles.
  • Anti-theft System – Cars, trucks, and SUVs that have factory anti-theft systems are stolen less frequently and will qualify for a discount on a car insurance quote.
  • Driver’s Education for Students – Cut your cost by having your teen driver enroll and complete driver’s education if offered at their school.
  • Savings for New Vehicles – Adding a new car to your policy may earn a small discount because new model year vehicles have to meet stringent safety requirements.
  • One Accident Forgiven – This one is not really a discount per se, but a handful of insurance companies will allow you to have one accident before they charge you more for coverage as long as you don’t have any claims for a certain period of time.

You can save money using discounts, but most of the big mark downs will not be given to your bottom line cost. Some only reduce the cost of specific coverages such as comp or med pay. So even though it sounds like all those discounts means the company will pay you, companies wouldn’t make money that way.

A list of companies and some of the discounts are detailed below.

  • GEICO offers discounts including anti-lock brakes, multi-policy, emergency military deployment, daytime running lights, seat belt use, five-year accident-free, and membership and employees.
  • Mercury Insurance may include discounts for location of vehicle, multi-policy, age of vehicle, anti-theft, and ease of repair.
  • Farmers Insurance includes discounts for youthful driver, good student, business and professional, multi-car, and electronic funds transfer.
  • Auto-Owners Insurance has savings for good student, multiple vehicles, paid in full, company car, paperless, and anti-theft.
  • Liberty Mutual has discounts for new vehicle discount, safety features, hybrid vehicle, multi-car, and newly married.
  • SAFECO policyholders can earn discounts including anti-theft, bundle discounts, multi-car, anti-lock brakes, accident prevention training, and safe driver.
  • Progressive discounts include online signing, multi-policy, homeowner, online quote discount, and continuous coverage.
  • USAA offers premium reductions for multi-policy, driver training, new vehicle, good student, and vehicle storage.

When comparing rates, check with each company or agent to apply every possible discount. Discounts might not apply in your area. If you would like to choose from a list of insurers with discount rates, enter your zip code here.

Your situation helps dictate your coverage

When choosing the best insurance coverage, there really is no “perfect” insurance plan. Everyone’s situation is a little different.

Here are some questions about coverages that might help in determining if you will benefit from professional help.

  • Should I buy full coverage?
  • Do I need an umbrella policy?
  • Can I afford low physical damage deductibles?
  • Do I need PIP (personal injury protection) coverage in my state?
  • When should my teen driver be added to my policy?
  • What is the difference between comprehensive and collision coverage?
  • What is no-fault insurance?
  • Why am I required to get a high-risk car insurance policy?
  • Should I bundle my homeowners policy with my auto?

If you don’t know the answers to these questions, you may need to chat with a licensed agent. To find an agent in your area, take a second and enter your zip code.

Educate yourself about auto insurance coverages

Understanding the coverages of your policy aids in choosing which coverages you need and proper limits and deductibles. Auto insurance terms can be confusing and even agents have difficulty translating policy wording.

UM/UIM Coverage

This coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. Covered claims include injuries to you and your family and damage to your BMW 7 Series.

Due to the fact that many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages should not be overlooked. Normally your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Comprehensive or Other Than Collision

This pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims like falling objects, fire damage, hail damage and hitting a bird. The maximum payout you’ll receive from a claim is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Medical costs insurance

Med pay and PIP coverage provide coverage for immediate expenses like nursing services, rehabilitation expenses and X-ray expenses. They can be used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. PIP is not universally available and may carry a deductible

Collision coverage protection

Collision insurance will pay to fix damage to your 7 Series resulting from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things like rolling your car, sustaining damage from a pot hole, colliding with another moving vehicle and hitting a parking meter. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. Another option is to choose a higher deductible in order to get cheaper collision rates.

Auto liability

Liability coverage can cover injuries or damage you cause to a person or their property that is your fault. This coverage protects you against claims from other people. Liability doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $25,000. Alternatively, you may have one number which is a combined single limit which provides one coverage limit without having the split limit caps.

Liability insurance covers things such as structural damage, pain and suffering, emergency aid and repair bills for other people’s vehicles. How much liability should you purchase? That is up to you, but consider buying as large an amount as possible.

Feed the piggy bank

Lower-priced 2022 BMW 7 Series insurance is definitely available both online in addition to local insurance agencies, and you should compare price quotes from both to get a complete price analysis. Some insurance companies don’t offer internet price quotes and many times these smaller companies only sell coverage through local independent agents.

We covered some good ideas how to get a better price on 2022 BMW 7 Series insurance. It’s most important to understand that the more you quote car insurance, the better chance you’ll have of finding cheaper car insurance. You may even discover the best car insurance rates are with an unexpected company.

When searching for inexpensive car insurance quotes, it’s not a good idea to skimp on coverage in order to save money. In many cases, drivers have reduced liability limits or collision coverage only to discover later that saving that couple of dollars actually costed them tens of thousands. Your focus should be to purchase a proper amount of coverage for the lowest price, but do not skimp to save money.

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