Lower Your 2002 BMW 7 Series Insurance Rates

Having to pay for overpriced auto insurance can drain your personal savings, especially in this economy. Doing a price comparison is a great way to help make ends meet.

Insurance companies such as Geico and Progressive constantly bombard you with TV and radio ads and it is challenging if not impossible to not get sucked in by the cute commercials and find the best price available.

How to Compare Insurance Coverage Costs

Most companies quote price estimates online. Getting online rates is pretty painless as you simply enter your personal and coverage information into a form. Upon sending the form, the system automatically retrieves reports for credit and driving violations and provides a quote. Online price quotes makes it a lot easier to compare rates but the work required to visit several different sites and complete many quote forms is not the best way to spend an afternoon. But it is imperative to perform this step in order to get a lower rate.

A more efficient way to find cheaper rates uses one simple form to return rates from a lot of companies. This type of form saves time, requires less work, and makes comparison shopping much more enjoyable and efficient. Once the form is submitted, it is rated and you can select any or none of the pricing results. If the quotes result in lower rates, you simply finish the application and buy the policy. The whole process can be completed in less than 10 minutes and you will find out if you’re overpaying now.

To quickly find out if lower rates are available, simply click here to open in new window and input your coverage information. If you have a policy now, it’s recommended you type in the coverages as close as possible to your current policy. This makes sure you will be getting a rate comparison for similar coverage.

BMW 7 Series premiums are determined by many factors

Consumers need to have an understanding of the factors that play a part in calculating the rates you pay for auto insurance. When you know what positively or negatively determines base rates allows you to make educated decisions that can help you get better auto insurance rates.

Shown below are some of the items companies use to determine your rates.

  • Your stress level may be raising your rates – Occupations such as lawyers, executives and dentists tend to have the highest average rates because of job stress and lots of time spent at work. Other occupations such as scientists, historians and retirees receive lower rates for 7 Series coverage.
  • Higher safety ratings means cheaper insurance – Vehicles with good safety scores are cheaper to insure. The safest vehicles result in less severe injuries and fewer injuries means lower claim amounts and more competitive rates for policyholders. If your BMW 7 Series scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.
  • More than one policy can earn a discount – Some companies provide better rates to insureds who carry more than one policy, otherwise known as a multi-policy discount. Even if you’re getting this discount it’s in your best interest to compare rates to verify if the discount is saving money. Drivers may still find a better deal by insuring with multiple companies.
  • No coverage gaps is important – Driving without insurance is illegal and you will pay a penalty because you let your coverage have a gap. Not only will rates go up, but being ticketed for driving with no insurance may earn you a steep fine or even jail time.You may need to provide proof of insurance in the form of an SR-22 filing with your state DMV.
  • Lower rates with optional equipment – Purchasing a vehicle that has an advanced theft prevention system can help lower your rates. Theft prevention devices like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all aid in stopping your car from being stolen.

You probably qualify for some discounts

Companies do not advertise all their discounts very clearly, so we researched some of the best known and also the lesser-known insurance savings.

  • Safety Course Discount – Completing a driver safety course can save you 5% or more if your company offers it.
  • Safe Drivers – Drivers who avoid accidents can get discounts for up to 45% lower rates for 7 Series coverage than less cautious drivers.
  • Discount for New Cars – Putting insurance coverage on a new car can be considerably cheaper compared to insuring an older model.
  • Pay Now and Pay Less – If paying your policy premium upfront instead of making monthly payments you could save up to 5%.
  • Anti-theft System – Anti-theft and alarm systems are stolen less frequently and earn discounts up to 10%.
  • Senior Citizens – Mature drivers can possibly qualify for a discount up to 10% for 7 Series coverage.
  • Driver’s Ed – Have your child take driver’s ed class if it’s offered in school.
  • Use Seat Belts – Requiring all passengers to wear their seat belts can save 10% or more off the personal injury premium cost.
  • Discount for Swiching Early – Some insurance companies reward drivers for switching to them prior to your current policy expiration. The savings is around 10%.
  • Federal Government Employee – Simply working for the federal government may qualify you for a discount for 7 Series coverage with certain companies.

Consumers should know that most discount credits are not given to all coverage premiums. Some only reduce specific coverage prices like comp or med pay. So even though it sounds like all the discounts add up to a free policy, it just doesn’t work that way.

Car insurance companies that may have these benefits include:

Double check with each company how you can save money. Savings may not apply everywhere.

There’s no such thing as the perfect policy

When buying coverage for your vehicles, there is no one size fits all plan. Each situation is unique so this has to be addressed. These are some specific questions may help highlight whether or not you will benefit from professional help.

  • What is medical payments coverage?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • If I drive on a suspended license am I covered?
  • Can I rate high risk drivers on liability-only vehicles?
  • Who is covered when they drive my 2002 BMW 7 Series?
  • Am I insured when driving a different vehicle?
  • Can I still get insurance after a DUI?
  • How much liability coverage do I need in my state?
  • Should I have a commercial auto policy?

If you can’t answer these questions but one or more may apply to you then you might want to talk to an agent. If you don’t have a local agent, simply complete this short form or click here for a list of auto insurance companies in your area.

Insurance coverages 101

Knowing the specifics of your insurance policy helps when choosing which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy. These are typical coverages found on most insurance policies.

UM/UIM Coverage

This gives you protection when other motorists either have no liability insurance or not enough. Covered claims include injuries to you and your family and also any damage incurred to your BMW 7 Series.

Because many people only purchase the least amount of liability that is required, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Collision coverage protection

Collision insurance pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims such as hitting a parking meter, sideswiping another vehicle and colliding with a tree. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to raise the deductible to save money on collision insurance.

Liability insurance

This coverage provides protection from damages or injuries you inflict on a person or their property by causing an accident. It protects you against claims from other people, and does not provide coverage for your injuries or vehicle damage.

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 might see values of 50/100/50 which means a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged propery.

Liability coverage protects against things such as bail bonds, funeral expenses, medical expenses, structural damage and emergency aid. The amount of liability coverage you purchase is your choice, but buy higher limits if possible.

Medical costs insurance

Coverage for medical payments and/or PIP reimburse you for immediate expenses for chiropractic care, pain medications and ambulance fees. They are used to fill the gap from your health insurance policy or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Comprehensive or Other Than Collision

Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims like hitting a deer, a tree branch falling on your vehicle, hitting a bird and hail damage. The maximum payout you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

Shop Smart and Save

Low-cost 2002 BMW 7 Series insurance is definitely available both online in addition to many insurance agents, and you should be comparing both to have the best rate selection. Some companies do not provide the ability to get a quote online and usually these smaller companies provide coverage only through local independent agents.

When trying to cut insurance costs, never sacrifice coverage to reduce premiums. In too many instances, someone dropped comprehensive coverage or liability limits to discover at claim time they didn’t purchase enough coverage. The aim is to find the BEST coverage at the best price while not skimping on critical coverages.

In this article, we presented some good ideas how you can save on insurance. The key thing to remember is the more price quotes you have, the better likelihood of reducing your rate. Drivers may discover the biggest savings come from an unexpected company. Some small companies may cover specific market segments cheaper than their larger competitors like Progressive or Geico.

Additional detailed information is available at these sites: