Cheaper 2008 BMW 7 Series Car Insurance Rates

Buying the lowest cost insurance coverage over the internet can seem to be intimidating for beginners to comparing rates online. With a ridiculous number of companies in the marketplace, how can drivers possibly compare every one to find the best available rates?

Cheap Insurance Coverage Comparisons

The are a couple different ways of comparing rates from local insurance coverage companies. The easiest way to find competitive 2008 BMW 7 Series insurance rates is to perform an online rate comparison. It is quite easy and can be accomplished in several different ways.

The first (and easiest) way consumers can analyze rates is to use a rate comparison form click here to open form in new window. This form prevents you from having to do a different quote to each individual insurance coverage company. Filling out one form gets you coverage quotes from many national carriers. Just one form and you’re done.

A less efficient way to analyze rates is spending the time to visit each individual company website to complete their respective quote request forms. For sake of this example, we’ll assume you want to compare Progressive, Safeco and Farmers. You would have to go to every website to enter your coverage information, and that’s why the first method is more popular.

For a handy list of car insurance company links in your area, click here.

However you get your quotes, make absolute certain that you use the exact same deductibles and coverage limits with every price quote. If you have different liability limits it will be next to impossible to determine the lowest rate for your BMW 7 Series. Quoting even small variations in insurance coverages can mean a large discrepancy in price. And when price shopping your coverage, quoting more will enable you to find the best price.

BMW 7 Series rates are complex

Smart consumers have a good feel for the different types of things that play a part in calculating the price you pay for car insurance. Understanding what controls the rates you pay empowers consumers to make smart changes that can help you get big savings.

Shown below are some of the items used by your company to calculate your rates.

  • Don’t skimp on liability – Liability insurance will protect you if ever a jury decides you are liable for damages caused by your negligence. Liability insurance provides you with a defense in court up to the limits shown on your policy. This coverage is very inexpensive compared to physical damage coverage, so drivers should carry high limits.
  • Tickets mean higher rates – Your driving record has a lot to do with how much you pay for insurance. Even a single speeding ticket can increase rates by as much as thirty percent. Good drivers tend to pay less for car insurance compared to drivers with tickets. Drivers who get flagrant violations such as DWI, reckless driving or hit and run convictions may be required to file a proof of financial responsibility form (SR-22) with the DMV in their state in order to keep their license.
  • With age comes lower rates – Teenage drivers are known to be less responsible in a vehicle so they pay higher car insurance rates. Mature drivers tend to be more responsible, tend to cause fewer accidents and are safer drivers.
  • Never allow your policy to lapse – Letting your insurance expire is a quick way to trigger a rate increase. And not only will insurance be more expensive, but not being able to provide proof of insurance will get you a revoked license or a big fine.
  • Are you male or female? – The statistics show that women are safer drivers than men. That doesn’t necessarily mean that men are worse drivers. Both sexes have accidents in similar percentages, but the males cause more damage. They also receive more costly citations such as reckless driving. Youthful male drivers are the most expensive to insure and therefore are the most expensive to insure.
  • Your stress level may be raising your rates – Occupations such as judges, social workers and accountants are shown to have higher rates than average in part from high stress levels and long work days. On the flip side, professions such as farmers, athletes and the unemployed pay the least for 7 Series insurance.
  • Being married can save on car insurance – Having a spouse actually saves money on your car insurance policy. Marriage usually means you are more mature than a single person it has been statistically shown that married couples file fewer claims.
  • High credit ratings translate to low rates – Credit score is a big factor in determining what you pay for car insurance. Therefore, if your credit rating is lower than you’d like, you could save money insuring your 2008 BMW 7 Series by spending a little time repairing your credit. People with good credit tend to be more responsible than drivers with poor credit.

Get lower rates on 2008 BMW 7 Series insurance

Car insurance companies don’t always advertise every discount in an easy-to-find place, so we researched some of the best known and the harder-to-find insurance savings.

  • Anti-lock Brake System – Anti-lock brake equipped vehicles can reduce accidents and qualify for as much as a 10% discount.
  • Anti-theft System – Vehicles equipped with anti-theft or alarm systems are stolen less frequently and therefore earn up to a 10% discount.
  • Organization Discounts – Affiliation with a professional or civic organization may earn a discount when buying insurance for 7 Series insurance.
  • Accident Free – Drivers who don’t have accidents can save substantially when compared to drivers who are more careless.
  • Multiple Vehicles – Having multiple vehicles on one policy qualifies for this discount.
  • Auto/Life Discount – Larger companies have better rates if you take out life insurance.
  • Homeowners Savings – Owning a home can save you money because of the fact that having a home requires personal responsibility.
  • Military Discounts – Having a family member in the military could mean lower rates.
  • Accident Forgiveness – Certain companies allow you one accident without raising rates if you are claim-free for a certain period of time.
  • Senior Citizens – If you qualify as a senior citizen, you can possibly qualify for better insurance rates for 7 Series insurance.

Drivers should understand that most discount credits are not given to the entire cost. Some only apply to individual premiums such as liability and collision coverage. So even though they make it sound like you would end up receiving a 100% discount, it doesn’t quite work that way.

Companies that may offer these discounts include:

Before buying, ask all companies you are considering which discounts they offer. Discounts may not apply everywhere.

Tailor your coverage to you

When choosing the right insurance coverage, there really is not a one size fits all plan. Everyone’s needs are different.

For instance, these questions might help in determining if your situation might need professional guidance.

  • What if I total my 2008 BMW 7 Series and owe more than it’s worth?
  • When can my company non-renew my policy?
  • Are there companies who specialize in insuring high-risk drivers?
  • How do I file an SR-22 for a DUI in my state?
  • Am I covered if my car is in a flood?
  • Will filing a claim cost me more?
  • Is my state a no-fault state?

If you can’t answer these questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, complete this form.

Car insurance coverage basics

Understanding the coverages of car insurance can help you determine the right coverages for your vehicles. The terms used in a policy can be difficult to understand and reading a policy is terribly boring.

Uninsured/Underinsured Motorist coverage – This gives you protection from other drivers when they are uninsured or don’t have enough coverage. It can pay for medical payments for you and your occupants and damage to your BMW 7 Series.

Since many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked.

Medical payments coverage and PIP – Med pay and PIP coverage reimburse you for immediate expenses for things like X-ray expenses, chiropractic care, pain medications and rehabilitation expenses. The coverages can be utilized in addition to your health insurance program or if you are not covered by health insurance. Medical payments and PIP cover all vehicle occupants in addition to if you are hit as a while walking down the street. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage

Liability – This will cover damages or injuries you inflict on other’s property or people that is your fault. This coverage protects you from claims by other people. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 50/100/50 which means $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and a total limit of $50,000 for damage to vehicles and property.

Liability insurance covers things such as loss of income, medical services, funeral expenses and attorney fees. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.

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

Comprehensive insurance covers claims like a tree branch falling on your vehicle, hail damage, damage from a tornado or hurricane, falling objects and hitting a bird. The highest amount your car insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision coverages – This covers damage to your 7 Series from colliding with an object or car. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against claims like sustaining damage from a pot hole, hitting a mailbox, crashing into a building and hitting a parking meter. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Pennies from heaven

Budget-conscious 2008 BMW 7 Series insurance is available from both online companies in addition to many insurance agents, and you need to price shop both to have the best rate selection. Some insurance companies do not provide online quoting and many times these small, regional companies only sell through independent insurance agents.

We just showed you many ideas to shop for insurance online. It’s most important to understand that the more quotes you get, the more likely it is that you will get a better rate. Drivers may discover the most savings is with a smaller regional carrier.

Drivers leave their current company for any number of reasons including high prices, policy non-renewal, high rates after DUI convictions or even being labeled a high risk driver. Regardless of your reason, finding a new insurance coverage company can be easy and end up saving you some money.

Additional insurance coverage information is located below: