1997 BMW 7 Series Insurance Rates – 5 Policy Discounts

Drivers have lots of choices when trying to find low-cost BMW 7 Series insurance. You can either spend your time contacting agents trying to get quotes or save time using the internet to get rate quotes.

There are both good and bad ways to shop for insurance and you need to know the quickest way to price shop coverage for a BMW and locate the lowest possible price either online or from local insurance agents.

Use discounts on insurance

Insurance can cost an arm and a leg, but you may be missing some discounts that can drop the cost substantially. Certain reductions will be credited at the time of purchase, but less common discounts must be specifically requested before you get the savings.

  • Employee of Federal Government – Being employed by or retired from a federal job can save as much as 8% on 7 Series insurance but check with your company.
  • Theft Deterent – Cars that have factory anti-theft systems are less likely to be stolen and earn discounts up to 10% off your insurance coverage quote.
  • Driver’s Ed – Teen drivers should complete a driver education course as it can save substantially.
  • One Accident Forgiven – Not necessarily a discount, but certain companies will forgive one accident without getting socked with a rate hike as long as you don’t have any claims prior to the accident.
  • Air Bag Discount – Factory options such as air bags may get savings of up to 25% or more.

It’s important to note that most of the big mark downs will not be given to the entire policy premium. Most only apply to the price of certain insurance coverages like liability and collision coverage. So despite the fact that it appears you would end up receiving a 100% discount, that’s just not realistic.

If you would like to view providers with the best discounts, follow this link.

Car insurance companies are expert advertisers

Consumers can’t avoid all the ads for the lowest price car insurance from companies such as State Farm, Allstate and GEICO. They all seem to make the promise about how much you will save if you move your coverage to them.

How is it possible that every company can give you a lower rate? Just pay attention to how they say it.

Insurance companies require specific criteria for the driver that will not have excessive claims. For instance, a profitable risk profile may need to be between 30 and 50, is a homeowner, and drives a vehicle with a low ISO rating. A customer that meets those criteria will probably get the lowest rates and therefore will save quite a bit of money when switching.

Consumers who are not a match for those criteria will probably be forced to pay higher premiums which results in the driver buying from a lower-cost company. The wording the ads use say “people who switch” not “everyone who quotes” save that much when switching. That’s why insurance companies can make those statements.

Because every company is different, you should get insurance coverage quotes as often as possible. It is impossible to predict which insurance companies will have the lowest rate quotes.

Tailor your insurance coverage to you

When choosing the right insurance coverage, there isn’t really a “best” method to buy coverage. Each situation is unique.

Here are some questions about coverages that might point out whether or not you may require specific advice.

  • Do I need an umbrella policy?
  • Are rock chip repairs covered?
  • Should I buy more coverage than the required minimum liability coverage?
  • Why am I required to buy high-risk coverage?
  • How much liability coverage do I need in my state?
  • How can I get my company to pay me more for my totalled car?

If you’re not sure about those questions but a few of them apply, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form. It’s fast, free and you can get the answers you need.

Specific coverage details

Learning about specific coverages of auto insurance aids in choosing the right coverages at the best deductibles and correct limits. Auto insurance terms can be ambiguous and nobody wants to actually read their policy.

Comprehensive or Other Than Collision – This coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers claims like theft, a broken windshield and damage from flooding. 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.

Medical costs insurance – Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses for things like dental work, funeral costs and rehabilitation expenses. The coverages can be used in conjunction with a health insurance policy or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. PIP coverage is not available in all states and may carry a deductible

Liability car insurance – Liability insurance can cover injuries or damage you cause to other’s property or people by causing an accident. It protects you from legal claims by others. 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. As an example, you may have liability limits of 50/100/50 which means $50,000 in coverage for each person’s injuries, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged propery. Some companies may use a combined limit which limits claims to one amount with no separate limits for injury or property damage.

Liability insurance covers things such as repair bills for other people’s vehicles, attorney fees, pain and suffering, legal defense fees and loss of income. How much liability should you purchase? That is a personal decision, but buy as much as you can afford.

Collision – Collision coverage covers damage to your 7 Series resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage protects against claims like crashing into a ditch, colliding with another moving vehicle, driving through your garage door, colliding with a tree and backing into a parked car. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. You can also choose a higher deductible in order to get cheaper collision rates.

UM/UIM Coverage – This provides protection when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family. Usually the UM/UIM limits are set the same as your liablity limits.

A tidy conclusion

As you restructure your insurance plan, don’t be tempted to buy less coverage just to save a little money. There are many occasions where drivers have reduced collision coverage only to regret that the savings was not a smart move. Your goal should be to buy enough coverage at the best cost while not skimping on critical coverages.

Some insurance providers may not offer rate quotes online regional carriers only sell through independent insurance agencies. More affordable auto insurance is definitely available both online in addition to many insurance agents, and you need to price shop both in order to have the best chance of saving money.

You just read many tips how you can lower your 1997 BMW 7 Series insurance prices. The key concept to understand is the more providers you compare, the more likely it is that you will get a better rate. Consumers could even find that the lowest prices are with a smaller regional carrier.

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