1991 BMW 7 Series Insurance Quotes – 7 Savings Tips

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Jan 10, 2020

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I can’t think of a single person who cherishes buying car insurance, particularly when they are paying too much.

Since consumers have many different company options, it’s nearly impossible to find the lowest price insurance company.

Buying the best auto insurance can be fairly easy. Basically, every driver who shops for auto insurance will most likely be able to lower their premiums. But vehicle owners should learn the way insurance companies market insurance on the web.

Save money by taking advantage of these seven discounts

Insuring your fleet can be pricey, buy you may qualify for discounts to reduce the price significantly. Larger premium reductions will be automatically applied at the time of quoting, but a few need to be manually applied before you get the savings.

  • Distant Student – Any of your kids who live away from home without a vehicle on campus may qualify for this discount.
  • 55 and Retired – If you’re over the age of 55, you may receive better insurance rates on 7 Series insurance.
  • Drive Safe and Save – Insureds without accidents can pay as much as 50% less on 7 Series insurance than drivers with accidents.
  • Payment Discounts – If you pay your entire premium ahead of time rather than paying monthly you can actually save on your bill.
  • Auto/Home Discount – If you have multiple policies with one company you could get a discount of approximately 10% to 15%.
  • Clubs and Organizations – Affiliation with a civic or occupational organization may earn a discount when buying insurance on 7 Series insurance.
  • Drivers Education – Have your child take driver’s ed class if offered at their school.

As a disclaimer on discounts, some credits don’t apply to the overall cost of the policy. Most only apply to specific coverage prices like comprehensive or collision. So when it seems like all those discounts means the company will pay you, companies wouldn’t make money that way. Any qualifying discounts will help reduce your overall premium however.

For a list of insurers with the best insurance discounts, click this link.

When should I use an insurance agent?

When it comes to choosing the best insurance coverage coverage for your vehicles, there really is no “perfect” insurance plan. Everyone’s situation is a little different and a cookie cutter policy won’t apply. These are some specific questions may help highlight if your insurance needs will benefit from professional help.

  • How can I get high-risk coverage after a DUI?
  • Will I lose any money if I cancel my policy before it expires?
  • What happens if I owe more than my 1991 BMW 7 Series is worth?
  • Are rock chip repairs covered?
  • Do I need to file an SR-22 for a DUI in my state?
  • Can I afford to buy a different vehicle if my 1991 BMW 7 Series is totaled?
  • Does my personal policy cover me when driving out-of-state?

If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to an agent. If you don’t have a local agent, fill out this quick form or click here for a list of insurance coverage companies in your area.

Don’t listen to company ads

Car insurance companies such as State Farm, GEICO and Progressive continually stream television and radio advertisements. They all seem to make the same claim that you’ll save big after switching your policy. How can each company make the same claim? It’s all in the numbers.

Insurance companies have a certain “appetite” for the type of driver they prefer to insure. A good example of a desirable insured could possibly be over the age of 50, is a homeowner, and has a high credit rating. A driver who meets those qualifications receives the best rates and therefore will cut their rates substantially.

Drivers who don’t meet this ideal profile will be quoted higher premiums and ends up with business going elsewhere. The ad wording is “customers who switch” but not “drivers who get quotes” save money. That’s the way insurance companies can make those claims.

This emphasizes why you need to get quotes from several different companies. It’s impossible to know which company will have the lowest BMW 7 Series insurance rates.

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The coverage is in the details

Knowing the specifics of auto insurance helps when choosing the best coverages at the best deductibles and correct limits. Policy terminology can be ambiguous and coverage can change by endorsement. Shown next are typical coverages available from auto insurance companies.

Protection from uninsured/underinsured drivers

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as damage to your 1991 BMW 7 Series.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family. Usually your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Collision protection

Collision insurance pays for damage to your 7 Series caused by collision with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims such as rolling your car, sustaining damage from a pot hole and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. Another option is to increase the deductible to save money on collision insurance.

Comprehensive (Other than Collision)

Comprehensive insurance coverage pays for 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 things such as a broken windshield, theft and damage from flooding. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Medical expense insurance

Med pay and PIP coverage kick in for short-term medical expenses like X-ray expenses, dental work and prosthetic devices. The coverages can be used to fill the gap from your health insurance plan or if you do not have health coverage. They cover both the driver and occupants and will also cover 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

Coverage for liability

Liability coverage protects you from damage or injury you incur to people or other property. Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 25/50/25 that translate to a limit of $25,000 per injured person, $50,000 for the entire accident, and a limit of $25,000 paid for damaged property. Another option is one limit called combined single limit (CSL) that pays claims from the same limit without having the split limit caps.

Liability can pay for claims like emergency aid, funeral expenses and structural damage. How much coverage you buy is a decision to put some thought into, but consider buying as large an amount as possible.

In the end, you save

Throughout this article, we presented a lot of ways to save on 1991 BMW 7 Series insurance. The key concept to understand is the more companies you get rates for, the more likely it is that you will get a better rate. You may even find the lowest rates come from a small mutual company. These smaller insurers may only write in your state and offer lower rates than their larger competitors like State Farm or Progressive.

As you prepare to switch companies, it’s very important that you do not buy lower coverage limits just to save a few bucks. In many instances, someone sacrificed liability limits or collision coverage and learned later that the savings was not a smart move. Your goal should be to buy a smart amount of coverage at an affordable rate.

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