Cheapest 1998 BMW 7 Series Insurance Rates in 2023
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UPDATED: Jun 1, 2023
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Trying to find lower auto insurance rates for your BMW 7 Series? Are you a victim of high-priced auto insurance? Believe me, many consumers are feeling buyer’s remorse and feel like there’s no way out.
Because there are so many choices of insurance companies, it is very difficult to pick the lowest cost insurance company.
Where Can I Get Cheap Insurance Coverage?
All the larger insurance coverage companies like Allstate, GEICO and Progressive provide prices online. The process is fairly simple as you simply enter your personal and coverage information into a form. When the form is submitted, their system sends out for your credit score and driving record and returns a price. This simplifies rate comparisons, but the time it takes to visit many different websites and enter the same data into a form gets old quite quickly. But it’s absolutely necessary to get many rate quotes if you are searching for the best price possible.
Quote rates the easy way
An easier way to get multiple rate quotes utilizes a single form to obtain quotes from a bunch of companies at once. It’s a real time-saver, reduces the work, and makes rate comparisons much more efficient. After sending your information, it gets priced and you are able to buy your choice of the pricing results. If the quotes result in lower rates, you can simply submit the application and purchase coverage. The whole process just takes a couple of minutes and you’ll know if lower rates are available.
To find out what other companies charge, simply click here to open in new window and fill out the form. To compare your current rates, we recommend you replicate the limits and deductibles identical to your current policy. This ensures you will be getting a fair comparison based on the exact same insurance coverage.
Do drivers who switch really save $456 a year?
Companies like Allstate, GEICO and Progressive continually stream ads on TV and radio. All the ads have a common claim that you can save after switching your policy. But how can every company claim to save you money? It’s all in the numbers.
All companies are able to cherry pick for the driver that is profitable for them. A good example of a driver they prefer might be between the ages of 30 and 50, owns a home, and drives less than 10,000 miles a year. Any new insured that hits that “sweet spot” will get very good rates and therefore will save when they switch companies.
Drivers who don’t measure up to this ideal profile will be quoted more money and ends up with the customer not buying. The ad wording is “customers that switch” not “everybody who quotes” save that much money. That’s the way companies can truthfully state the savings. This emphasizes why it’s extremely important to quote coverage with many companies. You cannot predict which insurance coverage company will give you the biggest savings on BMW 7 Series insurance.
Lots of discounts mean lots of savings
Companies offering auto insurance do not list every available discount in a way that’s easy to find, so we researched some of the more common and the more hidden savings tricks you should be using.
- No Charge for an Accident – A handful of insurance companies allow you one accident without raising rates as long as you don’t have any claims for a particular time prior to the accident.
- Anti-theft System – Vehicles with anti-theft systems can help prevent theft and earn discounts up to 10%.
- No Claims – Good drivers with no accidents can earn big discounts as compared to accident-prone drivers.
- Military Rewards – Being deployed with a military unit may qualify for rate reductions.
- Homeowners Savings – Simply owning a home can save you money because owning a home shows financial diligence.
- New Vehicle Savings – Putting insurance coverage on a new car is cheaper because new vehicles have to meet stringent safety requirements.
A little note about advertised discounts, most discounts do not apply to the overall cost of the policy. Most cut specific coverage prices like collision or personal injury protection. So when it seems like all those discounts means the company will pay you, you won’t be that lucky.
To see a list of insurers with discount auto insurance rates, click here.
Situations that might require an agent
When it comes to choosing the best insurance coverage coverage for your vehicles, there isn’t really a best way to insure your cars. Everyone’s situation is a little different so your insurance should reflect that These are some specific questions might point out if your situation might need professional guidance.
- I have health insurance so do I need medical payments coverage?
- Is rental equipment covered for theft or damage?
- Are split liability limits better than a combined single limit?
- How high should my uninsured/underinsured coverage be in my state?
- What is the rate difference between pleasure use and commuting?
- Will my rates increase for filing one claim?
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If you can’t answer these questions, you might consider talking to an insurance agent. If you don’t have a local agent, fill out this quick form or go to this page to view a list of companies.
Insurance coverage considerations
Knowing the specifics of your policy can help you determine which coverages you need for your vehicles. Insurance terms can be ambiguous and even agents have difficulty translating policy wording. Below you’ll find typical coverages found on the average insurance policy.
Medical payments coverage and PIP
Personal Injury Protection (PIP) and medical payments coverage kick in for bills for nursing services, rehabilitation expenses and funeral costs. They are used in conjunction with a health insurance policy or if you are not covered by health insurance. Coverage applies to both the driver and occupants and will also cover being hit by a car walking across the street. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage
Comprehensive insurance coverage covers damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.
Comprehensive insurance covers claims such as hail damage, a broken windshield and theft. The most your insurance company will pay is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.
Uninsured/Underinsured Motorist coverage
This coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. It can pay for injuries to you and your family and damage to your BMW 7 Series.
Since many drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.
This coverage covers damage to your 7 Series resulting from a collision with an object or car. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision can pay for claims such as crashing into a ditch, colliding with another moving vehicle and scraping a guard rail. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to increase the deductible in order to get cheaper collision rates.
Liability insurance provides protection from damage that occurs to a person or their property. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, a limit of $300,000 in injury protection per accident, and property damage coverage for $100,000.
Liability can pay for things like emergency aid, repair costs for stationary objects and funeral expenses. How much liability should you purchase? That is a personal decision, but buy as high a limit as you can afford.
Affordable insurance is out there
When trying to cut insurance costs, do not skimp on critical coverages to save a buck or two. There are too many instances where someone sacrificed comprehensive coverage or liability limits only to regret that they should have had better coverage. Your focus should be to purchase plenty of coverage for the lowest price.
Low-cost 1998 BMW 7 Series insurance is possible on the web and also from your neighborhood agents, and you need to price shop both in order to have the best chance of saving money. There are still a few companies who may not provide the ability to get a quote online and these small, regional companies work with independent agents.
Additional detailed information can be found at these sites:
- Coverage Information (Progressive Insurance)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Cellphones, Texting and Driving (iihs.org)
- Credit Impacts Car Insurance Rates (State Farm)
- Information for Teen Drivers (GEICO)
- Distracted Driving Statistics (Insurance Information Insitute)
Use our FREE quote tool to compare rates now!
Frequently Asked Questions
Where can I find cheap insurance coverage for my BMW 7 Series in 2023?
To find cheap insurance coverage for your BMW 7 Series, you can start by visiting the websites of larger insurance companies like Allstate, GEICO, and Progressive. These companies provide online quote forms where you can enter your personal and coverage information to get a price. However, if you want to save time and get multiple rate quotes from different companies at once, you can use a single form that gathers quotes from multiple insurers. This method is more efficient and allows you to compare rates easily. After receiving the quotes, you can choose the best option and proceed with the application process.
Can drivers really save $456 per year by switching insurance companies?
Insurance companies often advertise potential savings for drivers who switch to their policies. However, these claims are based on specific profiles that the companies consider more profitable. Factors such as age, homeownership, and annual mileage can influence the rates you receive. If you fall into the preferred profile, you are likely to get better rates and save money by switching. It’s important to note that these savings claims apply to specific individuals and not everyone who requests a quote. To ensure you’re getting the best deal, it’s recommended to obtain quotes from multiple insurance companies and compare them.
Is it possible to get free auto insurance quotes?
Yes, many insurance companies and online platforms offer free auto insurance quotes. You can visit insurance company websites or use online comparison tools to obtain quotes without any cost. These quotes allow you to assess different coverage options and pricing before making a decision.
What should I consider when selecting coverage limits and deductibles?
When selecting coverage limits and deductibles for your auto insurance policy, it’s important to consider your financial situation and risk tolerance. Higher coverage limits provide more protection but also result in higher premiums. Deductibles are the amount you pay out of pocket before insurance coverage kicks in. Choosing a higher deductible can lower your premiums but may require you to pay more in case of an accident. Evaluate your budget and potential risks to find the right balance for your needs.
Can I change my auto insurance coverage at any time?
In most cases, you can make changes to your auto insurance coverage at any time. However, some changes may be subject to certain conditions or restrictions. It’s important to review your policy documents and contact your insurance provider to understand their specific rules regarding policy modifications. Keep in mind that changes to coverage or policy details may affect your premiums, so it’s advisable to consult with your insurance agent or company representative before making any changes.
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