2001 BMW 7 Series Car Insurance Cost – 5 Tips for Cheaper Prices

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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: May 11, 2022

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Perplexed by the dozens of insurance coverage companies? You’re not alone. There are so many options that it can be a big hassle to find the best price.

If you currently have car insurance, you stand a good chance to be able to save some money using these methods. This information will familiarize you with the best way to quote coverages and some money-saving tips. But car owners need to learn how the larger insurance companies market insurance on the web and use this information to your advantage.

Fast and Easy Auto Insurance Quotes

There are multiple methods to compare 2001 BMW 7 Series auto insurance quotes, and some are less labor-intensive and much quicker. You can waste hours talking about coverages with insurance companies in your area, or you can utilize the web to get the quickest rates.

Most car insurance companies are enrolled in a marketplace that enables customers to complete one form, and each participating company can give them a price for coverage. This eliminates the need for quote forms to each individual auto insurance company.

To enter your information into the quoting system, click here to open in new window.

One minor caviat to using this type of system is you cannot specify the insurers you want to price. So if you prefer to pick from a list of companies to receive pricing from, we have a page of auto insurance companies in your area. Click here for list of insurance companies.

Whichever way you use, compare apples-to-apples coverages and limits for every company. If you are comparing higher or lower deductibles you can’t possibly truly determine the lowest rate. Having just a slight variation in limits can result in a big premium difference. It’s important to know that quoting more provides better odds of finding the best price.

Discounts mean cheaper 2001 BMW 7 Series insurance rates

Car insurance can cost a lot, but companies offer discounts to help offset the cost. Some trigger automatically when you purchase, but a few need to be manually applied before you will receive the discount.

  • Anti-lock Brake System – Vehicles equipped with ABS or steering control can reduce accidents and therefore earn up to a 10% discount.
  • 55 and Retired – If you qualify as a senior citizen, you may receive reduced rates for 7 Series insurance.
  • Club Memberships – Being a member of a civic or occupational organization is a good way to get lower rates when shopping for auto insurance for 7 Series insurance.
  • Federal Government Employee – Simply working for the federal government can save as much as 8% for 7 Series insurance with certain companies.
  • Theft Prevention System – Anti-theft and alarm systems can help prevent theft and earn discounts up to 10%.

As a disclaimer on discounts, most discounts do not apply the whole policy. A few only apply to the price of certain insurance coverages like comprehensive or collision. Even though it may seem like you can get free auto insurance, you’re out of luck. But any discount will help reduce the cost of coverage.

To see a list of providers with the best auto insurance discounts, follow this link.

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Tailor your coverage to you

When it comes to buying the best car insurance coverage for your personal vehicles, there is no one size fits all plan. Coverage needs to be tailored to your specific needs.

For example, these questions might point out whether or not you will benefit from professional help.

  • What happens if I owe more than my 2001 BMW 7 Series is worth?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Do I pay less if my vehicle is kept in my garage?
  • Am I insured when driving a different vehicle?
  • Exactly who is provided coverage by my policy?
  • Do I have coverage if my license is suspended?
  • Is my ex-spouse still covered by my policy?

If you can’t answer these questions but you know they apply to you, then you may want to think about talking to a licensed agent. To find an agent in your area, complete this form.

Auto insurance policy coverages for a BMW 7 Series

Knowing the specifics of a auto insurance policy helps when choosing the right coverages and the correct deductibles and limits. Policy terminology can be confusing and nobody wants to actually read their policy.

Liability coverages

This coverage will cover injuries or damage you cause to people or other property in an accident. It protects YOU from legal claims by others. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 100/300/100 which stand for $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged property. Some companies may use one number which is a combined single limit which combines the three limits into one amount without having the split limit caps.

Liability insurance covers claims such as court costs, repair bills for other people’s vehicles, pain and suffering and legal defense fees. How much liability coverage do you need? That is up to you, but buy as much as you can afford.

Uninsured or underinsured coverage

This gives you protection from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.

Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family. Frequently these coverages are identical to your policy’s liability coverage.

Collision coverage protection

This coverage covers damage to your 7 Series resulting from a collision with an object or car. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims like colliding with a tree, rolling your car, crashing into a ditch, sideswiping another vehicle and crashing into a building. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. Another option is to increase the deductible to save money on collision insurance.

Medical expense coverage

Med pay and PIP coverage reimburse you for expenses for things like funeral costs, surgery and dental work. They can be used in conjunction with a health insurance plan or if you do not have health coverage. Medical payments and PIP cover you and your occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state and may carry a deductible

Comprehensive protection

This coverage pays for damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things like a tree branch falling on your vehicle, theft, hail damage and damage from a tornado or hurricane. The maximum payout your auto insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

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