Cheapest 2003 BMW 7 Series Insurance Rates in 2023
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UPDATED: Jun 2, 2023
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Searching for lower insurance rates for your BMW 7 Series? Are you a victim of high-priced insurance? Trust us, there are a lot of people just like you who feel imprisoned by their insurance policy.
You have so many car insurance companies to purchase coverage from, and although it’s nice to have multiple companies, it can be more challenging to find the lowest rates.
It’s a good habit to price shop coverage quite often because prices are rarely the same from one policy term to another. Just because you found the lowest rates on 7 Series insurance six months ago other companies may now be cheaper. You’ll find quite a bit of inaccurate information about insurance online but we’re going to give you some great ideas on how to buy insurance cheaper.
Compare Car Insurance Today
There are multiple methods to compare 2003 BMW 7 Series car insurance prices but some are easier and takes less work. You could waste time talking about coverages with agents in your area, or you can utilize the internet to get pricing more quickly.
Most of the best insurance companies take part in a program where prospective buyers complete one form, and every company can provide price quotes for coverage. This saves time by eliminating quote forms for every car insurance company.
To use this form to compare 2003 BMW 7 Series insurance rates click here (opens in new window).
The only drawback to doing it this way is you cannot specify which providers you want pricing from. So if you prefer to pick specific insurance companies to request quotes from, we have a page of the cheapest car insurance companies in your area. Click here for list of insurance companies.
Whichever way you use, ensure you are comparing exactly the same quote information on every quote you get. If you enter higher or lower deductibles it’s not possible to make an equal comparison. Having just a slight variation in coverages may result in a large different in cost. And when quoting car insurance, remember that more quotes will increase your chances of finding the best offered rates.
Why your BMW 7 Series insurance rates may be high
Consumers need to have an understanding of the rating factors that help determine the rates you pay for insurance coverage. Having a good understanding of what impacts premium levels enables informed choices that will entitle you to big savings.
The following are some of the items insurance coverage companies consider when setting prices.
- Liability coverage is cheap – The liability section of your policy is the coverage that protects you if a court rules you are at fault for damages from an accident. It provides legal defense coverage which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap compared to insuring for physical damage coverage, so drivers should carry high limits.
- Pay less after the wedding – Having a spouse can get you a discount when buying insurance coverage. It means you’re more mature and responsible and it’s statistically proven that married drivers get in fewer accidents.
- More claims means more premium – Car insurance companies award cheaper rates to policyholders who file claims infrequently. If you are a frequent claim filer, you can definitely plan on either policy cancellation or increased premiums. Auto insurance is intended to be relied upon for the bigger claims that can’t be paid out-of-pocket.
- Lower deductibles cost more – Coverage for physical damage, termed comprehensive and collision coverage on your policy, protects your BMW from damage. Examples of covered claims would be collision with another vehicle, vandalism, and windstorm damage. Your deductibles are the amount of money you are willing to pay if you file a covered claim. The more you’re willing to pay, the less your company will charge you for insurance on 7 Series insurance.
- Your age impacts your rates – Mature drivers are viewed as being more responsible, tend to file fewer claims and tend to be better behind the wheel. Young drivers have a tendency to be less responsible in a vehicle therefore insurance coverage rates are much higher.
- Careful drivers pay lower rates – Your driving citation history has a huge affect on how much you pay. Good drivers tend to pay less for car insurance compared to drivers with tickets. Even one moving violation can increase rates by twenty percent. Drivers who have flagrant citations such as DWI, reckless driving or hit and run convictions may need to file a proof of financial responsibility form (SR-22) to the state department of motor vehicles in order to keep their license.
Cut your premium with discounts
Companies offering auto insurance don’t always publicize all their discounts in a way that’s easy to find, so we took the time to find both well-publicized and the more hidden discounts you could be receiving.
- Good Student Discount – Getting good grades can be rewarded with saving of up to 25%. The good student discount can last up until you turn 25.
- Distant Student – Any of your kids living away from home attending college and do not have access to a covered vehicle can receive lower rates.
- Air Bag Discount – Vehicles equipped with air bags and/or automatic seat belt systems can get savings up to 30%.
- Pay Now and Pay Less – If you pay your entire premium ahead of time rather than paying monthly you may reduce your total bill.
- Seat Belt Usage – Drivers who require all occupants to use their safety belts could cut 10% or more off your medical payments premium.
- Student Driver Training – Cut your cost by having your teen driver take driver’s ed class in school.
- Discount for Life Insurance – Companies who offer life insurance give better rates if you take out life insurance from them.
- Discount for Swiching Early – A few companies offer discounts for switching to them before your current expiration date. The savings is around 10%.
- Multi-car Discount – Insuring more than one vehicle with the same company could earn a price break for each car.
- Paperless Signup – A handful of insurance companies may give you up to $50 simply for signing digitally online.
Drivers should understand that most credits do not apply to your bottom line cost. Most cut specific coverage prices like physical damage coverage or medical payments. Even though it may seem like you could get a free car insurance policy, you’re out of luck.
Car insurance companies who might offer some of the above discounts include:
Double check with every prospective company how you can save money. Savings might not apply everywhere.
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What is the best insurance coverage?
When buying the best insurance coverage, there really is no best way to insure your cars. Everyone’s needs are different and a cookie cutter policy won’t apply. For instance, these questions can aid in determining if you could use an agent’s help.
- Can I rent a car in Mexico?
- Can my teen drive my company car?
- Why am I required to get a high-risk car insurance policy?
- Am I insured when driving a different vehicle?
- Does my car insurance cover rental cars?
- What exactly is covered by my policy?
- Do I have newly-aquired coverage?
- Does my personal policy cover me when driving out-of-state?
- Will my vehicle be repaired with OEM or aftermarket parts?
- Why do I only qualify for high-risk insurance?
If you don’t know the answers to these questions but a few of them apply, you may need to chat with an agent. To find lower rates from a local agent, take a second and complete this form or click here for a list of insurance companies in your area.
Auto insurance coverage information
Understanding the coverages of your policy can be of help when determining the right coverages at the best deductibles and correct limits. Policy terminology can be ambiguous and coverage can change by endorsement. These are the normal coverages available from insurance companies.
Protection from uninsured/underinsured drivers
Your UM/UIM coverage gives you protection from other drivers when they either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family as well as your vehicle’s damage.
Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.
Medical expense insurance
Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills for pain medications, X-ray expenses, nursing services, rehabilitation expenses and EMT expenses. The coverages can be utilized in addition to your health insurance policy or if you are not covered by health insurance. Coverage applies to all vehicle occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is only offered in select states but can be used in place of medical payments coverage
Collision coverage protection
This coverage pays for damage to your 7 Series resulting from a collision with another car or object. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against claims like sustaining damage from a pot hole, crashing into a building, sideswiping another vehicle and rolling your car. Paying for collision coverage can be pricey, so consider removing coverage from lower value vehicles. Drivers also have the option to raise the deductible to save money on collision insurance.
Liability car insurance
This coverage can cover damage that occurs to other people or property. It protects you from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 100/300/100 which stand for a limit of $100,000 per injured person, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged property.
Liability can pay for things like repair costs for stationary objects, court costs, loss of income and emergency aid. The amount of liability coverage you purchase is a decision to put some thought into, but you should buy as large an amount as possible.
Comprehensive (Other than Collision)
Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive can pay for claims such as vandalism, a tree branch falling on your vehicle, hitting a deer, damage from flooding and damage from getting keyed. The most you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much consider dropping full coverage.
Knowledge is power
In this article, we presented quite a bit of information on how to get a better price on 2003 BMW 7 Series insurance. The key concept to understand is the more times you quote, the better chance you’ll have of finding lower rates. You may even find the best price on insurance coverage is with a small local company. Some small companies may often insure only within specific states and give getter rates as compared to the big name companies such as Progressive or GEICO.
When trying to cut insurance costs, it’s very important that you do not skimp on critical coverages to save a buck or two. In many cases, someone dropped full coverage only to regret that the savings was not a smart move. Your aim should be to purchase plenty of coverage at a price you can afford.
More tips and info about insurance coverage is available in the articles below:
- Should I Buy a New or Used Car? (Allstate)
- Auto Insurance Basics (Insurance Information Insitute)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- Collision Coverage (Liberty Mutual)
- Child Safety Seats (Insurance Information Insitute)
Frequently Asked Questions
How can I compare car insurance prices for my 2003 BMW 7 Series?
There are multiple methods to compare car insurance prices for your 2003 BMW 7 Series. One way is to complete a form that allows you to receive quotes from multiple insurance companies. Another option is to visit a page that provides a list of the cheapest car insurance companies in your area.
Why are my BMW 7 Series insurance rates high?
Several factors can contribute to high insurance rates for your BMW 7 Series. Insurance companies consider factors such as your driving history, the model and age of your car, your location, and your coverage options when determining your rates. Additionally, insurance rates can vary between different companies, so it’s important to shop around for the best rates.
Are there any discounts available to lower my BMW 7 Series insurance premium?
Yes, car insurance companies often offer various discounts that can help lower your premium. Some common discounts include safe driver discounts, multi-policy discounts, anti-theft device discounts, and good student discounts. It’s recommended to check with each insurance company to see which discounts you may qualify for.
How do I choose the best insurance coverage for my BMW 7 Series?
The best insurance coverage for your BMW 7 Series depends on your individual needs and preferences. It’s important to consider factors such as your budget, desired level of coverage, and any specific requirements you may have. Consulting with an insurance agent can help you determine the appropriate coverage options for your situation.
What are the typical coverages available for car insurance?
Car insurance policies typically offer various coverages, including:
- Liability coverage: Protects against damage to other people or property in an accident.
- Collision coverage: Pays for damage to your vehicle resulting from a collision.
- Comprehensive coverage: Covers damage to your vehicle from incidents other than collisions, such as theft or vandalism.
- Uninsured/underinsured motorist coverage: Provides protection if you’re involved in an accident with a driver who doesn’t have insurance or has insufficient coverage.
- Medical expense coverage: Reimburses medical expenses for injuries sustained in an accident.
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