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BMW BMW 7-Series Insurance Rates

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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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UPDATED: May 11, 2022

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Looking for better auto insurance rates for your BMW 7 Series? Having to pay for overpriced auto insurance can take a big chunk out of your savings account and force you to prioritize other expenses. Shopping your coverage around is free and is an excellent way to slash your bill and have more diposable income. Consumers have many auto insurance companies to buy insurance from, and although it’s a good thing to have multiple companies, so many choices can make it hard to find a good deal.

It’s a good habit to compare rates every six months since insurance rates are adjusted regularly by insurance companies. Even if you got the lowest price on 7 Series insurance last year the chances are good that you can find a lower rate today. Forget all the misinformation about auto insurance because I’m going to let you in on the secrets to the right way to find great coverage at a great price.

Finding affordable coverage is quite easy. If you are insured now or are just looking to switch companies, you can learn to shop for the lowest rates and still get good coverage. Vehicle owners only need to know the most effective way to compare rates over the internet.

Auto Insurance Prices

Finding a lower price on 2007 BMW 7 Series insurance is a fairly straight forward process. Consumers just need to invest a few minutes comparing rate quotes online with multiple companies. This is very easy and can be done using a couple different methods.

  1. One of the simplest ways to get the best comparison quotes is an all-inclusive rate comparison click here to open form in new window. This method saves time by eliminating separate quotation requests for each company. One form submission will return price quotes from several companies.
  2. A different way to shop for auto insurance online is to manually visit the website for every company you want to comare and complete a new quote form. For instance, let’s say you want to compare rates from Auto-Owners, Farmers and Progressive. You would have to spend time on each company’s site and enter your information, which is why the first method is more popular.

    For a list of links to companies insuring cars in your area, click here.

  3. The hardest way to get comparison rates is driving around to and from local insurance agencies. The ability to buy insurance online makes this process obsolete unless you want the personal advice only provided by licensed agents. Drivers can price shop your coverage online and get advice from an agent in your area and we’ll touch on that later.

However you get your quotes, make darn sure you compare identical deductibles and coverage limits for each comparison quote. If you have higher or lower deductibles you can’t possibly determine which rate is truly the best.

What determines your BMW 7 Series insurance premium

An important part of buying insurance is that you know the factors that come into play when calculating the rates you pay for insurance coverage. Knowing what influences your rates allows you to make educated decisions that can help you get much lower annual insurance costs.

  • Battle of the sexes – Statistics show women tend to be less risk to insure than men. However, don’t assume that women are BETTER drivers than men. Men and women cause accidents in similar percentages, but the males cause more damage and cost insurance companies more money. They also get more serious tickets such as DWI and reckless driving.
  • Don’t let your coverage lapse – Driving your car without having proper coverage can get your license suspended and you will pay a penalty because you let your coverage lapse. And not only will your rates increase, failure to provide proof of insurance might get you a license revocation or jail time.
  • Your job and insurance rates – Occupations such as lawyers, social workers and dentists tend to have the highest average rates because of job stress and long work hours. Other jobs such as actors, historians and the unemployed receive lower rates on 7 Series insurance.
  • Teen drivers pay high rates – Older drivers tend to be more responsible, statistically cause fewer accidents and get fewer tickets. Teenage drivers are known to be careless and easily distracted behind the wheel and because of this, their insurance coverage rates are much higher.
  • Pleasure use or commuting – The higher the mileage driven every year the higher your rates will be. Most insurance companies price each vehicle’s coverage based upon how you use the vehicle. Cars and trucks that are left in the garage receive lower rates than those used for commuting. Having the wrong rating on your 7 Series can result in significantly higher rates. Verify your insurance coverage declarations sheet properly reflects the correct usage for each vehicle, because improper ratings can cost you money.
  • Rural vs Urban Areas – Being located in less populated areas has it’s advantages when buying insurance coverage. Fewer drivers translates into fewer accidents as well as less vandalism and auto theft. Drivers who live in large cities tend to have congested traffic and much longer commute distances. Longer commute distances means more change of being in an accident.
  • Traffic violations increase rates – Whether or not you get tickets has a big impact on rates. Good drivers tend to pay less for car insurance compared to drivers with tickets. Even a single citation can increase rates forty percent or more. Drivers with flagrant tickets such as DWI, reckless driving or hit and run convictions are required to submit a SR-22 form to the state department of motor vehicles in order to keep their license.
  • Discounts for married couples – Being married can get you a discount on insurance coverage. Having a significant other is viewed as being more mature and it’s proven that married drivers get in fewer accidents.

Take discounts and save

Companies offering auto insurance don’t necessarily list all their discounts very well, so we break down both well-publicized and the more hidden car insurance savings. If you don’t get every credit you deserve, you’re just leaving money on the table.

  • Paperless Signup – A few companies will give a small break for buying a policy and signing up over the internet.
  • Theft Prevention System – Vehicles equipped with anti-theft or alarm systems can help prevent theft and qualify for as much as a 10% discount.
  • Good Student Discount – Performing well in school can save 20 to 25%. The discount lasts well after school through age 25.
  • Low Mileage Discounts – Keeping the miles down on your BMW can qualify you for better rates on cars that stay parked.
  • Homeowners Pay Less – Simply owning a home can help you save on car insurance because owning a home shows financial diligence.
  • Anti-lock Brake Discount – Vehicles with anti-lock braking systems can reduce accidents and therefore earn up to a 10% discount.
  • Accident Waiver – A handful of insurance companies allow you one accident without raising rates as long as you don’t have any claims for a set time period.

A little note about advertised discounts, some of the credits will not apply the whole policy. A few only apply to specific coverage prices like comprehensive or collision. Just because it seems like adding up those discounts means a free policy, car insurance companies aren’t that generous.

Insurance companies who might offer these money-saving discounts are:

It’s a good idea to ask each company how you can save money. Some discounts might not be offered in every state.

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Which policy gives me the best coverage?

When buying the best auto insurance coverage for your personal vehicles, there isn’t really a single plan that fits everyone. Every situation is different and your policy should reflect that. For example, these questions could help you determine whether you would benefit from professional advice.

  • Does my insurance cover my expensive audio equipment?
  • Is rental equipment covered for theft or damage?
  • Which is better, split liability limits or combined limits?
  • Are my friends covered when driving my 2007 BMW 7 Series?
  • What if I owe more than I can insure my car for?
  • How much liability do I need to cover my assets?

If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form or go to this page to view a list of companies. It’s fast, free and may give you better protection.

Car insurance coverage information

Having a good grasp of your policy can help you determine appropriate coverage and proper limits and deductibles. Insurance terms can be impossible to understand and nobody wants to actually read their policy. Below you’ll find typical coverage types found on most insurance policies.

UM/UIM (Uninsured/Underinsured Motorist) coverage

This coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include injuries sustained by your vehicle’s occupants and damage to your BMW 7 Series.

Because many people only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage kick in for bills for rehabilitation expenses, X-ray expenses and dental work. They are used to cover expenses not covered by your health insurance plan 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

Liability

This coverage provides protection from damage or injury you incur to other people or property in an accident. It protects you against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 100/300/100 which stand for a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged property.

Liability coverage protects against claims like medical expenses, legal defense fees, medical services, structural damage and repair bills for other people’s vehicles. The amount of liability coverage you purchase is your choice, but buy as large an amount as possible.

Collision protection

Collision coverage will pay to fix damage to your 7 Series resulting from a collision with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.

Collision insurance covers claims like damaging your car on a curb, driving through your garage door, hitting a mailbox and scraping a guard rail. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. You can also increase the deductible to get cheaper collision coverage.

Comprehensive auto coverage

Comprehensive insurance covers damage that is not covered by collision coverage. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things like damage from a tornado or hurricane, theft, fire damage, rock chips in glass and vandalism. The highest amount you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

In the end, you save

Cheap 2007 BMW 7 Series insurance is attainable both online in addition to many insurance agents, so compare prices from both to get a complete price analysis. Some companies do not provide the ability to get a quote online and many times these smaller companies only sell through independent insurance agents.

When you buy insurance online, you should never skimp on coverage in order to save money. There are too many instances where an insured cut comprehensive coverage or liability limits only to discover later that the savings was not a smart move. Your focus should be to purchase plenty of coverage at a price you can afford.

We covered a lot of tips how to shop for insurance online. The key thing to remember is the more providers you compare, the more likely it is that you will get a better rate. You may be surprised to find that the most savings is with the least-expected company. Regional companies may only write in your state and offer lower rates than the large multi-state companies such as GEICO and State Farm.

Additional information

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