2016 BMW 7 Series Car Insurance Cost in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: May 9, 2024

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Purchasing the cheapest car insurance on the internet can be rather difficult for consumers that are not comfortable with quoting and comparing prices on the web. With so many insurance agents and insurers available, how can you efficiently compare every company in order to find better prices?

Cheapest insurance rate quotes

Most of the larger companies such as State Farm, GEICO and Progressive give pricing on the web. Getting quotes is possible for anyone because you just enter the coverages you want as requested by the quote form. When the form is submitted, the system obtains your credit score and driving record and gives you a price quote based on the information you submitted.

Online price estimates makes it simple to compare prices but having to visit many different websites and type in the same information is repetitive and time-consuming. Unfortunately, it is important to do this in order to get better prices.

The easiest way to find better insurance pricing uses one form to get prices from multiple companies. This type of form saves time, reduces the work, and makes online shopping a little more enjoyable. After sending your information, it is rated and you are able to buy any of the pricing results. If one or more price quotes are lower than your current rates, you can simply submit the application and buy the policy. The whole process takes less than 15 minutes and you’ll know if lower rates are available.

If you want to find out what other companies charge, simply enter your zip code here and submit the form. If you have coverage now, it’s recommended that you enter as close as possible to your current policy. This guarantees you will have a fair comparison for the exact same coverage.

Insurance coverage can be complex

When buying the right insurance coverage, there is no cookie cutter policy. Your needs are not the same as everyone else’s.

For instance, these questions may help highlight whether your personal situation may require specific advice.

  • Is my cargo covered for damage or theft?
  • Is my custom paint covered by insurance?
  • Am I covered if hit by an uninsured driver?
  • Do I have coverage if my license is suspended?
  • Should I rate my 2016 BMW 7 Series as pleasure use or commute?
  • Are there companies who specialize in insuring high-risk drivers?

If it’s difficult to answer those questions but you think they might apply to your situation, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, complete your zip code.

Insurance coverage options for a BMW 7 Series

Having a good grasp of your insurance policy helps when choosing appropriate coverage and proper limits and deductibles. Insurance terms can be confusing and coverage can change by endorsement.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” are uninsured or don’t have enough coverage. Covered losses include 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, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family.

Comprehensive insurance

Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive can pay for claims like hitting a deer, vandalism, damage from a tornado or hurricane, theft and a tree branch falling on your vehicle. The maximum amount a insurance company will pay at claim time 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.

Collision insurance

This pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage pays for claims like hitting a mailbox, driving through your garage door, sideswiping another vehicle and damaging your car on a curb. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. You can also increase the deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills for rehabilitation expenses, EMT expenses and ambulance fees. They are used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants as well as being hit by a car walking across the street. Personal injury protection coverage is not available in all states and gives slightly broader coverage than med pay

Liability coverage

Liability insurance provides protection from injuries or damage you cause to people or other property that is your fault. This coverage protects you from legal claims by others, and does not provide coverage for your injuries or vehicle damage.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property.

Liability coverage pays for things like repair costs for stationary objects, emergency aid and legal defense fees. The amount of liability coverage you purchase is a personal decision, but you should buy as large an amount as possible.

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