2023 BMW 7 Series Insurance Rates 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 8, 2024

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Trying to find the cheapest auto insurance rates for your BMW 7 Series? Comparison shopping for cheap auto insurance is challenging for people new to comparing prices online. Drivers have so many agents and companies to choose from that it can easily be a challenge to compare premium rates.

It’s a good idea to take a look at other company’s rates before your policy renews because insurance prices are usually higher with each renewal. Even if you think you had the lowest price on 7 Series coverage at your last renewal a different company probably has better rate quotes today. Forget anything you know (or think you know) about auto insurance because we’re going to show you the right way to reduce your cost while increasing coverage.

Earn discounts on car insurance

Car insurance is not cheap nor is it fun to buy but you might already qualify for some discounts that could help you make your next renewal payment. Certain reductions will be credited when you purchase, but a few must be specifically requested prior to receiving the credit.

  • Auto/Life Discount – Not every insurance company offers life insurance, but if they do you may earn a discount if you purchase a life policy as well.
  • Membership in Organizations – Being a member of a professional or civic organization may earn a discount on your bill.
  • Early Payment Discounts – By paying your entire bill at once instead of making monthly payments you may reduce your total bill.
  • Multi-Vehicle Discounts – Buying coverage for primary and secondary vehicles with one company may reduce the rate for each vehicle.
  • Homeowners Pay Less – Owning your own home or condo can save you money due to the fact that maintaining a home means you have a higher level of financial diligence.

Drivers should understand that some credits don’t apply to all coverage premiums. The majority will only reduce the price of certain insurance coverages like physical damage coverage or medical payments. So when it seems like you can get free auto insurance, car insurance companies aren’t that generous.

Larger car insurance companies and some of their more popular discounts are shown below.

  • State Farm has savings for good student, safe vehicle, good driver, accident-free, and student away at school.
  • Farmers Insurance discounts include alternative fuel, electronic funds transfer, switch companies, business and professional, youthful driver, and teen driver.
  • GEICO has discounts for driver training, anti-theft, military active duty, membership and employees, and anti-lock brakes.
  • American Family may include discounts for bundled insurance, early bird, good driver, accident-free, air bags, good student, and multi-vehicle.
  • Nationwide offers discounts including easy pay, multi-policy, good student, accident-free, and defensive driving.
  • Progressive offers discounts for good student, continuous coverage, multi-policy, online quote discount, multi-vehicle, online signing, and homeowner.

If you need lower rates, check with all the companies the best way to save money. Savings may not apply to policies in your area.

How car insurance companies determine BMW 7 Series insurance prices

Multiple criteria are used in the calculation when pricing auto insurance. Some factors are common sense like an MVR report, although some other factors are not quite as obvious such as your marital status and annual miles driven.

  • Buy a safe car and pay less – Vehicles with high crash test scores cost less to insure. Highly rated vehicles have better occupant injury protection and any reduction in injury severity means less claims paid and thus lower rates. If your BMW 7 Series is rated at a minimum four stars on Safercar.gov it may cost less to insure.
  • Add-on coverages may be wasting money – There are a lot of extra coverages that sound like a good idea at the time if you aren’t careful. Coverages for roadside assistance, accident forgiveness, and extra life insurance coverage are examples of these. They may seem good when discussing your needs, but your needs may have changed so eliminate the coverages to reduce your premium.
  • Your occupation is a factor – Did you know your career choice can influence rates? Occupations like fire fighters, executives and medical professionals generally have higher rates than the rest of us because of intense work situations and lots of time spent at work. Other careers like scientists, historians and homemakers have the lowest average rates on 7 Series coverage.
  • Marriage can save you money – Getting married may earn you lower rates when buying car insurance. It usually means you are more mature it has been statistically shown that married drivers get in fewer accidents.
  • Bundle policies and save money – Many insurers apply discounts to clients that purchase more than one policy such as combining an auto and homeowners policy. Discounts can add up to five, ten or even twenty percent. Even if you qualify for this discount already, drivers will still want to check prices from other companies to make sure you are getting the best deal. Consumers may find lower rates by buying car insurance from a different company.
  • You might want pay the minor insurance claims yourself – Car insurance companies give the lowest premiums to insureds who are not frequent claim filers. If you file claims often, you can definitely plan on much higher rates or policy non-renewal. Your insurance policy is intended for claims that pose a financial burden.
  • Raising coverage deductibles lowers prices – Protection for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your BMW. Some examples of claims that would be covered are a broken side mirror, damage from fire, or theft. Deductibles for physical damage represent how much money the insured will be required to pay if a claim is determined to be covered. The larger the amount the insured has to pay upfront, the less money you will pay for car insurance on 7 Series coverage.
  • Do you have enough liability insurance? – Your car insurance policy’s liability coverage will provide protection in the event that a court rules you are at fault for physical damage or personal injury to other. Your policy’s liability insurance provides legal defense coverage up to the limits shown on your policy. This coverage is very inexpensive compared to insuring for physical damage coverage, so drivers should make sure they buy enough to cover all assets.

Tailor your car insurance coverage to you

When it comes to buying proper insurance coverage, there really is no single plan that fits everyone. Your needs are not the same as everyone else’s.

Here are some questions about coverages that may help highlight if your situation would benefit from professional advice.

  • When should I drop full coverage on my 2023 BMW 7 Series?
  • Am I covered if I hit a deer?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • When would I need additional glass coverage?
  • Does insurance cover tools stolen from my truck?
  • Is a new car covered when I drive it off the dealer lot?
  • Why am I required to get a high-risk car insurance policy?
  • Will filing a claim cost me more?
  • Does my policy cover my teen driver if they drive my company car?

If you don’t know the answers to these questions, you may need to chat with an agent. If you don’t have a local agent, take a second and enter your zip code.

Specific coverage details

Learning about specific coverages of insurance can be of help when determining the right coverages and the correct deductibles and limits. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording.

Liability auto insurance

This coverage can cover damage or injury you incur to other’s property or people. This coverage protects you against claims from other people. Liability doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 50/100/50 which stand for a limit of $50,000 per injured person, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property. Alternatively, you may have one limit called combined single limit (CSL) which limits claims to one amount without having the split limit caps.

Liability can pay for claims like pain and suffering, legal defense fees, emergency aid, bail bonds and medical expenses. How much liability coverage do you need? That is a personal decision, but it’s cheap coverage so purchase as much as you can afford.

Uninsured/Underinsured Motorist coverage

Your UM/UIM coverage gives you protection from other motorists when they do not carry enough liability coverage. Covered losses include hospital bills for your injuries as well as damage to your BMW 7 Series.

Because many people 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 important protection for you and your family. Most of the time these coverages are set the same as your liability limits.

Comprehensive coverage

Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things such as damage from flooding, rock chips in glass, hitting a bird and hail damage. The most you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage kick in for bills for things like hospital visits, doctor visits, rehabilitation expenses, X-ray expenses and nursing services. The coverages can be used to fill the gap from your health insurance program or if there is no health insurance coverage. Coverage applies to all vehicle occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay

Collision protection

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

Collision coverage protects against things like driving through your garage door, backing into a parked car, sustaining damage from a pot hole and hitting a parking meter. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. Another option is to bump up the deductible in order to get cheaper collision rates.

Have money to burn

You just learned quite a bit of information on how to compare 2023 BMW 7 Series insurance rates online. It’s most important to understand that the more quotes you get, the better your chances of lowering your car insurance rates. Consumers may even find the lowest rates are with the smaller companies.

When shopping online for insurance, don’t be tempted to reduce coverage to reduce premium. There have been many cases where an insured cut uninsured motorist or liability limits only to regret that saving that couple of dollars actually costed them tens of thousands. Your objective should be to buy the best coverage you can find at the best possible price but still have enough coverage for asset protection.

Cheaper 2023 BMW 7 Series insurance can be purchased both online as well as from independent agents, and you need to price shop both to have the best chance of lowering rates. Some insurance companies do not provide rate quotes online and many times these regional carriers prefer to sell through local independent agencies.

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