2024 BMW 7 Series Car Insurance Rates – 6 Ways to Save

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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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Scraping up a payment for high-priced BMW 7 Series insurance can eat up your family’s budget and possibly require postponing other expenditures. Performing a price comparison can be a smart way to make ends meet.

There is such a variety of car insurance companies to choose from, and although it’s a good thing to have a selection, it makes it harder to adequately compare rates.

Finding the best rates is not that difficult. If you have a current insurance policy or are looking for a new policy, you can use these tips to find the best rates while maintaining coverages. Vehicle owners just need to learn how to shop for insurance on the web.

Six discounts for lower-cost insurance coverage rates

Car insurance companies don’t always advertise all possible discounts very well, so we break down some of the more common and the harder-to-find discounts you could be receiving when you buy insurance coverage online. If you do not double check each discount possible, you are paying more than you should be.

  • Student in College – College-age children who live away from home to go to college and won’t have access to an insured vehicle may be insured at a cheaper rate.
  • Home Ownership Discount – Owning a home can help you save on insurance coverage since home ownership is proof of financial responsibility.
  • Accident Waiver – This one is not really a discount per se, but companies like Liberty Mutual, Allstate and State Farm will allow you to have one accident without getting socked with a rate hike if you are claim-free for a certain period of time.
  • Telematics Data – People who choose to allow driving data submission to track driving habits remotely such as Progressive’s Snapshot may see discounts if their driving habits are good.
  • Braking Control Discount – Vehicles that have anti-lock braking systems prevent accidents and qualify for as much as a 10% discount.
  • No Claims – Drivers with accident-free driving histories pay less when compared with policyholders that have many claims.

Policy discounts save money, but many deductions do not apply to the entire cost. Most only cut the cost of specific coverages such as medical payments or collision. If you do the math and it seems like all those discounts means the company will pay you, companies don’t profit that way. But all discounts will help lower the amount you pay for coverage.

If you would like to choose from a list of insurers that offer the discounts shown above, enter your zip code here.

The fastest way that we advise to compare car insurance rates is to know the trick almost all companies participate in online systems to compare rate quotes. All you need to do is give them some information like level of coverage desired, if a SR-22 is needed, types of safety features, and the year, make and model of vehicles. Your rating data is submitted instantly to many different companies and you receive quotes instantly.

To get price quotes for your 2024 BMW 7 Series now, click here and complete the form.

Tailor your insurance coverage to you

When buying proper insurance coverage, there is no cookie cutter policy. Everyone’s needs are different and your policy should reflect that. For instance, these questions might point out if your insurance needs might need professional guidance.

  • Where can I get insurance after a DUI in my state?
  • Where can I find DUI or SR-22 insurance?
  • How much can I save by bundling my policies?
  • When should I remove comp and collision on my 2024 BMW 7 Series?
  • Is my dog or cat covered if injured in an accident?
  • Do I have coverage when pulling a U-Haul trailer?
  • Can I afford low physical damage deductibles?

If you can’t answer these questions, you might consider talking to an insurance agent. To find an agent in your area, fill out your zip code. It is quick, free and may give you better protection.

Insurance policy specifics

Knowing the specifics of a insurance policy helps when choosing appropriate coverage and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and even agents have difficulty translating policy wording. Listed below are the normal coverages found on the average insurance policy.

Liability coverages – This coverage can cover damage or injury you incur to a person or their property. It consists of three limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged property.

Liability can pay for claims such as court costs, structural damage, emergency aid and funeral expenses. How much coverage you buy is a personal decision, but you should buy as high a limit as you can afford.

Comprehensive or Other Than Collision – Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for claims like a broken windshield, damage from getting keyed, damage from a tornado or hurricane, hitting a deer and hail damage. The most your insurance company will pay is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants and damage to your 2024 BMW 7 Series.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked.

Collision coverage – Collision insurance pays for damage to your 7 Series caused by collision with an object or car. A deductible applies then the remaining damage will be paid by your insurance company.

Collision can pay for claims like scraping a guard rail, damaging your car on a curb, crashing into a ditch and driving through your garage door. This coverage can be expensive, so consider removing coverage from lower value vehicles. You can also raise the deductible to save money on collision insurance.

Medical costs insurance – Med pay and PIP coverage reimburse you for expenses like surgery, ambulance fees, rehabilitation expenses and EMT expenses. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. They cover you and your occupants and will also cover getting struck while a pedestrian. PIP coverage is not available in all states and may carry a deductible

Pennies from heaven

The cheapest 2024 BMW 7 Series insurance can be bought on the web as well as from independent agents, so you should compare both so you have a total pricing picture. There are still a few companies who may not have online price quotes and many times these regional insurance providers only sell through local independent agents.

As you go through the steps to switch your coverage, make sure you don’t buy poor coverage just to save money. There are many occasions where someone sacrificed physical damage coverage only to regret at claim time that it was a big error on their part. Your strategy should be to buy a smart amount of coverage for the lowest cost, but do not skimp to save money.

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