2001 BMW 7 Series Insurance Quotes – 9 Ways to Save

Searching for low-cost insurance for a new or used BMW 7 Series can be a painful process, but you can use a few tricks to make it easier.

There is a better way to shop for car insurance so we’re going to tell you the quickest way to compare rates for a new or used BMW and locate the cheapest rates from local insurance agents and online providers.

It is always a good idea to get comparison quotes yearly since rates change frequently. Even if you got the lowest price on 7 Series insurance two years ago you can probably find a better price now. Don’t believe everything you read about car insurance online but we’re going to give you some great ideas on how to find affordable car insurance.

Insurance Quote Comparison

Lowering your 2001 BMW 7 Series insurance rates is not a difficult process. All that’s required is to spend a little time to compare quotes online with multiple companies. It is quite easy and can be accomplished in several different ways.

  • The single most time-saving way to find the lowest comparison rates is an all-inclusive rate comparison like this one (opens in new window). This form saves time by eliminating boring form submissions for every insurance company. One quote request will return quotes direct from many companies. Recommended for those who want to invest the least amount of time.
  • A more time consuming way to get comparison quotes requires you to visit the website for every company you want to comare to complete their respective quote request forms. For examples sake, let’s say you want comparison quotes from Auto-Owners, Allstate and State Farm. You would have to spend time on each company’s site and enter your information, which is why most consumers use the first method. For a list of links to companies insuring cars in your area, click here.
  • The least efficient way of getting rate comparisons is driving around to and from local insurance agencies. The ability to buy insurance online eliminates the need for an insurance agent unless you have a need for the professional guidance of a local agent. You can, however, price shop your coverage online but buy from a local insurance agent. We’ll cover that shortly.

Whichever method you choose, ensure you are comparing exactly the same coverages for each price quote. If you are comparing higher or lower deductibles it will be next to impossible to find the best deal for your BMW 7 Series.

Are you getting all your discounts?

Insurance can be prohibitively expensive, but there are discounts available to help offset the cost. Some discounts apply automatically at the time of quoting, but lesser-known reductions have to be specifically requested before you get the savings. If you don’t get every credit available, you’re just leaving money on the table.

  • Seat Belt Usage – Drivers who require all occupants to use their safety belts can save up to 15% on the medical payments or PIP coverage costs.
  • Good Students Pay Less – This discount can save 20 to 25%. The discount lasts up until you turn 25.
  • New Vehicle Savings – Adding a new car to your policy can be considerably cheaper because new vehicles have to meet stringent safety requirements.
  • More Vehicles More Savings – Buying insurance for multiple cars or trucks on the same car insurance policy qualifies for this discount.
  • Safe Drivers – Safe drivers can get discounts for up to 45% lower rates on 7 Series insurance than drivers with accidents.
  • Government Employees – Simply working for the federal government could cut as much as 10% off on 7 Series insurance depending on your company.
  • Drive Less and Save – Fewer annual miles on your BMW can qualify you for better rates on cars that stay parked.
  • College Student – Children who are attending college and don’t have a car may be able to be covered for less.
  • Accident Waiver – A few companies allow you one accident before raising your premiums as long as you don’t have any claims for a particular time prior to the accident.

It’s important to understand that most discount credits are not given to the overall cost of the policy. Some only apply to specific coverage prices like collision or personal injury protection. So even though they make it sound like having all the discounts means you get insurance for free, car insurance companies aren’t that generous. Any qualifying discounts will help reduce your overall premium however.

To see a list of providers with discount car insurance rates, click here to view.

When might I need an agent?

When buying the best auto insurance coverage, there really is not a perfect coverage plan. Everyone’s situation is a little different.

Here are some questions about coverages that might help in determining if your situation might need an agent’s assistance.

  • If I drive on a suspended license am I covered?
  • Am I covered if I crash into my own garage door?
  • Does my 2001 BMW 7 Series need full coverage?
  • Does car insurance cover theft of personal property?
  • How much underlying liability do I need for an umbrella policy?
  • Am I covered if my car is in a flood?
  • How does medical payments coverage work?
  • Does my personal policy cover me when driving out-of-state?
  • How do I file an SR-22 for a DUI in my state?

If it’s difficult to answer those questions but one or more may apply to you, you might consider talking to an insurance agent. To find an agent in your area, take a second and complete this form. It’s fast, doesn’t cost anything and you can get the answers you need.

Coverages available on your policy

Knowing the specifics of insurance helps when choosing appropriate coverage and proper limits and deductibles. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording.

Insurance for medical payments – Coverage for medical payments and/or PIP reimburse you for immediate expenses such as ambulance fees, funeral costs, nursing services and X-ray expenses. They can be utilized in addition to your health insurance policy or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. Personal injury protection coverage is not universally available and may carry a deductible

Liability insurance – This protects you from damages or injuries you inflict on other’s property or people by causing an accident. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 25/50/25 that translate to a limit of $25,000 per injured person, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property. Some companies may use one limit called combined single limit (CSL) which limits claims to one amount rather than limiting it on a per person basis.

Liability can pay for things such as medical services, legal defense fees, bail bonds and emergency aid. How much liability coverage do you need? That is a decision to put some thought into, but buy as large an amount as possible.

Uninsured Motorist or Underinsured Motorist insurance – Your UM/UIM coverage gives you protection from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked. Most of the time these coverages are identical to your policy’s liability coverage.

Comprehensive coverage (or Other than Collision) – Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims like damage from a tornado or hurricane, hitting a deer, a broken windshield and hail damage. The highest amount a insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Collision coverage – This pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims like crashing into a ditch, colliding with another moving vehicle, hitting a mailbox and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. You can also increase the deductible to save money on collision insurance.