How Much Does 2003 BMW 7 Series Insurance Cost?

Searching for the cheapest insurance rates for your BMW 7 Series? Tired of not being able to afford to pay your car insurance bill each month? You are no different than the majority of other car owners. You have multiple car insurance companies to pick from, and even though it’s nice to be able to choose, having more insurers makes it harder to find the best rates.

You should make it a habit to shop coverage around yearly since insurance rates trend upward over time. Even if you got the lowest rates on 7 Series insurance a couple years back you will most likely find a better rate today. So just ignore everything you know about insurance because you’re about to learn the proper way to reduce your cost while increasing coverage.

Save with discounts on 2003 BMW 7 Series insurance

Companies that sell car insurance do not list all available discounts very well, so the following is a list of some of the more common and the harder-to-find discounts you could be receiving. If you don’t get every credit available, you’re just leaving money on the table.

  • Service Members Pay Less – Being on active duty in the military can result in better rates.
  • Theft Prevention Discount – Vehicles with anti-theft systems help deter theft and qualify for as much as a 10% discount.
  • Good Student – Performing well in school can save 20 to 25%. Earning this discount can benefit you up to age 25.
  • Accident Free – Drivers with accident-free driving histories pay less when compared with accident-prone drivers.
  • Federal Government Employee – Employees or retirees of the government can save as much as 8% on 7 Series insurance with a few car insurance companies.
  • Own a Home – Owning a house may trigger a car insurance policy discount because maintaining a house requires personal responsibility.
  • Drive Less and Save – Fewer annual miles on your BMW could qualify for better rates on cars that stay parked.
  • Discount for New Cars – Adding a new car to your policy can cost up to 25% less because new vehicles have to meet stringent safety requirements.

It’s important to understand that some credits don’t apply to your bottom line cost. Most only apply to the price of certain insurance coverages like medical payments or collision. So when it seems like having all the discounts means you get insurance for free, companies wouldn’t make money that way.

A partial list of companies who might offer these money-saving discounts include:

Before buying, ask every prospective company how you can save money. Savings might not apply in your state.

Auto Insurance Prices Online

All the larger auto insurance companies quote pricing on their websites. Getting online quotes doesn’t take much effort as you just enter your coverage information into a form. After you complete the form, the system pulls your driving and credit reports and provides a quote based on many factors. Being able to quote online makes comparing rates easy, but the work required to visit multiple sites and enter the same data into a form can be a bit tiresome and repetitive. But it’s very important to compare as many rates as possible in order to get better prices.

The better way to compare rates

A quicker way to lower your auto insurance bill uses one simple form to get prices from several different companies. The form is fast, eliminates form submissions, and makes price shopping online a lot less work. Immediately after you send the form, it is rated and you are able to buy your choice of the pricing results. If one or more price quotes are lower than your current rates, you simply finish the application and buy the new coverage. This process just takes a couple of minutes and can result in significant savings.

If you want to compare rates now, click here to open in new window and submit the form. If you currently have coverage, we recommend you replicate deductibles and limits as close as possible to your current policy. This helps ensure you are getting an apples-to-apples comparison for similar insurance coverage.

Factors that might impact rates for a BMW 7 Series

Smart consumers have a good feel for some of the elements that come into play when calculating your auto insurance rates. Having a good understanding of what impacts premium levels allows you to make educated decisions that can help you get big savings.

  • Don’t sacrifice liability coverage – Your policy’s liability coverage will protect you if ever a court rules you are at fault for causing damage or personal injury in an accident. It provides legal defense coverage starting from day one. This coverage is very inexpensive as compared to coverage for physical damage, so drivers should carry high limits.
  • With age comes lower rates – Teen drivers are known to be careless and easily distracted when driving so auto insurance rates are higher. Parents adding a young driver onto a policy can be very expensive. More mature drivers are more cautious drivers, statistically cause fewer accidents and tend to be better behind the wheel.
  • Credit scores impact auto insurance rates – A driver’s credit score is a big factor in determining what you pay for auto insurance. Drivers who have high credit ratings tend to be better drivers and file fewer claims than drivers who have lower credit scores. So if your credit is low, you could be paying less to insure your 2003 BMW 7 Series by improving your rating.
  • Safe vehicles cost less to insure – Cars with high safety ratings are cheaper to insure. These vehicles protect occupants better and any reduction in injury severity means lower claim amounts passed on to you as lower rates. If your BMW 7 Series scored better than four stars on or an “acceptable” rating on it may be receiving lower rates.

Tailor your coverage to you

When it comes to choosing coverage for your personal vehicles, there is no cookie cutter policy. Everyone’s needs are different so your insurance should reflect that For example, these questions can aid in determining whether your personal situation could use an agent’s help.

  • Can I get a multi-policy discount?
  • Do I have coverage when pulling a U-Haul trailer?
  • Does my insurance cover my expensive audio equipment?
  • Am I covered if I break a side mirror?
  • Should I carry comprehensive and collision coverage?
  • How much underlying liability do I need for an umbrella policy?
  • Am I covered if hit by an uninsured driver?
  • When should I remove comp and collision on my 2003 BMW 7 Series?
  • Should I sign the liability waiver when renting a car?

If you don’t know the answers to these questions, you might consider talking to an agent. To find an agent in your area, complete this form or click here for a list of insurance companies in your area. It’s fast, free and can provide invaluable advice.

Can you really save $424 a year?

Consumers constantly see and hear ads for the lowest price auto insurance by companies like State Farm, Allstate and GEICO. All the ads have a common claim that you’ll save big if you switch to them.

How do they all make almost identical claims?

Insurance companies have a certain “appetite” for the right customer that makes them money. An example of a profitable customer could be between the ages of 30 and 50, insures multiple vehicles, and has excellent credit. A propective insured who meets those qualifications will get very good rates and as a result will probably save when switching.

Drivers who do not match the requirements will be charged higher prices which usually ends up with business going elsewhere. The ad wording is “customers that switch” not “everyone that quotes” save money. That’s the way companies can truthfully make the claims of big savings. That is why drivers should quote coverage with many companies. It’s just too difficult to predict which company will give you the biggest savings on BMW 7 Series insurance.

Insurance policy coverages for a 2003 BMW 7 Series

Having a good grasp of your insurance policy helps when choosing the right coverages and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring. Below you’ll find typical coverage types offered by insurance companies.

Auto liability insurance – This coverage provides protection from damages or injuries you inflict on other people or property by causing an accident. It protects YOU from claims by other people, and does not provide coverage for your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show values of 100/300/100 which stand for a $100,000 limit per person for injuries, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery.

Liability insurance covers things such as structural damage, medical services, emergency aid, medical expenses and repair bills for other people’s vehicles. How much liability coverage do you need? That is a personal decision, but you should buy higher limits if possible.

Collision coverage – Collision coverage covers damage to your 7 Series from colliding with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision insurance covers things like crashing into a building, backing into a parked car and damaging your car on a curb. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also bump up the deductible in order to get cheaper collision rates.

Comprehensive insurance – This covers damage OTHER than collision with another vehicle or object. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for things like vandalism, hitting a deer, fire damage, a tree branch falling on your vehicle and a broken windshield. The maximum payout your insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage provides protection from other drivers when they do not carry enough liability coverage. This coverage pays for hospital bills for your injuries as well as damage to your BMW 7 Series.

Because many people carry very low liability coverage limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea.

Med pay and Personal Injury Protection (PIP) – Coverage for medical payments and/or PIP provide coverage for expenses such as doctor visits, pain medications, surgery, EMT expenses and chiropractic care. They are often used to fill the gap from your health insurance policy or if you do not have health coverage. It covers you and your occupants and also covers getting struck while a pedestrian. PIP is not an option in every state and gives slightly broader coverage than med pay

Coverage on a shoestring budget

When you buy insurance online, it’s not a good idea to buy lower coverage limits just to save a few bucks. In many instances, drivers have reduced liability coverage limits to discover at claim time that their decision to reduce coverage ended up costing them more. Your aim should be to get the best coverage possible at the best price while still protecting your assets.

Low-cost 2003 BMW 7 Series insurance can be bought both online as well as from independent agents, and you should be comparing both so you have a total pricing picture. Some companies don’t offer the ability to get a quote online and most of the time these regional insurance providers sell through independent agents.

You just read a lot of techniques to save on insurance. The key concept to understand is the more times you quote, the better your comparison will be. Consumers may even find the lowest rates come from some of the lesser-known companies. These smaller insurers may cover specific market segments cheaper than the large multi-state companies such as GEICO and State Farm.

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