1998 BMW 7 Series Insurance Cost

Paying for overpriced BMW 7 Series insurance can take a big chunk out of your monthly budget and force you to make tough financial choices.

Due to the large number of choices of insurance companies, it is hard for the average consumer to find the cheapest insurance coverage provider.

Get lower-cost insurance with discounts

The price of auto insurance can be rather high, but there could be significant discounts that many people don’t even know exist. Certain credits will be shown when you purchase, but some may not be applied and must be specially asked for prior to getting the savings. If you don’t get every credit possible, you could be saving more on your insurance.

• Military Discounts – Being on active duty in the military may qualify for rate reductions.
• Home Ownership Discount – Owning a house may earn you a small savings because owning a home means you have a higher level of financial diligence.
• Distant Student Discount – Any of your kids living away from home attending college and do not have access to a covered vehicle may be insured at a cheaper rate.
• ABS Braking Discount – Cars, trucks, and SUVs with ABS braking systems or traction control can reduce accidents and qualify for as much as a 10% discount.
• More Vehicles More Savings – Buying a policy with primary and secondary vehicles on a single policy could earn a price break for each car.
• No Claims – Insureds who avoid accidents and claims pay less in comparison with drivers who are more careless.
• Discount for Good Grades – A discount for being a good student can earn a discount of 20% or more. This discount can apply up to age 25.
• Government Employees – Simply working for the federal government can save as much as 8% for 7 Series insurance but check with your company.
• Discount for Life Insurance – Companies who offer life insurance give a discount if you purchase life insurance.
• Memberships – Affiliation with certain professional organizations can get you a small discount on your next renewal.

A quick disclaimer, some of the credits will not apply to all coverage premiums. Some only reduce the cost of specific coverages such as comprehensive or collision. Just because it seems like you could get a free insurance policy, it just doesn’t work that way.

To choose insurance companies who offer insurance discounts, click this link.

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Tailor your auto insurance coverage to you

When buying adequate coverage for your vehicles, there really is no perfect coverage plan. Everyone’s situation is unique so your insurance needs to address that. These are some specific questions could help you determine if your situation may require specific advice.

• If my pet gets injured in an accident are they covered?
• When should I remove comp and collision on my 1998 BMW 7 Series?
• Am I covered when delivering products for my home-based business?
• Is a blown tire covered by insurance?
• Should I put collision coverage on all my vehicles?
• Why am I required to buy liability insurance?

If you’re not sure about those questions, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, fill out this quick form or go to this page to view a list of companies.

Why you might not save $427 a year

Companies like State Farm, Geico and Progressive seem to constantly run ads on TV and radio. All the companies advertise claims that drivers will save a bundle if you just switch to them. How is it plausible that every one can make the same claim?

Most companies have specific criteria for a prospective insured that earns them a profit. One example of a preferred risk might have to be a female over age 40, has never had a policy lapse, and drives less than 10,000 miles a year. Any person that hits that “sweet spot” will probably get the lowest car insurance rates and will most likely cut their rates substantially.

Drivers who fall short of these standards will probably have to pay higher premiums which results in business going elsewhere. The wording the ads use say “drivers that switch” not “everyone who quotes” save the amount stated. That’s the way insurance companies can confidently state the savings. This emphasizes why you should quote coverage with many companies. You cannot predict which insurance companies will provide the lowest premium rates.

Educate yourself about insurance coverages

Understanding the coverages of a insurance policy helps when choosing which coverages you need for your vehicles. Insurance terms can be difficult to understand and nobody wants to actually read their policy. Listed below are typical coverages found on most insurance policies.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP pay for immediate expenses such as EMT expenses, hospital visits, pain medications, prosthetic devices and X-ray expenses. The coverages can be used to fill the gap from your health insurance program or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

Liability car insurance

This will cover injuries or damage you cause to people or other property by causing an accident. It protects you against other people’s claims. It does not cover your own vehicle damage or injuries.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have values of 50/100/50 that translate to $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property.

Liability coverage protects against things such as pain and suffering, bail bonds, repair bills for other people’s vehicles, medical expenses and structural damage. How much liability should you purchase? That is up to you, but consider buying as large an amount as possible.

Uninsured/Underinsured Motorist (UM/UIM)

This gives you protection when the “other guys” either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW 7 Series.

Since a lot of drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is very important.

Comprehensive insurance

Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage protects against things such as damage from getting keyed, damage from a tornado or hurricane, a tree branch falling on your vehicle, falling objects and rock chips in glass. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Coverage for collisions

This will pay to fix damage to your 7 Series resulting from a collision with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision can pay for claims like backing into a parked car, rolling your car, crashing into a ditch, damaging your car on a curb and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. It’s also possible to raise the deductible to bring the cost down.

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A little work can save a LOT of money

Cheaper 1998 BMW 7 Series insurance can be found online and also from your neighborhood agents, and you need to comparison shop both in order to have the best chance of saving money. There are still a few companies who may not have the ability to get quotes online and many times these smaller companies provide coverage only through independent insurance agents.

We covered many ideas to save on 1998 BMW 7 Series insurance. It’s most important to understand that the more companies you get prices for, the better your chances of lowering your prices. You may even find the lowest priced insurance coverage comes from some of the lesser-known companies. These companies may only write in your state and offer lower prices than the large multi-state companies such as Allstate, Geico and Progressive.

As you restructure your insurance plan, it’s a bad idea to reduce coverage to reduce premium. There are many occasions where someone sacrificed liability coverage limits to discover at claim time that they should have had better coverage. The ultimate goal is to buy enough coverage for the lowest price while still protecting your assets.

Additional insurance coverage information can be read at these links:

• Prepare your Teens for Safe Driving (InsureUonline.org)
• What is Covered by an Auto Insurance Policy? (Insurance Information Insitute)
• A Tree Fell on Your Car: Now What? (Allstate)
• Understanding Car Crashes Video (iihs.org)
• Avoiding Deer Collisions (Insurance Information Insitute)

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