Three Steps to Paying Less for BMW 745Li Insurance
If shopping your car insurance around was fun, we'd do it much more often. But the premiums we pay always seem to be too high and most of use would rather get a tooth pulled. Cutting the check for each renewal on your BMW 745Li might give you the same feeling.
Step One: Insurance Rate Comparison Quotes
Up until about ten years ago, the only way to shop for car insurance was in the office of a local insurance agent where you'd get a hard sell into a policy. Now you can compare rates and buy a policy online!
Getting online rate quotes for a BMW 745Li from all the major insurance companies is very easy and only requires you to enter your information once.
To begin, click on the link below and complete the short form. It only takes a few minutes and it's helpful to have your current policy handy if you have one.
Use the Same Coverages! It's really important that when doing multiple quotes for your 745Li that you use identical coverages for liability, comprehensive and collision. If you use different values, it's impossible to determine which company has the lower rates.
Step Two: Tried and True Ways to Save on 745Li Insurance
There are many contributing factors that determine what you pay to insure your BMW. You can help yourself (and your wallet) by paying attention to the following rate factors.
- If you need the extra performance that your BMW 745Li gives you, then you'll have to pay extra to insure it. Higher performance cars tend to be more expensive to insure.
- If you're over the age of 55, check to see if you qualify for a senior citizen discount. Qualification age may vary by company
- Repairing accident damage generally costs more for the 745Li because the replacement parts cost more. You can expect your car insurance bill to reflect these higher costs for repair.
- If you carry full coverage on your vehicle, you can slash your rates by increasing your comprehensive and collision deductibles. You'll pay more out-of-pocket but you will save with every renewal.
- Car insurance rates for a teen driver on a BMW 745Li will be expensive no matter what kind of coverage you have. But if you don't need comprehensive and collision, consider dropping those to save money.
- A single speeding ticket can cost you several hundreds of dollars over the next three years thanks to increased car insurance rates. Slow down and drive safely.
- The advancement of car safety features such as traction control, stability control, front and side-impact air bags and all-wheel drive all help keep insurance costs down.
- Small claims that may only exceed your physical damage deductibles by a small amount are better off not being submitted to your company. Just pay the extra hundred dollars or two and keep a claim-free discount on your policy.
- Reduce your rates by buying a car that is not a hot model for car thieves. Certain makes and models are more tempting than others, and high-frequency stolen vehicles get charged a higher rate.
- Check your credit rating each year and address any problem areas. Higher credit scores mean lower car insurance rates.
- If your teen driver has completed a driver's education class in school, check to see if your insurance company offers any discounts for this.
- When buying a new policy, you do not want a gap in coverage. This lapse is viewed by insurance companies as a high risk, and you will pay more for your next policy.
- Renters will find they may be paying more for insurance as compared to homeowners. Owning a home can often get you a small discount on your car insurance.
Step Three: Finalize your Policy Details
Knowing which company to insure your 745Li with is more than just choosing the lowest rate. You also need to be ready to put a down payment on your policy and make sure you have all the proper coverages in place.
It's critical that your new policy starts the same day that your old policy ends. If you are cancelling mid-term, make sure there is no lapse in coverage before your new policy kicks in.
If the BMW 745Li is a new purchase and you already have car insurance, then you will have some coverage that extends to the vehicle. But if you let your old policy lapse or have never had coverage, you don't have any protection once you buy the vehicle. When driving off the lot, you may have coverage that extends from your current policy. But it will only be equal to the most coverage you have on any vehicle. So if you only carry liability coverage, you won't be covered for full coverage until you specify it on your policy.
The proof-of-insurance card that is required by state law to be carried in your vehicle can be printed out upon completion of your car insurance policy. High risk drivers may be required to submit an SR-22 with their state DMV's. If you have been convicted of reckless driving, DUI or had an uninsured accident, you may qualify. Make sure your new policy reflects the need for the SR-22 filing.
More Resources for Insurance Buying
The Insurance Information Institute website has a great library of car insurance topics that cover claims, replacement parts, rental cars and more.
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