Paying for high-priced BMW 740i insurance can overdraw your bank account, especially in this economy. Comparison shopping is free and is an excellent way to lower your monthly bill.
Because you have many companies and agents to choose from, it is hard for the average consumer to choose the cheapest car insurance company.
It’s a good idea to take a look at other company’s rates yearly because prices change frequently. Even if you got the best price on 740i coverage two years ago you will most likely find a better rate today. Don’t believe everything you read about auto insurance online but I’m going to show you the easiest ways to find affordable auto insurance.
Factors influencing BMW 740i insurance rates
Consumers need to have an understanding of the different types of things that help determine the price you pay for auto insurance. Having a good understanding of what controls the rates you pay empowers consumers to make smart changes that may reward you with much lower annual insurance costs.
The following are some of the factors used by your company to calculate rates.
- Battle of the sexes – Statistics show that men are more aggressive behind the wheel. However, don’t assume that men are worse drivers. They both are in accidents at a similar rate, but men cause more damage and cost insurance companies more money. Men also have more aggressive citations like reckless driving and DUI.
- Younger drivers pay higher rates – Youthful drivers tend to be less responsible behind the wheel so auto insurance rates are higher. Having to add a teenage driver onto a policy can break the bank. Older drivers tend to be more responsible, tend to file fewer claims and get fewer tickets.
- Do you qualify for a multi-policy discount? – Many auto insurance companies will award you with lower prices to people who consolidate policies with them. It’s known as a multi-policy discount. This can amount to ten or even up to twenty percent in some cases. Even if you’re getting this discount it’s still a good idea to compare rates to ensure the best deal.
- Lower rates with optional equipment – Purchasing a vehicle with a theft deterrent system can get you a discount on your auto insurance. Theft prevention features such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping your car from being stolen.
- Bump up deductibles to save – Physical damage insurance, termed comprehensive and collision coverage on your policy, is used to repair damage to your BMW. Examples of covered claims would be collision with another vehicle, collision with an animal, or theft. Physical damage deductibles are how much you are willing to pay before a claim is paid by your company. The more you’re willing to pay, the less your company will charge you for insurance on 740i coverage.
- Rate your vehicle for proper use – Driving more miles in a year’s time the higher your rate. Almost all companies charge to insure your cars based on their usage. Cars and trucks used primarily for pleasure use receive lower rates compared to those used for work or business. Double check that your auto insurance coverage shows the proper vehicle usage, because improper ratings can cost you money. If your policy improperly rates your 740i may be costing you.
- How credit affects auto insurance rates – Having a bad credit rating is a important factor in determining what you pay for auto insurance. Consumers who have excellent credit tend to be less risk to insure as compared to drivers with lower ratings. So if your credit history can use some improvement, you could pay less to insure your BMW 740i by improving your rating.
Compare Auto Insurance Costs
To find the best auto insurance prices, there are several ways of comparing rate quotes from local auto insurance companies. The easiest way to find the lowest BMW 740i rates consists of obtaining rate quotes online. This can be done in a couple of different ways.
The single most time-saving way to get the best comparison quotes is a comparison rater form click here to open form in new window. This type of form saves time by eliminating boring form submissions for each company. One form will get you price quotes from auto insurance companies with the best prices.
A more time consuming way to find lower rates is spending the time to visit the website of each company and request a quote. For instance, let’s say you want to compare rates from GEICO, Farmers and Progressive. To get each rate you have to visit each site and enter your information, which is why the first method is more popular.
For a list of links to companies insuring cars in your area, click here.
The least recommended way to compare rates is to spend your day driving to local insurance agencies. The internet can eliminate the need for a local agent unless you require the trained guidance of a local agent. You can, however, comparison shop online but still have the advice of a local agent and we’ll talk about that later.
It’s your choice how you get your quotes, but ensure you’re using the exact same information on every quote you get. If you use different deductibles you can’t possibly truly determine the lowest rate. Just a small difference in limits could mean much higher rates. Just keep in mind that obtaining a wide range of quotes gives you a better chance of getting the best offered rates.
Don’t be fooled by advertising claims
Companies like 21st Century, Allstate and State Farm regularly use ads on television and other media. All the ads have a common claim that you’ll save big if you move to them. How do they all make the same claim? It’s all in the numbers.
Insurance companies have a certain “appetite” for the right customer that earns them a profit. An example of a profitable customer might be profiled as over the age of 50, is a homeowner, and drives less than 10,000 miles a year. A driver who fits that profile will get the preferred rates and is almost guaranteed to save a lot of money.
Potential insureds who do not match the requirements will have to pay higher premiums and ends up with the driver buying from a lower-cost company. Company advertisements say “customers who switch” not “everybody who quotes” save that much money. That’s why companies can claim big savings. Because of the profiling, you need to get a wide range of price quotes. Because you never know which auto insurance company will have the lowest rates.
Are you getting all your discounts?
Car insurance companies don’t always publicize all their discounts in a way that’s easy to find, so here is a list both well-publicized and also the lesser-known ways to save on auto insurance.
- Pay Now and Pay Less – If you pay your entire premium ahead of time instead of monthly or quarterly installments you could save up to 5%.
- No Claims – Good drivers with no accidents pay much less when compared to frequent claim filers.
- Resident Student – Kids in college who attend school more than 100 miles from home and do not have access to a covered vehicle can receive lower rates.
- Passive Restraint Discount – Vehicles equipped with air bags can qualify for discounts of more than 20%.
- Good Students Pay Less – This discount can be rewarded with saving of up to 25%. The discount lasts up until you turn 25.
- Student Driver Training – Require your teen driver to take driver’s ed class in high school.
Keep in mind that some credits don’t apply to the entire cost. Most only cut individual premiums such as comp or med pay. Just because you may think all those discounts means the company will pay you, companies don’t profit that way.
Price shop online but buy from a local agent
Some people just want to buy from a local agent and there is nothing wrong with that. The best thing about price shopping on the web is you may find better rates but still work with a licensed agent.
To help locate an agent, after submitting this simple form, your coverage information gets sent to local insurance agents who will battle to get your business. You won’t need to leave your house as quotes are delivered immediately to your email address. It doesn’t get any easier! You’ll get the best rates without the usual hassles of price shopping.
Choosing an insurer needs to be determined by more than just the premium amount. Any agent should be forthright in answering these questions:
- Is assistance available after office hours?
- Do they have any clout with companies to ensure a fair claim settlement?
- How often do they review policy coverages?
- Who are their largest clients?
- Do they specialize in personal lines coverage?
- Are claims handled at the agent’s location?
What types of auto insurance agents are there?
When finding an insurance agent, there are two types of agencies that differ in how they can insure your vehicles. Insurance agencies are categorized either independent or captive.
Agency Captives
Captive insurance agents can only write with one company like Allstate, State Farm and Farmers Insurance. They are unable to give you multiple price quotes so always compare other rates. Captive agencies are well schooled on their products and sales techniques which can be an advantage.
Independent Agencies or Brokers
Independent agents are not required to write business for one company but rather can write business with many different companies and possibly get better coverage at lower prices. To transfer your coverage to a different company, your agent can switch companies and that require little work on your part. When comparing rates, it’s a good idea to get quotes from several independent insurance agents for the best price selection.
To view a complete directory of agencies, click here.
Upon getting positive feedback in addition to an acceptable price estimate, you’ve probably found an auto insurance agent that meets your needs to provide auto insurance coverage.
Tailor your coverage to you
When it comes to choosing coverage for your personal vehicles, there is no one size fits all plan. Everyone’s needs are different and your policy should reflect that. For example, these questions may help highlight whether your personal situation could use an agent’s help.
- Should I buy additional glass protection?
- Does my policy cover my teen driver if they drive my company car?
- When should my teen driver be added to my policy?
- Do I need rental car coverage?
- Can I rate high risk drivers on liability-only vehicles?
- Does medical payments coverage apply to all occupants?
- If my BMW 740i is totaled, can I afford another vehicle?
If you’re not sure about those questions, you might consider talking to an insurance agent. To find an agent in your area, simply complete this short form or go to this page to view a list of companies.
Quote more, save more
When you buy insurance online, it’s very important that you do not buy poor coverage just to save money. There have been many cases where consumers will sacrifice comprehensive coverage or liability limits to discover at claim time that saving that couple of dollars actually costed them tens of thousands. Your aim should be to purchase plenty of coverage at a price you can afford while not skimping on critical coverages.
You just read many tips how you can compare BMW 740i insurance prices online. The key concept to understand is the more you quote, the better likelihood of reducing your rate. Consumers could even find that the biggest savings come from the least-expected company. These companies can often insure niche markets at a lower cost compared to the large companies like State Farm or Progressive.
