Searching for the cheapest insurance for a BMW 740Li could be a painful process, but you can learn a few tricks and make it easy.
There are both good and bad ways to shop for auto insurance so we’re going to tell you the absolute fastest way to price shop coverage for a new or used BMW and obtain the best price possible either online or from local insurance agents.
It’s smart to do rate comparisons occasionally because prices trend upward over time. If you had the lowest rates on 740Li insurance last year you may be paying too much now. Starting right now, forget anything you know (or think you know) about auto insurance because I’m going to teach you how to use the internet to properly buy coverages and cut your premium.
Finding Auto Insurance
Shopping for lower auto insurance rates can be exhausting if you don’t utilize the most efficient way to do it. You could waste time talking about coverages with agents in your area, or you can stay home and use the internet to achieve your goal.
Most of the larger companies are enrolled in a marketplace where prospective buyers enter their policy data once, and each participating company can give them a price based on that data. This system prevents you from having to do form submissions for each company you want a rate for.
To participate in this free quote system, click here (opens in new window).
The only drawback to pricing coverage this way is buyers cannot specifically choose which providers to receive prices from. So if you want to choose specific providers to receive pricing from, we have assembled a list of the cheapest auto insurance companies in your area. Click here to view list.
It doesn’t matter which method you choose, just be sure to compare apples-to-apples information with each company. If you have different liability limits it will be next to impossible to determine the best price for your BMW 740Li. Slightly different coverage limits may result in a large different in cost. And when comparing auto insurance rates, know that obtaining a wide range of quotes will increase your chances of finding the best price.
Do drivers who switch really save?
Auto insurance providers like State Farm and Allstate constantly bombard you with ads in print and on television. They all make an identical promise of big savings if you switch your coverage to them. How can each company say the same thing?
Insurance companies have a preferred profile for the type of customer they prefer to insure. For instance, a desirable insured could possibly be between 25 and 40, is a homeowner, and drives newer vehicles. Any driver that hits that “sweet spot” will qualify for the lowest rates and is almost guaranteed to pay quite a bit less when switching companies.
Consumers who don’t qualify for these standards will be quoted more money and ends up with the driver buying from a lower-cost company. The ads state “customers that switch” but not “drivers who get quotes” save that kind of money. That is how companies can make those claims.
This emphasizes why drivers must quote coverage with many companies. It’s just too difficult to predict the company that will give you the biggest savings.
BMW 740Li insurance rates have many determining factors
An important part of buying insurance is that you know the different types of things that play a part in calculating the price you pay for auto insurance. Knowing what controls the rates you pay helps enable you to make changes that will entitle you to much lower annual insurance costs.
- More claims means more premium – Auto insurance companies generally give lower rates to policyholders who file claims infrequently. If you tend to file frequent claims, you can look forward to either a policy non-renewal or much higher rates. Insurance coverage is designed for the large, substantial claims.
- Marriage pays dividends – Having a wife or husband can actually save you money on your auto insurance policy. Having a significant other translates into being more mature and it’s proven that married couples file fewer claims.
- More miles equals more premium – The more you drive in a year the higher your rates will be. The majority of insurers rate vehicles based on their usage. Cars and trucks used primarily for pleasure use receive lower rates than vehicles that are driven to work every day. An improperly rated 740Li may be costing you. Double check that your auto insurance policy is showing the correct driver usage, because improper ratings can cost you money.
- Special features that cut premiums – Purchasing a vehicle that has an advanced theft prevention system can get you a discount on your auto insurance. Theft prevention features like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping your vehicle from being stolen.
Lower rates by qualifying for discounts
Properly insuring your vehicles can get expensive, but companies offer discounts that you may not even be aware of. Some discounts apply automatically when you quote, but a few must be manually applied before they will apply.
- Sign Early and Save – A few companies offer discounts for buying a policy before your current expiration date. It can save you around 10%.
- Multi-car Discount – Insuring more than one vehicle on one policy may reduce the rate for each vehicle.
- Homeowners Discount – Owning a home may earn you a small savings because maintaining a house shows financial diligence.
- Drivers Ed for Students – Require your teen driver to enroll in driver’s education if offered at their school.
- Discount for Good Grades – A discount for being a good student can get you a discount of up to 25%. Earning this discount can benefit you up until you turn 25.
- Payment Discounts – If you pay your entire premium ahead of time rather than paying monthly you may reduce your total bill.
- Braking Control Discount – Vehicles equipped with ABS or steering control are safer to drive and therefore earn up to a 10% discount.
- Theft Prevention System – Anti-theft and alarm systems help deter theft and earn discounts up to 10%.
- New Car Discount – Putting insurance coverage on a new car can be considerably cheaper since new cars are generally safer.
- Defensive Driving Course – Taking part in a course teaching defensive driving skills could save 5% or more depending on where you live.
Consumers should know that most discount credits are not given to the entire policy premium. The majority will only reduce individual premiums such as liability and collision coverage. So despite the fact that it appears you would end up receiving a 100% discount, you’re out of luck. But all discounts will help reduce the amount you have to pay.
Buy online or local, you save
People switch companies for a number of reasons such as unfair underwriting practices, poor customer service, high rates after DUI convictions and even high prices. It doesn’t matter why you want to switch finding a new auto insurance company can be easier than you think.
As you prepare to switch companies, it’s a bad idea to reduce needed coverages to save money. Too many times, an insured cut full coverage and discovered at claim time that a couple dollars of savings turned into a financial nightmare. Your goal should be to buy the best coverage you can find at the best price while still protecting your assets.
Affordable BMW 740Li insurance can be sourced from both online companies as well as from independent agents, and you need to price shop both in order to have the best chance of saving money. Some insurance providers don’t offer online quoting and these small, regional companies work with independent agents.
