Proven Methods to Save When Insuring Your BMW 760i

Having to pay for overpriced auto insurance can empty your bank account and put the squeeze on your family’s finances. Comparing price quotes is a smart way to make sure you’re not throwing money away. With so many choices, it can be challenging to find the right provider.

BMW 760i rate determination is complex

It’s important that you understand the different types of things that play a part in calculating the price you pay for auto insurance. Having a good understanding of what determines base rates allows you to make educated decisions that could result in better auto insurance rates.

Shown below are some of the items companies use to determine premiums.

• Theft deterrents lower rates – Choosing a vehicle with a theft deterrent system can save you a little every year. Anti-theft devices like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can thwart your car from being stolen.
• Frequent auto insurance claims increase rates – Companies give cheaper rates to policyholders who are claim-free. If you file claims often, you can definitely plan on either higher rates or even cancellation. Your insurance policy is designed for major claims that would cause financial hardship.
• Lower miles equals lower premium – The more you drive in a year’s time the higher your rate. Almost all companies charge to insure your cars determined by how the vehicle is used. Cars and trucks not used for work or commuting receive lower rates as compared to vehicles used primarily for driving to work. Ask your agent if your auto insurance policy is showing the correct driver usage, because improper ratings can cost you money. If your policy improperly rates your 760i may be costing you.
• Your age impacts your rates – More mature drivers tend to be more responsible, tend to cause fewer accidents and get fewer tickets. Teenage drivers tend to be more careless when driving and because of this, their auto insurance rates are much higher.
• Safer cars cost less to insure – Vehicles with high crash test scores tend to have better insurance rates. Safe vehicles result in less severe injuries and fewer injuries means lower claim amounts and lower rates for you. If your BMW scored better than four stars on Safercar.gov it may be receiving lower rates.
• Pay less if you’re married – Having a spouse can actually save you money on your auto insurance policy. Marriage translates into being more mature and responsible it has been statistically shown that married couples file fewer claims.

More discounts equal less premium

Insurance can cost an arm and a leg, but you can get discounts that can drop the cost substantially. Some trigger automatically at the time of quoting, but a few need to be specifically requested in order for you to get them. If you’re not getting every credit available, you are paying more than you should be.

• E-sign – A few companies will give a small break for buying a policy and signing up online.
• Anti-lock Brake System – Cars that have steering control and anti-lock brakes can reduce accidents and therefore earn up to a 10% discount.
• Fewer Miles Equal More Savings – Fewer annual miles on your BMW can qualify you for a substantially lower rate.
• Multi-policy Discount – If you insure your home and vehicles with the same insurance company you may save 10% to 20% off each policy.
• 55 and Retired – Mature drivers can possibly qualify for a discount up to 10% on 760i insurance.
• Pay Upfront and Save – If you pay your bill all at once instead of paying each month you can actually save on your bill.
• Driver Safety – Taking a course in driver safety could cut 5% off your bill and easily recoup the cost of the course.
• Passive Restraint Discount – Vehicles equipped with air bags or motorized seat belts may earn rate discounts up to 30%.
• Organization Discounts – Participating in certain professional organizations could qualify you for a break on your policy on 760i insurance.
• Life Insurance Discount – Larger companies have lower rates if you buy life insurance from them.

Keep in mind that most discounts do not apply the the whole policy. The majority will only reduce the cost of specific coverages such as comp or med pay. So when the math indicates it’s possible to get free car insurance, you’re out of luck. But any discount will bring down your overall premium however.

Is there truth in advertising?

Drivers can’t ignore all the ads for car insurance savings by companies like Allstate, GEICO and Progressive. They all seem to say the same thing of big savings after switching to them.

How can each company say the same thing? It’s all in the numbers.

All the different companies have a certain “appetite” for the type of customer they prefer to insure. A good example of a preferred risk could be between the ages of 40 and 55, has no tickets, and has great credit. Any driver that hits that “sweet spot” will get the preferred rates and most likely will save when switching.

Potential customers who don’t qualify for the requirements must pay more money and ends up with the driver buying from a lower-cost company. The ads state “people who switch” but not “drivers who get quotes” save money. This is how insurance companies can confidently claim big savings.

This illustrates why it is so important to get as many quotes as possible. It’s just too difficult to predict which company will fit your personal profile best.

Better coverage you can count on

We just covered quite a bit of information on how to save on BMW 760i insurance. It’s most important to understand that the more companies you get rates for, the better likelihood of reducing your rate. You may even discover the lowest priced auto insurance comes from the smaller companies. They can often insure niche markets at a lower cost as compared to the big name companies such as GEICO and State Farm.

Budget-conscious BMW 760i insurance can be bought on the web and with local insurance agents, and you need to price shop both to have the best rate selection. Some insurance providers do not offer online quoting and these regional insurance providers work with independent agents.