How to Insure your BMW 760i on a Tight Budget
If buying car insurance was fun, we'd do it as a recreational sport. But the premiums we pay always seem to be too high and most of use would rather get a tooth pulled. Finding good insurance for your BMW 760i probably leaves you feeling the same way.
Step One: Insurance Quotes
Years ago, your local insurance agent was the only way to quote a buy a car insurance policy. Now that we have the internet, shopping for car insurance online is a snap!
You can compare insurance rates for a BMW 760i simply and quickly just by filling out one form. This allows you to quote the same coverages with multiple companies and pick the lowest rate.
To start saving, have your current policy handy and click the link below. Our short form makes it easy to enter your information and compare rates.
Quote Tip! In order to accurately compare rates for your 760i, it's critical that you use the same limits and deductibles for liability and physical damage coverages like comprehensive and collision. If you use different limits, you will not be able to accurately compare rates between carriers.
Step Two: Tried and True Ways to Save on 760i Insurance
Once you have quotes in hand, you can then consider some of the other techniques for lowering your 760i insurance rates.
- The BMW 760i is a higher performance vehicle, but do you really need the increased speed or power? Vehicles with more moderate performance are usually cheaper to insure.
- Auto theft is a big problem that costs us all money, but if your car is on the list of the most frequently stolen autos, you might be paying a little extra because of the temptation to thieves.
- The cost to repair luxury vehicles is generally more than the cost to repair your average domestic family sedan. Everything from paint to bumpers to windshields costs more for the 760i so expect to pay more for insurance.
- Being a senior citizen can qualify you for a small discount on your insurance rates. Older drivers are generally more cautious so they get a lower rate.
- If you have tended to file small claims with your car insurance company in the past, you're most likely going to pay higher premiums in the future. Consider paying minor claims out-of-pocket instead of blemishing your claim history.
- If you are a renter rather than a homeowner, you might pay a little more to insure your car. Owning a home takes financial repsonsibility and insurance companies reward those policy holders.
- Safety features such as passive restraints and air bag systems help reduce injuries in and accident, and car insurance companies will charge lower rates if these features are present.
- 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.
- If you think the only financial impact of a speeding ticket is a fine and court costs, think again. Insurance companies will raise your rates for up to three years for a single ticket.
- If your city or county offers a driver's safety course, find out if your insurance company will give you a discount to complete it. It could save you up to 10%.
- Car insurance rates for a teen driver on a BMW 760i 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.
- Do you keep your credit rating in good shape? If you do, you will get a better rate than if you let your credit score slide. Check your credit score regularly to make sure there are few blemishes on your record.
- Higher deductibles save money. If you can afford to pay a larger portion of a comprehensive or collision claim, you will pay substantially less for those coverages if you increase your deductibles to $500 or even $1,000.
Step Three: Buy the Best Policy
Knowing which company to insure your 760i 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.
Make sure to avoid any lapse in coverage by setting the new policy's effective date to be the same date you cancel your old policy. Otherwise you could be driving without any coverage.
Coverage will extend from your current policy if you're buying a BMW 760i, but if you don't have a policy, you will need to make sure you have coverage in place before you drive it off the dealership lot. Comprehensive (or Other than Collision) and collision coverage will extend to your new 760i if you current have a vehicle insured with those coverages. If you aren't insured or only carry basic liability coverage, then you will be inadequately insured until you add the vehicle to your policy with full coverage.
At the end of buying your policy, you will be able to print out a new proof-of-insurance card to place in your vehicle. This card is required by law and must be produced if requested by law enforcement. If you're considered a high-risk driver, having been convicted of a DUI, DWI, reckless driving or had your license suspended, you may need to file a SR-22. Be sure your new company files this form with your state DMV. Failure to do so can result in losing your right to drive.
Consumer Insurance Information
To do more research on car insurance, visit the Insurance Information Institute website.
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