How to Lower Your BMW 740Li Insurance Rates In Five Minutes or Less
If buying car insurance was fun, we'd do it as a recreational sport. But unfortunately, it's difficult for a lot of people and we always seem to pay more than we should. You probably feel the same way when trying to find cheaper coverage for your BMW 740Li.
Step One: Insurance 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. But now you can eliminate that hassle and buy online!
The best car insurance companies offer online quoting for a BMW 740Li and it's very easy to compare different rates by only using one form.
To start, click the link below to begin entering your information. After you complete the form, you will receive comparison rates from different companies so you easily determine if you can save money.
Important Tip! In order to accurately compare rates for your 740Li, 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: How to Save on 740Li Insurance
Once you have quotes in hand, you can then consider some of the other techniques for lowering your 740Li insurance rates.
- Since your vehicle is higher performance than average, you can expect to pay a little more for coverage. To keep your costs lower, you may consider trading for a lower performance vehicle that has more moderate rates.
- One of the best ways to lower your insurance rates is to raise your credit score. Check your rating once a year and make sure to address any problem areas immediately.
- Repairing accident damage generally costs more for the 740Li because the replacement parts cost more. You can expect your car insurance bill to reflect these higher costs for repair.
- Minor driving violations such as speeding tickets can cause your rates to go up. Too many violations in a short period of time will cause your policy to be non-renewed.
- Homeowners often see a break on their car insurance rates because there is a correlation between owning a home and being a responsible driver.
- Youthful or teen drivers that are rated on any vehicle will cost more. The inexperience and tendancy to enjoy going fast is a recipe for an accident.
- Gaps in insurance coverage will cause problems for your insurance rates. Don't let your policy expire without having new coverage in place.
- If you can afford to pay for small claims like a broken windshield out of pocket, it will keep small claims off your record and give you a claim-free discount.
- Successfully completing a driver's training class can help lower your rates if your insurance company offers that discount.
- Safety features such as antilock brakes, traction control and air bag systems all help reduce the cost of car insurance by keeping the passengers safer.
- If you belong to a professional organization, check to see if that can earn you a discount. If you're over the age of 55, check to see if they have a senior citizen discount as well.
- Insurance companies pay attention to which vehicles are stolen the most, so if your car is frequently targeted by thieves, chances are good you will pay more for insurance if you live in certain parts of the country.
- You can save money on your physical damage coverage (comprehensive and collision) by increasing your deductibles. Higher deductibles mean you are willing to pay more before the insurance company covers a claim.
Step Three: Purchase a New Policy
If you have found a good price by comparing quotes and also made informed decisions regarding policy limits, deductibles and other policy options that are available, you can now purchase the policy and bind coverage.
You can cancel a policy at any time, but just remember to make the effective date of the replacement policy the exact same as the date you cancel your old policy. You do not want any gaps in coverage between policies.
Any time you buy a new vehicle, make sure you have car insurance in place, either from an existing policy or a new policy that you purchase from the dealership floor. 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.
Once your new policy has been purchased, you are required to keep the proof-of-insurance card in your vehicle at all times. This is required by state law and you can receive a citation if you cannot provide it. 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 has a great resource of car insurance articles where you can learn more about coverages and money saving tips. Visit iii.org.