How Much Does 2016 BMW i8 Car Insurance Cost?

Searching for better insurance rates for your BMW i8? Scraping up a payment for overpriced BMW i8 insurance can bleed your personal savings and force you to make sacrifices. Doing a rate comparison is recommended to slash your bill and have more diposable income.

Lots of insurers contend for your business, so it can be very hard to choose a company and uncover the absolute lowest rate possible.

If you have insurance now or need a new policy, you will benefit by learning to shop for the lowest rates while maximizing coverage. Finding the best rates is not rocket science. Vehicle owners just need to know how to find the lowest price online.

Which insurance coverage is cheapest?

There are a lot of ways to compare insurance coverage quotes, and some are easier and takes less work. You can spend countless hours talking about coverages with insurance companies in your area, or you could use the web to achieve your goal.

Many insurance companies participate in an industry program where insurance shoppers submit one quote, and every company can provide price quotes based on that information. This eliminates the need for quotation requests for every insurance coverage company.

To fill out one form to compare multiple rates now click here to start a free quote.

The only drawback to using this type of system is that consumers can’t choose which providers to get quotes from. So if you prefer to pick specific insurance companies for rate comparison, we have assembled a list of insurance coverage companies in your area. Click to view list.

Take whichever approach you prefer, but ensure you are comparing identical information for each comparison quote. If your comparisons have different values for each quote it’s not possible to find the best deal for your BMW i8.

You may qualify for discounts

Insurance is neither fun to buy or cheap, but you might already qualify for some discounts to help offset the cost. Most are applied at quote time, but once in a while a discount must be inquired about prior to getting the savings.

  • Drivers Education – Make teen driver coverage more affordable by requiring them to sucessfully take a drivers education course in school.
  • 55 and Retired – Drivers that qualify as senior citizens may be able to get better insurance rates on i8 insurance.
  • Cautious Driver Discount – Drivers without accidents may receive a discount up to 45% on i8 insurance than drivers with accidents.
  • Low Miles Discount – Driving fewer miles can earn cheaper insurancerates.
  • Discount for Passive Restraints – Factory options such as air bags or motorized seat belts can get savings of more than 20%.
  • Homeowners Discount – Owning a home can earn you a little savings due to the fact that maintaining a home is proof that your finances are in order.

A little disclaimer on discounts, most discounts do not apply to all coverage premiums. Some only apply to the price of certain insurance coverages like physical damage coverage or medical payments. Even though it may seem like you could get a free insurance policy, insurance companies aren’t that generous.

Auto insurance companies that may offer these money-saving discounts are:

Double check with each insurance company what discounts are available to you. Some credits may not apply to policyholders in every state. If you would like to view providers that offer multiple discounts, click here.

There’s no such thing as the perfect car insurance policy

When buying coverage, there really is no single plan that fits everyone. Every insured’s situation is different so your insurance should reflect that Here are some questions about coverages that might help in determining whether or not you would benefit from an agent’s advice.

  • I don’t drive much so do I pay less?
  • Does coverage extend to Mexico or Canada?
  • Am I covered if I wreck a rental car?
  • What can I do if my company won’t pay a claim?
  • How much liability do I need to cover my assets?
  • Is my teenager covered with friends in the car?
  • What companies insure drivers after a DUI or DWI?
  • What is roadside assistance coverage?
  • Can I rent a car in Mexico?
  • What are the financial responsibility laws in my state?

If you can’t answer these questions then you might want to talk to an insurance agent. If you want to speak to an agent in your area, fill out this quick form or go to this page to view a list of companies. It’s fast, free and can help protect your family.

Car insurance coverage breakdown

Learning about specific coverages of your policy can help you determine the best coverages and the correct deductibles and limits. Policy terminology can be confusing and coverage can change by endorsement. These are the normal coverages found on the average car insurance policy.

Liability coverages

Liability coverage provides protection from damage or injury you incur to other’s property or people by causing an accident. It protects you from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see limits of 100/300/100 that translate to a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property. Alternatively, you may have one number which is a combined single limit which provides one coverage limit and claims can be made without the split limit restrictions.

Liability can pay for things such as legal defense fees, court costs and medical expenses. How much coverage you buy is up to you, but you should buy higher limits if possible.

Comprehensive coverage

This coverage covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims like theft, falling objects and hitting a bird. The maximum payout you can receive from a comprehensive claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses for things like pain medications, chiropractic care, nursing services and ambulance fees. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. Coverage applies to you and your occupants and also covers if you are hit as a while walking down the street. PIP is not available in all states but can be used in place of medical payments coverage

Collision coverage protection

This coverage pays for damage to your i8 resulting from a collision with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims such as crashing into a building, sustaining damage from a pot hole, sideswiping another vehicle, damaging your car on a curb and colliding with a tree. Paying for collision coverage can be pricey, so consider removing coverage from older vehicles. You can also choose a higher deductible to save money on collision insurance.

Uninsured/Underinsured Motorist coverage

This coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your BMW i8.

Due to the fact that many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Usually these coverages are similar to your liability insurance amounts.