2014 BMW i8 Insurance Rates – 6 Policy Discounts

If you’ve never shopped for car insurance quotes online, it’s easy to get bewildered by the confusing number of insurers competing for your business.

Insurance policy discounts you can’t miss

Auto insurance companies don’t always publicize every possible discount very well, so below is a list both the well known and also the lesser-known insurance savings.

  • Early Switch Discount – A few companies allow discounts for signing up before your current expiration date. Ten percent is about the average savings.
  • Discount for Home Ownership – Being a homeowner may trigger a policy discount on insurance because maintaining a house is proof that your finances are in order.
  • E-sign Discounts – Some of the larger companies provide a small discount shop car insurance on the internet.
  • Military Rewards – Being deployed with a military unit may qualify for rate reductions.
  • Telematics Discount – Insureds that choose to allow driving data collection to study where and when they drive by using a telematics device in their vehicle such as Progressive’s Snapshot could save a few bucks if they have good driving habits.
  • Accident Free – Insureds with no claims or accidents pay less compared to drivers who are more careless.

It’s important to understand that some of the credits will not apply to your bottom line cost. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. So when the math indicates all the discounts add up to a free policy, company stockholders wouldn’t be very happy. But any discount will positively reduce the amount you pay for coverage.

Companies who may offer many of the previously listed discounts include:

Before buying, ask each company or agent how many discounts you can get. Some credits might not be offered in your area. To find insurance companies that offer many of these discounts, click here.

First Step: Get free insurance coverage quotes

Effectively comparing insurance coverage prices is a ton of work if you don’t know the easiest way. You could spend your day discussing policy coverages with insurance agencies in your area, or you can stay home and use online quoting to get prices fast.

Most car insurance companies belong to an insurance system that allows shoppers to send in one quote, and each company provides a quote for coverage. This system prevents you from having to do quote forms to every company.

To submit your quote information now, click to open in new window.

The only drawback to pricing coverage this way is that you can’t choose which insurance companies to get pricing from. So if you prefer to pick specific providers to compare prices, we have assembled a list of low cost insurance coverage companies in your area. Click here for list of insurance companies.

It’s up to you which method you use, but double check that you are using identical coverages on every quote. If you use different coverage information it will be impossible to find the best deal for your BMW i8. Having just a slight variation in insurance coverages can result in a big premium difference. Just remember that more quotes helps increase your odds of locating the best price. Some insurance companies are not set up to provide online quotes, so it’s recommended that you also compare rates from them, too.

Insurance agents can help

When buying proper insurance coverage for your vehicles, there is no single plan that fits everyone. Each situation is unique.

These are some specific questions can aid in determining if your situation would benefit from professional advice.

  • How much underlying liability do I need for an umbrella policy?
  • Does my 2014 BMW i8 qualify for pleasure use?
  • How can I find cheaper teen driver insurance?
  • Should I drop comprehensive coverage on older vehicles?
  • Does coverage extend to my business vehicle?
  • Is my ex-spouse still covered by my policy?
  • What is an SR-22 filing?
  • I have good health insurance, so how much medical payments coverage do I need?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Am I covered when driving in Canada or Mexico?

If you’re not sure about those questions but you know they apply to you then you might want to talk to an insurance agent. To find lower rates from a local agent, simply complete this short form.

Coverage specifics

Having a good grasp of your car insurance policy can be of help when determining which coverages you need and the correct deductibles and limits. Car insurance terms can be impossible to understand and coverage can change by endorsement.

Medical payments coverage and PIP – Coverage for medical payments and/or PIP kick in for expenses like funeral costs, nursing services and surgery. They are often used in conjunction with a health insurance program or if you are not covered by health insurance. Coverage applies to all vehicle occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Liability car insurance – Liability insurance protects you from damages or injuries you inflict on a person or their property that is your fault. It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 50/100/50 which means a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Another option is one limit called combined single limit (CSL) which provides one coverage limit and claims can be made without the split limit restrictions.

Liability insurance covers claims like attorney fees, legal defense fees, repair costs for stationary objects, emergency aid and structural damage. How much liability should you purchase? That is up to you, but consider buying as high a limit as you can afford.

Collision – This pays for damage to your i8 resulting from colliding with an object or car. A deductible applies then your collision coverage will kick in.

Collision coverage protects against claims such as colliding with another moving vehicle, hitting a mailbox and driving through your garage door. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. You can also choose a higher deductible to get cheaper collision coverage.

Uninsured/Underinsured Motorist coverage – This protects you and your vehicle from other motorists when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your 2014 BMW i8.

Since many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is very important. Most of the time your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Comprehensive coverage – Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things like fire damage, theft, a tree branch falling on your vehicle, hail damage and hitting a bird. The most your car insurance company will pay is the market value of your vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

The best insurance company isn’t always the cheapest

Drivers who switch companies do it for many reasons like high prices, an unsatisfactory settlement offer, policy cancellation or even denial of a claim. Regardless of your reason, finding a new insurance company is not as difficult as it may seem.

When getting car insurance quotes online, never reduce needed coverages to save money. There are a lot of situations where someone dropped collision coverage only to regret at claim time that they should have had better coverage. Your objective should be to purchase a proper amount of coverage at the best price, but do not sacrifice coverage to save money.

We covered some good ideas how you can lower your 2014 BMW i8 insurance prices. It’s most important to understand that the more quotes you get, the better your comparison will be. Consumers may even find the lowest prices are with the least-expected company.

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