Lower Your 2015 BMW i8 Car Insurance Rates

Trying to find better car insurance rates for your BMW i8? Paying for pricey BMW i8 insurance can bleed your bank account and force you to make sacrifices. Doing a price comparison is a great way to make ends meet.

Because there are so many companies to choose from, it can be challenging to find the cheapest car insurance provider.

Eight tips to get more affordable insurance costs

Multiple criteria are considered when you get a price on insurance. Some of the criteria are obvious such as traffic violations, but others are less apparent like where you live or how safe your car is.Part of the car insurance buying process is learning a few of the rating criteria that help calculate your policy premiums. When you understand what impacts premium levels, this enables informed choices that may reward you with much lower annual insurance costs.

The items below are a few of the things car insurance companies consider when setting prices.

  • Consolidating policies can get discounts – Lots of insurance companies will award discounts to customers who have multiple policies with them, otherwise known as a multi-policy discount. The discount can add up to 10 percent or more. Even with this discount applied, you still need to compare other insurance prices to help ensure you have the lowest rates. You may still save even more than the discount by buying car insurance from a different company.
  • Do you know you’re credit score? – Credit history is likely to be a major factor in your rate calculation. Consumers who have good credit tend to be better risks to insure than drivers who have poor credit. So if your credit history is lower than you’d like, you could save money insuring your 2015 BMW i8 by taking the time to improve your credit score.
  • Never let your policy lapse – Driving without insurance can get your license suspended and any future policy may cost more because you let your insurance coverage expire. And not only will insurance be more expensive, getting caught without coverage could earn you a fine, jail time, or a revoked license. You could then be forced to prove you have insurance by filing a SR-22 with your state DMV.
  • Raise deductibles and save – Physical damage deductibles define how much you are willing to pay if the claim is covered. Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your car. A few examples of covered claims are a windshield broken by a bird, collision with a deer, and damage caused by road hazards. The larger the amount the insured is willing to pay, the better rate you will receive on i8 insurance.
  • Certain vocations raise prices – Do you have a high-stress occupation? Careers like fire fighterspolice officers and dentists tend to pay the highest rates in part from intense work requirements and extremely grueling work hours. Conversely, jobs like professors, students and the unemployed have the lowest average rates on i8 insurance.
  • Drive less and save – Driving a lot of miles in a year’s time the more you’ll pay to insure it. Almost all companies charge rates based upon how you use the vehicle. Autos used primarily for pleasure use can be on a lower rate level than cars that get driven a lot. Double check that your car insurance declarations sheet shows the correct usage for each vehicle. An improperly rated i8 is throwing money out the window.
  • Big city or small town – Being located in areas with lower population can save you money when trying to find low car insurance rates. Less people living in that area means less chance of accidents and also fewer theft and vandalism claims. Drivers in populated areas regularly have more road rage incidents and a longer drive to work. Spending more time driving statistically corresponds to a higher accident and claim rate.
  • Better rates on safer vehicles – Safe vehicles tend to be cheaper to insure. The safest vehicles protect occupants better and fewer serious injuries means your insurance company pays less and cheaper rates on your policy.

Where can I get affordable insurance coverage?

There are multiple methods to compare insurance coverage prices but some are easier and takes less work. You can waste hours talking about coverages with agents in your area, or you could use the internet to get rate comparisons in just a few minutes.

Most major companies are enrolled in a marketplace that allows shoppers to enter their coverage request one time, and each company then returns a price quote based on the submitted data. This system prevents you from having to do quote requests to each company.

To participate in this free quote system, click to open in new window.

The one disadvantage to using this type of form is buyers cannot specifically choose the companies you want pricing from. So if you want to select from a list of companies to compare, we put together a list of low cost insurance coverage companies in your area. View list of insurance companies.

Take whichever approach you prefer, but make sure you use equivalent coverages for each comparison quote. If you compare different limits and deductibles on each one you will not be able to determine which company has the best rates. Having just a slight variation in coverages may result in a large different in cost. And when price shopping your coverage, comparing a wide range of rates provides better odds of finding a lower rate than you’re paying now. Some regional insurers cannot provide quotes online, so you need to compare price quotes from those companies as well.

Do you qualify for discount auto insurance?

Auto insurance companies don’t necessarily list every policy discount very well, so below is a list a few of the more well known and also the lesser-known discounts that you may qualify for.

  • Discount for Home Ownership – Just owning your own home may earn you a small savings because maintaining a house requires a higher level of personal finance.
  • Payment Method – By paying your policy upfront instead of paying each month you may have a lower total premium amount.
  • Service Members Pay Less – Having a deployed family member could be rewarded with lower rates.
  • More Vehicles More Savings – Buying coverage for more than one vehicle with the same auto insurance company can reduce rates for all insured vehicles.
  • Data Collection Discounts – Policyholders that allow driving data collection to scrutinize driving manner by installing a telematics device like Allstate’s Drivewise might get better premium rates if they have good driving habits.
  • Discounts for Responsible Drivers – Insureds without accidents can get discounts for up to 45% lower rates on i8 insurance than less cautious drivers.
  • Government Employee Discount – Active or former government employment could qualify for a slight premium decrease on i8 insurance with some auto insurance companies.
  • Drivers Education – Have your child take driver’s ed class if it’s offered in school.
  • Low Miles Discount – Driving fewer miles may allow you to get lower prices on the low mileage vehicles.

A little note about advertised discounts, most discount credits are not given to all coverage premiums. A few only apply to the price of certain insurance coverages like comp or med pay. Even though it may seem like you would end up receiving a 100% discount, it doesn’t quite work that way.

To see a list of providers who offer cheap auto insurance quotes, follow this link.

What insurance coverages do I need?

When choosing proper insurance coverage for your personal vehicles, there isn’t really a “best” method to buy coverage. Coverage needs to be tailored to your specific needs and your policy should reflect that. For example, these questions might point out if your situation will benefit from professional help.

  • Where can I get insurance after a DUI in my state?
  • What is medical payments coverage?
  • Why do I only qualify for high-risk insurance?
  • When do I need to add a new car to my policy?
  • Does car insurance cover theft of personal property?
  • Will I lose any money if I cancel my policy before it expires?
  • Is my babysitter covered when using my vehicle?
  • Should I bundle my homeowners policy with my auto?
  • Should I buy more coverage than the required minimum liability coverage?
  • What happens if I owe more than my 2015 BMW i8 is worth?

If it’s difficult to answer those questions but a few of them apply, you may need to chat with an insurance agent. If you don’t have a local agent, simply complete this short form or go to this page to view a list of companies.

The coverage is in the details

Learning about specific coverages of a insurance policy aids in choosing the best coverages at the best deductibles and correct limits. The terms used in a policy can be confusing and nobody wants to actually read their policy. Listed below are typical coverages found on the average insurance policy.

UM/UIM Coverage

This provides protection when the “other guys” either have no liability insurance or not enough. Covered losses include hospital bills for your injuries as well as damage to your BMW i8.

Due to the fact that many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea. Most of the time these coverages are identical to your policy’s liability coverage.

Liability coverages

This coverage can cover damage or injury you incur to other people or property in an accident. It protects YOU against other people’s claims, and 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 policy limits of 50/100/50 which means a limit of $50,000 per injured person, a total of $100,000 of bodily injury coverage per accident, and a total limit of $50,000 for damage to vehicles and property. Occasionally you may see a combined single limit or CSL which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage pays for claims such as medical expenses, bail bonds and attorney fees. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as large an amount as possible.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses for rehabilitation expenses, hospital visits and surgery. They are often used to fill the gap from your health insurance program or if there is no health insurance coverage. Coverage applies to all vehicle occupants and also covers any family member struck as a pedestrian. PIP coverage is not universally available and may carry a deductible

Comprehensive or Other Than Collision

Comprehensive insurance will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things such as a broken windshield, hail damage and vandalism. The maximum payout your insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Collision insurance

Collision coverage pays for damage to your i8 caused by collision with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims like colliding with a tree, scraping a guard rail and sideswiping another vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. You can also raise the deductible to save money on collision insurance.

Quote more, save more

While you’re price shopping online, do not sacrifice coverage to reduce premiums. In many instances, an accident victim reduced full coverage only to discover later that they should have had better coverage. The proper strategy is to buy a smart amount of coverage at the lowest possible cost.

Throughout this article, we presented a lot of techniques to reduce 2015 BMW i8 insurance prices online. It’s most important to understand that the more you quote insurance, the higher the chance of saving money. You may be surprised to find that the best price on insurance coverage is with a company that doesn’t do a lot of advertising. Regional companies can often provide lower rates in certain areas compared to the large companies like State Farm or Progressive.

Some insurance coverage companies may not provide internet price quotes and most of the time these small insurance companies prefer to sell through local independent agencies. Lower-priced 2015 BMW i8 insurance is available on the web and also from your neighborhood agents, so compare prices from both to have the best selection.

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