Lower Your 2016 BMW i8 Insurance Cost in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 2, 2024

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There isn’t anyone who is fond of buying insurance, particularly when the cost is too high.

Lots of insurers contend to insure your vehicles, and it can be difficult to compare rates to find the lowest rate

Consumers need to quote other rates every six months because insurance rates are variable and change quite frequently. Even if you think you had the best premium rates for i8 insurance on your last policy you will most likely find a better price today. Ignore everything you know about insurance because you’re going to get a crash course in how to quote online to remove unneeded coverages and save money.

Save money with these insurance coverage discounts

Some companies do not list every discount in an easy-to-find place, so the following is a list of a few of the more well known as well as some of the hidden discounts that may be available.

  • Bundle and Save – When you have multiple policies and insure them with the same company they may give you a discount of at least 10% off all policies.
  • Driver Training Discounts – Participating in a class that teaches defensive driving techniques could cut 5% off your bill and make you a better driver.
  • Buy New and Save – Insuring a vehicle that is new can get you a discount because newer vehicles keep occupants safer.
  • Safety Restraint Discount – Using a seat belt and requiring all passengers to buckle up could save 15% off PIP or medical payments premium.
  • Passenger Safety Discount – Cars that have air bags or automatic seat belts can get savings as much as 30%.
  • Early Signing – Some insurance companies provide a discount for switching to them early. You could save around 10% when you buy car insurance online.
  • Good Students Pay Less – A discount for being a good student could provide a savings of up to 20% or more. Most companies allow this discount well after school through age 25.
  • E-sign Discounts – Some insurance companies give back up to $50 for signing up over the internet.
  • Pay Upfront and Save – If you pay your bill all at once rather than paying in monthly installments you can actually save on your bill.
  • Drive Less and Save – Fewer annual miles on your BMW can earn lower premium rates on the low mileage vehicles.

As a footnote on discounts, most discounts do not apply to the entire policy premium. The majority will only reduce the price of certain insurance coverages like comprehensive or collision. Even though it appears having all the discounts means you get insurance for free, you won’t be that lucky.

Large insurance coverage companies and some of the discounts are included below.

  • Esurance may offer discounts for paid-in-full, claim free, renters, anti-theft, and anti-lock brakes.
  • The Hartford policyholders can earn discounts including vehicle fuel type, bundle, good student, defensive driver, and anti-theft.
  • AAA offers discounts for multi-policy, good driver, good student, multi-car, and education and occupation.
  • GEICO has discounts for defensive driver, anti-theft, seat belt use, multi-policy, and membership and employees.
  • State Farm may have discounts that include multiple autos, driver’s education, accident-free, multiple policy, and student away at school.

When quoting, ask each insurance company which discounts you may be entitled to. Some discounts might not be offered in your area. If you would like to see a list of insurance coverage companies with significant discounts, enter your zip code here.

Ways to get insurance price quotes

Shopping for lower insurance rates can take hours if you don’t understand the most efficient way to do it. You could spend the better part of a day talking to agents in your area, or you could save time and use online quoting to accomplish the same thing much quicker.

Most of the larger companies belong to a marketplace that allows shoppers to enter their coverage request one time, and every company provides a quote based on that data. This system prevents you from having to do form submissions for each company you want a rate for.

To find out how much you’re overpaying now enter your zip code here.

The only drawback to doing it this way is you are unable to specify which carriers you want pricing from. So if you want to select specific insurance companies to compare, we have a page of the cheapest insurance companies in your area. Click to enter zip code for insurance companies.

Take whichever approach you prefer, but ensure you are comparing exactly the same quote data on every quote you get. If your comparisons have different coverage information it’s not possible to make an equal comparison. Slightly different insurance coverages or limits can result in a big premium difference. Just remember that comparing a wide range of rates helps locate more affordable rates. Not every company allows you to get online quotes, so you need to compare price estimates from them as well.

Insurance coverage can get complicated

When it comes to choosing proper insurance coverage, there isn’t really a single plan that fits everyone. Everyone’s needs are different so your insurance should reflect that Here are some questions about coverages that can help discover if you would benefit from an agent’s advice.

  • How much can I save by bundling my policies?
  • Is my state a no-fault state?
  • Am I covered when driving a rental car?
  • How high should my uninsured/underinsured coverage be in my state?
  • What if I owe more than I can insure my car for?
  • I have health insurance so do I need medical payments coverage?
  • Am I better off with higher deductibles on my 2016 BMW i8?

If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, complete your zip code.

Coverage specifics

Understanding the coverages of a insurance policy helps when choosing appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy. Below you’ll find the normal coverages found on most insurance policies.

Comprehensive protection

This will pay to fix damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers things like damage from getting keyed, hitting a bird and a tree branch falling on your vehicle. The maximum amount your insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Uninsured or underinsured coverage

This coverage provides protection from other motorists when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries and damage to your BMW i8.

Because many people carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is very important. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Collision coverage

Collision insurance pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.

Collision insurance covers claims like damaging your car on a curb, crashing into a ditch, crashing into a building and sideswiping another vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to choose a higher deductible to bring the cost down.

Medical expense coverage

Med pay and PIP coverage pay for bills such as prosthetic devices, funeral costs and pain medications. They are often used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. PIP coverage is not available in all states and may carry a deductible

Liability car insurance

This will cover damages or injuries you inflict on other people or property. It protects YOU against claims from other people. It does not cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show liability limits of 25/50/25 which means a limit of $25,000 per injured person, $50,000 for the entire accident, and $25,000 of coverage for damaged property. Occasionally you may see one limit called combined single limit (CSL) which provides one coverage limit without having the split limit caps.

Liability coverage pays for claims like legal defense fees, loss of income and pain and suffering. How much liability coverage do you need? That is up to you, but consider buying higher limits if possible.

Best coverage at the best price

We just showed you some good ideas how you can lower your 2016 BMW i8 insurance premium rates. The key concept to understand is the more companies you get prices for, the more likely it is that you will get a better rate. You may be surprised to find that the most savings is with some of the lesser-known companies. These smaller insurers often have lower prices on specific markets compared to the large companies like Allstate, GEICO and Progressive.

The cheapest 2016 BMW i8 insurance is available on the web as well as from independent agents, and you should compare rates from both to have the best selection. Some insurance providers do not offer online rate quotes and many times these regional insurance providers sell through local independent agents.

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