2020 BMW 8 Series Insurance Quotes 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 5, 2024

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Are you sick and tired of scraping the payment together to insure your BMW every month? You’re in the same situation as many other drivers. Multiple insurers compete for your business, and it can be difficult to compare rates to find the best rate

It’s a good idea to compare premium rates as often as possible because insurance prices go up and down regularly. Even if you got the best rates on 8 Series coverage a year ago you may be paying too much now. Block out anything you think you know about car insurance because we’re going to demonstrate the quickest way to save money, get proper deductibles and limits, all at the lowest rate.

If you have a current insurance policy or are just looking to switch companies, you will benefit by learning to get lower rates while maximizing coverage. Finding affordable coverage is quite easy. Consumers just need to learn the proper way to get comparison rates on the web.

The most recommended method to compare rates is to understand most insurance companies will pay a fee to provide you with a free rate quote. The only thing you need to do is take a few minutes to give details including whether your vehicle is owned or leased, whether the vehicles are used for commuting, what your job is, and if you have an active license. Your information is then submitted to multiple companies and they return rate quotes with very little delay.

These discounts can lower insurance coverage rates

Some companies don’t necessarily list all possible discounts very well, so the list below contains a few of the more common as well as the least known discounts that you may qualify for.

  • Early Signing – A few insurance companies offer discounts for renewing your policy before your current policy expires. Ten percent is about the average savings.
  • Multiple Cars – Buying a policy with multiple vehicles with the same insurance coverage company qualifies for this discount.
  • Theft Prevention Discount – Vehicles that have factory alarm systems and tracking devices are stolen less frequently and will save you 10% or more.
  • Responsible Driver Discounts – Drivers who avoid accidents could pay up to 40% less on 8 Series coverage compared to rates paid by drivers with frequent claims.
  • Low Miles Discount – Maintaining low annual mileage may enable drivers to earn slightly better prices than normal.
  • Save over 55 – Older drivers may be able to get reduced rates on 8 Series coverage.
  • Home Ownership Discount – Simply owning a home can get you a discount because maintaining a house means you have a higher level of financial diligence.
  • Accident Waiver – This one is not really a discount per se, but certain companies will turn a blind eye to one accident before your rates go up so long as you are claim-free prior to being involved in the accident.
  • Driving Data Discount – Drivers who elect to allow companies to monitor driving habits by using a telematic data system like Allstate’s Drivewise may see discounts as long as they are good drivers.

It’s important to note that most of the big mark downs will not be given to your bottom line cost. A few only apply to specific coverage prices like medical payments or collision. Just because you may think you can get free auto insurance, companies don’t profit that way.

A few companies that may offer policyholders some of the above discounts may include but are not limited to:

  • Farm Bureau
  • State Farm
  • Progressive
  • Allstate
  • Nationwide
  • MetLife

If you are trying to find cheaper insurance quotes, ask every insurance company the best way to save money. Some credits may not be available in your state. To choose companies that offer many of these discounts, enter your zip code here.

When do I need an agent’s advice?

When buying proper insurance coverage for your vehicles, there really is no perfect coverage plan. Everyone’s needs are different so this has to be addressed. These are some specific questions can aid in determining whether or not you may require specific advice.

  • Exactly who is provided coverage by my policy?
  • Can my teen driver be rated on a liability-only vehicle?
  • Am I covered if I wreck a rental car?
  • I have health insurance so do I need medical payments coverage?
  • Am I covered when driving someone else’s vehicle?
  • What are the best liability limits?

If you’re not sure about those questions, you might consider talking to a licensed agent. To find an agent in your area, fill out your zip code. It’s fast, free and can provide invaluable advice.

Learn about auto insurance coverages for a 2020 BMW 8 Series

Understanding the coverages of auto insurance can be of help when determining the best coverages at the best deductibles and correct limits. The coverage terms in a policy can be confusing and reading a policy is terribly boring. These are the usual coverages found on most auto insurance policies.

Coverage for medical expenses

Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for things like X-ray expenses, funeral costs and surgery. They are used to fill the gap from your health insurance program or if you are not covered by health insurance. It covers both the driver and occupants in addition to if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay

Comprehensive auto insurance

This will pay to fix damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things like hitting a bird, a tree branch falling on your vehicle, damage from getting keyed, hitting a deer and hail damage. The maximum amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Collision coverage

This coverage pays for damage to your 8 Series caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims such as sustaining damage from a pot hole, crashing into a ditch, hitting a parking meter, crashing into a building and colliding with a tree. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Another option is to increase the deductible to bring the cost down.

Auto liability insurance

Liability coverage can cover damages or injuries you inflict on a person or their property by causing an accident. This insurance protects YOU from claims by other people. It does not cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 100/300/100 which means a limit of $100,000 per injured person, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property. Another option is one number which is a combined single limit which limits claims to one amount rather than limiting it on a per person basis.

Liability insurance covers claims such as structural damage, repair bills for other people’s vehicles and loss of income. How much liability coverage do you need? That is your choice, but buy higher limits if possible.

Coverage for uninsured or underinsured drivers

Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists either have no liability insurance or not enough. It can pay for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Because many people carry very low liability coverage limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

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