Compare 2020 BMW i8 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 2, 2024

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Price shopping your Driversinsurance coverage could be kind of frustrating for drivers not familiar with buying insurance online. With dozens of companies in the marketplace, it can be hard work to compare rates.

You should take the time to compare premium rates as often as possible since insurance prices are adjusted regularly by insurance companies. Just because you found the best deal for i8 coverage six months ago you can probably find a lower rate today. Ignore everything you know about insurance coverage because I’m going to teach you the only way to save money, get proper coverage and the best rates.

Discounts for lower-cost car insurance rates

Some insurance providers do not advertise the entire discount list very well, so we researched both well-publicized and the more hidden savings tricks you should be using when you buy car insurance online.

  • Military Discounts – Being on active duty in the military could qualify you for better rates.
  • Pay Early and Save – If you pay your entire premium ahead of time as opposed to paying monthly you can actually save on your bill.
  • Buy New and Save – Buying a new car instead of a used car is cheaper because new vehicles are generally safer.
  • Multi-policy Discount – When you combine your auto and home insurance with the same company you could get a discount of 10% to 20% off each policy.
  • Defensive Driver Discount – Taking time to complete a course teaching defensive driving skills could save 5% or more and also improve your driving technique.
  • Club Memberships – Being in a qualifying organization can get you a small discount on car insurance.

As a sidenote, some credits don’t apply to the entire policy premium. Most only cut specific coverage prices like collision or personal injury protection. So even though you would think adding up those discounts means a free policy, it just doesn’t work that way.

Popular car insurance companies and some of their more popular discounts are:

  • State Farm offers discounts including multiple autos, safe vehicle, multiple policy, student away at school, anti-theft, driver’s education, and passive restraint.
  • GEICO has discounts for military active duty, federal employee, defensive driver, multi-vehicle, and driver training.
  • Liberty Mutual policyholders can earn discounts including safety features, new move discount, exclusive group savings, multi-policy, hybrid vehicle, teen driver discount, and newly retired.
  • The Hartford offers discounts for anti-theft, vehicle fuel type, good student, air bag, and defensive driver.
  • MetLife may have discounts that include defensive driver, multi-policy, good driver, good student, and accident-free.
  • Progressive may include discounts for online signing, good student, multi-vehicle, online quote discount, multi-policy, homeowner, and continuous coverage.

Before buying, ask every insurance company to give you their best rates. Some discounts might not be available to policyholders everywhere. To find insurance companies with discount rates, enter your zip code here.

The method we recommend to get rate comparisons is to take advantage of the fact most of the larger companies allow for online access to compare rate quotes. All consumers are required to do is provide the companies a bit of rating information including whether you are single or married, the ages of drivers, how much school you completed, and coverage limits. That rating data is instantly sent to multiple top-rated companies and they return cost estimate instantly.

If you would like to start a quote now, click here and find out if lower rates are available.

Six things that affect your insurance premiums

Many different elements are considered when premium rates are determined. Some are pretty understandable such as your driving record, but others are not quite as obvious such as your credit history or how safe your car is. Smart consumers have a good feel for some of the elements that aid in calculating your car insurance rates. If you have a feel for what determines premiums, this helps enable you to make changes that could result in cheaper rates.

The itemized list below are some of the most common factors that factor into premiums.

  • Policy add-ons may be wasting money – Insurance companies have many additional extra coverages that you can get tricked into buying but may not be useful. Insurance for things like rental car coverage, accidental death, and term life insurance may not be needed and are just wasting money. These coverages may sound good at first, but if you don’t need them consider taking them off your policy.
  • Alarms and GPS tracking lower rates – Buying a car with a theft deterrent system can save you a little every year. Systems that thwart theives like OnStar, LoJack tracking, and tamper alarms all help stop car theft and help bring rates down.
  • Does insurance coverage cost less for females? – Over time, data shows women are more cautious behind the wheel. The data does not necessarily mean that females are better drivers. Males and females cause fender benders in similar numbers, but guys have costlier accidents. Men also get ticketed for serious violations such as DWI and reckless driving.
  • Use one insurance company and save – Lots of insurers give discounts to clients that purchase more than one policy. It’s known as a multi-policy discount. Discounts can add up to ten or even fifteen percent. Even with this discount, consumers should still comparison shop to help ensure you have the lowest rates. Consumers may find better rates by buying from different companies.
  • Pay less with a high safety rating – Cars with five star safety ratings get lower rates. Safe vehicles reduce the chance of injuries and lower injury rates means your insurance company pays less and lower rates for you. If your BMW i8 earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website it may cost less to insure.
  • Liability coverage – A critical coverage on your policy, liability insurance kicks in when you are determined to be liable for personal injury or accident damage. Liability insurance provides legal defense which can cost thousands of dollars. This coverage is relatively inexpensive compared to insuring for physical damage coverage, so insureds should have plenty of protection for their assets.

You may need specialized auto insurance coverage

When choosing coverage for your vehicles, there really is no single plan that fits everyone. Every insured’s situation is different.

These are some specific questions may help highlight if you may require specific advice.

  • Is my cargo covered for damage or theft?
  • Do I need PIP (personal injury protection) coverage in my state?
  • Does my policy cover me when driving someone else’s vehicle?
  • Am I covered when pulling a rental trailer?
  • Will filing a claim cost me more?
  • Does coverage extend to Mexico or Canada?

If you’re not sure about those questions then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, take a second and enter your zip code.

Insurance specifics

Understanding the coverages of your insurance policy helps when choosing which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be confusing and coverage can change by endorsement.

Medical payments and PIP coverage

Medical payments and Personal Injury Protection insurance provide coverage for bills for rehabilitation expenses, pain medications, prosthetic devices, hospital visits and ambulance fees. They are utilized in addition to your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is not universally available but can be used in place of medical payments coverage

UM/UIM (Uninsured/Underinsured Motorist) coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists do not carry enough liability coverage. It can pay for injuries to you and your family as well as damage to your BMW i8.

Because many people carry very low liability coverage limits, their limits can quickly be used up. So UM/UIM coverage should not be overlooked.

Comprehensive auto coverage

Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against things like hail damage, hitting a deer, a broken windshield and a tree branch falling on your vehicle. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Collision coverage

Collision coverage pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things like colliding with a tree, scraping a guard rail, crashing into a ditch, rolling your car and driving through your garage door. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. It’s also possible to bump up the deductible in order to get cheaper collision rates.

Liability auto insurance

Liability coverage will cover damage that occurs to people or other property. It protects you from claims by other people. Liability doesn’t cover damage to your own property or vehicle.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 50/100/50 which means $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000.

Liability insurance covers claims such as bail bonds, attorney fees and emergency aid. How much liability coverage do you need? That is your choice, but you should buy as much as you can afford.

A penny saved is a penny earned

Drivers who switch companies do it for any number of reasons including high rates after DUI convictions, lack of trust in their agent, questionable increases in premium or policy cancellation. No matter why you want to switch, choosing a new company can be less work than you think.

When trying to cut insurance costs, do not buy poor coverage just to save money. Too many times, someone sacrificed collision coverage and found out when filing a claim they didn’t purchase enough coverage. Your aim should be to purchase a proper amount of coverage at the best possible price while still protecting your assets.

We covered many tips how you can lower your 2020 BMW i8 insurance premium rates. The key concept to understand is the more rate comparisons you have, the better your chances of lowering your prices. You may be surprised to find that the lowest premium rates are with some of the smallest insurance companies.

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