How Much Does 2021 BMW 8 Series Car Insurance Cost in 2024?

Looking for lower insurance coverage rates for your BMW 8 Series? Are you confused by the sheer number of insurance coverage companies? Lot’s of other drivers are too. vehicle owners have so many options that it can be a real challenge to find better insurance coverage rates.

Compare car insurance rates

There are multiple methods you can shop for car insurance but there is one way that is more efficient than others. You could waste a few hours talking about coverages with insurance agencies in your area, or you can stay home and use online quotes to quickly compare rates.

Many insurance companies take part in a program where insurance shoppers enter their policy data once, and each participating company can provide price quotes based on that data. This eliminates the need for quotation requests to every company.

To compare rates using this form now enter your zip code here.

One minor caveat to using this type of system is you can’t choose which providers you want pricing from. If you would rather choose specific insurance companies to compare prices, we have assembled a list of companies who write car insurance in your area. Click to enter zip code.

Whichever way you use, make darn sure you compare the exact same quote data with each company. If you compare different limits and deductibles on each one it will be next to impossible to determine the lowest rate for your BMW 8 Series. Having just a slight variation in coverage limits could skew the results. It’s important to know that having more price comparisons gives you a better chance of getting the best price.

Insurance Discounts

Insurance is expensive, but discounts can save money and there are some available that many people don’t even know exist. A few discounts will be applied at the time of quoting, but a few must be manually applied before you will receive the discount. If you do not double check each discount possible, you’re paying more than you need to.

• Full Payment Discount – If you can afford to pay the entire bill instead of paying each month you can avoid monthly service charges.
• Federal Employees – Simply working for the federal government can earn a discount up to 10% for 8 Series coverage depending on your company.
• Student Discount for Driver Training – Make teen driver coverage more affordable by requiring them to participate in a local driver’s education class in school.
• Student Discounts – Getting good grades can save 20 to 25%. Earning this discount can benefit you up to age 25.
• Discount for Low Mileage – Low annual miles could qualify for cheaper insurance rates.
• Telematics Data – Insureds that choose to allow companies to analyze driving patterns by using a small device installed in their vehicle such as In-Drive from State Farm or Allstate’s Drivewise system may see discounts if they are good drivers.

Drivers should understand that most discount credits are not given to the overall cost of the policy. Most only apply to the cost of specific coverages such as liability and collision coverage. Just because it seems like all those discounts means the company will pay you, companies wouldn’t make money that way. But any discount will definitely reduce your overall premium however.

A few of the larger companies and some of their more popular discounts are outlined below.

• The Hartford offers premium reductions for bundle, vehicle fuel type, air bag, good student, and anti-theft.
• American Family includes discounts for mySafetyValet, good student, multi-vehicle, good driver, TimeAway discount, and bundled insurance.
• Progressive offers discounts including homeowner, online quote discount, online signing, multi-policy, continuous coverage, good student, and multi-vehicle.
• Travelers offers discounts for payment discounts, new car, IntelliDrive, student away at school, hybrid/electric vehicle, and good student.
• Farmers Insurance has discounts for alternative fuel, mature driver, good student, switch companies, and teen driver.
• USAA discounts include defensive driver, new vehicle, military installation, multi-policy, and family discount.
• Liberty Mutual has savings for preferred payment discount, multi-policy, teen driver discount, new vehicle discount, safety features, and good student.

If you need the cheapest insurance coverage quotes, ask each company or agent how you can save money. Some of the discounts discussed earlier may not be offered in your area. To find providers that have a full spectrum of discounts, enter your zip code here.

What determines BMW 8 Series insurance premiums?

It’s important that you understand the rating factors that go into determining the rates you pay for auto insurance. When consumers understand what impacts premium levels, this allows you to make educated decisions that could result in lower premium levels. Lots of things are considered when you get a price on insurance. Most are fairly basic such as traffic violations, although some other factors are less obvious such as your credit history or your commute time.

The following are some of the things used by companies to determine prices.

• Drive a safer car and pay less – Cars with high safety ratings can get you lower premiums. The safest vehicles help reduce the chance of injuries in an accident and fewer serious injuries translates directly to fewer claims and lower rates for you.
• Vehicle options impact prices – Buying a car with anti-theft technology or alarm system can save you a little every year. Anti-theft devices like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all hinder car theft.
• Protect yourself with liability protection – Your policy’s liability coverage is the coverage that protects you when you are determined to be liable for physical damage or personal injury to other. Your liability coverage provides legal defense which can cost thousands of dollars. Liability insurance is pretty cheap compared to other policy coverages, so drivers should make sure they buy enough to cover all assets.
• Claim-free discounts can add up – Car insurance companies give cheaper rates to policyholders who do not rely on their insurance for small claims. If you are the type of insured that files lots of claims you can look forward to much higher rates or policy non-renewal. Your insurance policy is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
• Prices also based on gender – Over time, data shows women are more cautious behind the wheel. However, don’t assume that men are WORSE drivers than women. Males and females get in fender benders in similar numbers, but the males tend to have more serious accidents. In addition to higher claims, males also receive more major tickets like reckless driving and DUI.
• Tickets and citations cost more than a fine – Getting just one moving violation can boost insurance rates to the point where it’s not affordable. Drivers with clean records pay less for auto insurance as compared to careless drivers. Drivers who have severe tickets like reckless driving, hit and run or driving under the influence are required to submit a SR-22 or proof of financial responsibility with their state in order to prevent a license revocation.

Tailor your insurance coverage to you

When buying proper insurance coverage for your personal vehicles, there really is no “best” method to buy coverage. Your needs are not the same as everyone else’s.

For example, these questions may help highlight whether your personal situation will benefit from professional help.

• Should I have a commercial auto policy?
• Will filing a claim cost me more?
• Am I covered if I wreck a rental car?
• Do I have coverage if my license is suspended?
• What can I do if my company won’t pay a claim?
• Is my custom paint covered by insurance?
• Am I covered when pulling a rental trailer?
• Can I afford to pay high deductible claims out of pocket?

If you’re not sure about those questions but one or more may apply to you, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, simply complete your zip code.

Save 15 percent in 15 minutes? Is it for real?

Well-known car insurance companies like Progressive, Allstate and GEICO seem to constantly run ads in print and on television. They all advertise the message about savings if you move your coverage. How does each company give you a better price? This is the way they can do it.

Insurance companies are able to cherry pick for the type of insured they prefer to insure. An example of a preferred risk might be described as a female over age 40, has few claims, and has excellent credit. Any driver who matches those parameters will get low auto insurance rates and will most likely save when switching.

Potential insureds who do not match the “perfect” profile will be charged a higher rate and ends up with the prospect going elsewhere. If you pay close attention to the ads, they say “customers who switch” but not “all drivers who get quotes” can save as much as they claim. This is how insurance companies can make those statements. Because of this risk profiling, drivers must quote coverage with many companies. It’s impossible to know which car insurance company will be your best fit.

Insurance policy coverages for a BMW 8 Series

Understanding the coverages of your insurance policy can help you determine the right coverages at the best deductibles and correct limits. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Medical payments and PIP coverage

Medical payments and Personal Injury Protection insurance provide coverage for bills such as doctor visits, X-ray expenses, dental work, surgery and EMT expenses. They are used in conjunction with a health insurance program or if there is no health insurance coverage. It covers you and your occupants as well as any family member struck as a pedestrian. PIP is not universally available but it provides additional coverages not offered by medical payments coverage

Collision coverage

This coverage pays for damage to your 8 Series from colliding with a stationary object or other vehicle. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things like crashing into a building, rolling your car, driving through your garage door and scraping a guard rail. Collision is rather expensive coverage, so consider dropping it from vehicles that are older. You can also choose a higher deductible to bring the cost down.

Liability coverages

This coverage provides protection from damage or injury you incur to other’s property or people by causing an accident. This insurance protects YOU from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 50/100/50 that translate to a $50,000 limit per person for injuries, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property.

Liability coverage pays for things such as attorney fees, emergency aid and medical services. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive auto coverage

Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for things like damage from flooding, damage from a tornado or hurricane, falling objects, vandalism and fire damage. The highest amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Uninsured or Underinsured Motorist coverage gives you protection when other motorists are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and also any damage incurred to your BMW 8 Series.

Because many people only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is a good idea.

Shop around and save

When trying to cut insurance costs, you should never sacrifice coverage to reduce premiums. There are a lot of situations where consumers will sacrifice liability coverage limits only to regret at claim time that they should have had better coverage. Your goal should be to buy a smart amount of coverage for the lowest cost, but don’t skip important coverages to save money.

We’ve covered many ideas to compare 2021 BMW 8 Series insurance rates online. It’s most important to understand that the more times you quote, the better your chances of lowering your car insurance rates. You may even discover the best rates are with the smaller companies.

Cheap 2021 BMW 8 Series insurance is attainable online and from local agencies, so get free insurance coverage quotes from both of them to have the best chance of lowering rates. Some insurance providers may not offer the ability to get a quote online and these small insurance companies only sell coverage through independent agencies.