2021 BMW i8 Car 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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Wish you could get a refund on overpriced insurance coverage? Believe me when I say there are lots of residents who feel the same.

Insurance companies such as GEICO, 21st Century and Progressive increase brand awareness with TV and radio ads and consumers find it hard to see through the deception and find the best price available.

You should take the time to compare premium rates before your policy renews because prices are variable and change quite frequently. If you had the best price on i8 coverage last year there may be better deals available now. You can find a lot of wrong information about insurance coverage on the web, but I’m going to show you a bunch of ideas how to lower your insurance coverage premiums.

Auto insurance discounts are available to lower your rates

Companies that sell car insurance don’t list every discount they offer in a way that’s easy to find, so the following list contains both the well known and also the more inconspicuous credits that you can use to lower your rates.

  • Safety Restraint Discount – Using a seat belt and requiring all passengers to wear their seat belts can save a little off the medical payments premium.
  • Active Military Service – Being on active deployment in the military could mean lower prices.
  • Savings for New Vehicles – Adding a new car to your policy can save you some money since new model year vehicles are generally safer.
  • Claim-Free Discount – Insureds who avoid accidents and claims get the best auto insurance rates when compared with frequent claim filers.
  • Discounts for Cautious Drivers – Accident-free drivers may receive a discount up to 45% on i8 coverage than their less cautious counterparts.
  • Student Discounts – Maintaining excellent grades can save 20 to 25%. This discount can apply up until you turn 25.

Policy discounts save money, but most discounts do not apply to all coverage premiums. Some only reduce specific coverage prices like collision or personal injury protection. Even though it appears you would end up receiving a 100% discount, it just doesn’t work that way.

Large auto insurance companies and some of the discounts are:

  • GEICO may include discounts for military active duty, daytime running lights, federal employee, anti-lock brakes, and multi-vehicle.
  • MetLife has discounts for claim-free, good student, multi-policy, defensive driver, good driver, accident-free
  • State Farm discounts include good student, accident-free, passive restraint, student away at school, and Steer Clear safe driver discount.
  • Progressive offers discounts including continuous coverage, online quote discount, multi-vehicle, online signing, and homeowner.
  • Mercury Insurance offers premium reductions for age of vehicle, good student, ease of repair, anti-theft, and multi-car.
  • 21st Century includes discounts for anti-lock brakes, 55 and older, driver training, student driver, air bags, homeowners, and early bird.
  • Allstate has savings for premier plus, utility vehicle, early signing, senior citizen, and anti-lock brakes.

When getting a coverage quote, ask all companies you are considering which discounts you qualify for. All car insurance discounts might not be offered in every state. To see a list of insurers that offer many of these discounts, enter your zip code here.

First Step: Get free insurance coverage quotes

There are multiple methods you can shop for insurance coverage but one way is more efficient than others. You can spend countless hours discussing policy coverages with agents in your area, or you could use online quoting to get pricing more quickly.

Most of the best insurance companies take part in a program that enables customers to submit their information once, and each participating company returns a rated price for coverage. This prevents consumers from doing quote forms to each individual insurance coverage company.

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

The only downside to using this type of system is you can’t choose which carriers to receive prices from. So if you want to choose specific providers to compare rates, we have assembled a list of insurance coverage companies in your area. Click to enter zip code.

It’s up to you which method you use, but make darn sure you compare nearly identical coverage limits and deductibles on every price quote you get. If each company quotes different coverage information it will be very difficult to truly determine the lowest rate. Even a minor difference in insurance coverages can result in a big premium difference. Just remember that getting more free quotes will improve the odds of getting lower pricing. Not every company provides prices over the internet, so you should also compare quotes from the smaller companies as well.

Everyone needs different car insurance coverages

When buying the best car insurance coverage for your personal vehicles, there is no “perfect” insurance plan. Every insured’s situation is different so your insurance should reflect that For example, these questions can help discover whether or not you might need professional guidance.

  • Is my nanny covered when driving my vehicle?
  • Does my insurance cover my expensive audio equipment?
  • Do I need Motor Club coverage?
  • Do I need more liability coverage?
  • How much liability insurance is required?
  • Am I covered if I break a side mirror?

If it’s difficult to answer those questions but you know they apply to you, then you may want to think about talking to an agent. If you want to speak to an agent in your area, take a second and enter your zip code.

Car insurance specifics

Knowing the specifics of your policy helps when choosing appropriate coverage and the correct deductibles and limits. Car insurance terms can be impossible to understand and coverage can change by endorsement. Listed below are the usual coverages offered by car insurance companies.

Comprehensive protection

Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things like theft, vandalism, hitting a deer, a broken windshield and damage from getting keyed. 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 it’s not worth carrying full coverage.

Medical expense coverage

Medical payments and Personal Injury Protection insurance kick in for expenses such as EMT expenses, ambulance fees, funeral costs, chiropractic care and dental work. They are used to fill the gap from your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants in addition to getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and may carry a deductible

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include medical payments for you and your occupants and also any damage incurred to your 2021 BMW i8.

Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is very important.

Coverage for collisions

This pays for damage to your i8 from colliding with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against claims like hitting a mailbox, colliding with a tree, colliding with another moving vehicle, hitting a parking meter and scraping a guard rail. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are older. You can also increase the deductible in order to get cheaper collision rates.

Liability coverages

Liability coverage can cover damages or injuries you inflict on other people or property in an accident. This insurance protects YOU from claims by other people, and doesn’t cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 100/300/100 that means you have a limit of $100,000 per injured person, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000.

Liability coverage protects against claims like bail bonds, attorney fees and pain and suffering. How much liability should you purchase? That is your choice, but buy as large an amount as possible.

Shop. Compare. Save.

As you quote insurance coverage, do not skimp on coverage in order to save money. In too many instances, an insured cut liability coverage limits and learned later they didn’t have enough coverage. Your focus should be to find the BEST coverage at the best price while still protecting your assets.

A few companies don’t offer price quotes online small, regional companies provide coverage only through independent insurance agents. Budget-friendly auto insurance can be found from both online companies in addition to local insurance agencies, and you should be comparing both so you have a total pricing picture.

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