2023 BMW 8 Series 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: Apr 8, 2024

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Searching for the cheapest car insurance rates for your BMW 8 Series? Sick and tired of robbing Peter to pay Paul to pay car insurance each month? You’re in the same situation as many other people.

Online insurance companies like GEICO, 21st Century and Progressive all claim big savings with fancy advertisements and consumers find it hard to ignore the flying pigs and cute green geckos and take the time to shop coverage around.

If you currently have a car insurance policy, you should be able to reduce your rates substantially using these methods. Buying car insurance is quite easy. Nevertheless, vehicle owners must comprehend the methods companies use to compete online and take advantage of how the system works.

The fastest way that we advise to compare car insurance company rates is to know the fact almost all companies allow for online access to quote your coverage. The one thing you need to do is provide the companies a bit of rating information such as whether you are married, if you are currently licensed, level of coverage desired, and your credit rating estimate. Your insurance information is submitted instantly to many highly-rated insurers and you will get price comparisons almost instantly.

To compare rates for your BMW 8 Series now, click here and complete the quick form.

Seven tips to get lower-cost insurance rates

Many things are part of the calculation when premium rates are determined. Some are pretty understandable such as traffic violations, although others are less obvious such as whether you are married and annual miles driven.

The items below are some of the most rate-impacting factors companies use to determine rates.

  • Optional features that cut rates – Selecting a car model with a theft deterrent system can earn a premium discount. Anti-theft features like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all help stop vehicle theft.
  • Do you need those extra policy coverages? – There are a lot of additional coverages that sound like a good idea at the time on your insurance coverage policy. Coverage for things like vanishing deductibles, towing, and extra equipment coverage may be costing you every month. They may sound like good ideas at first, but if they’re wasting money remove them from your policy.
  • Traffic violations drive up prices – Having a single ticket may increase your cost twenty percent or more. Attentive drivers pay less for auto insurance compared to drivers with tickets. Drivers who get serious tickets like reckless driving or DUI may find they need to file a proof of financial responsibility form (SR-22) with their state motor vehicle department in order to prevent a license revocation.
  • Rural vs Urban Areas – Residing in a small town is a positive aspect when it comes to insurance coverage. Fewer drivers translates into fewer accidents and lower theft and vandalism rates. Drivers who live in large cities regularly have more traffic problems and much longer commute distances. More time on the road can result in more accidents.
  • See if your company offers a multi-policy discount – Most larger insurance companies will give discounts to policyholders that purchase more than one policy in the form of a multi-policy discount. Discounts can add up to 10 percent or more. Even with this discount applied, drivers will still want to check prices from other companies to help ensure you have the lowest rates.
  • Marriage can save on insurance coverage – Being married actually saves money when buying insurance coverage. Having a spouse demonstrates that you tend to be more financially stable it has been statistically shown that drivers who are married file infrequent claims.
  • Youthful drivers cost more – Drivers with little experience have a tendency to get distracted easily when driving with friends so they pay higher insurance coverage rates. Adding a inexperienced driver to your insurance coverage policy can be very expensive. Mature drivers are viewed as being more responsible, cost insurance companies less in claims and receive fewer citations.

Get affordable insurance rates with discounts

Insurance is not an enjoyable expense, but there may be some discounts that can drop the cost substantially. Most are applied at the time of purchase, but some may not be applied and must be requested specifically in order for you to get them.

  • Distant Student Discount – Youth drivers who live away from home at college without a vehicle on campus could get you a discount.
  • Theft Prevention Discount – Vehicles that have factory anti-theft systems help deter theft and will save you 10% or more.
  • Active Military Service – Being on active deployment in the military could qualify you for better insurance rates.
  • Passive Restraints and Air Bags – Factory options such as air bags and/or automatic seat belt systems can get savings of 20 to 30 percent.
  • Good Student – A discount for being a good student may save as much as 25% on a insurance coverage quote. Most companies allow this discount until age 25.
  • E-sign – Some of the larger companies will give a small break for buying your policy over the internet.
  • Buy New and Save – Insuring a new car can get you a discount because newer vehicles are generally safer.
  • Claim-Free Discount – Insureds with no claims or accidents are rewarded with significantly better rates on insurance coverage quote in comparison with drivers who are more careless.

As a sidenote, some of the credits will not apply to the entire policy premium. Most only apply to individual premiums such as medical payments or collision. Just because it seems like all those discounts means the company will pay you, that’s just not realistic. But any discount will help lower your policy premiums.

A list of insurance companies and the discounts they provide are outlined below.

  • American Family offers discounts including good student, multi-vehicle, TimeAway discount, bundled insurance, Steer into Savings, mySafetyValet, and accident-free.
  • State Farm has discounts for student away at school, safe vehicle, Drive Safe & Save, accident-free, and multiple policy.
  • 21st Century offers premium reductions for teen driver, air bags, homeowners, theft prevention, driver training, early bird, and 55 and older.
  • Travelers policyholders can earn discounts including early quote, multi-car, save driver, payment discounts, and multi-policy.
  • GEICO has savings for military active duty, anti-lock brakes, membership and employees, federal employee, air bags, and anti-theft.

If you need cheaper insurance coverage quotes, ask all companies you are considering to give you their best rates. Depending on the company, some discounts may not be available in your area. To find providers that offer multiple discounts, enter your zip code here.

Tailor your insurance coverage coverage to you

When buying the best insurance coverage coverage for your vehicles, there really is no cookie cutter policy. Coverage needs to be tailored to your specific needs so this has to be addressed. These are some specific questions may help you determine if your insurance needs would benefit from professional advice.

  • Do I need medical payments coverage since I have good health insurance?
  • What is the rate difference between pleasure use and commuting?
  • Why do I need rental car insurance?
  • What is PIP insurance?
  • Is my dog or cat covered if injured in an accident?
  • Should I put collision coverage on all my vehicles?
  • Do I need special endorsements for business use of my vehicle?

If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to an insurance agent. To find lower rates from a local agent, simply complete your zip code.

What car insurance coverages do you need?

Knowing the specifics of your policy can be of help when determining the right coverages and the correct deductibles and limits. Car insurance terms can be impossible to understand and nobody wants to actually read their policy. Listed below are typical coverage types available from car insurance companies.

Liability coverages

This provides protection from damage that occurs to a person or their property in an accident. This insurance protects YOU against claims from other people. It does not cover your injuries or vehicle damage.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 100/300/100 which stand for a limit of $100,000 per injured person, $300,000 for the entire accident, and $100,000 of coverage for damaged property.

Liability coverage protects against claims such as medical services, medical expenses, repair bills for other people’s vehicles and loss of income. How much liability should you purchase? That is a personal decision, but consider buying as much as you can afford.

Auto collision coverage

This covers damage to your 8 Series resulting from a collision with another car or object. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for claims like driving through your garage door, scraping a guard rail and crashing into a ditch. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are 8 years or older. It’s also possible to bump up the deductible to bring the cost down.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage gives you protection when the “other guys” do not carry enough liability coverage. It can pay for injuries to you and your family and damage to your 2023 BMW 8 Series.

Because many people have only the minimum liability required by law, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages should not be overlooked.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses for nursing services, hospital visits, ambulance fees, doctor visits and EMT expenses. The coverages can be used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover you and your occupants in addition to any family member struck as a pedestrian. PIP coverage is not universally available and gives slightly broader coverage than med pay

Comprehensive insurance

Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims like damage from flooding, hitting a bird and a broken windshield. The highest amount you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Have the Midas touch

As you go through the steps to switch your coverage, do not buy less coverage just to save a little money. There are a lot of situations where an accident victim reduced comprehensive coverage or liability limits only to regret at claim time that a couple dollars of savings turned into a financial nightmare. Your aim should be to buy the best coverage you can find at the best cost while not skimping on critical coverages.

You just read a lot of information how to save on 2023 BMW 8 Series insurance. It’s most important to understand that the more price quotes you have, the better chance you’ll have of finding inexpensive insurance coverage. You may even discover the lowest prices are with a smaller regional carrier. They may have significantly lower rates on certain market segments compared to the large companies like Allstate, GEICO and Progressive.

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