2023 BMW 8 Series Car Insurance Cost in 2024 – 7 Ways to Save

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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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Searching for cheaper insurance rates? Consumers have options when looking for low-cost BMW 8 Series insurance. They can either waste time calling around to get rate comparisons or leverage the internet to compare rates. There are both good and bad ways to find insurance online so you’re going to learn the proper way to quote coverages on a BMW and get the best price possible either online or from local insurance agents.

Low cost auto insurance price quotes online

There are a variety of methods to compare auto insurance quotes, but some are less time-consuming than others. You could waste a few hours talking to insurance companies in your area, or you could save time and use the internet to maximize your effort.

Many of the larger companies take part in a program where insurance shoppers submit one quote, and each participating company then gives them pricing based on that data. This saves time by eliminating quote forms for every auto insurance company.

To submit your quote information now, enter your zip code here.

The one downside to getting quotes like this is you cannot specify which carriers to get pricing from. If you would rather choose specific insurance companies for rate comparison, we have a listing of the cheapest auto insurance companies in your area. Click to enter zip code.

You can use whichever method you prefer to find lower rates, just be sure you’re using identical coverage information for every company. If you enter differing limits then you won’t be able to determine which rate is truly the best.

Does insurance coverage advertising bend the truth?

Consumers constantly see and hear ads that promise big savings for switching from the likes of State Farm, GEICO and Progressive. They all state the claim that drivers can save some big amount if you switch your coverage.

But how can every company offer drivers better rates? You have to listen carefully.

Insurance companies have specific characteristics for the type of driver they prefer to insure. An example of a desirable insured could possibly be a female over age 40, has few claims, and drives a vehicle with a low ISO rating. Any driver who meets those qualifications will get the preferred car insurance rates and have a good chance to save when switching.

Potential customers who do not meet the “perfect” profile will probably be forced to pay a more expensive rate which usually ends up with the customer not buying. The trick companies use is to say “customers that switch” not “everyone who quotes” save money. That’s why insurance companies can lure you into getting a quote. Because of these techniques, it’s extremely important to compare as many free insurance coverage quotes as you can. Because without a comparison, you cannot know which insurance coverage company will have the best prices at this point in time.

Earn discounts to get lower-cost car insurance rates

Some insurance providers don’t always advertise all their discounts very clearly, so the list below gives a summary of a few of the more well known as well as some of the hidden car insurance savings.

  • Early Signing – A few insurance companies allow discounts for switching companies before your current expiration date. It could save around 10% when you buy insurance coverage online.
  • Own a Home and Save – Owning a home can help you save on car insurance since home ownership requires a higher level of personal finance.
  • Theft Prevention System – Cars and trucks equipped with tracking devices and advanced anti-theft systems help deter theft and that can save you a little bit as well.
  • Service Members Pay Less – Having an actively deployed family member may lower your premium rates slightly.
  • More Vehicles More Savings – Buying a policy with multiple vehicles on the same car insurance policy qualifies for this discount.
  • Good Student Discount – This discount can get you a discount of up to 25%. Many companies even apply the discount to college students up until you turn 25.
  • Discount for New Cars – Insuring a new car can cost up to 25% less since new vehicles have better safety ratings.

One thing to note about discounts is that most credits do not apply to the entire cost. Most only apply to individual premiums such as comprehensive or collision. Even though the math looks like all the discounts add up to a free policy, you’re out of luck.

Popular car insurance companies and a summarized list of policyholder discounts are shown below.

  • State Farm has discounts for good student, good driver, passive restraint, anti-theft, multiple autos, and accident-free.
  • American Family has savings for good driver, early bird, bundled insurance, multi-vehicle, accident-free, and air bags.
  • GEICO policyholders can earn discounts including membership and employees, anti-theft, anti-lock brakes, defensive driver, and military active duty.
  • 21st Century may have discounts that include student driver, early bird, anti-lock brakes, teen driver, and automatic seat belts.
  • Progressive includes discounts for good student, homeowner, online quote discount, multi-vehicle, multi-policy, online signing, and continuous coverage.

If you are trying to find the cheapest insurance coverage quotes, ask each company to apply every possible discount. Depending on the company, some discounts may not be available in your area.

Tailor your insurance coverage to you

When choosing proper insurance coverage for your vehicles, there is no one size fits all plan. Coverage needs to be tailored to your specific needs.

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

  • When can I cancel my policy?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Who is covered when they drive my 2023 BMW 8 Series?
  • What is PIP insurance?
  • Does having multiple vehicles earn me a discount?
  • Am I covered if I drive in a foreign country?
  • What is UM/UIM insurance?
  • Is other people’s property covered if stolen from my vehicle?
  • Does liability extend to a camper or trailer?

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with an agent. To find lower rates from a local agent, take a second and enter your zip code. It is quick, free and can provide invaluable advice.

Insurance specifics

Knowing the specifics of your policy can help you determine appropriate coverage and proper limits and deductibles. Policy terminology can be confusing and nobody wants to actually read their policy.

Collision coverage – This will pay to fix damage to your 8 Series resulting from a collision with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage protects against things like colliding with another moving vehicle, hitting a parking meter, sideswiping another vehicle and backing into a parked car. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. You can also bump up the deductible to bring the cost down.

Medical expense coverage – Med pay and PIP coverage reimburse you for immediate expenses like dental work, funeral costs and chiropractic care. They are used to fill the gap from your health insurance plan or if you do not have health coverage. They cover both the driver and occupants as well as if you are hit as a while walking down the street. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” do not carry enough liability coverage. This coverage pays for medical payments for you and your occupants as well as damage to your BMW 8 Series.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is important protection for you and your family.

Liability – This will cover damage that occurs to other’s property or people. It protects you against claims from other people, and does not provide coverage for damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 100/300/100 which stand for a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property.

Liability can pay for things like court costs, loss of income, medical services, emergency aid and structural damage. The amount of liability coverage you purchase is up to you, but buy higher limits if possible.

Comprehensive protection – This coverage pays for damage OTHER than collision with another vehicle or object. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for things like rock chips in glass, theft, hitting a deer, fire damage and falling objects. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Final thoughts

People change insurance companies for a variety of reasons including denial of a claim, lack of trust in their agent, unfair underwriting practices and even policy non-renewal. Regardless of your reason for switching companies, switching insurance coverage companies can be easier than you think.

We just presented a lot of tips how to compare 2023 BMW 8 Series insurance prices online. The most important thing to understand is the more quotes you get, the better your chances of lowering your rates. Consumers may even find the lowest priced insurance coverage comes from a lesser-known regional company.

Some insurance providers may not offer the ability to get quotes online and most of the time these smaller providers prefer to sell through independent insurance agents. Low-cost 2023 BMW 8 Series insurance is attainable from both online companies in addition to many insurance agents, so you should be comparing quotes from both in order to have the best price selection to choose from.

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