Cheaper 2023 BMW i8 Insurance Quotes in 2024

Want the cheapest auto insurance rates for your BMW i8? Sick and tired of wondering where the money will come from to pay high auto insurance rates every month? You are in the same boat as most other consumers.

Big-name insurance companies like Progressive, GEICO and Farmers Insurance continually hit you with ad campaigns and it can be hard to ignore the flying pigs and cute green geckos and do the work needed to find the best deal.

Consumers need to compare prices before your next renewal because insurance rates are constantly changing. Despite the fact that you may have had the best rate for i8 insurance two years ago you may be paying too much now. Block out anything you think you know about auto insurance because I’m going to let you in on the secrets to the best way to find the best coverage while lowering your premiums.

How you can control BMW i8 insurance costs

The best way to find cheaper auto insurance is to take a look at the factors that are used to determine your auto insurance rates. If you have a feel for what impacts premium levels, this allows you to make educated decisions that can earn you much lower annual insurance costs.

The list below includes some of the items used by your company to calculate your premiums.

• Consolidate policies to earn discounts – The majority of insurance companies will award better rates to insureds that purchase more than one policy. It’s known as a multi-policy discount. The amount of the discounts can be ten percent or more. Even though this discount sounds good, you may still want to get quotes from other companies to confirm you are receiving the best rates possible. There is a chance you can find better rates even if you insure with multiple companies.
• Liability coverage – Your auto insurance policy’s liability coverage will provide protection when you are determined to be liable for physical damage or personal injury to other. Your policy’s liability insurance provides legal defense coverage which can be incredibly expensive. This coverage is relatively inexpensive compared to other policy coverages, so do not skimp.
• Raise your coverage deductibles for better premiums – The deductibles represent how much money the insured will be required to pay before a claim is paid by your company. Protection for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your car. A few examples of covered claims are collision with another vehicle, fire damage, and having a roll-over accident. The more of the claim you’re willing to pay, the bigger discount you will receive for i8 insurance.
• Prices also based on gender – Statistics have proven that females tend to be a little less risky than males. It does not mean females are better at driving than males. They both cause accidents at about the same rate, but the male of the species tend to have higher claims. In addition to higher claims, males also get more serious tickets such as reckless driving. Youthful male drivers generally have the highest accident percentage and therefore have the most expensive auto insurance rates.

Pay discount rates these discounts

Auto insurance companies don’t always publicize every discount available in an easy-to-find place, so the next list breaks down a few of the more common as well as the least known insurance coverage savings.

• No Claim Discounts – Insureds with no claims or accidents have much lower rates in comparison with drivers who are more careless.
• Membership in Organizations – Joining a professional or civic organization can get you a small discount on your bill.
• Driver’s Education for Students – It’s a good idea to have your young drivers participate in a local driver’s education class as it will make them better drivers and lower rates.
• Senior Discount – Older drivers may qualify for better insurance coverage rates for i8 insurance.
• First Accident Forgiveness – This one isn’t a discount, but companies like Liberty Mutual and GEICO will turn a blind eye to one accident without raising rates if your claims history is clear prior to the accident.
• Multi-Vehicle Discounts – Purchasing coverage when you have multiple cars with the same company can get a discount for every vehicle.
• Discount for Low Mileage – Maintaining low annual mileage could earn better insurance coverage rates on cars that stay parked.
• Home Ownership Discount – Just owning your own home can earn you a little savings because it requires a higher level of personal finance.
• Air Bag Discount – Cars that have air bags or motorized seat belts could see savings up to 30%.
• Anti-theft System – Cars that have factory anti-theft systems have a lower chance of being stolen and that can save you a little bit as well.

You should keep in mind that some of the credits will not apply to the entire cost. Some only apply to individual premiums such as medical payments or collision. So even though you would think you can get free auto insurance, it doesn’t quite work that way.

Car insurance companies who may offer many of the previously listed discounts include:

• Progressive
• SAFECO
• American Family
• MetLife
• GEICO
• The Hartford

When quoting, ask every prospective company which discounts you qualify for. Some of the earlier mentioned discounts may not apply to policies in your area. To find providers that offer some of these discounts, enter your zip code here.

Special considerations

When it comes to choosing adequate coverage for your vehicles, there really is no single plan that fits everyone. Your needs are not the same as everyone else’s and a cookie cutter policy won’t apply. These are some specific questions may help you determine if you could use an agent’s help.

• Does coverage extend to Mexico or Canada?
• What is UM/UIM insurance?
• What happens if I owe more than my 2023 BMW i8 is worth?
• Can I get a multi-policy discount?
• Do all my vehicles need collision coverage?
• Is my babysitter covered when using my vehicle?
• Am I covered when renting a car or should I buy coverage from the car rental agency?
• Are there companies who specialize in insuring high-risk drivers?
• Do I have newly-acquired coverage?
• Why do I only qualify for high-risk insurance?

If it’s difficult to answer those questions but you know they apply to you then you might want to talk to a licensed insurance agent. To find an agent in your area, take a second and enter your zip code.

Information about specific coverages

Having a good grasp of insurance can help you determine the best coverages and proper limits and deductibles. The terms used in a policy can be confusing and nobody wants to actually read their policy. Shown next are typical coverages found on the average insurance policy.

Liability car insurance

Liability coverage protects you from damage that occurs to people or other property. 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 injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 50/100/50 that translate to a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property. Alternatively, you may have one limit called combined single limit (CSL) that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage protects against things like bail bonds, court costs, medical expenses, medical services and legal defense fees. The amount of liability coverage you purchase is a personal decision, but it’s cheap coverage so purchase higher limits if possible.

Coverage for uninsured or underinsured drivers

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. It can pay for medical payments for you and your occupants and damage to your 2023 BMW i8.

Since many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea. Most of the time these coverages are identical to your policy’s liability coverage.

Comprehensive insurance

This coverage covers damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things like a tree branch falling on your vehicle, damage from a tornado or hurricane, hail damage, a broken windshield and falling objects. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Collision protection

Collision insurance covers damage to your i8 caused by collision with an object or car. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims like crashing into a building, scraping a guard rail, rolling your car and hitting a mailbox. Collision is rather expensive coverage, so consider dropping it from older vehicles. It’s also possible to raise the deductible to bring the cost down.

Coverage for medical expenses

Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses such as doctor visits, ambulance fees, surgery, EMT expenses and pain medications. They are often used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. It covers all vehicle occupants and will also cover getting struck while a pedestrian. PIP is not an option in every state and gives slightly broader coverage than med pay

Pennies from heaven

We covered many tips how you can reduce 2023 BMW i8 insurance premium rates online. The key thing to remember is the more rate quotes you have, the more likely it is that you will get a better rate. Drivers may discover the lowest premium rates are with a small local company. They may have significantly lower prices on certain market segments as compared to the big name companies such as State Farm, GEICO and Nationwide.

When searching for cheap car insurance quotes, it’s not a good idea to buy poor coverage just to save money. In many instances, an accident victim reduced liability limits or collision coverage to discover at claim time that it was a big mistake. Your strategy should be to buy the best coverage you can find at an affordable rate, but do not sacrifice coverage to save money.

Lower-priced 2023 BMW i8 insurance can be found on the web in addition to many insurance agents, and you should compare rates from both in order to have the best chance of saving money. Some car insurance companies may not offer the ability to get a quote online and usually these small, regional companies only sell coverage through independent insurance agencies.