2024 BMW i3 Car Insurance Rates

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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 9, 2024

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No normal person looks forward to paying premiums for insurance, in particular when they could find better rates elsewhere. Vehicle owners have multiple auto insurance companies to purchase coverage from, and though it is a good thing to have a choice, more choices can make it harder to find the best rates.

It’s a good habit to do rate comparisons quite often due to the fact that insurance prices are adjusted regularly by insurance companies. Just because you had the best deal on i3 coverage a year ago you can probably find a lower rate today. There is lot of inaccurate information about insurance online but we’re going to give you some great ways to stop overpaying for insurance.

Get lower rates with discounts

Some companies don’t necessarily list all their discounts in an easy-to-find place, so the below list has both well-publicized and also the lesser-known credits available to bring down your rates.

  • Save with More Vehicles Insured – Purchasing coverage when you have all your vehicles with the same company could earn a price break for each car.
  • Theft Prevention Discount – Cars with anti-theft systems are less likely to be stolen and will qualify for a discount on a insurance coverage quote.
  • Senior Citizen Rates – Seniors could receive reduced rates on i3 coverage.
  • Student Discount for Driver Training – Have your child enroll in driver’s education in school.
  • Life Insurance Discount – Some insurance carriers give a small discount if you purchase life insurance.
  • Discounts for New Vehicles – Insuring a new car is cheaper because new model year vehicles keep occupants safer.
  • Government Employees – Having worked for a branch of the government can save as much as 8% on i3 coverage but check with your company.
  • Anti-lock Brakes – Anti-lock brake equipped vehicles are safer to drive and therefore earn up to a 10% discount.
  • Discount for Low Mileage – Driving less can qualify you for lower car insurance rates on the low mileage vehicles.
  • Good Student – Excelling in school may save as much as 25% on a insurance coverage quote. Earning this discount can benefit you well after school through age 25.

Just know that some of the credits will not apply to your bottom line cost. Most only reduce the price of certain insurance coverages like liability and collision coverage. If you do the math and it seems like you would end up receiving a 100% discount, car insurance companies aren’t that generous.

Some of the insurance companies that possibly offer these discounts include:

  • State Farm
  • Farmers Insurance
  • AAA
  • USAA

Double check with each company or agent which discounts you qualify for. Depending on the company, some discounts might not be offered on policies in every state.

BMW i3 insurance premiums can be more affordable

Lots of factors are taken into consideration when premium rates are determined. Most are fairly basic like a motor vehicle report, although some other factors are more obscure like your vehicle usage or your vehicle rating. An important part of buying insurance is that you know the factors that aid in calculating the rates you pay for auto insurance. If you have some idea of what positively or negatively impacts your premiums, this allows you to make good choices that can earn you better auto insurance rates.

The itemized list below are just a few of the factors auto insurance companies consider when setting your prices.

  • Small coverages can add up – There are a ton of extra coverages that you can get tricked into buying if you aren’t diligent. Coverages like rental car reimbursement, death and dismemberment, and membership fees are probably not needed. They may seem like a good idea when talking to your agent, but your money might be better spent on other coverage so remove them from your policy.
  • Teenagers vs. older drivers – Older drivers are proven to be safer behind the wheel, cost insurance companies less in claims and tend to be get fewer driving tickets. Teenage drivers are proven to be careless and easily distracted when driving with friends so auto insurance rates are higher.
  • Limits of liability – The liability coverage on your policy is the coverage that protects you in the event that you are ruled to be at fault for personal injury or accident damage. Liability provides legal defense coverage which can cost a lot. It is affordable coverage when compared with rates for comp and collision, so do not cut corners here.
  • Accidents drive up prices – A bad driving record can have a huge impact on auto insurance premiums. Getting just one speeding ticket or other violation may increase your cost to the point where it’s not affordable. Drivers who don’t get tickets pay lower auto insurance prices than bad drivers. Drivers who get flagrant tickets like DUI, reckless driving or excessive speeding are required to submit a SR-22 or proof of financial responsibility with their state in order to keep their license.
  • Battle of the sexes – Over the last 30 years, statistics show that females tend to be a little less risky than males. The data does not necessarily mean that females are better drivers. Men and women are responsible for auto accidents in similar percentages, but the men get into accidents with more damage. Men also get ticketed for serious violations such as driving while intoxicated (DWI) or driving recklessly.
  • Deter theft and save money – Purchasing a vehicle with a theft deterrent system can help lower your rates. Theft prevention features like GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder vehicle theft.

What is the best car insurance coverage?

When buying coverage for your vehicles, there isn’t really a one size fits all plan. Everyone’s situation is a little different so your insurance needs to address that. These are some specific questions may help highlight if you could use an agent’s help.

  • Will my insurance pay for OEM parts?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Am I covered if hit by an uninsured driver?
  • Am I covered when driving on a suspended license?
  • How do I insure my teen driver?
  • Do I have newly-acquired coverage?
  • Is my camper covered by my car insurance policy?
  • Should I waive the damage coverage when renting a car?
  • Does my policy cover my teen driver if they drive my company car?

If you’re not sure about those questions then you might want to talk to a licensed insurance agent. If you don’t have a local agent, simply complete your zip code. It’s fast, free and can provide invaluable advice.

Car insurance policy specifics

Having a good grasp of your policy aids in choosing appropriate coverage and proper limits and deductibles. Policy terminology can be difficult to understand and coverage can change by endorsement. These are typical coverages offered by car insurance companies.

Collision protection

This pays for damage to your i3 caused by collision with an object or car. You first must pay a deductible then your collision coverage will kick in.

Collision can pay for things like colliding with a tree, crashing into a ditch, driving through your garage door, sideswiping another vehicle and rolling your car. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to increase the deductible in order to get cheaper collision rates.


Liability insurance will cover damage that occurs to other’s property or people that is your fault. This insurance protects YOU from claims by other people, and doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 50/100/50 which stand for $50,000 bodily injury coverage, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property.

Liability insurance covers things like medical services, pain and suffering, repair costs for stationary objects, medical expenses and funeral expenses. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.

Uninsured/Underinsured Motorist coverage

This coverage gives you protection from other motorists when they are uninsured or don’t have enough coverage. Covered losses include medical payments for you and your occupants and also any damage incurred to your BMW i3.

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

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance pay for expenses like hospital visits, EMT expenses, ambulance fees, pain medications and dental work. They are used to cover expenses not covered by your health insurance program or if there is no health insurance coverage. It covers you and your occupants and also covers if you are hit as a while walking down the street. Personal Injury Protection is not universally available but can be used in place of medical payments coverage

Comprehensive coverage

Comprehensive insurance coverage will pay to fix 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 insurance covers things like falling objects, a tree branch falling on your vehicle and hitting a bird. The most your car insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

More quotes mean more savings

Some insurance providers may not have internet price quotes and many times these small, regional companies sell through local independent agencies. More affordable auto insurance can be purchased from both online companies and from local insurance agents, and you should be comparing both to have the best rate selection.

When you buy insurance coverage online, you should never buy poor coverage just to save money. There are too many instances where an insured dropped collision coverage to discover at claim time that the small savings ended up costing them much more. Your goal should be to buy enough coverage at the best cost, not the least amount of coverage.

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