2014 BMW i3 Insurance Cost

Searching for lower insurance rates for your BMW i3? Locating low-cost insurance for a BMW i3 could be a painful process, but you can learn a few tricks to make it easier. There are both good and bad ways to find insurance online so you’re going to learn the proper way to compare rates for a new or used BMW and obtain the lowest possible price either online or from local insurance agents.

Smart consumers take time to take a look at other company’s rates occasionally since rates are rarely the same from one policy term to another. Despite the fact that you may have had the lowest rates for i3 insurance a few years ago you can probably find a better price now. Forget all the misinformation about insurance because we’re going to demonstrate the easiest way to reduce your cost while improving coverage.

If you have a policy now or are shopping for new coverage, you can follow these tips to find the best rates while maintaining coverages. Pricing more affordable coverage is quite easy. Vehicle owners just need to learn the most effective way to compare rates online.

Auto Insurance Comparisons

All major auto insurance companies like 21st Century, Allstate and State Farm quote prices on their websites. Obtaining pricing doesn’t take much effort as you simply enter your coverage information into the quote form. After the form is submitted, their system makes automated requests for your driving and credit reports and returns a price quote.

Online price quotes streamlines rate comparisons, but the work required to visit different websites and fill out multiple forms is monotonous and tiresome. But it’s absolutely necessary to perform this step if you are searching for the best price on auto insurance.

There is a better way to compare rates

The easiest way to lower your auto insurance bill uses one simple form that obtains quotes from several companies at one time. This type of form saves time, eliminates form submissions, and makes price shopping online a little more enjoyable. After sending your information, your coverage is rated with multiple companies and you can pick your choice of the price quotes you receive. If you find a better price it’s easy to complete the application and purchase the new policy. It takes less than 15 minutes and you will find out if you’re overpaying now.

To find out what other companies charge, simply click here to open in new window and begin entering your coverage information. If you have your current policy handy, we recommend you input deductibles and limits as shown on your current policy. Doing this assures you will have an apples-to-apples comparison based on the exact same insurance coverage.

Why your BMW i3 insurance rates may be high

Consumers need to have an understanding of the factors that go into determining your insurance coverage rates. Knowing what determines base rates helps enable you to make changes that can help you get big savings.

Liability coverage is peace of mind – Liability insurance will protect you if ever you are found liable for damages caused by your negligence. Liability provides legal defense coverage which can cost thousands of dollars. This coverage is very inexpensive compared to physical damage coverage, so do not skimp.
Where you live can impact rates – Being located in a small town has it’s advantages when buying insurance coverage. Drivers who live in large cities have to deal with congested traffic and longer commutes to work. Fewer people translates into fewer accidents as well as less vandalism and auto theft.
How many coverages with the same company – Most companies provide better rates to insureds who have multiple policies with them in the form of a multi-policy discount. Even though this discount sounds good, it’s in your best interest to comparison shop to verify if the discount is saving money.
Teen drivers pay high rates – Mature drivers are more responsible, tend to cause fewer accidents and are safer drivers. Young drivers tend to get distracted easily in a vehicle and because of this, their insurance coverage rates are much higher.
Better crash test results mean better rates – Vehicles with high crash test scores tend to have better insurance rates. The safest vehicles reduce injuries and any reduction in injury severity translates into savings for insurance companies and thus lower rates. If your BMW has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may be receiving lower rates.

Save on BMW i3 insurance

Companies don’t list every discount very clearly, so we break down both the well known and the harder-to-find ways to save on car insurance. If you’re not getting every credit possible, you are paying more than you should be.

Sign Online – Certain companies will give a small break for buying your policy over the internet.
Anti-lock Brakes – Vehicles equipped with ABS or steering control prevent accidents and earn discounts up to 10%.
Payment Method – If you pay your entire premium ahead of time instead of making monthly payments you could save 5% or more.
Auto/Life Discount – Select insurance companies reward you with a break if you buy a life insurance policy as well.
Seat Belts Save – Using a seat belt and requiring all passengers to buckle their seat belts can save 10% or more on the medical payments or PIP coverage costs.
Passive Restraints – Vehicles with factory air bags and/or automatic seat belt systems may earn rate discounts of up to 25% or more.
Accident Forgiveness – Certain companies will forgive one accident before raising your premiums as long as you don’t have any claims prior to the accident.

It’s important to note that most discount credits are not given to the entire policy premium. The majority will only reduce specific coverage prices like comprehensive or collision. Even though it may seem like all those discounts means the company will pay you, it doesn’t quite work that way.

Insurance companies that possibly offer some of the above discounts are:

Check with every prospective company which discounts they offer. Some discounts might not apply in your area.

Tailor your coverage to you

When it comes to buying coverage for your vehicles, there really is no cookie cutter policy. Each situation is unique.

These are some specific questions could help you determine if your situation may require specific advice.

Is business equipment covered while in my vehicle?
Does coverage extend to my business vehicle?
What is the rate difference between pleasure use and commuting?
Is rental equipment covered for theft or damage?
Do I have newly-aquired coverage?
When should I buy a commercial auto policy?
Am I covered when delivering products for my home-based business?
What is no-fault insurance?

If it’s difficult to answer those questions, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, complete this form. It’s fast, free and you can get the answers you need.

Insurance coverages explained

Having a good grasp of your policy can help you determine which coverages you need and proper limits and deductibles. Policy terminology can be confusing and even agents have difficulty translating policy wording.

Auto liability

Liability insurance provides protection from damage that occurs to a person or their property by causing an accident. It protects YOU against other people’s claims. It does not cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 25/50/25 which stand for $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and property damage coverage for $25,000.

Liability coverage protects against things like structural damage, repair costs for stationary objects and medical services. How much liability coverage do you need? That is a personal decision, but buy as much as you can afford.

Uninsured or underinsured coverage

This coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your BMW i3.

Since many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family.

Medical expense coverage

Coverage for medical payments and/or PIP reimburse you for expenses such as surgery, funeral costs, ambulance fees, prosthetic devices and pain medications. They are utilized in addition to your health insurance policy or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. Personal injury protection coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Comprehensive protection

This will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims such as hitting a bird, damage from a tornado or hurricane and rock chips in glass. The maximum amount a insurance company will pay at claim time is the actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Collision coverage

This will pay to fix damage to your i3 caused by collision with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision can pay for things such as colliding with a tree, rolling your car, crashing into a ditch, hitting a parking meter and colliding with another moving vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to bump up the deductible in order to get cheaper collision rates.

More quotes mean more savings

Cheaper 2014 BMW i3 insurance can be purchased online in addition to many insurance agents, so compare prices from both in order to have the best price selection to choose from. Some insurance coverage companies do not provide online quoting and usually these regional insurance providers provide coverage only through local independent agents.

As you prepare to switch companies, don’t be tempted to reduce coverage to reduce premium. There are too many instances where drivers have reduced uninsured motorist or liability limits and found out when filing a claim they didn’t have enough coverage. The aim is to find the BEST coverage for the lowest price.

People leave their current company for any number of reasons including policy cancellation, not issuing a premium refund, delays in responding to claim requests and denial of a claim. Whatever your reason, finding a great new company can be easy and end up saving you some money.