Compare 2015 BMW i3 Insurance Cost

Searching for the cheapest auto insurance rates for your BMW i3? Are you sick and tired of being strong-armed each month for car insurance? You are in the same boat as many other drivers.

Drivers have so many insurers to choose from, and even though it’s nice to be able to choose, lots of choices makes it harder to compare company pricing.

Buying the lowest cost insurance coverage is quite easy. Basically, every driver who shops for insurance coverage most likely will be able to cut their insurance bill. Nevertheless, consumers do need to know the way insurance companies market insurance on the web because it can help you find the best coverage.

Why you might be paying too much to insure your BMW i3

It’s important that you understand some of the elements that help determine the rates you pay for car insurance. Understanding what determines base rates enables informed choices that could result in much lower annual insurance costs.

  • Younger drivers pay higher rates – Young drivers are known to get distracted easily when behind the wheel so they pay higher car insurance rates. Older insureds are more responsible, tend to cause fewer accidents and get fewer tickets.
  • Do you have a high stress job? – Did you know your occupation can influence how much you pay for car insurance? Occupations such as judges, architects and financial analysts tend to pay higher average rates due to high stress and lots of time spent at work. Conversely, occupations like pilots, engineers and performers have the lowest average rates on i3 insurance.
  • Safe vehicles cost less to insure – Safer cars are cheaper to insure. Safer cars result in less severe injuries and any reduction in injury severity translates into savings for insurance companies and lower rates for you. If the BMW i3 has ratings of a minimum four stars on Safercar.gov it is probably cheaper to insure.
  • Liability coverage is cheap – The liability section of your policy will protect you if you are found to be at fault for damages from an accident. Liability provides legal defense which can be incredibly expensive. Carrying liability coverage is mandatory and cheap compared to insuring for physical damage coverage, so buy as much as you can afford.
  • Too many car insurance claims drive up costs – Insurance companies provide better rates to insureds who do not rely on their insurance for small claims. If you file claims often, you can pretty much guarantee either a policy non-renewal or much higher rates. Auto insurance is intended to be relied upon for major claims that would cause financial hardship.
  • Lower deductibles cost more – Your deductibles define the amount you are willing to pay out-of-pocket before a claim is paid by your company. Physical damage insurance, also known as collision and other-than-collision, protects your car from damage. Some examples of claims that would be covered are running into the backend of another car, damage from fire, and windstorm damage. The more the insured has to pay upfront, the lower your rates will be on i3 insurance.
  • Pay less after the wedding – Having a wife or husband helps lower the price when buying car insurance. Marriage is viewed as being more mature than a single person and statistics show married drivers get in fewer accidents.

Discounts are great for lower rates

Insurance can be prohibitively expensive, but you can get discounts that you may not know about. Some trigger automatically at the time you complete a quote, but a few need to be requested specifically prior to getting the savings.

  • Seat Belts Save more than Lives – Drivers who require all occupants to buckle their seat belts could cut 10% or more off your PIP or medical payments premium.
  • Memberships – Affiliation with certain professional organizations could trigger savings on car insurance on i3 insurance.
  • Anti-lock Brakes – Vehicles equipped with ABS or steering control are safer to drive and will save you 10% or more.
  • Student Driver Training – Cut your cost by having your teen driver successfully complete driver’s ed class if offered at their school.
  • Multiple Vehicles – Having multiple vehicles on one policy could earn a price break for each car.

Consumers should know that most discounts do not apply the the whole policy. Some only reduce the price of certain insurance coverages like comprehensive or collision. Even though it may seem like you could get a free car insurance policy, companies don’t profit that way. But any discount will reduce your premiums.

For a list of companies with discount car insurance rates, click here.

Ads can be misleading

Auto insurance companies such as Progressive, Geico, Allstate and State Farm regularly use ads on television and other media. They all seem to have a common claim of big savings if you move to them. How do they all make the same claim?

All the different companies have a certain “appetite” for the driver that earns them a profit. For example, a driver they prefer could be over the age of 40, a clean driving record, and drives less than 7,500 miles a year. A customer getting a price quote who meets those qualifications will get very good rates and therefore will cut their rates substantially.

Potential insureds who don’t measure up to the “perfect” profile must pay higher prices which usually ends up with the customer not buying. Company advertisements say “customers who switch” not “people who quote” save that much. That’s why insurance companies can confidently state the savings.

This illustrates why you absolutely need to get as many quotes as possible. It’s not possible to predict which insurance companies will have the lowest BMW i3 insurance rates.

You may need specialized coverage

When it comes to buying the best car insurance coverage for your vehicles, there really is not a single plan that fits everyone. Everyone’s needs are different so your insurance needs to address that. These are some specific questions could help you determine whether you would benefit from an agent’s advice.

  • Do I get a pro-rated refund if I cancel my policy early?
  • Does coverage extend to a rental car in a foreign country?
  • Should I buy additional glass protection?
  • Who is covered when they drive my 2015 BMW i3?
  • Can I afford low physical damage deductibles?
  • Do I pay less for low miles?
  • Should I buy full coverage?
  • At what point should I drop full coverage?
  • Is business property covered if stolen from my car?

If it’s difficult to answer those questions but a few of them apply, you may need to chat with an insurance agent. To find an agent in your area, fill out this quick form or go to this page to view a list of companies.

Specific coverage details

Having a good grasp of auto insurance can be of help when determining which coverages you need for your vehicles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. These are typical coverage types found on the average auto insurance policy.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance reimburse you for immediate expenses like doctor visits, chiropractic care, pain medications, X-ray expenses and nursing services. They can be used to fill the gap from your health insurance plan or if you are not covered by health insurance. They cover you and your occupants in addition to any family member struck as a pedestrian. Personal injury protection coverage is not universally available and may carry a deductible

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” do not carry enough liability coverage. Covered losses include injuries to you and your family as well as damage to your BMW i3.

Because many people have only the minimum liability required by law, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Usually your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Collision protection

Collision insurance will pay to fix damage to your i3 resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then your collision coverage will kick in.

Collision coverage pays for things such as hitting a parking meter, damaging your car on a curb, colliding with a tree and rolling your car. This coverage can be expensive, so you might think about dropping it from vehicles that are older. Another option is to choose a higher deductible to get cheaper collision coverage.

Comprehensive insurance

Comprehensive insurance pays for damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things such as hitting a deer, vandalism and damage from flooding. The highest amount you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Coverage for liability

Liability coverage will cover damage that occurs to a person or their property. This insurance protects YOU from legal claims by others. Liability doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits 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. Another option is one number which is a combined single limit which provides one coverage limit without having the split limit caps.

Liability coverage protects against things like medical services, funeral expenses, loss of income and repair bills for other people’s vehicles. How much coverage you buy is up to you, but consider buying as large an amount as possible.

Saving money is sweet as honey

When you buy insurance online, do not reduce coverage to reduce premium. There have been many situations where someone sacrificed physical damage coverage and learned later that it was a big mistake. Your focus should be to purchase a proper amount of coverage at an affordable rate while still protecting your assets.

Discount 2015 BMW i3 insurance can be sourced both online in addition to many insurance agents, and you should compare price quotes from both to have the best selection. There are still a few companies who do not provide the ability to get a quote online and many times these smaller companies only sell through independent insurance agents.

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