2017 BMW i8 Insurance Quotes – 6 Ways to Save

Searching for cheaper car insurance rates for your BMW i8? There isn’t a single person who looks forward to buying car insurance, particularly when the cost is way too high.

You have so many auto insurance companies to buy insurance from, and even though it’s nice to be able to choose, it can be more challenging to compare rates and find the lowest cost car insurance.

Drivers save money with with these six discounts

Some insurance providers don’t necessarily list every available discount in an easy-to-find place, so the below list has both the well known as well as the least known discounts that you can inquire about if you buy insurance coverage online.

  • New Vehicle Savings – Insuring a vehicle that is new can cost up to 25% less since new model year vehicles have better safety ratings.
  • Accident Forgiveness Coverage – This one is not really a discount per se, but some insurance companies allow you one accident without getting socked with a rate hike as long as you don’t have any claims for a specific time period.
  • 55 and Retired – Seniors may qualify for better car insurance rates on i8 insurance.
  • Distant Student – who are attending college and leave their car at home can be insured at a reduced rate.
  • Early Renewal Discounts – A few car insurance companies give discounts for switching policies prior to the expiration date on your current policy. This discount can save up to 10%.
  • Military Discounts – Having a deployed family member could trigger a small discount.

It’s important to note that some credits don’t apply to your bottom line cost. The majority will only reduce the price of certain insurance coverages like physical damage coverage or medical payments. Despite the fact that it seems like all those discounts means the company will pay you, it doesn’t quite work that way.

A list of companies and the discounts they provide are shown below.

  • Esurance may have discounts that include good student, paid-in-full, renters, emergency road assistance, and anti-theft.
  • The Hartford has discounts for defensive driver, air bag, anti-theft, good student, driver training, vehicle fuel type, and bundle.
  • AAA offers discounts for AAA membership discount, anti-theft, pay-in-full, multi-car, multi-policy, and good student.
  • Geico includes discounts for anti-theft, daytime running lights, emergency military deployment, anti-lock brakes, defensive driver, air bags, and driver training.
  • State Farm policyholders can earn discounts including defensive driving training, student away at school, good student, good driver, and Drive Safe & Save.

It’s a good idea to ask all the companies which discounts you may be entitled to. A few discounts might not be offered on policies in your area. To locate companies that offer some of these discounts, click here.

Do car insurance companies bend the truth?

Popular car insurance providers such as Progressive, Geico, Allstate and State Farm endlessly run ads on TV and radio. They all have a common claim that you can save after switching your coverage. But how can every company make the same claim? It’s all in how they say it.

All companies offer their best rates for the type of driver that is profitable for them. For instance, a profitable insured should be a mature driver, has no tickets, and drives less than 10,000 miles a year. A driver that fits those parameters will qualify for the lowest rates and will probably save a lot of money.

Consumers who fall outside this stringent profile will be charged a more expensive rate which translates to the customer buying from a different company. If you listen closely, the ads state “drivers who switch” not “everybody who quotes” save money. That’s the way companies can make claims like that.

This emphasizes why drivers should compare as many free insurance coverage quotes as you can. It’s not possible to predict which company will give you lower prices than your current company.

Your situation helps dictate your coverage

When it comes to choosing the right insurance coverage, there is no “perfect” insurance plan. Coverage needs to be tailored to your specific needs so your insurance needs to address that. Here are some questions about coverages that could help you determine if you could use an agent’s help.

  • Should I buy additional glass protection?
  • Can I afford to pay high deductible claims out of pocket?
  • Does my policy cover my teen driver if they drive my company car?
  • Should I sign the liability waiver when renting a car?
  • Is rental equipment covered for theft or damage?
  • What can I do if my company denied a claim?
  • Does my insurance cover my expensive audio equipment?
  • Where can I find high-risk insurance?
  • How can I get my company to pay me more for my totalled car?

If you don’t know the answers to these questions, then you may want to think about talking to a licensed agent. If you don’t have a local agent, simply complete this short form or you can also visit this page to select a carrier

Specific coverages for a 2017 BMW i8

Knowing the specifics of your insurance policy can be of help when determining the best coverages and proper limits and deductibles. The terms used in a policy can be impossible to understand and coverage can change by endorsement. These are the usual coverages offered by insurance companies.

Auto liability insurance – This protects you from injuries or damage you cause to a person or their property in an accident. It protects you against claims from other people. Liability doesn’t cover your own vehicle damage or injuries.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 50/100/50 which means $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged propery. Another option is a combined limit which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage protects against claims like structural damage, court costs, medical services and funeral expenses. How much coverage you buy is your choice, but buy as high a limit as you can afford.

Comprehensive (Other than Collision) – Comprehensive insurance coverage covers damage that is not covered by collision coverage. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things such as damage from flooding, falling objects, a broken windshield, hitting a deer and fire damage. The most your insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Collision coverage – Collision insurance will pay to fix damage to your i8 caused by collision with another car or object. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for things like colliding with a tree, hitting a mailbox, scraping a guard rail and colliding with another moving vehicle. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Medical expense insurance – Medical payments and Personal Injury Protection insurance kick in for bills for chiropractic care, EMT expenses, surgery, dental work and X-ray expenses. They can be utilized in addition to your health insurance program or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay

Protection from uninsured/underinsured drivers – This protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW i8.

Because many people only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important. Normally the UM/UIM limits are identical to your policy’s liability coverage.

And the best car insurance company is…

When you buy insurance coverage online, do not buy poor coverage just to save money. There are a lot of situations where consumers will sacrifice comprehensive coverage or liability limits only to find out that the savings was not a smart move. Your strategy should be to buy the best coverage you can find at a price you can afford.

We just covered a lot of ways to shop for 2017 BMW i8 insurance online. The key concept to understand is the more providers you compare, the more likely it is that you will get a better rate. You may be surprised to find that the biggest savings come from a smaller regional carrier. Some small companies may often insure only within specific states and give getter rates as compared to the big name companies such as Geico and State Farm.

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