2014 BMW i3 Insurance Rates – 6 Policy Discounts

Trying to find lower insurance rates for your BMW i3? Searching for low-cost insurance for a BMW i3 can turn out to be a lot of work, but you can follow these tips to save time. There is a right way and a wrong way to find insurance online so we’re going to tell you the best way to compare rates for a BMW and obtain the lowest possible price.

If you have a policy now or need new coverage, you can learn to cut your premiums while maximizing coverage. Pricing more affordable coverage is quite easy. Vehicle owners just need to understand the best way to shop their coverage around online.

Discounts to lower BMW i3 insurance rates

Auto insurance companies don’t necessarily list every available discount in an easy-to-find place, so we took the time to find some of the best known and also the lesser-known car insurance savings. If they aren’t giving you every credit you deserve, you’re paying more than you need to.

  • College Student – Children living away from home attending college and don’t have a car can be insured at a reduced rate.
  • Lower Rates for Military – Having a family member in the military can result in better rates.
  • Good Students Pay Less – A discount for being a good student can save 20 to 25%. The discount lasts up to age 25.
  • Anti-lock Brake System – Cars that have steering control and anti-lock brakes are safer to drive and will save you 10% or more.
  • Seat Belt Usage – Requiring all passengers to use their safety belts can save 10% or more off your medical payments premium.
  • Drivers Education – Make teen driver coverage more affordable by requiring them to enroll in driver’s education in school.

As a disclaimer on discounts, most of the big mark downs will not be given to the entire cost. Most only cut the cost of specific coverages such as collision or personal injury protection. So even though it sounds like you can get free auto insurance, you’re out of luck.

Companies that may have these benefits are:

Before buying, ask all companies you are considering what discounts are available to you. All car insurance discounts might not apply everywhere.

Tailor your coverage to you

When choosing the right insurance coverage for your vehicles, there isn’t really a one size fits all plan. Everyone’s situation is a little different.

These are some specific questions might help in determining if you may require specific advice.

  • Is my BMW i3 covered if I use it for business?
  • Do I need more liability coverage?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • Am I covered if I hit a deer?
  • Am I covered when driving a rental car?
  • Can I drive in Mexico and have coverage?
  • Can my babysitter drive my car?

If you’re not sure about those questions but you know they apply to you then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form. It only takes a few minutes and can provide invaluable advice.

Insurance coverage basics

Having a good grasp of your insurance policy can be of help when determining the right coverages for your vehicles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy.

Collision – This coverage covers damage to your i3 from colliding with an object or car. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims like scraping a guard rail, crashing into a building, crashing into a ditch and hitting a parking meter. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are older. You can also increase the deductible to bring the cost down.

Auto liability insurance – This will cover damages or injuries you inflict on people or other property. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show liability limits of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property.

Liability can pay for things such as funeral expenses, bail bonds, repair costs for stationary objects and loss of income. How much liability coverage do you need? That is your choice, but you should buy as high a limit as you can afford.

Comprehensive or Other Than Collision – Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things such as a tree branch falling on your vehicle, a broken windshield, fire damage and theft. The maximum amount a insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

UM/UIM Coverage – This protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. Covered claims include injuries sustained by your vehicle’s occupants and damage to your BMW i3.

Due to the fact that 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 a good idea.

Medical costs insurance – Med pay and PIP coverage provide coverage for short-term medical expenses for chiropractic care, pain medications, ambulance fees, dental work and hospital visits. They are often used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Coverage applies to all vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is not available in all states and gives slightly broader coverage than med pay

A little work can save a LOT of money

When shopping online for insurance coverage, it’s a bad idea to buy poor coverage just to save money. There have been many situations where consumers will sacrifice liability limits or collision coverage only to find out that saving that couple of dollars actually costed them tens of thousands. Your aim should be to buy enough coverage at an affordable rate, not the least amount of coverage.

Cost effective 2014 BMW i3 insurance is definitely available on the web and also from your neighborhood agents, and you should compare price quotes from both to have the best selection. Some insurance coverage companies may not provide online price quotes and usually these smaller companies provide coverage only through local independent agents.

Drivers who switch companies do it for many reasons like delays in responding to claim requests, questionable increases in premium, an unsatisfactory settlement offer or even high rates after DUI convictions. It doesn’t matter why you want to switch choosing a new insurance company can be pretty painless.

More detailed insurance coverage information can be read in these articles: