2015 BMW i8 Insurance Rates

Want cheaper insurance rates for your BMW i8? Nobody enjoys paying for insurance, especially knowing their premiums are through the roof.

There are many insurance companies to buy insurance from, and although it’s a good thing to have multiple companies, lots of choices makes it harder to compare rates and cut insurance costs.

Finding affordable coverage is not rocket science. If you have car insurance now, you will most likely be able to reduce your rates substantially using these tips. But consumers must understand how insurance companies market insurance on the web because it can help you find the best coverage.

Lesser-known factors impacting BMW i8 insurance rates

Smart consumers have a good feel for the rating factors that come into play when calculating the price you pay for car insurance. When you know what positively or negatively determines base rates helps enable you to make changes that will entitle you to big savings.

The list below includes some of the factors that factor into prices.

  • Pleasure use saves money – The higher the mileage driven in a year’s time the more you will pay for car insurance. The majority of insurers apply a rate based on their usage. Autos not used for work or commuting receive lower rates than those used for commuting. If your policy improperly rates your i8 may be costing you. Ask your agent if your car insurance declarations sheet is rated on the correct usage for each vehicle, because improper ratings can cost you money.
  • Your spouse saves you money – Having a spouse actually saves money on your car insurance policy. Marriage means you’re more mature and it’s proven that married couples file fewer claims.
  • Mature drivers pay less – More mature drivers are viewed as being more responsible, tend to cause fewer accidents and receive fewer citations. Youthful drivers are known to be less responsible when driving and because of this, their car insurance rates are much higher.
  • Do you need those extra coverages? – There are a ton of additional coverages you can purchase on your i8 policy. Insurance for roadside assistance, better glass coverage and additional equipment coverage may be wasting your money. These may sound like a good investment when talking to your agent, but now you might not need them so eliminate the coverages to reduce your premium.

Pay less for 2015 BMW i8 insurance

Companies that sell car insurance don’t always advertise all available discounts in a way that’s easy to find, so we break down both well-publicized and also the lesser-known savings tricks you should be using.

  • Save over 55 – Older drivers may qualify for a discount up to 10% for i8 insurance.
  • Bundle and Save – When you have multiple policies with one insurance company you will save approximately 10% to 15%.
  • Anti-theft Discount – Vehicles with anti-theft systems are stolen less frequently and qualify for as much as a 10% discount.
  • Accident Forgiveness – Some insurance companies permit an accident before your rates go up if you are claim-free prior to the accident.
  • Claim Free – Good drivers with no accidents can save substantially when compared with accident-prone drivers.
  • Anti-lock Brake System – Anti-lock brake equipped vehicles prevent accidents and qualify for as much as a 10% discount.
  • Driver Safety – Taking part in a course teaching defensive driving skills could cut 5% off your bill if your company offers it.
  • Driver’s Ed – Require your teen driver to enroll in driver’s education if offered at their school.

Consumers should know that most of the big mark downs will not be given to the entire cost. Some only apply to individual premiums such as liability and collision coverage. So when it seems like all the discounts add up to a free policy, it just doesn’t work that way.

A partial list of companies that possibly offer these benefits include:

Double check with each insurance company how you can save money. Discounts might not be offered in your area.

Tailor your coverage to you

When buying coverage, there isn’t really a cookie cutter policy. Everyone’s needs are different and your policy should reflect that. For instance, these questions could help you determine whether or not you might need an agent’s assistance.

  • Should I buy additional glass protection?
  • How do I buy GAP insurance?
  • I have good health insurance, so how much medical payments coverage do I need?
  • Why am I required to buy high-risk coverage?
  • Should I drop comprehensive coverage on older vehicles?
  • Am I covered by my spouse’s policy after a separation?

If you’re not sure about those questions, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, complete this form or go to this page to view a list of companies.

The coverage is in the details

Knowing the specifics of your policy aids in choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording. Shown next are typical coverages found on most insurance policies.

Uninsured/Underinsured Motorist coverage

This protects you and your vehicle from other motorists when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your BMW i8.

Since many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages should not be overlooked.

Liability insurance

This will cover damages or injuries you inflict on other people or property by causing an accident. It protects you against other people’s claims, and doesn’t 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 liability limits of 50/100/50 which means $50,000 in coverage for each person’s injuries, a total of $100,000 of bodily injury coverage per accident, and a total limit of $50,000 for damage to vehicles and property.

Liability coverage pays for things such as repair costs for stationary objects, medical services and pain and suffering. The amount of liability coverage you purchase is a personal decision, but buy as high a limit as you can afford.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance pay for bills such as chiropractic care, X-ray expenses and hospital visits. They can be used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. It covers both the driver and occupants as well as any family member struck as a pedestrian. Personal Injury Protection is only offered in select states and may carry a deductible

Comprehensive coverage

Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as a broken windshield, damage from a tornado or hurricane and damage from flooding. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Coverage for collisions

Collision insurance covers damage to your i8 from colliding with an object or car. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against things such as sideswiping another vehicle, scraping a guard rail and damaging your car on a curb. This coverage can be expensive, so consider removing coverage from lower value vehicles. Drivers also have the option to raise the deductible to save money on collision insurance.

Don’t throw your cash in the trash

We just presented a lot of tips how to save on 2015 BMW i8 insurance. The key concept to understand is the more companies you get rates for, the better likelihood of reducing your rate. You may even discover the best prices are with some of the smallest insurance companies. These companies may have significantly lower rates on certain market segments than their larger competitors like Progressive and Geico.

As you restructure your insurance plan, it’s a bad idea to reduce needed coverages to save money. In too many instances, an insured cut uninsured motorist or liability limits only to discover later that a couple dollars of savings turned into a financial nightmare. The proper strategy is to buy a smart amount of coverage for the lowest price, not the least amount of coverage.

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