2016 BMW i8 Car Insurance Rates – 10 Ways to Save

Trying to find cheaper insurance is nearly impossible for people who are new to comparison shopping online. People have so many options that it can turn into a big hassle to find the lowest price.

If you are paying for car insurance now, you stand a good chance to be able to lower your premiums substantially using these methods. Locating affordable insurance is easy if you know what you’re doing. Nevertheless, drivers do need to understand how the larger insurance companies sell online.

The easiest way to compare insurance rates in your area utilizes the fact most insurance companies allow for online access to provide you with free rate quotes. The only thing you need to do is provide a little information including if you have an active license, whether you are single or married, level of coverage desired, and if it has an anti-theft system. Your information is then submitted to insurance companies and you should receive rate quotes instantly to find the best rate.

To get price quotes for your 2016 BMW i8 now, click here and see if a lower rate is available.

Insurance coverage rates and discounts

The price of auto insurance can be rather high, but you might find some hidden discounts to cut the cost considerably. Most are applied when you get a quote, but a few must be specially asked for before you get the savings. If you’re not getting every credit available, you are paying more than you should be.

  • Smart Student Discounts – Performing well in school may save you up to 25%. This discount can apply well after school through age 25.
  • No Charge for an Accident – This one is not really a discount per se, but some insurance companies may permit one accident before raising your premiums as long as you don’t have any claims for a certain period of time.
  • Paperless Signup – Some larger companies give back up to $50 get insurance over the internet.
  • Resident Student – College-age children who attend college more than 100 miles from home and do not have a car could get you a discount.
  • Data Collection Discounts – Policyholders that allow driving data submission to look at driving habits by installing a telematics device such as Drivewise from Allstate or Snapshot from Progressive might get better premium rates if they show good driving skills.
  • Defensive Driver Discounts – Taking part in a driver safety class could earn you a small percentage discount and also improve your driving technique.
  • Senior Discount – If you’re over the age of 55, you can possibly qualify for lower premium rates for i8 insurance.
  • Drivers Ed for Students – Cut your cost by having your teen driver enroll in driver’s education as it can save substantially.
  • Anti-lock Brakes – Cars, trucks, and SUVs with anti-lock braking systems have fewer accidents and will save you 10% or more.
  • Own a Home and Save – Simply owning a home may trigger a policy discount on insurance coverage because maintaining a house means you have a higher level of financial diligence.

A quick disclaimer, most discount credits are not given to the entire cost. The majority will only reduce the price of certain insurance coverages like collision or personal injury protection. Despite the fact that it seems like it’s possible to get free car insurance, that’s just not realistic. Any qualifying discounts should definitely cut the amount you pay for coverage.

For a list of insurance companies that offer some of these discounts, follow this link.

Situations that may require an agent’s advice

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

For instance, these questions may help you determine whether your personal situation would benefit from an agent’s advice.

  • Do I need added coverage for expensive stereo equipment?
  • Will I be non-renewed for getting a DUI or other conviction?
  • Do all my vehicles need collision coverage?
  • Am I covered if I hit my neighbor’s mailbox?
  • What is an SR-22 filing?
  • Is my babysitter covered when using my vehicle?
  • Do I need PIP coverage since I have good health insurance?

If you’re not sure about those questions, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, simply complete this short form.

Insurance coverages and their meanings

Understanding the coverages of your policy helps when choosing the best coverages at the best deductibles and correct limits. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Medical costs insurance – Coverage for medical payments and/or PIP reimburse you for expenses for things like hospital visits, ambulance fees and surgery. The coverages can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. Coverage applies to both the driver and occupants in addition to being hit by a car walking across the street. Personal Injury Protection is only offered in select states and may carry a deductible

Comprehensive or Other Than Collision – Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like damage from flooding, vandalism, theft, rock chips in glass and hitting a deer. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Liability – This protects you from damage or injury you incur to a person or their property in an accident. 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 commonly see values of 100/300/100 that means you have a limit of $100,000 per injured person, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged propery. Some companies may use a combined limit which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage pays for claims such as legal defense fees, emergency aid, medical expenses and loss of income. How much liability should you purchase? That is up to you, but you should buy as much as you can afford.

Collision coverage – Collision coverage will pay to fix damage to your i8 caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims such as crashing into a building, crashing into a ditch, damaging your car on a curb, hitting a mailbox and colliding with another moving vehicle. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to raise the deductible to get cheaper collision coverage.

UM/UIM Coverage – Your UM/UIM coverage gives you protection when other motorists 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.

Since a lot of drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Most of the time these limits are identical to your policy’s liability coverage.

And the best car insurance company is…

Insureds who switch companies do it for a number of reasons such as extreme rates for teen drivers, policy cancellation, high prices or lack of trust in their agent. No matter why you want to switch, finding the right auto insurance provider is easier than you think.

We’ve covered a lot of information how to get a better price on 2016 BMW i8 insurance. The key thing to remember is the more rate comparisons you have, the higher your chance of finding the cheapest insurance. You may even find the lowest priced auto insurance comes from an unexpected company.

When getting insurance quotes online, don’t be tempted to skimp on critical coverages to save a buck or two. In too many instances, an insured cut uninsured motorist or liability limits only to discover later that the few dollars in savings costed them thousands. The proper strategy is to find the BEST coverage at the best price, not the least amount of coverage.

To learn more, take a look at the resources below: