2014 BMW i3 Insurance Cost

Being forced to pay for overpriced car insurance premiums can deplete your bank account and force you to make tough financial choices. Comparing cost estimates is free and is an excellent way to lower your bills every month.

Since you have so many choices, it’s difficult to locate the right car insurance company.

It’s a good idea to check car insurance prices occasionally since prices change frequently. If you had the best deal for i3 coverage at your last renewal a different company probably has better premium rates today. Forget anything you know (or think you know) about car insurance because it’s time to teach you one of the quickest ways to properly buy coverages and cut your premium.

Buying the lowest cost insurance coverage is not that difficult. If you have a policy now or need new coverage, you will benefit by learning to get lower rates and possibly find even better coverage. Vehicle owners just need to learn the tricks to shop their coverage around over the internet.

The most recommended method to compare policy rates takes advantage of the fact most larger insurance companies participate in a system to compare their rates. To begin a comparison, all you need to do is take a few minutes to give details such as if it has an anti-theft system, driver ages, whether you are single or married, and whether the vehicles are used for commuting. The rating information is instantly provided to all major companies and you will get price comparisons quickly.

Save 15 percent in 15 minutes? Is it for real?

Consumers can’t ignore all the ads that claim the best car insurance rates by Geico, State Farm and Progressive. All the companies have a common claim of big savings after switching your coverage to them.

How is it possible that every company can give you a lower rate? You have to listen carefully.

Many companies have specific guidelines for the type of customer that will add to their bottom line. An example of a desirable risk might be described as over the age of 40, has never had a policy lapse, and has great credit. Anybody who meets those qualifications will qualify for the lowest premium rates and will save when they switch companies.

Drivers who are not a match for these criteria will have to pay a more expensive rate which leads to business not being written. The ads say “customers who switch” but not “everyone who gets a quote” save the amount stated. This is how insurance companies can advertise the way they do.

Because each company has a different risk profile, it’s extremely important to get price quotes at each policy renewal. It is impossible to guess which insurance companies will have better car insurance rates than you’re paying now.

How your i3 insurance premiums are determined

Many different elements are used when pricing auto insurance. Some are obvious such as your driving history, but other criteria are more transparent like your continuous coverage or how safe your car is.

The following are some of the major factors companies use to determine your rate level.

  • Poor credit rating equals high rates – Having a bad credit score is a big factor in calculating your insurance rates. Consumers who have very high credit ratings tend to file fewer claims than drivers with worse credit. If your credit score can be improved, you could potentially save money when insuring your 2014 BMW i3 by spending a little time repairing your credit.
  • Premiums drop with age – Teen drivers have a tendency to be careless and easily distracted when driving with friends therefore insurance rates are much higher. Older drivers are viewed as being more responsible, statistically cause fewer accidents , and usually have better credit.
  • Safer vehicles means better rates – Vehicles with good safety scores are cheaper to insure. Vehicles built for safety reduce injuries and reduced instances of injuries translates into fewer and smaller insurance claims which can mean better rates for you.
  • Are males or females drivers cheaper? – Statistics have proven that females take fewer risks when driving. That doesn’t necessarily mean that men are worse drivers. Females and males have accidents in similar numbers, but the males get into accidents with more damage. They also get ticketed for serious violations like reckless driving and DUI.
  • Raise coverage deductibles and save – Insurance for physical damage, also called ‘full coverage’, is used to repair damage to your BMW. Some instances where coverage would apply are collision with another vehicle, hail damage, and damage from a fallen tree branch. Physical damage deductibles represent how much money the insured will be required to pay if a covered claim is submitted. The more expense you choose to pay out-of-pocket, the less your company will charge you for insurance for i3 coverage.
  • Traffic violations drive up costs – How you drive has a lot to do with how much you pay for insurance. Getting just one speeding ticket or other violation may increase your cost forty percent or more. Drivers who don’t get tickets get better prices compared to bad drivers. Drivers with careless violations like DWI, reckless driving or hit and run convictions are required to file a SR-22 with their state’s licensing department in order to prevent a license revocation.
  • Minor frequent insurance claims are not good – Companies award cheaper rates to policyholders who are claim-free. If you are a frequent claim filer, you can pretty much guarantee either a policy non-renewal or much higher rates. Insurance coverage is intended to be relied upon for more catestrophic claims.
  • Do you really need roadside assistance? – Insurance companies have many additional coverages that may not really be needed on your i3 policy. Coverages for replacement cost coverage, better glass coverage, and term life insurance may be costing you every month. The coverages may be enticing initially, but if you have no use for them remove them and pocket the money.

Get affordable car insurance with discounts

Insuring your fleet can be pricey, but there’s a good chance there are discounts that many consumers don’t even know exist. Some trigger automatically at the time you complete a quote, but a few need to be manually applied before you get the savings.

  • Anti-theft Discount – Cars with anti-theft systems are stolen less frequently and earn discounts up to 10% off your insurance quote.
  • Defensive Driver Discount – Taking part in a defensive driver course may get you a small discount and easily recoup the cost of the course.
  • Claim Free – Claim-free drivers pay less as opposed to accident-prone drivers.
  • College Student Discount – Older children living away from home attending college and do not take a car to college could qualify for this discount.
  • Drive Less and Save – Driving fewer miles could be rewarded with lower prices on the low mileage vehicles.
  • Military Rewards – Having a deployed family member may lower your prices slightly.
  • Auto/Life Discount – Not all companies offer life insurance, but some may give you a discount if you purchase life insurance from them.

Just know that many deductions do not apply to all coverage premiums. Most cut the price of certain insurance coverages like liability, collision or medical payments. So when it seems like it’s possible to get free car insurance, companies don’t profit that way. Any qualifying discounts will definitely lower the amount you pay for coverage.

To see a list of companies with the best car insurance discounts, click here to view.

Tailor your auto insurance coverage to you

When it comes to choosing coverage, there is no “perfect” insurance plan. Everyone’s situation is a little different so your insurance needs to address that. For instance, these questions can aid in determining if your situation would benefit from an agent’s advice.

  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • Am I covered if hit by an uninsured driver?
  • What if I don’t agree with a claim settlement offer?
  • What can I do if my company denied a claim?
  • Do I need PIP (personal injury protection) coverage in my state?
  • Where can I find high-risk insurance?

If you can’t answer these questions but a few of them apply then you might want to talk to an insurance agent. To find an agent in your area, complete this form or go to this page to view a list of companies. It’s fast, doesn’t cost anything and can help protect your family.

Specific coverages for a BMW i3

Having a good grasp of auto insurance can be of help when determining the right coverages and the correct deductibles and limits. Auto insurance terms can be difficult to understand and reading a policy is terribly boring. Listed below are typical coverages found on most auto insurance policies.

Coverage for collisions

This will pay to fix damage to your i3 caused by collision with another vehicle or an object, but not an animal. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims like sustaining damage from a pot hole, backing into a parked car, crashing into a ditch and scraping a guard rail. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Another option is to raise the deductible to get cheaper collision coverage.

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for claims like falling objects, a broken windshield, hitting a bird and theft. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Liability car insurance

This coverage will cover damages or injuries you inflict on other’s property or people in an accident. This coverage protects you against other people’s claims. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show limits of 50/100/50 which means $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000. Alternatively, you may have a combined single limit or CSL that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability insurance covers claims such as structural damage, loss of income, bail bonds, court costs and medical expenses. How much liability should you purchase? That is a decision to put some thought into, but buy as much as you can afford.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage gives you protection from other drivers when they either have no liability insurance or not enough. This coverage pays for injuries to you and your family and also any damage incurred 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. This is the reason having UM/UIM coverage is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage provide coverage for bills like pain medications, ambulance fees, hospital visits and funeral costs. They can be used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Coverage applies to both the driver and occupants and will also cover any family member struck as a pedestrian. Personal injury protection coverage is only offered in select states and may carry a deductible

Get your money’s worth

Cheap 2014 BMW i3 insurance can be bought online in addition to many insurance agents, so get free insurance quotes from both of them to have the best chance of lowering rates. A few companies don’t offer price quotes online and these small insurance companies work with local independent agents.

You just learned a lot of techniques to lower your 2014 BMW i3 insurance car insurance rates. The most important thing to understand is the more companies you get premium rates for, the higher the chance of saving money. You may even discover the lowest priced insurance comes from a small mutual company. They can often insure niche markets at a lower cost than their larger competitors like Allstate and Progressive.

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