2015 BMW i8 Car Insurance Cost

Want lower auto insurance rates for your BMW i8? Pretty sure you bought an underperforming, overpriced auto insurance policy? Believe me when I say there are lots of people in the same boat. There are many car insurance companies to buy insurance from, and although it’s a good thing to be able to choose, having more auto insurance companies makes it harder to adequately compare rates.

It is always a good idea to do price comparisons periodically since rates are adjusted regularly by insurance companies. Just because you found the best premium rates for i8 insurance a few years ago you will most likely find a better price today. Block out anything you think you know about auto insurance because you’re about to learn the fastest and easiest way to remove unneeded coverages and save money.

The easiest way to get rate comparisons is to realize almost all companies pay for the opportunity to compare their rates. All you need to do is provide a little information such as the type of vehicles you drive, your general credit rating, if the car is leased, and if you are currently licensed. That information is submitted instantly to insurance carriers in your area and you receive quotes with very little delay.

Tailor your car insurance coverage to you

When buying adequate coverage, there really is no best way to insure your cars. Everyone’s needs are different so your insurance should reflect that Here are some questions about coverages that may help highlight whether or not you would benefit from professional advice.

  • Can I get a multi-policy discount?
  • What are the financial responsibility laws in my state?
  • If my pet gets injured in an accident are they covered?
  • Do I need PIP coverage since I have good health insurance?
  • Is my teen driver covered when they drive my company car?
  • Does coverage extend to a rental car in a foreign country?
  • Does my liability insurance cover pulling a trailer or camper?

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with an insurance agent. To find lower rates from a local agent, fill out this quick form or go to this page to view a list of companies. It is quick, free and you can get the answers you need.

Parts of your insurance policy

Having a good grasp of a insurance policy helps when choosing which coverages you need and the correct deductibles and limits. Insurance terms can be confusing and even agents have difficulty translating policy wording. Below you’ll find the normal coverages available from insurance companies.

Comprehensive protection

This covers damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for things such as theft, a tree branch falling on your vehicle, damage from a tornado or hurricane and hitting a bird. The maximum 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 it’s probably time to drop comprehensive insurance.

Coverage for collisions

This will pay to fix damage to your i8 from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and then insurance will cover the remainder.

Collision insurance covers things like driving through your garage door, damaging your car on a curb and hitting a parking meter. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. You can also choose a higher deductible to get cheaper collision coverage.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants and damage to your BMW i8.

Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Normally the UM/UIM limits are identical to your policy’s liability coverage.

Medical expense coverage

Medical payments and Personal Injury Protection insurance kick in for expenses like dental work, surgery, chiropractic care and EMT expenses. They are used to fill the gap from your health insurance program or if you do not have health coverage. They cover all vehicle occupants and will also cover getting struck while a pedestrian. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Liability coverages

Liability coverage will cover injuries or damage you cause to other people or property. This coverage protects you from legal claims by others. Liability doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 100/300/100 which means a limit of $100,000 per injured person, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property. Some companies may use a combined single limit or CSL that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability coverage protects against things such as repair costs for stationary objects, medical services and loss of income. How much liability should you purchase? That is a decision to put some thought into, but buy as high a limit as you can afford.