View 2016 BMW i3 Insurance Cost

Feel like you have an underperforming, overpriced insurance coverage policy? Don’t feel bad because there are many consumers feeling the pinch from expensive insurance coverage. Many insurance companies compete for your hard-earned dollar, so it can be very hard to choose a insurer and get the best coverage at the lowest rate possible.

Affordable insurance rates with discounts

Insurance can cost an arm and a leg, but you can get discounts that can dramatically reduce your bill. Some trigger automatically at the time of purchase, but once in a while a discount must be manually applied prior to receiving the credit.

  • Discount for Good Grades – Being a good student may save as much as 25% on a insurance coverage quote. Many companies even apply the discount to college students up to age 25.
  • Military Deployment Discount – Being deployed with a military unit could qualify you for better insurance rates.
  • Driver Safety – Taking time to complete a course in defensive driving could cut 5% off your bill and easily recoup the cost of the course.
  • Save with a New Car – Buying a new car model can cost up to 25% less because newer vehicles keep occupants safer.
  • Accident Free – Claim-free drivers pay less when compared with drivers who are more careless.
  • Bundled Policy Discount – If you combine your home and auto policies with one insurance company you could earn a discount of at least 10% off all policies.
  • Life Insurance Discount – If the company offers life insurance, you could get lower premium rates if you buy a life insurance policy as well.
  • Passenger Safety Discount – Options like air bags may qualify for discounts as much as 30%.

Keep in mind that some credits don’t apply the the whole policy. Most only reduce the cost of specific coverages such as collision or personal injury protection. Despite the fact that it seems like it’s possible to get free car insurance, companies don’t profit that way.

A list of companies and a selection of discounts can be read below.

  • AAA may have discounts that include multi-car, education and occupation, good student, multi-policy, and anti-theft.
  • Progressive discounts include online quote discount, multi-policy, online signing, homeowner, multi-vehicle, and good student.
  • State Farm may include discounts for Drive Safe & Save, passive restraint, multiple policy, driver’s education, and student away at school.
  • Esurance has discounts for good driver, Pac-12 alumni, anti-theft, safety device, and Switch & Save.
  • Nationwide has savings for easy pay, multi-policy, Farm Bureau membership, good student, business or organization, anti-theft, and defensive driving.

When quoting, ask every prospective company which discounts can lower your rates. Depending on the company, some discounts may not be offered in your area. To view insurance companies that offer multiple discounts, click this link.

Finding car insurance

Performing a rate comparison can be a lot of work if you aren’t aware of the easiest way. You could waste a few hours discussing policy coverages with insurance companies in your area, or you could use the internet to get pricing more quickly.

Many popular insurance companies participate in an industry program where insurance shoppers enter their coverage request one time, and at least one company returns a rated price based on the submitted data. This saves time by eliminating quote forms to every company.

To find out how much you can save on car insurance click here to start a free quote.

The single downside to comparing rates this way is you cannot specify the providers you will receive quotes from. If you prefer to choose specific insurance companies to receive pricing from, we put together a list of companies who write car insurance in your area. Click here for list of insurance companies.

Whichever method you choose, make sure you use the exact same coverages and limits for each price quote. If each company quotes different limits and deductibles on each one then you won’t be able to truly determine the lowest rate.

How car insurance companies determine BMW i3 insurance rates

The best way to find cheaper insurance is to take a look at some of the elements that are used to determine your policy premiums. When consumers understand what determines premiums, this enables you to make decisions that may result in big savings.

The factors shown below are some of the most common factors utilized by car insurance companies to help set your rates.

  • Policy lapses lead to higher prices – Not having insurance can get your license suspended and you may have a hard time finding new coverage because you let your coverage cancel without a new policy in place. And not only will your rates increase, getting caught without coverage could earn you fines or a revoked license.
  • Buy as much liability insurance as you can afford – Liability insurance kicks in if ever you are determined to be liable for damages caused by your negligence. Your liability coverage provides legal defense which can cost thousands of dollars. It is affordable coverage compared to comp and collision, so drivers should make sure they buy enough to cover all assets.
  • Avoid traffic tickets – Having a clean driving record impacts premiums far more than you think. Having just one ticket may increase your cost to the point where it’s not affordable. Careful drivers tend to pay less for car insurance compared to bad drivers. Drivers with dangerous violations like DWI, reckless driving or hit and run convictions may find that they have to to maintain a SR-22 with their state’s licensing department in order to legally drive.
  • More people means more accidents – Being located in smaller towns and rural areas of the country can be a good thing if you are looking for the lowest rates. People in densly populated areas regularly have traffic congestion and longer commutes to work. Less people living in that area corresponds to lower accident rates as well as less vandalism and auto theft.
  • Add-on coverages you don’t need – Insurance companies have many extra bells and whistles you can purchase if you don’t pay attention. Add-on coverages like coverage for rental cars, accident forgiveness, and membership fees could be just wasting money. These may sound like a good investment when buying your policy, but if you have no use for them think about removing them and cutting costs.
  • Improve your credit score and save – An insured’s credit history is a large factor in calculating your premium rate. Consumers who have excellent credit tend to be more responsible and file fewer claims as compared to drivers with poor credit. If your credit is not that good, you could save money insuring your 2016 BMW i3 by taking the time to improve your credit score.
  • Better prices with anti-theft devices – Choosing a vehicle with a theft deterrent system can earn a premium discount. Theft deterrent systems such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all hinder auto theft.
  • Vocation impacts insurance rates – Jobs such as lawyers, architects and stock brokers are shown to have higher rates than the rest of us in part from stressful work requirements and extremely grueling work hours. Conversely, jobs such as professors, engineers and performers pay the least for i3 coverage.

Tailor your insurance coverage to you

When choosing the right insurance coverage for your personal vehicles, there really is not a “perfect” insurance plan. Your needs are not the same as everyone else’s so this has to be addressed. For example, these questions may help you determine whether your personal situation might need professional guidance.

  • Is my cargo covered for damage or theft?
  • Does my 2016 BMW i3 qualify for pleasure use?
  • Am I better off with higher deductibles on my 2016 BMW i3?
  • Am I covered if I wreck a rental car?
  • What happens if I owe more than my 2016 BMW i3 is worth?
  • Do I really need UM/UIM coverage?
  • Is my business laptop covered if it gets stolen from my vehicle?

If you don’t know the answers to these questions but you know they apply to you, you might consider talking to an agent. If you don’t have a local agent, fill out this quick form or click here for a list of insurance companies in your area. It’s fast, doesn’t cost anything and can help protect your family.

Insurance companies are expert advertisers

Drivers can’t get away from all the ads for insurance savings by Geico, State Farm and Progressive. All the companies convey the message that you can save if you get a free insurance coverage quote and switch your coverage.

How do they all claim to save you money? It’s all in the numbers.

Insurance companies offer their best rates for the type of driver that earns them a profit. An example of a profitable insured might have to be between 30 and 50, has no tickets, and drives a vehicle with a low ISO rating. Anybody that hits that “sweet spot” will get very good premium rates and as a result will probably cut their rates substantially.

Insureds who fall short of this ideal profile must pay higher prices which usually ends up with the customer not buying. If you pay attention, the ads say “drivers who switch” not “all people who quote” save that much when switching. That is how insurance companies can confidently make it sound like they have such great rates. This really illustrates why it’s extremely important to get insurance coverage quotes as often as possible. Because you cannot predict which insurance company will have the lowest rates.

Insurance coverages 101

Understanding the coverages of your insurance policy helps when choosing appropriate coverage and the correct deductibles and limits. Policy terminology can be impossible to understand and coverage can change by endorsement. Below you’ll find the usual coverages offered by insurance companies.

Comprehensive protection

Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims such as a broken windshield, rock chips in glass, vandalism, falling objects and damage from flooding. The maximum payout your insurance company will pay 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.

Liability insurance

Liability insurance provides protection from injuries or damage you cause to other people or property. This insurance protects YOU against claims from other people. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see limits of 100/300/100 that means you have a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property.

Liability insurance covers things like repair bills for other people’s vehicles, legal defense fees, repair costs for stationary objects, court costs and loss of income. The amount of liability coverage you purchase is your choice, but consider buying as much as you can afford.

Uninsured or underinsured coverage

This coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family and also any damage incurred to your BMW i3.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. So UM/UIM coverage is very important.

Medical expense coverage

Med pay and PIP coverage provide coverage for short-term medical expenses for ambulance fees, pain medications and funeral costs. They are utilized in addition to your health insurance policy or if you do not have health coverage. Medical payments and PIP cover not only the driver but also the vehicle 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

Collision protection

Collision insurance pays for damage to your i3 from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.

Collision coverage pays for claims such as backing into a parked car, damaging your car on a curb and hitting a mailbox. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to bump up the deductible to bring the cost down.

Coverage on a shoestring budget

We covered a lot of information how to get a better price on 2016 BMW i3 insurance. The key thing to remember is the more times you quote, the higher the chance of saving money. You may even find the best price on auto insurance is with a small mutual company. They may only write in your state and offer lower prices than their larger competitors like State Farm or Progressive.

As you restructure your insurance plan, you should never reduce needed coverages to save money. In too many instances, someone sacrificed liability limits or collision coverage to discover at claim time that the few dollars in savings costed them thousands. Your aim should be to get the best coverage possible at the best possible price and still be able to protect your assets.

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