Feel like you have overpriced auto insurance? Say no more because you are not the only one feeling buyer’s remorse.
Because there are so many insurance providers from which to choose, it can be challenging to choose the most affordable auto insurance company.
To find the best auto insurance rates, there are several ways to compare rate quotes from companies that offer auto insurance in your state. The simplest method to do a complete rate comparison is to use the internet to compare rates. This can be accomplished in several different ways.
For a list of links to companies insuring cars in your area, click here.
The approach you take is up to you, just compare the same deductibles and coverage limits with each company. If you have different limits and deductibles on each one it will be nearly impossible to find the best deal for your BMW i8. Quoting even small variations in limits can mean a large discrepancy in price. Just remember that comparing more rates from different companies increases the change that you will find better pricing. Some insurance companies are not set up to provide online rate quotes, so it’s important to compare price quotes from those companies as well.
Not too many consumers would say insurance coverage is affordable, but discounts can save money and there are some available that many people don’t even know exist. Some of these disounts will be visible at the time of purchase, but less common discounts must be asked about in order for you to get them.
As a footnote on discounts, some credits don’t apply to all coverage premiums. Most only apply to the price of certain insurance coverages like comp or med pay. Even though it may seem like having all the discounts means you get insurance for free, it’s just not the way it works.
Popular insurance coverage companies and a partial list of their discounts are outlined below.
It’s a good idea to ask all companies you are considering which credits you are entitled to. Depending on the company, some discounts may not apply in your area. To see insurance companies that offer discounts, click here.
When it comes to buying the best insurance coverage, there isn’t really a perfect coverage plan. Everyone’s needs are different so your insurance should reflect that For instance, these questions can help discover if you may require specific advice.
If it’s difficult to answer those questions, you may need to chat with an agent. To find an agent in your area, simply complete this short form or click here for a list of insurance companies in your area.
Knowing the specifics of your policy can help you determine the best coverages for your vehicles. Policy terminology can be difficult to understand and nobody wants to actually read their policy. Listed below are the normal coverages found on most insurance policies.
Comprehensive auto coverage – Comprehensive insurance covers damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive coverage pays for claims like rock chips in glass, fire damage, hitting a deer, a tree branch falling on your vehicle and a broken windshield. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
Auto liability – Liability coverage can cover injuries or damage you cause to people or other property in an accident. This coverage protects you against claims from other people. It does not cover your injuries or vehicle damage.
It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 50/100/50 that means you have $50,000 in coverage for each person’s injuries, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000.
Liability insurance covers things like emergency aid, medical expenses, loss of income and legal defense fees. How much liability should you purchase? That is a personal decision, but consider buying as large an amount as possible.
Medical payments and PIP coverage – Med pay and PIP coverage kick in for bills for things like dental work, X-ray expenses, EMT expenses and surgery. The coverages can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. They cover you and your occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not available in all states but can be used in place of medical payments coverage
Collision – Collision coverage pays for damage to your i8 resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision insurance covers claims such as hitting a mailbox, rolling your car and crashing into a building. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. Another option is to increase the deductible in order to get cheaper collision rates.
UM/UIM (Uninsured/Underinsured Motorist) coverage – Your UM/UIM coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. Covered claims include injuries to you and your family and damage to your BMW i8.
Because many people only carry the minimum required liability limits, their limits can quickly be used up. So UM/UIM coverage is a good idea.