Cheaper 2015 BMW i8 Insurance Rates in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 2, 2024

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Looking for better insurance rates for your BMW i8? Trying to come up with a payment for expensive insurance can empty your bank account, especially in this economy. Comparing rates annually is a smart way to make ends meet.

Companies like State Farm and GEICO promote their brand names with advertising and it is difficult to see past the geckos and flying pigs and find the best price available.

Cut insurance costs with these tips

Many factors are part of the equation when quoting car insurance. Some factors are common sense like an MVR report, but others are less apparent such as your credit history or your financial responsibility. An important part of buying insurance is that you know a few of the rating criteria that play a part in calculating your insurance coverage rates. If you know what determines base rates, this allows you to make educated decisions that may reward you with cheaper rates.

The factors shown below are some of the most common factors companies use to determine rates.

  • Claim-free discounts can add up – Companies give better rates to insureds that do not abuse their auto insurance. If you frequently file small claims, you can look forward to higher premiums or even policy non-renewal. Insurance coverage is intended to be relied upon for the large, substantial claims.
  • Know your credit rating – Your credit score factor in determining what you pay for insurance coverage. Therefore, if your credit is not that good, you could be paying less to insure your 2015 BMW i8 if you improve your credit rating. Insureds that have high credit ratings tend to be more responsible and file fewer claims than those with lower credit ratings.
  • Higher rates for demanding employers – Did you know your insurance coverage rates can be affected by your occupation? Occupations like judges, airline pilots and dentists tend to pay higher rates than the rest of us because of intense work-related stress and lengthy work days. Conversely, professions such as professors, engineers and homemakers get better rates for i8 coverage.
  • Which gender costs less? – Statistics have proven that females tend to be a little less risky than males. The data does not necessarily mean that women are BETTER drivers than men. Both sexes tend to get into accidents in similar numbers, but men tend to have more serious accidents. They also get cited for more serious violations like DWI (DUI) or reckless driving.

Cut your car insurance rates with discounts

Car insurance is expensive, but you may qualify for discounts that you may not know about. Certain credits will be shown at the time you complete a quote, but lesser-known reductions have to be inquired about before you will receive the discount. If you aren’t receiving every discount possible, you could be getting lower rates.

  • Home Ownership Discount – Being a homeowner may trigger a policy discount on car insurance because owning a home means you have a higher level of financial diligence.
  • Online Discount – A few companies provide a small discount get car insurance on your computer.
  • Driving Data Discount – Insureds who allow their insurance company to look at driving patterns remotely such as Snapshot from Progressive or Drivewise from Allstate may see discounts if they are good drivers.
  • Theft Deterrent System – Cars that have factory anti-theft systems help deter theft and therefore earn up to a 10% discount.
  • ABS Brakes – Vehicles that have steering control and anti-lock brakes have fewer accidents and therefore earn up to a 10% discount.
  • Responsible Driver Discount – Drivers who avoid accidents can save as much as half off their rates for i8 coverage compared to rates paid by drivers with frequent claims.
  • Smart Student Discounts – This discount may save you up to 25%. The good student discount can last until age 25.

While discounts sound great, it’s important to understand that most discount credits are not given to the whole policy. Most cut individual premiums such as liability and collision coverage. So despite the fact that it appears you would end up receiving a 100% discount, it just doesn’t work that way.

Companies and the discounts they provide are:

  • 21st Century includes discounts for teen driver, 55 and older, student driver, good student, automatic seat belts, and defensive driver.
  • Progressive offers discounts for online quote discount, multi-vehicle, multi-policy, online signing, homeowner, good student, and continuous coverage.
  • State Farm has discounts for Steer Clear safe driver discount, multiple autos, safe vehicle, driver’s education, good driver, and defensive driving training.
  • Nationwide policyholders can earn discounts including Farm Bureau membership, multi-policy, defensive driving, accident-free, easy pay, anti-theft, and good student.
  • Esurance may include discounts for emergency road assistance, homeowner, multi-car, claim free, and safety device.
  • The Hartford discounts include defensive driver, air bag, good student, anti-theft, bundle, and vehicle fuel type.

Before purchasing a policy, check with every company which discounts they offer. Depending on the company, some discounts might not be offered on policies everywhere. To choose companies who offer discounts, enter your zip code here.

You are unique and your car insurance should be too

When buying proper insurance coverage for your personal vehicles, there really is not a perfect coverage plan. Everyone’s needs are different so this has to be addressed. For example, these questions may help highlight if your insurance needs would benefit from an agent’s advice.

  • Should I bundle my homeowners policy with my auto?
  • Am I better off with higher deductibles on my 2015 BMW i8?
  • Is my 2015 BMW i8 covered for smoke damage?
  • What is an SR-22 filing?
  • What is no-fault insurance?
  • Does my personal policy cover me when driving out-of-state?

If it’s difficult to answer those questions but one or more may apply to you, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, simply complete your zip code.

Coverages available on your policy

Having a good grasp of your policy helps when choosing the best coverages and the correct deductibles and limits. Policy terminology can be confusing and even agents have difficulty translating policy wording. Below you’ll find typical coverages available from insurance companies.

Comprehensive or Other Than Collision – Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims like hitting a deer, damage from a tornado or hurricane, fire damage and theft. The most you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Medical costs insurance – Coverage for medical payments and/or PIP kick in for immediate expenses such as nursing services, ambulance fees and hospital visits. They are often utilized in addition to your health insurance policy or if you do not have health coverage. Medical payments and PIP cover you and your occupants as well as any family member struck as a pedestrian. Personal injury protection coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Coverage for liability – Liability insurance provides protection from damages or injuries you inflict on other people or property in an accident. It protects you against other people’s claims. It does not cover damage to your own property or vehicle.

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. Your policy might show policy limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property.

Liability insurance covers things such as bail bonds, attorney fees and funeral expenses. How much liability should you purchase? That is up to you, but you should buy as high a limit as you can afford.

Collision coverage – Collision coverage will pay to fix damage to your i8 from colliding with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for claims like driving through your garage door, hitting a mailbox and crashing into a building. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. Another option is to choose a higher deductible to bring the cost down.

UM/UIM Coverage – This coverage provides protection when the “other guys” do not carry enough liability coverage. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.

Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea.

Take this to the bank

When trying to cut insurance costs, it’s not a good idea to skimp on coverage in order to save money. In many cases, someone sacrificed liability coverage limits only to discover later they didn’t purchase enough coverage. The aim is to purchase a proper amount of coverage for the lowest price while not skimping on critical coverages.

More affordable car insurance is possible both online in addition to local insurance agencies, so you should be comparing quotes from both in order to have the best chance of saving money. Some insurance companies do not provide the ability to get quotes online and many times these regional insurance providers only sell coverage through independent insurance agencies.

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