Cheap 2016 BMW i3 Car Insurance Cost 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 9, 2024

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Trying to find cheaper auto insurance rates for your BMW i3? Searching for cheaper insurance for a BMW i3 can normally be a lot of work, but you can follow these tips to find lower rates. There is a right way and a wrong way to find auto insurance online so we’re going to tell you the proper way to quote coverages for a BMW and get the best price possible.

Finding the best rates is easy if you know what you’re doing. If you have insurance now or are just looking to switch companies, you can learn to shop for the lowest rates and possibly find even better coverage. Vehicle owners only need an understanding of the most effective way to get comparison quotes online.

Why your insurance premiums might be higher

It’s important that you understand a few of the rating criteria that help calculate the rates you pay for insurance coverage. If you have some idea of what determines base rates, this empowers consumers to make smart changes that will entitle you to lower rates. Multiple criteria are taken into consideration when you get your auto insurance bill. Some factors are common sense like your driving record, but other criteria are more transparent like your vehicle usage or your commute time.

  • Higher premiums for specific jobs – Occupational choices like real estate brokers, executives and stock brokers generally have higher premiums than the average policyholder due to intense work-related stress and extremely grueling work hours. On the flip side, careers like scientists, athletes and performers pay the least for i3 insurance.
  • Rate your vehicle for proper use – The more miles you rack up on your BMW in a year’s time the more you’ll pay to insure it. Most insurance companies calculate rates based on how the vehicle is used. Autos that do not get driven very much receive lower rates than vehicles that are driven to work every day. Having an incorrect usage rating on your i3 can cost quite a bit. Make sure your insurance coverage policy correctly shows how each vehicle is driven.
  • Insure your auto and home with one company – Most major insurance coverage companies provide a discount to policyholders who consolidate policies with them in the form of a multi-policy discount. Even with this discount applied, you may still want to compare rates to ensure the best deal.
  • Gender and car insurance premiums – Statistics have proven females are less aggressive when driving. That doesn’t necessarily mean that females are better at driving than males. Males and females cause fender benders at about the same rate, but males tend to have more serious accidents. Men also statistically have more aggressive citations like DWI (DUI) or reckless driving.
  • Physical damage deductibles – Insurance for physical damage to your car, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your BMW. Some examples of covered claims are a dented fender, flood damage, and damage from a fallen tree branch. Your deductibles represent how much money you are willing to pay if the claim is covered. The more you are required to pay out-of-pocket, the less your company will charge you for insurance for i3 insurance.

How to buy insurance

Shopping for lower insurance rates can be a daunting task if you aren’t aware of the most efficient way. You can spend countless hours driving to agents in your area, or you could use online quoting to maximize your effort.

Many popular insurance companies participate in a marketplace where prospective buyers only type in their quote data once, and every company can give them a price determined by their information. This system prevents you from having to do form submissions to every company.

To get comparison pricing now enter your zip code here.

The one disadvantage to using this type of system is buyers cannot specifically choose the providers you will receive quotes from. If you would rather choose individual companies to compare prices, we put together a list of the cheapest insurance companies in your area. Click to enter zip code.

The method you choose is up to you, but be sure you’re using identical quote data on every price quote you get. If you have different liability limits it will be impossible to find the best deal for your BMW i3.

Save $389 a year? Really?

Consumers can’t ignore all the ads that promise big savings for switching from the likes of State Farm and Allstate. All the ads make the point about savings if you just switch your policy.

How is it possible that every company can give you a lower rate? This is how they do it.

All the different companies look for specific characteristics for the right customer that earns them the highest profit. An example of this type of insured could be over age 30, owns a home, and insures a new vehicle. Anybody who meets those qualifications will get very good prices and most likely will save a lot if they switch.

Potential insureds who don’t qualify for those standards will get higher premium rates which results in the driver buying from a lower-cost company. The wording the ads use say “people that switch” not “everyone who quotes” can save as much as they claim. That is how companies can truthfully claim big savings. This really illustrates why drivers should get insurance quotes from several different companies. It’s impossible to know which insurance coverage company will be your best fit.

Cheaper rates with discounts

The cost of insuring your cars can be expensive, but there could be available discounts that can drop the cost substantially. Certain discounts will be applied when you purchase, but some may not be applied and must be inquired about prior to getting the savings.

  • ABS and Traction Control Discounts – Cars that have anti-lock braking systems prevent accidents and will save you 10% or more.
  • Distant Student Discount – College-age children who are enrolled in higher education away from home and do not have a car could qualify for this discount.
  • Save over 55 – If you qualify as a senior citizen, you can get a discount up to 10% for i3 insurance.
  • Homeowners Savings – Being a homeowner can save a few bucks because maintaining a house demonstrates responsibility.
  • Auto/Life Discount – If the company offers life insurance, you could get better rates if you take out some life insurance too.
  • Accident Forgiveness Coverage – Not necessarily a discount, but certain companies may permit one accident before raising your premiums with the catch being you have to be claim-free for a set time period.
  • Military Rewards – Being deployed in the military may qualify for rate reductions.
  • Discounts for Federal Employees – Federal government employees may qualify for a discount when you quote insurance for i3 insurance with select insurance companies.

We need to note that most discount credits are not given to the overall cost of the policy. Most only reduce individual premiums such as collision or personal injury protection. So even though you would think all the discounts add up to a free policy, companies don’t profit that way.

The best car insurance companies and a selection of discounts can be read below.

  • GEICO offers discounts including defensive driver, anti-theft, multi-vehicle, military active duty, federal employee, air bags, and driver training.
  • USAA policyholders can earn discounts including annual mileage, driver training, multi-policy, family discount, and safe driver.
  • Progressive discounts include homeowner, online signing, multi-policy, continuous coverage, and multi-vehicle.
  • American Family may have discounts that include good driver, multi-vehicle, good student, bundled insurance, air bags, and TimeAway discount.
  • Esurance may offer discounts for Pac-12 alumni, defensive driver, online shopper, renters, emergency road assistance, safety device, and multi-car.
  • Farmers Insurance may include discounts for business and professional, pay in full, distant student, multi-car, mature driver, and electronic funds transfer.
  • State Farm has discounts for multiple policy, anti-theft, accident-free, Steer Clear safe driver discount, and Drive Safe & Save.

When getting a coverage quote, ask each insurance company which discounts they offer. Some of the earlier mentioned discounts may not apply in every state. To choose companies who offer discounts, enter your zip code here.

What is the best insurance coverage?

When buying adequate coverage for your vehicles, there is no single plan that fits everyone. Coverage needs to be tailored to your specific needs.

These are some specific questions might help in determining if you may require specific advice.

  • Am I insured when driving a different vehicle?
  • Should I get collision insurance on every vehicle?
  • Is extra glass coverage worth it?
  • Will filing a claim cost me more?
  • What if I owe more than I can insure my car for?
  • Is my teenager covered with friends in the car?

If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to a licensed agent. If you don’t have a local agent, complete your zip code. It only takes a few minutes and can provide invaluable advice.

Insurance coverages explained

Knowing the specifics of insurance can help you determine the best coverages and proper limits and deductibles. The terms used in a policy can be ambiguous and nobody wants to actually read their policy.

Comprehensive protection

Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage protects against things such as damage from flooding, falling objects, fire damage, hitting a deer and vandalism. The highest amount 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 consider removing comprehensive coverage.

Medical expense coverage

Medical payments and Personal Injury Protection insurance pay for immediate expenses like nursing services, surgery, hospital visits, prosthetic devices and EMT expenses. They are used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not an option in every state but can be used in place of medical payments coverage

Liability coverages

Liability insurance can cover injuries or damage you cause to people or other property that is your fault. It protects YOU against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 100/300/100 that translate to a $100,000 limit per person for injuries, $300,000 for the entire accident, and $100,000 of coverage for damaged property.

Liability insurance covers claims such as pain and suffering, legal defense fees, funeral expenses and loss of income. How much liability should you purchase? That is a personal decision, but consider buying as high a limit as you can afford.

Collision coverage protection

Collision insurance pays for damage to your i3 resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as colliding with another moving vehicle, crashing into a ditch, rolling your car and colliding with a tree. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. Another option is to bump up the deductible to save money on collision insurance.

Uninsured or underinsured coverage

Your UM/UIM coverage protects you and your vehicle from other motorists when they 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 2016 BMW i3.

Because many people only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Be a money saver!

There are still a few companies who may not have rates over the internet and usually these smaller companies only sell coverage through local independent agencies. Budget-friendly insurance is definitely available both online and from local agencies, and you need to price shop both to get a complete price analysis.

Drivers leave their current company for many reasons like an unsatisfactory settlement offer, questionable increases in premium, lack of trust in their agent or even poor customer service. Whatever your reason, switching insurance companies can be easy and end up saving you some money.

As you prepare to switch companies, it’s a bad idea to sacrifice coverage to reduce premiums. In too many instances, an accident victim reduced full coverage and discovered at claim time that it was a big mistake. Your goal should be to find the BEST coverage at the best price but still have enough coverage for asset protection.

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