How Much Does 2017 BMW i3 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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Drivers have a choice when trying to find affordable BMW i3 insurance. They can either spend hours contacting agents getting price quotes or use the internet to compare rates.

There is a right way and a wrong way to buy car insurance and you need to know the quickest way to get price quotes on a BMW and find the lowest price.

This article will tell you how to get online quotes and some tips to save money. If you currently have a car insurance policy, you will most likely be able to cut costs considerably using this information. Consumers just need to understand the proper way to compare company rates online.

More discounts mean affordable premiums

Insurance coverage is neither fun to buy or cheap, but there’s a good chance there are discounts to help offset the cost. Certain discounts will be applied when you get a quote, but once in a while a discount must be specially asked for before you get the savings. If you don’t get every credit you qualify for, it’s possible you qualify for a lower rate.

  • Discounts for Responsible Drivers – Insureds without accidents may receive a discount up to 45% for i3 coverage as compared to drivers with claims.
  • Theft Prevention System – Cars equipped with tracking devices and advanced anti-theft systems are stolen with less frequency so companies will give you a small discount.
  • Telematics Data – Drivers that enable companies to look at driving habits by using a telematic data system such as In-Drive from State Farm or Allstate’s Drivewise system might see lower rates as long as they are good drivers.
  • Save over 55 – Older drivers could receive a small decrease in premiums for i3 coverage.
  • Early Switch Discount – Some insurance companies reward drivers for renewing your policy before your current policy expires. This can save 10% or more.
  • Anti-lock Brakes – Anti-lock brake equipped vehicles can reduce accidents and earn discounts up to 10%.

Discounts reduce rates, but you should keep in mind that some of the credits will not apply to the entire cost. A few only apply to the cost of specific coverages such as liability and collision coverage. So even though they make it sound like you can get free auto insurance, it’s just not the way it works.

Popular insurance coverage companies and some of the premium reductions they offer can be found below.

  • State Farm discounts include good driver, safe vehicle, defensive driving training, anti-theft, Steer Clear safe driver discount, and accident-free.
  • GEICO offers discounts including good student, seat belt use, air bags, five-year accident-free, driver training, and federal employee.
  • SAFECO policyholders can earn discounts including accident prevention training, safe driver, multi-car, anti-lock brakes, and teen safety rewards.
  • Farmers Insurance offers discounts for mature driver, switch companies, distant student, alternative fuel, business and professional, bundle discounts, and electronic funds transfer.
  • AAA may offer discounts for education and occupation, multi-policy, pay-in-full, multi-car, anti-theft, good student, and good driver.
  • USAA has discounts for multi-vehicle, annual mileage, multi-policy, military installation, defensive driver, and safe driver.

Double check with every prospective company the best way to save money. Some discounts might not apply everywhere.

You can change your insurance costs

When buying insurance it’s important to understand some of the things that play a part in calculating the price you pay for insurance. When you understand what determines premiums, this allows you to make good choices that could result in better insurance rates. Many factors are part of the equation when you get your auto insurance bill. Some of the criteria are obvious such as your driving history, although some other factors are less obvious like your vehicle usage or how financially stable you are.

  • Higher physical damage deductibles are cheaper – Your deductibles are how much you are required to spend out-of-pocket in the event of a claim. Physical damage insurance, also known as collision and other-than-collision, covers damage that occurs to your car. Examples of covered claims are rear-ending another vehicle, damage from fire, and damage caused by road hazards. The more expense the insured is willing to pay, the better rate you will receive for i3 coverage.
  • Alarm systems lowers rates – Choosing to buy a car that has a built-in theft deterrent system can help lower your rates. Anti-theft features such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all hinder your vehicle from being stolen.
  • Do you have enough liability coverage? – The liability section of your policy is the coverage that protects you if a jury decides you are liable for causing damage or personal injury in an accident. Your policy’s liability insurance provides legal defense which can cost thousands of dollars. This coverage is relatively inexpensive compared to other policy coverages, so do not skimp.
  • Teenage vs. experienced drivers – Inexperienced drivers have been known to get distracted easily when driving so insurance rates are higher. If you’ve ever had to add a beginning driver onto your insurance can increase premiums substantially. More experienced drivers tend to be more responsible, cause fewer claims and accidents and are safer drivers.
  • What’s your car’s crash test rating? – Vehicles that have high safety ratings tend to have better insurance rates. Highly rated vehicles result in less severe injuries and lower rates of occupant injuries translates directly to fewer claims passed on to you as lower rates. If your BMW is rated at a minimum four stars on or an “acceptable” rating on it may cost less to insure.
  • Responsible drivers pay lower rates – Having just one ticket can increase the cost of insurance substantially. Drivers who don’t get tickets get better rates compared to bad drivers. Drivers with multiple violations such as DWI, reckless driving or hit and run convictions may find they need to maintain a SR-22 with their state’s department of motor vehicles in order to keep their license.

It’s not one size fits all

When it comes to buying adequate coverage, there isn’t really a one size fits all plan. Everyone’s situation is a little different.

For instance, these questions could help you determine whether you would benefit from an agent’s advice.

  • I have good health insurance, so how much medical payments coverage do I need?
  • How does medical payments coverage work?
  • What are the best liability limits?
  • Can my babysitter drive my car?
  • How do I file an SR-22 for a DUI in my state?
  • Is my dog or cat covered if injured in an accident?
  • Is other people’s property covered if stolen from my vehicle?
  • When should I drop full coverage on my 2017 BMW i3?

If you’re not sure about those questions but you think they might apply to your situation, you may need to chat with an insurance agent. If you want to speak to an agent in your area, complete your zip code. It’s fast, free and can help protect your family.

Do drivers who switch really save $403 a year?

Consumers can’t get away from all the ads that promise big savings from companies such as Allstate, GEICO and Progressive. All the ads convey the message that drivers can save some big amount if you switch your coverage.

How do they all lower your prices? Here is how they do it.

Many companies have specific guidelines for the driver that is profitable for them. For instance, a profitable customer could be between the ages of 30 and 50, insures multiple vehicles, and has a short commute. Anyone that hits that “sweet spot” will get the preferred prices and is almost guaranteed to save if they switch.

Insureds who do not meet this stringent profile must pay a higher rate and ends up with the customer buying from a different company. The trick is to say “customers that switch” not “all people who quote” save money. That’s the way insurance companies can confidently advertise the savings.

Because of the profiling, you should get price quotes at each policy renewal. It’s just too difficult to predict the company that will have the best rates for your profile.

Auto insurance coverage basics

Having a good grasp of a auto insurance policy can be of help when determining appropriate coverage and proper limits and deductibles. Auto insurance terms can be difficult to understand and reading a policy is terribly boring.

Liability auto insurance – This can cover damage or injury you incur to other people or property by causing an accident. It protects you from claims by 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. As an example, you may have limits of 25/50/25 which means $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined limit which provides one coverage limit without having the split limit caps.

Liability insurance covers claims like medical expenses, funeral expenses, legal defense fees, bail bonds and structural damage. The amount of liability coverage you purchase is up to you, but consider buying higher limits if possible.

UM/UIM (Uninsured/Underinsured Motorist) coverage – Your UM/UIM coverage provides protection when the “other guys” do not carry enough liability coverage. This coverage pays for hospital bills for your injuries and also any damage incurred to your BMW i3.

Because many people 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 important protection for you and your family. Normally your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Medical payments and PIP coverage – Med pay and PIP coverage provide coverage for short-term medical expenses like nursing services, hospital visits and doctor visits. They are often used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Coverage applies to all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Collision coverage – Collision insurance will pay to fix damage to your i3 resulting from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims like backing into a parked car, sideswiping another vehicle, damaging your car on a curb, driving through your garage door and colliding with another moving vehicle. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. Another option is to bump up the deductible to save money on collision insurance.

Comprehensive auto coverage – Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive can pay for claims like hitting a bird, a broken windshield, damage from getting keyed and hail damage. The maximum amount a auto insurance company will pay at claim time 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.

Spend less. Save more.

When buying insurance coverage, you should never skimp on coverage in order to save money. In too many instances, someone sacrificed uninsured motorist or liability limits only to find out that the small savings ended up costing them much more. Your goal should be to purchase a proper amount of coverage at a price you can afford but still have enough coverage for asset protection.

Consumers switch companies for any number of reasons including an unsatisfactory settlement offer, high prices, delays in responding to claim requests and even not issuing a premium refund. No matter why you want to switch, finding a great new company can be less work than you think.

We’ve covered many ideas to compare 2017 BMW i3 insurance rates online. The key concept to understand is the more times you quote, the more likely it is that you will get a better rate. Drivers may discover the lowest rates are with the least-expected company.

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