Cheap 2021 BMW i3 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 9, 2024

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Are you sick and tired of not being able to scrape enough together to pay auto insurance each month? You are in the same boat as millions of other vehicle owners.

Many insurers compete for your business, so it’s not easy to compare every provider to find the best price available.

If you have car insurance now, you will be able to save some money using this strategy. Choosing the best insurance company for you is not that difficult. Nevertheless, consumers do need to learn the methods companies use to market insurance on the web and take advantage of how the system works.

Compare free car insurance rate quotes

All major car insurance companies such as GEICO, State Farm and Progressive allow you to get pricing online. Obtaining pricing is pretty painless because it’s just a matter of typing in your coverage information as detailed in the form. After the form is submitted, the system gets your driving record and credit report and returns a price quote based on many factors. Online quotes makes comparing rates easy, but the time it takes to visit multiple sites and fill out multiple forms can be a bit repetitive. Unfortunately, it is important to perform this step if you want to find the lowest price.

The easiest way to get multiple rate quotes uses one simple form to return rates from more than one company. It saves time, eliminates form submissions, and makes rate comparisons much more enjoyable. After sending your information, it is quoted and you are able to buy your choice of the resulting price quotes.

If you find a better price you can simply submit the application and purchase coverage. It takes less than 15 minutes and may result in a nice savings.

In order to find out if lower rates are available, simply enter your zip code here and submit your coverage information. If you currently have coverage, we recommend you enter the coverages exactly as they are listed on your policy. This makes sure you will get a price comparison using the same coverage and limits.

Cheaper auto insurance rates with discounts

The cost of insuring your cars can be expensive, but there could be significant discounts that can drop the cost substantially. Larger premium reductions will be automatically applied at the time you complete a quote, but some must be requested specifically before you get the savings.

  • Discount for Home Ownership – Just owning your own home can earn you a little savings due to the fact that maintaining a home shows financial diligence.
  • Defensive Driver – Taking a defensive driver class could possibly earn you a 5% discount and make you a better driver.
  • E-sign Discounts – A few larger online companies will give you a small discount for buying a policy and signing up on the internet.
  • Employee of Federal Government – Employees or retirees of the government can earn a discount up to 10% for i3 insurance with certain companies.
  • Sign Early and Save – A few companies offer discounts for switching to them prior to your current policy expiring. You may see this discount when you get insurance coverage quotes online.
  • Life Insurance Discount – Select insurance companies reward you with better auto insurance rates if you take out a life insurance policy as well.
  • Theft Prevention System – Anti-theft and alarm system equipped vehicles are stolen with less frequency and earn discounts up to 10% off your insurance coverage quote.
  • Multi-Vehicle Discounts – Buying a policy with all your vehicles with the same company qualifies for this discount.
  • Anti-lock Brakes – Cars, trucks, and SUVs with ABS braking systems or traction control can avoid accidents and qualify for as much as a 10% discount.

You can save money using discounts, but some of the credits will not apply to the entire policy premium. The majority will only reduce the cost of specific coverages such as collision or personal injury protection. Despite the appearance that you would end up receiving a 100% discount, it just doesn’t work that way.

Larger auto insurance companies and some of the discounts are detailed below.

  • Progressive has discounts for online quote discount, good student, multi-policy, multi-vehicle, online signing, and homeowner.
  • SAFECO may offer discounts for multi-car, homeowner, accident prevention training, bundle discounts, safe driver, and anti-lock brakes.
  • American Family offers premium reductions for early bird, good student, accident-free, defensive driver, mySafetyValet, and TimeAway discount.
  • MetLife may have discounts that include good driver, defensive driver, good student, multi-policy, claim-free, and accident-free.
  • GEICO includes discounts for seat belt use, air bags, federal employee, defensive driver, anti-lock brakes, emergency military deployment, and driver training.
  • The Hartford offers discounts for bundle, anti-theft, air bag, vehicle fuel type, good student, driver training, and defensive driver.

When getting a coverage quote, ask all the companies which discounts you may be entitled to. Depending on the company, some discounts might not be available to policyholders in your state. If you would like to view companies that offer some of these discounts, enter your zip code here.

Tailor your insurance coverage coverage to you

When buying the best insurance coverage coverage, there is no best way to insure your cars. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. For instance, these questions might help in determining whether you would benefit from an agent’s advice.

  • Is my teen driver covered when they drive my company car?
  • Does my personal policy cover me when driving out-of-state?
  • Am I covered when using my vehicle for business?
  • Do I really need UM/UIM coverage?
  • Is my custom paint covered by insurance?
  • Is a blown tire covered by insurance?
  • Are rock chip repairs covered?
  • Can I drive in Mexico and have coverage?

If it’s difficult to answer those questions but you know they apply to you, you might consider talking to an agent. If you don’t have a local agent, take a second and enter your zip code.

Five factors that determine insurance premiums

It’s important that you understand some of the factors that aid in calculating your premiums. When you understand what influences your rates, this enables you to make decisions that will entitle you to lower auto insurance prices. Many things are used when pricing auto insurance. Some of the criteria are obvious like an MVR report, although some other factors are not as apparent like your vehicle usage or how safe your car is.

The following are some of the most rate-impacting factors utilized by car insurance companies to help set your rates.

  • Alarm systems lower premiums – Driving a car that has a built-in theft deterrent system can save you a little every year. Systems that thwart theives like vehicle immobilizer systems, OnStar, and tracking devices like LoJack help track and prevent auto theft.
  • Save money by eliminating incidental coverages – There are many optional add-on coverages that you can get tricked into buying on your i3 policy. Coverage for things like coverage for rental cars, death and dismemberment, and term life insurance may be wasting your money. These may sound like a good investment when discussing your needs, but if you don’t need them eliminate the coverages to reduce your premium.
  • Prices may be lower depending on your occupation – Occupational choices like military personnel, airline pilots and dentists tend to have higher average rates attributed to stressful work requirements and lots of time spent at work. Other occupations such as farmers, students and homemakers receive lower rates for i3 insurance.
  • Don’t get traffic citations – Having a clean driving record has a huge affect on how much you pay. Careful drivers receive lower rates compared to bad drivers. Getting just one speeding ticket can increase rates substantially. Drivers who have gotten multiple tickets like DUI or willful reckless driving may need to prove financial responsibility with their state DMV in order to drive a vehicle legally.
  • Men drivers tend to cost more – Over time, data shows that men are more aggressive behind the wheel. It does not mean men are WORSE drivers than women. Both genders have fender benders in similar numbers, but males get into accidents with more damage. Men also statistically receive more costly citations like DUI and reckless driving.

Car insurance coverages 101

Understanding the coverages of your car insurance policy helps when choosing which coverages you need for your vehicles. Car insurance terms can be ambiguous and even agents have difficulty translating policy wording. These are typical coverages found on the average car insurance policy.

Coverage for collisions

Collision insurance will pay to fix damage to your i3 caused by collision with an object or car. A deductible applies then the remaining damage will be paid by your insurance company.

Collision insurance covers claims such as colliding with a tree, hitting a parking meter, crashing into a building and damaging your car on a curb. Paying for collision coverage can be pricey, so you might think about dropping it from older vehicles. Drivers also have the option to choose a higher deductible to bring the cost down.

Auto liability

This provides protection from damages or injuries you inflict on other people or property. It protects you from legal claims by others, and does not provide coverage for your own vehicle damage or injuries.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 50/100/50 which means $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property. Alternatively, you may have one limit called combined single limit (CSL) which provides one coverage limit rather than limiting it on a per person basis.

Liability coverage protects against claims like funeral expenses, repair bills for other people’s vehicles and court costs. The amount of liability coverage you purchase is a decision to put some thought into, but you should buy as large an amount as possible.

UM/UIM Coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries to you and your family and damage to your BMW i3.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Normally these coverages do not exceed the liability coverage limits.

Medical costs insurance

Coverage for medical payments and/or PIP reimburse you for immediate expenses like pain medications, surgery, dental work and chiropractic care. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to you and your occupants and will also cover any family member struck as a pedestrian. Personal injury protection coverage is not available in all states and gives slightly broader coverage than med pay

Comprehensive or Other Than Collision

This covers damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for things like rock chips in glass, hitting a bird, damage from flooding, hitting a deer and damage from getting keyed. The highest amount your car insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

More quotes. Lower rates.

We just showed you a lot of information how to get a better price on 2021 BMW i3 insurance. It’s most important to understand that the more times you quote, the better chance you’ll have of finding inexpensive insurance coverage. Consumers could even find that the most savings is with a lesser-known regional company. Regional companies may only write in your state and offer lower car insurance rates than their larger competitors like Progressive or GEICO.

When you buy insurance coverage online, it’s not a good idea to buy poor coverage just to save money. There are too many instances where an accident victim reduced comprehensive coverage or liability limits only to find out that the savings was not a smart move. The aim is to find the BEST coverage at an affordable rate and still be able to protect your assets.

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