Compare 2023 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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Trying to find better insurance coverage rates for your BMW i3? Trying to come up with a payment for overpriced insurance coverage can bleed your personal savings and force you to tighten up your finances. Doing a rate analysis can be a smart way to slash your bill and have more disposable income.

Since vehicle owners have many insurance coverage companies to choose from, it can be challenging to find the cheapest insurance coverage company.

It’s a great practice to take a look at other company’s rates at least once a year because insurance prices change quite often. If you had the best rates on i3 coverage a few years ago you can probably find a lower rate today. Forget all the misinformation about insurance coverage because I’m going to let you in on the secrets to the quickest way to eliminate unnecessary coverages and save money.

How to get free insurance quotes online

All the larger insurance companies like Progressive, GEICO, Allstate and State Farm allow you to get insurance quotes on their websites. Getting prices online is quite simple as you simply enter the coverages you want on the page. When complete, the system gets reports for credit and driving violations and generates pricing information based on the data you entered. This makes it easy to compare insurance prices but the work required to visit many different websites and enter the same data into a form is a big time waster. But it is imperative to perform this step if you want to find the best price possible.

A less time-consuming method to find better insurance pricing uses just one form to return rates from several companies at one time. It’s a real time-saver, helps eliminate repetitive entry, and makes rate comparisons much more efficient. After sending the form, your coverage is rated with multiple companies and you can pick any of the price quotes you receive.

If the quotes result in lower rates, you can simply submit the application and purchase coverage. This process can be completed in less than 10 minutes and could lower your rates considerably.

To find out how much you’re overpaying now, simply enter your zip code here and fill out the form. If you have your current policy handy, we recommend you replicate the insurance coverages as shown on your current policy. This guarantees you’re receiving a rate comparison for exact coverage.

Five tips to get cheaper insurance prices

Many factors are part of the equation when premium rates are determined. Some are obvious such as your driving record, but other criteria are less obvious such as your credit history or your vehicle rating.

  • Marriage discount – Getting married may save some money on car insurance. Marriage usually means you are more mature and it’s statistically proven that drivers who are married file infrequent claims.
  • Cars with good safety ratings means better rates – Safer cars tend to be cheaper to insure. Vehicles built for safety reduce injuries and reduced instances of injuries translates into fewer and smaller insurance claims and thus lower rates.
  • Too many policy claims will drive prices up – Car insurance companies give lower rates to insureds who are claim-free. If you tend to file frequent claims, you can pretty much guarantee higher rates. Your car insurance is designed for more catestrophic claims.
  • City dwellers may pay more – Having an address in a rural area is a positive aspect if you are looking for the lowest rates. Fewer drivers translates into fewer accidents in addition to fewer liability claims. Urban drivers tend to have more road rage incidents and more severe claims. More time on the road means higher likelihood of an accident.
  • Does your job raise your rates? – Jobs such as military generals, social workers and miners are shown to have higher premium rates in part from stressful work requirements and lots of time spent at work. On the flip side, jobs such as scientists, historians and retirees generally pay rates lower than average on i3 coverage.

Don’t overlook these insurance coverage discounts

Companies offering auto insurance do not advertise every discount available very clearly, so we break down some of the best known and also the more inconspicuous credits available to you.

  • Claim-Free Discount – Drivers who don’t have accidents pay less as compared to bad drivers.
  • Student Discount for Driver Training – Reduce the cost of insurance for teen drivers by having them take driver’s ed class if it’s offered in school.
  • ABS and Traction Control Discounts – Cars with ABS braking systems or traction control have fewer accidents and qualify for as much as a 10% discount.
  • Accident Waiver – Not necessarily a discount, but companies like GEICO and Allstate will turn a blind eye to one accident without raising rates with the catch being you have to be claim-free for a particular time prior to the accident.
  • Government Employee Discount – Active or retired federal employment may reduce rates when you quote insurance on i3 coverage depending on your company.
  • Low Mileage Discounts – Low mileage vehicles may allow you to get lower insurance coverage rates due to less chance of an accident.

As a sidenote, most credits do not apply to the whole policy. Some only reduce specific coverage prices like physical damage coverage or medical payments. Even though it appears you could get a free insurance coverage policy, it just doesn’t work that way.

If you would like to see a list of insurance companies that offer some of these discounts, enter your zip code here.

When to get professional advice

When buying coverage, there really is not a cookie cutter policy. Every situation is different so your insurance needs to address that. For instance, these questions can aid in determining if your insurance needs may require specific advice.

  • If I drive on a suspended license am I covered?
  • What can I do if my company won’t pay a claim?
  • Can I rent a car in Mexico?
  • I have good health insurance, so how much medical payments coverage do I need?
  • Do I need roadside assistance coverage?
  • Are all vehicle passengers covered by medical payments coverage?
  • Do I pay less if my vehicle is kept in my garage?
  • Do I need rental car coverage?

If you can’t answer these questions, you may need to chat with a licensed agent. If you want to speak to an agent in your area, take a second and enter your zip code. It’s fast, free and can help protect your family.

Car insurance coverages for a 2023 BMW i3

Knowing the specifics of your policy helps when choosing which coverages you need at the best deductibles and correct limits. Policy terminology can be impossible to understand and nobody wants to actually read their policy. Shown next are typical coverage types available from auto insurance companies.

Liability auto insurance

This protects you from damage that occurs to other people or property by causing an accident. It protects YOU against other people’s claims. It does not cover damage to your own property or vehicle.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 25/50/25 that translate to a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Alternatively, you may have a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.

Liability coverage protects against things like emergency aid, repair bills for other people’s vehicles, attorney fees, repair costs for stationary objects and loss of income. How much liability should you purchase? That is a decision to put some thought into, but buy higher limits if possible.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage gives you protection when other motorists do not carry enough liability coverage. It can pay for injuries to you and your family as well as damage to your BMW i3.

Because many people have only the minimum liability required by law, their limits can quickly be used up. This is the reason having UM/UIM coverage should not be overlooked. Frequently these coverages are similar to your liability insurance amounts.

Comprehensive protection

Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things such as damage from flooding, damage from a tornado or hurricane and fire damage. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Coverage for collisions

This will pay to fix damage to your i3 resulting from a collision with another car or object. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage protects against claims like rolling your car, hitting a parking meter, backing into a parked car and crashing into a ditch. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. Drivers also have the option to raise the deductible to save money on collision insurance.

Medical expense coverage

Med pay and PIP coverage pay for expenses such as chiropractic care, funeral costs, hospital visits and doctor visits. The coverages can be used to fill the gap from your health insurance program or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. PIP coverage is only offered in select states but can be used in place of medical payments coverage

More effort can pay off

Some companies do not offer rate quotes online and these small insurance companies sell through independent insurance agents. Cost effective 2023 BMW i3 insurance can be bought on the web and from local insurance agents, so you should compare both to have the best selection.

When you buy insurance online, it’s a bad idea to skimp on critical coverages to save a buck or two. There have been many situations where an insured dropped uninsured motorist or liability limits and found out when filing a claim that they should have had better coverage. The goal is to buy the best coverage you can find at the best possible price while not skimping on critical coverages.

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