How Much Does 2024 BMW 8 Series Car Insurance Cost?

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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 5, 2024

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Want lower auto insurance rates for your BMW 8 Series? Pretty sure you bought high-priced auto insurance? Believe me, you’re not the only one. Big-name insurance companies like State Farm, Progressive and GEICO increase brand awareness with fancy advertisements and it is challenging if not impossible to ignore the flashy ads and take the time to shop coverage around.

Discounts to earn cheap car insurance rates

Properly insuring your vehicles can get expensive, but there’s a good chance there are discounts that you may not know about. Certain credits will be shown at the time of quoting, but less common discounts must be inquired about before being credited.

  • Life Insurance Discount – Not every insurance company offers life insurance, but if they do you may earn a discounted rate on car insurance if you buy auto and life insurance together.
  • Military Rewards – Being deployed with a military unit could be rewarded with lower rates.
  • Theft Deterrent Discount – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and earn discounts up to 10% off your car insurance quote.
  • Claim-Free Discount – Insureds who avoid accidents and claims pay much less as opposed to bad drivers.
  • Data Collection Discounts – Drivers who elect to allow their company to scrutinize their driving habits by using a telematics device in their vehicle like In-Drive from State Farm and Progressive’s Snapshot could save a few bucks if they have good driving habits.
  • ABS Brakes – Cars that have anti-lock braking systems have fewer accidents so companies give up to a 10% discount.
  • Federal Government Employee – Federal government employees can earn a discount up to 10% for 8 Series coverage depending on your company.
  • Driver Education Discount – Cut your cost by having your teen driver successfully complete driver’s ed class if it’s offered in school.
  • Multi-policy Discount – If you combine your auto and home policies and insure them both with the same insurance company you may earn nearly 15% which can help you find low cost car insurance.

A quick disclaimer, some credits don’t apply to the whole policy. A few only apply to the cost of specific coverages such as collision or personal injury protection. So when the math indicates you can get free auto insurance, it doesn’t quite work that way.

Large car insurance companies and some of the premium reductions they offer are:

  • GEICO offers premium reductions for multi-policy, seat belt use, air bags, federal employee, and military active duty.
  • SAFECO discounts include multi-car, drive less, homeowner, teen safety rewards, anti-lock brakes, accident prevention training, and anti-theft.
  • State Farm offers discounts including good student, accident-free, anti-theft, Steer Clear safe driver discount, and student away at school.
  • MetLife offers discounts for good driver, accident-free, good student, claim-free, defensive driver, and multi-policy.
  • 21st Century may have discounts that include driver training, teen driver, student driver, early bird, good student, 55 and older, and defensive driver.
  • Progressive has savings for multi-policy, homeowner, good student, multi-vehicle, continuous coverage, and online quote discount.

If you want the cheapest car insurance quotes, ask each company how you can save money. Some of the earlier mentioned discounts may not apply to policyholders in your area.

What impacts BMW 8 Series insurance prices?

Many factors are used in the calculation when you quote your car insurance policy. Some are pretty understandable like an MVR report, but others are more transparent like where you live or your commute time. Smart consumers have a good feel for some of the things that come into play when calculating the level of your policy premiums. If you understand what influences your rates, this allows you to make educated decisions that could help you find lower insurance prices.

  • Bundle and save – Many companies give discounts for people that have more than one policy such as combining an auto and homeowners policy. The discount can be as much as ten percent or more Even if you’re getting this discount you may still want to comparison shop to confirm you are receiving the best rates possible.
  • High premiums for youthful drivers – Teen drivers are known to be inattentive and easily distracted behind the wheel therefore insurance rates are much higher. Older insureds have been proven to be more responsible, cost insurance companies less in claims and are safer drivers.
  • Save money with theft deterrents – Purchasing a vehicle with an alarm system can get you a discount on your insurance. Advanced theft deterrents such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all hinder car theft and help bring rates down.
  • What are your coverage deductibles? – The deductibles you choose define the amount you are willing to pay out-of-pocket if a claim is determined to be covered. Coverage for physical damage, also called comprehensive and collision insurance, protects your car from damage. Examples of some claims that would be covered are collision with another vehicle, damage from fire, and having a roll-over accident. The more you choose to pay out-of-pocket, the better rate you will receive for 8 Series coverage.

Tailor your insurance coverage coverage to you

When it comes to choosing adequate coverage, there isn’t really a best way to insure your cars. Each situation is unique so your insurance needs to address that. For instance, these questions might point out if you might need professional guidance.

  • Do I get a pro-rated refund if I cancel my policy early?
  • What exactly is covered by my policy?
  • If my 2024 BMW 8 Series is totaled, can I afford another vehicle?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • Should I get collision insurance on every vehicle?
  • Am I covered if I wreck a rental car?
  • Should I carry comprehensive and collision coverage?

If you can’t answer these questions, then you may want to think about talking to a licensed agent. To find lower rates from a local agent, take a second and enter your zip code. It’s fast, doesn’t cost anything and you can get the answers you need.

Are car insurance companies telling the truth?

Consumers can’t get away from ads for cheaper car insurance by companies like State Farm and Allstate. All the companies state the claim about savings if you switch your car insurance policy to them.

Is it even possible that every company can offer drivers better rates? It’s all in how they say it.

Many companies have a preferred profile for the right customer they prefer to insure. A good example of a profitable insured could be between the ages of 30 and 50, has never had a claim, and has great credit. A prospective insured that fits those parameters will qualify for the lowest auto insurance rates and will pay quite a bit less when switching companies.

Drivers who fall short of the ideal profile will see a more expensive rate with the end result being the customer not purchasing. The ads state “people that switch” but not “everyone who gets a quote” save that much. That is how companies can make those statements.

Different companies use different criteria so you need to get car insurance quotes from several different companies. It is impossible to guess which company will have the lowest rate quotes.

Information about specific coverages

Having a good grasp of a insurance policy helps when choosing the best coverages and proper limits and deductibles. Insurance terms can be difficult to understand and nobody wants to actually read their policy. Listed below are typical coverages available from insurance companies.

Comprehensive insurance

Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims such as hitting a bird, hail damage, damage from flooding and a tree branch falling on your vehicle. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Coverage for uninsured or underinsured drivers

Your UM/UIM coverage protects you and your vehicle from other motorists when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your BMW 8 Series.

Due to the fact that many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Auto collision coverage

Collision coverage pays for damage to your 8 Series resulting from a collision with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims such as sideswiping another vehicle, backing into a parked car, colliding with another moving vehicle and hitting a mailbox. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. You can also choose a higher deductible in order to get cheaper collision rates.

Coverage for medical expenses

Coverage for medical payments and/or PIP provide coverage for immediate expenses for things like pain medications, chiropractic care and EMT expenses. They are utilized in addition to your health insurance policy or if you lack health insurance entirely. It covers both the driver and occupants as well as any family member struck as a pedestrian. Personal Injury Protection is not an option in every state and gives slightly broader coverage than med pay

Liability coverages

Liability insurance can cover damages or injuries you inflict on people or other property in an accident. This insurance protects YOU against claims from other people, and does not provide coverage for your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000. Occasionally you may see one limit called combined single limit (CSL) that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage protects against claims such as medical expenses, court costs and structural damage. How much liability should you purchase? That is up to you, but consider buying higher limits if possible.

Find Good Coverage for Less

Cheaper 2024 BMW 8 Series insurance can be sourced on the web as well as from independent agents, so you need to shop car insurance with both to have the best selection. Some insurance companies do not offer internet price quotes and many times these small insurance companies sell through independent insurance agents.

You just learned many ideas to reduce 2024 BMW 8 Series insurance car insurance rates online. The key concept to understand is the more times you quote, the better your chances of lowering your premium rates. You may even find the most savings is with a small local company. They may have significantly lower premium rates on certain market segments compared to the large companies like State Farm or Progressive.

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