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...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Sep 18, 2017

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Looking for better insurance rates for your BMW 8 Series? Expensive BMW 8 Series insurance can consume your savings and possibly require you to analyze your spending habits.

Many insurers compete for your business, and because of this it can be hard to compare auto insurance companies to find the best price available.

It’s smart to get comparison quotes on a regular basis since insurance rates are adjusted regularly by insurance companies. Just because you had the best deal on 8 Series coverage a few years ago you will most likely find a better price today. There is too much inaccurate information about insurance on the internet, but I’m going to show you some great ways to quit paying high insurance rates.

The BMW 8 Series insurance premium equation

Many factors are used when quoting car insurance. Some factors are common sense such as traffic violations, but others are less obvious like your continuous coverage or your vehicle rating.

Listed below are some of the major factors used by your company to calculate your prices.

  • Premiums are lower the older you get – Young drivers are proven to be easily distracted when at the wheel of a vehicle so they pay higher auto insurance rates. Older insureds are more cautious drivers, tend to file fewer claims , and usually have better credit.
  • Tickets are costly – Having a clean driving record impacts your car insurance rates tremendously. Getting just one ticket can boost insurance rates twenty percent or more. Drivers with clean records get better prices as compared to careless drivers. Drivers who have serious tickets such as hit and run, DWI or reckless driving convictions might be required by their state to file a SR-22 with the DMV in their state in order to continue driving.
  • Do safer cars cost less to insure? – Safer cars are cheaper to insure. Vehicles built for safety protect occupants better and any reduction in injury severity means less money paid by your insurance company which can result in lower premiums. If your BMW has at least four stars on you are probably receiving a discount.
  • Auto insurance policy lapses increase auto insurance rates – Going without insurance can be a sure-fire way to increase your renewal premiums. And not only will insurance be more expensive, the inability to provide proof of insurance may result in a fine, jail time, or a revoked license. You may then have to submit proof of financial responsibility or a SR-22 with your state department of motor vehicles.

Enter your zip code below to view companies that have cheap auto insurance rates.

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Shop insurance online

Effectively comparing insurance prices can be a daunting task if you don’t utilize the most efficient way. You could spend the better part of a day discussing policy coverages with insurance agencies in your area, or you can utilize online quotes to accomplish the same thing much quicker.

Most of the larger companies belong to a marketplace that allows shoppers to submit one quote, and at least one company then returns a price quote based on the submitted data. This prevents consumers from doing quotation requests to each individual insurance company.

To participate in this free quote system, click to open in new window.

The one downside to getting quotes like this is you cannot specify which insurance companies you will receive quotes from. So if you prefer to pick individual companies to compare rates, we put together a list of insurance companies in your area. View list of insurance companies.

It’s up to you how you get prices quotes, just do your best to use identical quote information for every company. If you have different liability limits you can’t possibly decipher which rate is best. Just slight variations in insurance coverages can result in a big premium difference. It’s important to know that comparing a wide range of rates will increase your chances of finding better pricing.

Don’t believe everything you hear

Car insurance companies such as 21st Century, Allstate and State Farm regularly use television and radio advertisements. They all have a common claim about savings just by switching your car insurance policy to them. But how can every company have lower policy pricing? It’s all in the wording.

All companies have specific characteristics for the type of customer that is profitable for them. For instance, a profitable insured may need to be between the ages of 30 and 50, owns a home, and drives newer vehicles. Any customer that matches those criteria will most likely get cheap auto insurance rates and will also save when they switch companies.

Potential customers who do not match those standards must pay a higher premium which translates to business not being written. The trick is to say “drivers that switch” but not “all drivers who get quotes” save that much money. That’s the way companies can truthfully make claims like that.

Because each company has a different risk profile, drivers must quote coverage with many companies. Because you cannot predict which car insurance company will fit you best based on your risk profile.

Are you getting every discount?

Insurance can cost an arm and a leg, but you can get discounts that you may not know about. Most are applied when you get a quote, but some discounts are required to be manually applied before you will receive the discount. If you don’t get every credit you qualify for, you may be paying too high a price.

  • Driver Training Discounts – Participating in a course that instructs on driving safety may get you a small discount if your company offers it.
  • Theft Prevention System – Vehicles that have factory alarm systems and tracking devices help deter theft and can earn a small discount on your policy.
  • Drivers Ed for Students – Reduce the cost of insurance for teen drivers by having them sucessfully take a drivers education course as it can save substantially.
  • Multi-policy Discount – If you combine your auto and homeowners policies with one insurance company you could earn a discount of nearly 15% which can help you find affordable auto insurance.
  • Anti-lock Brake System – Vehicles equipped with ABS or steering control prevent accidents and earn discounts up to 10%.

As a disclaimer on discounts, most discounts do not apply to the entire cost. Some only apply to individual premiums such as comprehensive or collision. So when it seems like adding up those discounts means a free policy, nobody gets a free ride.

Some of the larger companies that may offer quotes with these benefits include:

When getting free auto insurance quotes, it’s a good idea to all the companies how you can save money. Some discounts listed above may not be offered in every state. To choose auto insurance companies that have a full spectrum of discounts, follow this link.

Enter your zip code below to view companies that have cheap auto insurance rates.

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When in doubt talk to an agent

When it comes to buying the best insurance coverage, there isn’t really a single plan that fits everyone. Each situation is unique so this has to be addressed. For instance, these questions might point out if your situation would benefit from professional advice.

  • Why am I required to buy liability insurance?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Do I benefit by insuring my home with the same company?
  • Is rental equipment covered for theft or damage?
  • Does medical payments coverage apply to all occupants?
  • What vehicles should carry emergency assistance coverage?
  • Should I buy only the required minimum liability coverage?
  • What is covered by UM/UIM coverage?

If it’s difficult to answer those questions, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, complete this form or you can go here for a list of companies in your area.

Car insurance coverages for a 1997 BMW 8 Series

Understanding the coverages of a insurance policy can help you determine the right coverages and proper limits and deductibles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy. Listed below are typical coverage types found on most insurance policies.

Comprehensive coverages

Comprehensive insurance covers damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers things such as rock chips in glass, a tree branch falling on your vehicle and damage from flooding. The maximum payout you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Collision insurance

Collision insurance pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers claims such as driving through your garage door, colliding with another moving vehicle, hitting a mailbox, backing into a parked car and crashing into a building. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. Another option is to bump up the deductible to get cheaper collision coverage.

Uninsured and underinsured coverage

Uninsured or Underinsured Motorist coverage gives you protection when the “other guys” do not carry enough liability coverage. Covered losses include medical payments for you and your occupants and also any damage incurred to your BMW 8 Series.

Due to the fact that many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Usually these coverages are identical to your policy’s liability coverage.

Liability insurance

This can cover damage that occurs to people or other property that is your fault. It protects you against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, 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 and claims can be made without the split limit restrictions.

Liability insurance covers things such as structural damage, medical services, pain and suffering and loss of income. How much coverage you buy is a decision to put some thought into, but consider buying as much as you can afford.

Coverage for medical payments

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses for things like funeral costs, surgery, rehabilitation expenses, nursing services and doctor visits. The coverages can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. Personal Injury Protection is not universally available and may carry a deductible

Smart consumers save more

When shopping online for insurance coverage, make sure you don’t skimp on coverage in order to save money. In too many instances, an accident victim reduced collision coverage only to discover later that the small savings ended up costing them much more. Your focus should be to buy the best coverage you can find at the best cost, but do not skimp to save money.

You just learned some good ideas how to save on 1997 BMW 8 Series insurance. It’s most important to understand that the more quotes you get, the better chance you’ll have of finding affordable auto insurance. You may even discover the best price on insurance coverage is with an unexpected company. These companies may have significantly lower prices on certain market segments as compared to the big name companies such as Progressive and GEICO.

Even more information is located at these sites: