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: Oct 6, 2015

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Are you at wits end from wondering where the money will come from to insure your BMW every month? You have the same problem as millions of other vehicle owners.

Numerous car insurance companies battle for your insurance dollar, so it can be very hard to choose a insurer and get the definite best price available.

You should take the time to do price comparisons as often as possible due to the fact that insurance prices are rarely the same from one policy term to another. Despite the fact that you may have had the lowest rates on Z8 insurance at your last renewal a different company probably has better premium rates today. There is a lot of wrong information about car insurance on the web, but in just a couple of minutes you can learn some proven techniques to slash your car insurance rates.

Lower your insurance costs

Part of the insurance buying process is learning the rating factors that are used to determine the rates you pay for insurance. If you have some idea of what controls the rates you pay, this allows you to make educated decisions that may result in better insurance rates.

The itemized list below are some of the things used by companies to determine your premiums.

  • Your location is important – Living in a small town is a good thing when shopping for auto insurance. Fewer people translates into fewer accident claims and a lower car theft rate. People who live in big cities regularly have more road rage incidents and much longer commute distances. Spending more time driving statistically corresponds to a higher accident and claim rate.
  • Cheaper rates using theft deterrents – Purchasing a vehicle with an alarm system can help lower your rates. Anti-theft features such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all help prevent vehicle theft.
  • Pay lower costs after the wedding – Having a spouse may earn you lower rates when buying insurance. Having a significant other translates into being more financially stable and insurance companies reward insureds because married drivers tend to have fewer serious accidents.
  • Better insurance rates on cars with good safety ratings – Vehicles that have high safety ratings tend to have better insurance rates. Highly rated vehicles have better occupant injury protection and better occupant protection means your insurance company pays less which can result in lower premiums.
  • Don’t skimp on liability protection – The liability section of your policy kicks in if you are found liable for causing personal injury or damage in an accident. This coverage provides legal defense which can cost a lot. It is affordable coverage compared to other policy coverages, so buy as much as you can afford.
  • Improve your credit rating – Credit score can be a huge factor in determining what you pay. Consumers who have very high credit ratings tend to be less risk to insure than drivers who have lower ratings. If your credit score leaves room for improvement, you could save money insuring your 2002 BMW Z8 if you clean up your credit.
  • What are your coverage deductibles? – The deductibles are the amount of money you are required to spend out-of-pocket before a claim is paid by your company. Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Examples of covered claims are a windshield broken by a bird, hail damage, or theft of your vehicle. The more of the claim the insured has to pay upfront, the lower your rates will be on Z8 insurance.

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More discounts mean cheap premiums

Auto insurance companies don’t always list all their discounts in an easy-to-find place, so below is a list some of the best known and also the lesser-known credits available to lower your premiums when you buy car insurance online. If you don’t get every credit you qualify for, you are not getting the best rate possible.

  • Distant Student – Kids who are enrolled in a college that is more than 100 miles from home and leave their car at home may qualify for this discount.
  • Save with More Vehicles Insured – Buying coverage for multiple cars or trucks with the same company could earn a price break for each car.
  • Organization Discounts – Belonging to specific professional or occupational memberships or organizations could trigger savings on your next auto insurance statement.
  • Seat Belt Usage – Drivers who always wear seat belts and also require passengers to use their safety belts can save up to 15% on the premium charged for medical payments and/or PIP.
  • Homeowners Discount – Owning your own home or condo may earn you a small savings since owning and maintaining a home is proof that your finances are in order.
  • Service Members Pay Less – Having a family member in the military could be rewarded with lower rates.
  • Discounts for Good Drivers – Accident-free drivers may receive a discount up to 45% on Z8 insurance compared to rates paid by drivers with frequent claims.
  • Save with a New Car – Insuring a new car may earn a small discount compared to insuring an older model.

Discounts lower rates, but most discount credits are not given the the whole policy. Some only reduce individual premiums such as physical damage coverage or medical payments. Even though it may seem like adding up those discounts means a free policy, you aren’t that lucky.

A few popular companies and some of the discounts can be found below.

  • American Family offers discounts including good student, multi-vehicle, bundled insurance, air bags, Steer into Savings, accident-free, and good driver.
  • State Farm may offer discounts for passive restraint, anti-theft, multiple autos, multiple policy, driver’s education, and Drive Safe & Save.
  • 21st Century includes discounts for 55 and older, air bags, automatic seat belts, anti-lock brakes, theft prevention, and good student.
  • Travelers has discounts for IntelliDrive, continuous insurance, hybrid/electric vehicle, student away at school, early quote, multi-car, and driver training.
  • GEICO may have discounts that include multi-vehicle, air bags, anti-theft, five-year accident-free, daytime running lights, and federal employee.

Before buying, ask each company or agent what discounts are available to you. All car insurance discounts may not apply in your state. For a list of companies who offer free auto insurance quotes, click this link.

It’s not one size fits all

When it comes to choosing coverage for your vehicles, there is no perfect coverage plan. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. These are some specific questions might help in determining if your situation might need professional guidance.

  • Do I need rental car coverage?
  • Is business property covered if stolen from my car?
  • Why do I only qualify for high-risk insurance?
  • Should I have combined single limit or split liability limits?
  • Am I covered when driving a rental car?
  • Can I pay claims out-of-pocket if I buy high deductibles?
  • What is PIP insurance?

If you can’t answer these questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form or you can go here for a list of companies in your area.

Information about specific coverages

Learning about specific coverages of car insurance can help you determine which coverages you need at the best deductibles and correct limits. The terms used in a policy can be ambiguous and nobody wants to actually read their policy. These are the normal coverages found on most car insurance policies.

Comprehensive coverage

Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things like hail damage, a tree branch falling on your vehicle, damage from flooding and hitting a bird. The most a car insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Uninsured/Underinsured Motorist coverage

This coverage gives you protection from other motorists when they either have no liability insurance or not enough. Covered losses include injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW Z8.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Most of the time your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Coverage for collisions

This coverage will pay to fix damage to your Z8 caused by collision with an object or car. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims like sustaining damage from a pot hole, sideswiping another vehicle, hitting a parking meter and scraping a guard rail. Collision is rather expensive coverage, so consider removing coverage from lower value vehicles. It’s also possible to increase the deductible to save money on collision insurance.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance reimburse you for bills for hospital visits, prosthetic devices, nursing services and funeral costs. The coverages can be used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. PIP coverage is not an option in every state but can be used in place of medical payments coverage


Liability insurance can cover injuries or damage you cause to people or other property that is your fault. This insurance protects YOU against claims from other people. Liability doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 50/100/50 which means $50,000 bodily injury coverage, $100,000 for the entire accident, and property damage coverage for $50,000. Another option is one limit called combined single limit (CSL) which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage pays for claims like funeral expenses, pain and suffering, medical expenses and court costs. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.

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Make a quick buck

Budget-conscious 2002 BMW Z8 insurance can be bought from both online companies as well as from insurance agents, and you need to comparison shop both to have the best selection. Some insurance companies may not provide price quotes online and many times these smaller providers only sell coverage through independent agents.

Throughout this article, we presented a lot of ways to get a better price on 2002 BMW Z8 insurance. The most important thing to understand is the more providers you compare, the more likely it is that you will get a better rate. You may even find the most savings is with a small mutual company. These companies may cover specific market segments cheaper than their larger competitors like GEICO and State Farm.

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