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 kicking yourself for buying high-priced insurance? Don’t sweat it because many consumers are in the same pinch.

Since you have so many companies and agents to choose from, it can be diffult for drivers to choose a lower cost company.

It is always a good idea to compare premium rates once or twice a year because insurance prices are constantly changing. If you had the best rate on Z8 insurance a few years ago you may be paying too much now. Forget all the misinformation about insurance because I’m going to let you in on the secrets to one of the easiest ways to find the best coverage while lowering your premiums.

The purpose of this article is to instruct you on the most effective way to quote insurance and some money-saving tips. If you have car insurance now, you will most likely be able to lower your premiums substantially using these techniques. But drivers need to have an understanding of the way companies market on the web because it can help you find the best coverage.

How to get insurance coverage quotes

Most larger insurance companies make it easy to get coverage prices direct online. The process is very simple as all you need to do is type in the amount of coverage you want as detailed in the form. When complete, the quote system pulls your driving and credit reports and gives you a price quote based on the data you entered. Online price quotes makes comparing rates easy, but the time it takes to visit many different websites and enter the same data into a form is monotonous and tiresome. But it’s very important to perform this step if you are searching for a better rate.

A more efficient way to find better insurance coverage pricing uses one simple form that gets prices from a lot of companies. The form is fast, eliminates form submissions, and makes online shopping much more enjoyable. As soon as the form is sent, it gets priced and you can select any or none of the quotes that you receive.

If one or more price quotes are lower than your current rates, you can simply submit the application and buy the new coverage. It takes less than 15 minutes and you will find out if you’re overpaying now.

In order to use this form to compare rates, simply click here to open in new window and input your coverage information. If you have a policy now, it’s recommended you copy coverages and limits just like they are on your policy. Using the same limits helps guarantee you will have a fair comparison for similar insurance coverage.

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

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Insurance Discounts

Some companies don’t list every discount in an easy-to-find place, so the list below contains some of the more common as well as some of the hidden credits available to bring down your rates.

  • Club Memberships – Joining a professional or civic organization can get you a small discount when shopping for insurance.
  • Telematics Data Discounts – People who choose to allow companies to scrutinize driving patterns through the use of a telematics system such as Progressive’s Snapshot might get better premium rates as long as they are good drivers.
  • Renewal Discounts – Some larger companies reward drivers for switching to them before your current policy expires. You can save around 10% with this discount.
  • Driver’s Education for Students – Reduce the cost of insurance for teen drivers by having them complete a driver education course in school or through a local driver safety program.
  • Payment Method – By making one initial payment rather than paying in monthly installments you could save up to 5%.
  • Service Members Pay Less – Having a family member in the military may lower your rates slightly.
  • Distant Student – Kids living away from home attending college without a vehicle on campus could get you a discount.
  • Auto/Home Discount – If you have multiple policies with the same insurance company you could earn a discount of as much as 10 to 15 percent.

As is typical with insurance, many deductions do not apply the the whole policy. A few only apply to individual premiums such as liability and collision coverage. Despite the appearance that all the discounts add up to a free policy, insurance companies wouldn’t stay in business.

To find insurance companies with discount rates, click here.

Tailor your auto insurance coverage to you

When buying coverage for your personal vehicles, there is no “best” method to buy coverage. Coverage needs to be tailored to your specific needs so your insurance should reflect that For example, these questions may help you determine whether you could use an agent’s help.

  • Am I better off with higher deductibles on my 2003 BMW Z8?
  • Am I covered if hit by an uninsured driver?
  • Do I need medical payments coverage since I have good health insurance?
  • Should I rate my 2003 BMW Z8 as pleasure use or commute?
  • If I drive on a suspended license am I covered?
  • Is extra glass coverage worth it?

If it’s difficult to answer those questions but one or more may apply to you, then you may want to think about talking to a licensed agent. To find lower rates from a local agent, simply complete this short form or you can also visit this page to select a carrier

How you can control BMW Z8 insurance rates

One of the most helpful ways to save on auto insurance is to to have a grasp of the rating factors that are used to determine your policy premiums. When consumers understand what impacts premium levels, this allows you to make educated decisions that could result in cheaper rates. Many different elements are used in the calculation when pricing auto insurance. A few of the factors are predictable such as traffic violations, but other criteria are not quite as obvious such as your credit history and annual miles driven.

  • Know your credit rating – A driver’s credit score will be a significant factor in determining your rates. People with high credit ratings tend to be more responsible than drivers with bad credit. If your credit score is low, you could potentially save money when insuring your 2003 BMW Z8 by improving your rating.
  • Do you really need roadside assistance? – There are quite a few additional coverages that you can buy if you aren’t diligent. Insurance for roadside assistance, high-cost glass coverage, and extra equipment coverage are examples of these. You may think they are a good idea when talking to your agent, but your needs may have changed so eliminate the coverages to reduce your premium.
  • Drive a safer car and pay less – Cars with high safety ratings tend to have better insurance rates. Safe vehicles result in less severe injuries and fewer injuries means lower claim amounts and cheaper rates on your policy.
  • No policy lapses lowers premiums – Driving with no insurance is not a good idea and your next policy will cost more because you let your coverage cancel without a new policy in place. Not only will rates go up, the inability to provide proof of insurance will get you fines and jail time.
  • Obey driving laws and save – Being a careful driver has a huge affect on how much you pay. Just one moving violation can boost insurance rates by as much as twenty percent. Attentive drivers get better rates as compared to those with violations. Drivers who have gotten flagrant citations such as reckless driving or DUI may be required to maintain a SR-22 with their state motor vehicle department in order to keep their license.
  • Cheaper rates with high coverage deductibles – Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your BMW. Examples of covered claims could be a dented fender, hitting a deer, and burglary. Your deductibles are the amount of money you are willing to pay in the event of a claim. The more money you choose to pay out-of-pocket, the lower your rates will be on Z8 insurance.
  • More miles driven equals more premium – The more miles you rack up on your BMW annually the more it will cost to insure it. Many insurance companies rate vehicles based on how the vehicle is used. Autos that sit idle most of the time receive lower rates compared to those used for work or business. Verify your auto insurance coverage correctly shows the correct usage, because improper ratings can cost you money. Having the wrong rating on your Z8 can cost quite a bit.

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

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The auto insurance bait and switch

Well-known auto insurance companies like GEICO, State Farm and Progressive endlessly run ads on TV and radio. They all seem to seem to make the promise that drivers will save a bundle if you switch your coverage to them. How does each company cost less than your current company? It’s all in how they say it.

Different companies have specific criteria for the type of customer that will most likely be profitable. One example of this type of driver could be between the ages of 30 and 50, has never had a policy lapse, and insures a new vehicle. Any new insured that fits those parameters will qualify for the lowest car insurance rates and will probably save a lot if they switch.

Potential insureds who don’t measure up to the “perfect” profile will get higher rates which results in the customer buying from a different company. If you listen closely, the ads state “customers that switch” not “everybody who quotes” can get the lowest rates when switching. That’s why insurance companies can make claims that they all have the best prices.

This really emphasizes why you really need to get a wide range of price quotes. It’s not possible to predict the company that will have the best premium rates.

Auto insurance policy specifics

Knowing the specifics of your auto insurance policy can help you determine the right coverages at the best deductibles and correct limits. The terms used in a policy can be confusing and coverage can change by endorsement. Below you’ll find typical coverages offered by auto insurance companies.

Comprehensive coverage

This coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers claims like theft, a broken windshield and rock chips in glass. The most a auto insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Liability coverages

This coverage can cover damage that occurs to people or other property that is your fault. This coverage protects you from claims by other people, and doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 25/50/25 which stand for a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000. Some companies may use one limit called combined single limit (CSL) which limits claims to one amount rather than limiting it on a per person basis.

Liability coverage protects against claims such as court costs, pain and suffering, bail bonds and attorney fees. How much liability coverage do you need? That is a personal decision, but it’s cheap coverage so purchase higher limits if possible.

Uninsured/Underinsured Motorist coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they do not carry enough liability coverage. This coverage pays for injuries to you and your family as well as your vehicle’s damage.

Since many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Normally these limits are set the same as your liablity limits.

Auto collision coverage

This pays for damage to your Z8 resulting from a collision with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against things such as rolling your car, scraping a guard rail and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. You can also choose a higher deductible in order to get cheaper collision rates.

Medical payments coverage and PIP

Med pay and PIP coverage reimburse you for short-term medical expenses like chiropractic care, pain medications, hospital visits and EMT expenses. They are often used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. It covers all vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay

Final thoughts

Some companies do not provide online price quotes and these smaller companies sell through local independent agents. Cheaper insurance coverage is definitely available on the web in addition to local insurance agencies, and you should be comparing both to have the best chance of lowering rates.

In this article, we covered quite a bit of information on how to reduce 2003 BMW Z8 insurance prices online. The most important thing to understand is the more companies you get rates for, the more likely it is that you will get a better rate. Drivers may discover the lowest prices are with a company that doesn’t do a lot of advertising. Regional companies can often provide lower rates in certain areas as compared to the big name companies such as Allstate and Progressive.

Additional information can be read at the links below