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 5, 2015

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Want lower car insurance rates for your BMW i8? When searching for lower-cost insurance, are you confused by the number of car insurance choices available to you? There are so many choices that it can really be a big hassle to find better premium rates.

How to get affordable insurance

The are a couple different ways to obtain and compare prices from all the different companies. The easiest way to compare 2015 BMW i8 insurance prices is to perform an online rate comparison. It’s really quite simple and can be done in several different ways.

  1. If you don’t have a lot of time, the easiest way to get quotes for comparison would be an industry-wide quote request form click here to open form in new window. This style of form prevents you from having to do separate quote forms for each price estimate. A single form gets coverage cost estimates from all major companies. It’s the fastest way to compare.
  2. A less efficient way to analyze rates consists of visiting each company website and complete a new quote form. For examples sake, we’ll pretend you want to get rates from Nationwide, Farmers and Liberty Mutual. To do that, you would have to take the time to go to each site to enter the same coverage data repeatedly, which can take a lot of time.

    For a list of links to companies insuring cars in your area, click here.

Which method you use is up to you, but double check that you are using equivalent coverage data with every price quote. If each company quotes higher or lower deductibles you will not be able to determine the best price for your BMW i8. Even a minor difference in coverage limits may cause a big price difference. And when comparing insurance rates, know that quoting more gives you a better chance of getting lower pricing. Not every company does prices over the internet, so you also need to get price quotes on coverage from those companies, too.

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

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Cheaper rates by taking advantage of discounts

Buying car insurance is not cheap, but you might be missing out on some discounts that you may not know about. Certain discounts will be triggered automatically at the time you complete a quote, but some discounts are required to be inquired about prior to receiving the credit.

  • Professional Memberships – Being a member of certain professional organizations may earn a discount on your policy.
  • Save with a New Car – Buying a new car model is cheaper due to better safety requirements for newer models.
  • Military Deployment Discount – Being deployed with a military unit may lower your rates slightly.
  • Auto/Home Discount – When you combine your auto and home insurance with one company you could earn a discount of up to 20% and get you inexpensive insurance.
  • Drive Less and Save – Low annual miles could earn substantially lower car insurancerates.
  • Driver Safety – Taking a course teaching defensive driver skills could save 5% or more depending on where you live.
  • Passive Restraints – Factory options such as air bags and/or automatic seat belt systems can receive discounts up to 30%.
  • Online Discount – A few larger online companies give back up to $50 get insurance on their website.

It’s important to note that most discount credits are not given the the whole policy. Most only cut individual premiums such as comp or med pay. Just because it seems like adding up those discounts means a free policy, it’s just not the way it works. Any amount of discount should help reduce the cost of your policy.

To see a list of providers that offer multiple discounts, click here to view.

Educated choices result in lower insurance costs

Lots of things are used in the calculation when premium rates are determined. Some of the criteria are obvious like an MVR report, although some other factors are not as apparent like your continuous coverage or how financially stable you are.

The following are some of the things used by your company to calculate premiums.

  • Teenagers vs. older drivers – Drivers with little experience are statistically proven to be inattentive when behind the wheel therefore auto insurance rates are much higher. If you’ve ever had to add a young driver onto a policy can break the bank. Mature drivers tend to be more responsible, tend to cause fewer accidents and are safer drivers.
  • Defend yourself with liability – Your auto insurance policy’s liability coverage kicks in if ever you are determined to be liable for damages from an accident. Liability insurance provides you with a defense in court up to the limits shown on your policy. Liability is cheap compared to comp and collision, so drivers should carry high limits.
  • Deter car thieves – Choosing to buy a car that has an advanced theft prevention system can help lower your rates. Anti-theft features such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack help track and prevent auto theft and help lower rates.
  • Urban areas may pay more – Residing in smaller towns and rural areas of the country has it’s advantages when shopping for auto insurance. Drivers in populated areas tend to have much more traffic and more severe claims. Less people living in that area translates into fewer accident claims in addition to lower liability claims
  • Your occupation and auto insurance rates – Do you have a high-stress occupation? Careers such as fire fightersairline pilots and dentists have the highest rates because of high stress and lots of time spent at work. Other professions such as professors, engineers and the unemployed generally pay rates lower than average on i8 coverage.
  • How credit rating affects auto insurance premiums – Credit history factor in determining your rates. If your credit score is low, you could save money insuring your 2015 BMW i8 by repairing your credit. Insureds with very high credit ratings tend to be better risks to insure than drivers who have lower credit ratings.

How much insurance coverage do I need?

When buying adequate coverage, there is no one size fits all plan. Everyone’s situation is unique.

For instance, these questions may help you determine if you could use an agent’s help.

  • Can I rate high risk drivers on liability-only vehicles?
  • What happens if I owe more than my 2015 BMW i8 is worth?
  • Am I covered when driving someone else’s vehicle?
  • Should I sign the liability waiver when renting a car?
  • Will filing a claim cost me more?
  • When do I need to add a new car to my policy?
  • Is other people’s property covered if stolen from my vehicle?
  • Is extra glass coverage worth it?
  • Am I covered when driving a rental car?

If you don’t know the answers to these questions, you might consider talking to an agent. If you don’t have a local agent, fill out this quick form.

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

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Coverages available on your policy

Understanding the coverages of your policy can be of help when determining the right coverages for your vehicles. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording.

Collision coverage

Collision insurance pays for damage to your i8 from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage protects against things like rolling your car, sustaining damage from a pot hole and hitting a mailbox. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. You can also bump up the deductible in order to get cheaper collision rates.

Auto liability

This protects you from damages or injuries you inflict on a person or their property by causing an accident. This coverage protects you against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 25/50/25 that means you have a $25,000 limit per person for injuries, $50,000 for the entire accident, and a limit of $25,000 paid for damaged property.

Liability insurance covers things such as medical services, medical expenses, court costs, repair costs for stationary objects and legal defense fees. 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

Med pay and PIP coverage pay for expenses for things like prosthetic devices, funeral costs, ambulance fees and chiropractic care. They can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover all vehicle occupants in addition to if you are hit as a while walking down the street. PIP coverage is only offered in select states but can be used in place of medical payments coverage

Comprehensive coverages

Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims like fire damage, hail damage and rock chips in glass. The most a 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.

Uninsured and underinsured coverage

This coverage protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. This coverage pays for hospital bills for your injuries as well as your vehicle’s damage.

Due to the fact that many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages should not be overlooked.

Stretch your dollar

While you’re price shopping online, make sure you don’t sacrifice coverage to reduce premiums. There are many occasions where someone dropped liability limits or collision coverage and learned later that they should have had better coverage. The ultimate goal is to buy enough coverage at the best cost.

We covered a lot of tips how to shop for 2015 BMW i8 insurance online. It’s most important to understand that the more companies you get rates for, the better your comparison will be. Consumers could even find that the best price on insurance coverage is with a company that doesn’t do a lot of advertising.

Drivers leave their current company for many reasons like delays in responding to claim requests, poor customer service, high rates after DUI convictions or policy cancellation. No matter why you want to switch, switching insurance coverage companies is easier than you think.

For more information, feel free to browse the following helpful articles: