2017 BMW i3 Car Insurance Cost – 6 Tips to Save

Trying to find lower auto insurance rates for your BMW i3? When looking for more affordable insurance, do you get overwhelmed by the sheer number of auto insurance choices available to you? You have so many choices to choose from that it can turn into a burden to find better prices.

Finding affordable coverage is easy if you know what you’re doing. Just about every vehicle owner who shops for insurance will be able to reduce their rates. Although vehicle owners can benefit by having an understanding of the way insurance companies price insurance differently.

Do you qualify for discount car insurance?

Car insurance companies don’t list every disount available very well, so the list below gives a summary of a few of the more well known and also the lesser-known credits available to you.

• Government Employee Discount – Active or retired federal employment could cut as much as 10% off for i3 insurance depending on your company.
• Memberships – Belonging to qualifying clubs or civic groups may earn a discount on your next car insurance statement.
• Life Insurance – Not all car insurance companies offer life insurance, but some may give you a lower car insurance rate if you buy some life insurance too.
• Homeowners Savings – Owning your own home or condo may trigger a policy discount on car insurance due to the fact that maintaining a home demonstrates responsibility.
• Bundle and Save – If you can bundle your homeowners and auto insurance with one company you may save 10% to 20% off each policy.
• Payment Method – If you pay your bill all at once rather than paying monthly you could save 5% or more.

While discounts sound great, it’s important to understand that some credits don’t apply to all coverage premiums. Most cut specific coverage prices like medical payments or collision. So even though you would think all the discounts add up to a free policy, nobody gets a free ride.

Some of the larger companies that may offer some of the above discounts possibly include:

• Mercury Insurance
• Farmers Insurance
• Farm Bureau
• State Farm
• Allstate
• Geico

If you need lower rates, check with all the companies which credits you are entitled to. Depending on the company, some discounts may not apply to policies in your area. To see a list of car insurance companies with the best car insurance discounts, click this link.

What insurance coverages do I need?

When buying adequate coverage for your vehicles, there isn’t really a one size fits all plan. Everyone’s situation is unique.

These are some specific questions might point out whether your personal situation might need an agent’s assistance.

• Is business equipment covered while in my vehicle?
• Am I covered when using my vehicle for business?
• Is my teen driver covered when they drive my company car?
• Is there coverage for injuries to my pets?
• Is my cargo covered for damage or theft?
• Can I drive in Mexico and have coverage?
• What is an SR-22 filing?
• Am I missing any policy discounts?
• Do I need replacement cost coverage on my 2017 BMW i3?

If it’s difficult to answer those questions but a few of them apply, then you may want to think about talking to an agent. To find an agent in your area, take a second and complete this form.

Save $472 a year. For real?

State Farm, Allstate and Geico endlessly run ads on television and other media. They all seem to advertise the message that drivers can save some big amount after switching to their company. Is it even possible that every company can cost less than your current company?

All the different companies offer their best rates for a prospective insured they prefer to insure. One example of a profitable insured might be described as a married female, owns their home, and drives less than 5,000 miles a year. Someone who fits that profile will get very good rates and as a result will probably cut their rates substantially.

Potential insureds who may not quite match these stringent criteria may be required to pay a higher premium which usually ends up with business going elsewhere. The trick is to say “people who switch” not “everyone who quotes” save that much money. That’s the way insurance companies can make claims that they all have the best car insurance rates. Because of these techniques, you absolutely need to do a quote comparison often. You cannot predict which insurance companies will provide you with the cheapest rates.

Insurance policy specifics

Having a good grasp of your policy can be of help when determining which coverages you need and the correct deductibles and limits. Insurance terms can be confusing and coverage can change by endorsement.

Liability

This coverage provides protection from injuries or damage you cause to a person or their property in an accident. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 50/100/50 that means you have a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged propery.

Liability coverage pays for claims like loss of income, emergency aid and bail bonds. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.

Comprehensive insurance

Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for things like hitting a bird, damage from getting keyed, theft and a broken windshield. The highest amount your insurance company will pay is the cash value of the vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses such as hospital visits, chiropractic care, X-ray expenses and nursing services. They are used in conjunction with a health insurance program or if you are not covered by health insurance. They cover both the driver and occupants and will also cover getting struck while a pedestrian. PIP is not universally available and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM)

This provides protection when other motorists are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and also any damage incurred to your BMW i3.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Coverage for collisions

Collision insurance pays for damage to your i3 resulting from a collision with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims such as crashing into a ditch, colliding with a tree and rolling your car. Paying for collision coverage can be pricey, so consider dropping it from lower value vehicles. It’s also possible to increase the deductible to bring the cost down.

Be a smart shopper

When buying insurance coverage, it’s a bad idea to buy poor coverage just to save money. There have been many cases where an accident victim reduced physical damage coverage and discovered at claim time that a couple dollars of savings turned into a financial nightmare. Your strategy should be to purchase plenty of coverage at the best price while still protecting your assets.

Drivers who switch companies do it for any number of reasons including being labeled a high risk driver, policy non-renewal, not issuing a premium refund and even questionable increases in premium. Whatever your reason, finding the right insurance provider is easier than you think.

Throughout this article, we presented many ways to shop for 2017 BMW i3 insurance online. The most important thing to understand is the more companies you get premium rates for, the better your comparison will be. Consumers could even find that the lowest priced insurance comes from a lesser-known regional company.

More information can be found below:

• Choosing an Insurance Company (Insurance Information Insitute)
• How to Avoid Staged Accidents (State Farm)
• Information for Teen Drivers (Geico)
• Cellphones, Texting and Driving (iihs.org)