BMW i8 Car Insurance: How Much Should You Expect to Pay?

Quick Facts

• It costs more to insure a BMW i8 than the average car.
• Liability only insurance prices for an i8 come in at about $95 per month, while full coverage typically runs around $367.
• Workmens is the most affordable auto insurance carrier for an i8.

i8 Overview

With 2019 models starting at $147,500, the BMW i8 is on the more expensive end of the spectrum.

After analyzing thousands of car insurance quotes through Compare.com, we've found that BMW i8 insurance rates are about $315 a month, on average. How do car insurance premiums for the i8 compare to prices of other similar cars?

How Much is Car Insurance for a BMW i8?

If you look at the table above, you'll find that compared to other vehicles, BMW i8 insurance premiums are more expensive than average. I8 drivers usually pay around $367 per month for full coverage, which has comprehensive and collision coverages in addition to liability, and about $95 a month for liability only insurance (our guide, "State Minimum vs. Full Coverage", can give you more information on the difference between these types of insurance).

When you compare it to other models, the i8 is more expensive, with rates more than 10% higher than BMW's other vehicle offerings. Compared to offerings from other brands, auto insurance for an i8 is similarly on the expensive side, with liability only insurance premiums coming in about $12 more and $190 more for full coverage.

When compared to all vehicles, regardless of make, model, or body style, the i8 follows a similar pattern of having above average insurance rates.

Who has the Cheapest Car Insurance for a BMW i8?

In the market for an auto insurance policy for your BMW i8? You're likely wondering which company offers the cheapest prices. Even though there will never be one carrier that has the lowest rates for everyone, the lowest average rates for liability only insurance are sometimes just $28 a month from Mapfre. With car insurance as cheap as $31 monthly, MetroMile is the next cheapest car insurance company.

Rounding out the list are Clearcover, MetLife, and Hugo. That being said, just because these five companies offer the lowest average rates doesn't necessarily mean they'll be the cheapest for you.

Car insurance carriers take a bunch of factors into consideration when calculating monthly prices. By checking quotes from multiple auto insurance companies at once, you can guarantee you're finding the most affordable rate.

What Factors Affect Car Insurance Rates for a BMW i8?

There are a bunch of things that car insurance carriers reference to determine how much to charge you for a policy -- and every carrier weighs different factors more heavily than others, so there's not just one company that's the cheapest for each i8 owner.

The following sections show many variables auto insurance companies use to calculate rates:

Vehicle Age

The BMW i8 has been around for a while, so vehicle age will likely play a role in what you end up paying for insurance. Usually, it costs less to insure older cars because they're worth less than newer models, and as time goes on and i8s begin to depreciate, insurance costs will gradually get lower.

According to the table above, the BMW i8 is not quite in line with this trend, as the cheapest models to insure are those that are 1 year old or less, while on average, the most expensive i8s are 4 to 5 years old.

Your Age

Your age is another variable that plays a big role in how much car insurance carriers will charge for insurance. As you can see above, those with more experience have less expensive prices compared to drivers under 24. BMW i8 drivers 18 to 24 actually pay $62 more than those 25 or older.

Auto insurance prices continue to decrease as you get older, with drivers aged 35-44 making up the cheapest age group for the i8.

Your Gender

Because women are less likely to get speeding tickets and get into accidents, they have a lower chance of filing a claim with insurance. So, women tend to get cheaper rates than men. The BMW i8 follows this convention, and men pay around $27 more than women per month for auto insurance.

Where You Live

You might think it's common sense that factors like how old you are and what vehicle you drive play a role in your insurance rates, but did you know that where you live can matter just as much? Since auto insurance is regulated on the state level and not nationally, premiums shift quite a bit from state to state.

For example, the average BMW i8 driver from New York pays about $182 monthly for liability coverage. Meanwhile, on average, the same Californian owner will pay less than 50% of that price.

BMW i8 Car Insurance Discounts

Whatever your home state, your age, or your car, using as many discounts as possible when it comes to your car insurance policy is always the smart move.

Not every insurance carrier will offer the same discounts, but there are a few that are relatively universal. These include discounts like:

• Vehicle safety discounts for having a vehicle with higher safety ratings or one with certain safety features (like air bags or anti-lock brakes)
• Defensive driving discounts for taking a defensive driving class through an accredited school or institution
• Multi-policy discounts for getting both your home and auto policies from the same insurance company
• Pay-in-full discounts for drivers who choose to pay their entire policy price up front, rather than in monthly installments

These are just a few of the discounts car insurance companies offer, and sometimes, the best rates come from simply having a favorable insurance profile, which means having a clean driving record or not having any recent insurance claims.

You obviously can't control every single aspect of your auto insurance profile (like some of the attributes we mentioned above), but you can influence some of it. Below are just a few of the ones you can use to your favor when it comes to saving cash:

Your Driving Record

You've no doubt noticed ads from car insurance carriers offering big discounts for good drivers. It should be no surprise that if you get into a collision or get a ticket for speeding, auto insurance prices will go higher. But exactly how much can it cost you for these infractions?

Looking at the table above, you'll notice that accidents will usually cost i8 drivers more than tickets, but both will result in above average rates. The rates only increase the more collisions you have or tickets you get.

How Much You Drive

Another factor that affects your insurance rates is the total amount of miles you drive annually. Those who are on the roads less often have fewer opportunities to get into an accident, so they'll normally get lower premiums. In the above table, you can see that BMW i8 owners who drive 10,000 miles or more pay $115 for auto insurance, while those who drive fewer than 2,500 miles per year pay about $34 a month.

But if you drive a limited amount, you might consider getting a usage-based or pay-per-mile car insurance policy. With these kinds of plans, you pay a small base rate each month, with your final monthly bill being calculated based on how many miles you drove.

How Do BMW i8s Compare to Other Vehicles?

If you're considering making a BMW i8 your next purchase, it can pay off to do your research. Insurance is just one cost that's associated with buying a new car, but it's certainly one that's worth considering carefully.

Visit the table below to see how the BMW i8 stacks up:

Overall, the BMW i8 is on the more expensive side when it comes to price, with an MSRP that's a quarter more than the going rate for a new vehicle. The i8 has a base price of $147,500, a bit more expensive than the national average vehicle price of $46,074.

Full coverage insurance for a BMW i8 is around $202 per month more than average, while liability only coverage is $19 cheaper monthly.

When it comes to usage, BMW i8 owners drive more miles annually than the national average, with 13,096 miles each year compared to 11,617 for all vehicles.

BMW i8 Car Insurance Costs by Model Year

We've gone over many of the variables that can affect how much the average driver pays to insure a BMW i8. If you're considering buying a new i8, knowing what you'll likely pay for the specific car you're looking at can be extremely valuable as you weigh your options.

2019 BMW i8 Car Insurance

The average cost to insure a 2019 i8 with liability only coverage is $62 a month, while full coverage runs about $371 per month.

With premiums sometimes as little as $48 monthly, Clearcover offered the cheapest policy we found for the 2019 BMW i8.

What could your auto insurance premium look like? Just enter your ZIP code below to get multiple customized quotes for free.

2017 BMW i8 Car Insurance

It costs around $140 per month for liability or $460 for a full coverage policy for the 2017 BMW i8.

Amica offered the lowest policy we found, with rates as little as $140 a month.

If you want to find the best prices for car insurance for a 2017 BMW i8, enter your ZIP code below and compare an array of personalized quotes in just a few minutes.

2016 BMW i8 Car Insurance

2016 i8 drivers can expect to pay an average of $98 per month for liability or $356 for full coverage.

Mapfre has rates as low as $28 a month for the 2016 BMW i8.

If you're looking for a more exact figure on what you should pay for insurance for a 2016 BMW i8, you can get free quotes in minutes by just entering your ZIP code below.

2015 BMW i8 Car Insurance

On average, drivers who own a 2015 BMW i8 can expect to pay $99 to $376 monthly for liability only and full coverage car insurance, respectively.

If you're looking for the cheapest possible 2015 BMW i8 insurance policy, Mapfre offered the most affordable policy we found, with rates as little as just $28 a month.

If you want to know just how much your rate will be, just enter your ZIP code below and get free quotes in minutes.

2014 BMW i8 Car Insurance

You can expect full coverage for a 2014 i8 to run about $328 per month, while liability only coverage will average around $111 monthly.

With prices sometimes as low as $31 a month, MetroMile offered the lowest policy we found.

Want to know exactly how much you'll pay? Get lots of customized quotes for free by just entering your ZIP code below.

BMW i8 Insurance FAQs

Is a BMW i8 expensive to insure?

Liability insurance runs an average of $95 per month, while full coverage will cost you around $367. It costs more to insure a BMW i8 when compared to the average car.

How can I get the best price on car insurance for my BMW i8?

The only way to guarantee you're getting the cheapest price on insurance is to check prices regularly and compare quotes from a whole range of companies. A good rule of thumb is to get quotes every 6 months or so. Luckily, sites like Compare.com let you compare rates from a multitude of carriers at once, meaning you can find the most affordable rates (or guarantee you already have the best deal) in just a few minutes.

Does the color of my BMW i8 affect my insurance premiums?

You might have heard the old adage that red cars cost more to insure than cars of other colors, but that's simply not true. While there are many things auto insurance companies examine when they decide your insurance premium, the color of your BMW i8 is not factored into that decision.

Do I need to have insurance before I buy a BMW i8?

You'll need to have an insurance policy in place before you can legally driver your new (or new to you) vehicle off the dealership lot. Some dealerships will offer you one during the purchase process, but the best thing to do when buying a a new car is to talk with your auto insurance carrier ahead of time.

What car insurance discounts can I get for my BMW i8?

There are many discounts out there when it comes to car insurance. Many of them (like "safe driver discounts" and "pay-in-full discounts") are based less on your i8 and more on you, but if your i8 has safety features like anti-theft systems, airbags, anti-lock brakes, and other features, it may be eligible for certain discounts. The only way to know is to contact your insurance company and ask about their list of discounts.