Compare the Cost of BMW i8 Insurance by Model Year and Company


Enter your ZIP code to get started

Shield

Free. Simple. Secure.

Banner image
ByMark Fitzpatrick
Edited byVictoria Copans
ByMark Fitzpatrick
Edited byVictoria Copans

Updated: May 20, 2024

Advertising & Editorial Disclosure

Your age significantly impacts how much you’ll have to pay to insure your BMW i8. For instance, a 16-year-old buying insurance for a 2015 model can expect to pay $13,290 per year on average, while a 40-year-old pays only $2,926 per year. Meanwhile, car insurance for a 2020 model costs $15,416 per year for a 16-year-old and $3,400 per year for a 40-year-old.

MoneyGeek also ranked the best car insurance providers for a BMW i8 based on how they balance affordability, service quality and claims experience.

MoneyGeek Logo IconCar Insurance CostsBMW i8
2024

Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a BMW i8.

recency icon

These rates were updated to reflect the average cost of car insurance for a BMW i8 as of 2023.

10Companies Compared
 
17,928 Quotes Analyzed

Average Cost and Cheapest Companies for Insuring a BMW i8

Car insurance for a BMW i8 costs approximately $3,212 per year. However, the company you choose greatly affects your premium prices. You can get the cheapest car insurance from Progressive at $2,315 per year for a full coverage policy. Farmers has the highest rates at $4,310 per year.

If you’re looking for minimum coverage policies, the average price for a BMW i8 is $706 per year. GEICO offers the cheapest minimum coverage auto insurance at $421 per year, while Farmers is the most expensive at $1,291 per year.

Data filtered by:Results filtered by:
Age:
Age:40
Coverage:
Coverage:Full Coverage
ProgressiveAverage Annual Premium$2,315
State FarmAverage Annual Premium$2,423
GEICOAverage Annual Premium$2,663
TravelersAverage Annual Premium$2,698
NationwideAverage Annual Premium$2,934
AllstateAverage Annual Premium$4,048
FarmersAverage Annual Premium$4,310

Is a BMW i8 Expensive to Insure?

Insurance companies take several factors into account when determining insurance costs for a given BMW i8. On average, the BMW i8 is expensive to insure compared to other car models.

This car has an MSRP of $93,847, which is relatively high, contributing to its high insurance costs. Cars with higher value also tend to be more expensive to repair, which also leads to higher insurance rates. In addition, the fact that the BMW i8 is a sports car makes it relatively expensive to insure since sports car drivers are statistically more likely to take risks on the road.

Best Companies for Insuring a BMW i8

When buying car insurance, affordability is only one factor to consider. Service quality and claims management reputation can also impact your experience as a policyholder.

Based on our analysis, the best car insurance providers for a BMW i8 are:

  • State Farm: MoneyGeek score of 90 out of 100 ($2,423 per year)
  • Progressive: MoneyGeek score of 90 out of 100 ($2,315 per year)

State Farm offers a good balance of affordability and service quality, meaning you’ll get great value for your money with this provider.

MoneyGeek Top Pick: State Farm

State Farm

pros

checkmark

Offers affordable premiums

checkmark

Ranked second for customer service

cons

close

Doesn’t offer gap insurance or original equipment manufacturer (OEM) coverage

close

Has a below-average claims management score

COMPANY HIGHLIGHTS

State Farm is our top top pick for BMW i8 insurance, thanks to its affordable rates and high-quality customer service. It ranked second in both affordability and customer satisfaction among the seven companies we evaluated.

This insurer also offers popular coverage options that can be useful for BMW i8 drivers. One such option is roadside assistance, which can come in handy during covered emergencies on the road. This add-on covers vehicle towing, locksmith services, labor expenses and delivery costs for gas, oil, battery or tires.

You can also get rental car and travel reimbursement coverage from State Farm. If you experience a covered incident and need to get your car repaired, this option will help pay for your rental car, meals, lodging and transportation expenses.

Read MoneyGeek's State Farm Auto Insurance Review

MoneyGeek Runner-Up: Progressive

Progressive

pros

checkmark

Offers the cheapest rates for a BMW i8

checkmark

Has a good customer satisfaction rating

checkmark

Provides a wide range of coverage options

cons

close

Has a below-average claims management score

close

No OEM coverage

COMPANY HIGHLIGHTS

Progressive is our runner-up pick for the best car insurance provider for a BMW i8. It stands out from the competition for its great service and affordable rates, which are the cheapest among the companies we studied.

In addition, Progressive offers most essential coverages as well as several less common coverage options. One of its unique options is custom parts and equipment coverage, which protects aftermarket accessories added to your BMW i8 for up to $5,000, covering items such as a stereo, navigation system or custom wheels. If you've made unique or expensive modifications to your vehicle, this coverage may be worth purchasing.

Progressive policyholders who have been with the company at least five years and have maintained a clean driving record for at least three years may also qualify for automatic accident forgiveness coverage. This coverage prevents a rate increase following an at-fault accident, which is valuable as these types of rate increases can be substantial.

Read MoneyGeek's Progressive Auto Insurance Review

Cost of Insuring a BMW i8 by Model Year

The model year of your car can impact the average cost of your auto insurance. For instance, a full coverage policy for a 2015 BMW i8 costs approximately $2,926 per year, whereas the same policy for a 2020 model costs $3,400 per year. Typically, older vehicles have lower insurance premiums compared to newer ones because car values decrease over time.

Data filtered by:Results filtered by:
Age:
Age:40
Coverage:
Coverage:Full Coverage
2020Average Annual Premium$3,400
2019Average Annual Premium$3,318
2018Average Annual Premium$3,267
2017Average Annual Premium$3,215
2016Average Annual Premium$3,110
2015Average Annual Premium$2,926

Aside from your car’s model year, the insurer you choose also affects your average car insurance costs. Nationwide offers the cheapest rates for a 2015 BMW i8 at approximately $1,220 per year. Meanwhile, at roughly $1,542 per year, State Farm’s premiums are the most affordable for a 2020 model.

Data filtered by:Results filtered by:
Model Year:
Model Year:2022
Age:
Age:40
Coverage:
Coverage:Full Coverage
State FarmAverage Annual Premium$1,592
GEICOAverage Annual Premium$1,686
NationwideAverage Annual Premium$1,882
TravelersAverage Annual Premium$2,032
AllstateAverage Annual Premium$2,037
FarmersAverage Annual Premium$2,073
ProgressiveAverage Annual Premium$2,369

Cost of Insuring a BMW i8 for 16- to 25-Year-Olds

Young drivers, including teens and those in their 20s, pay higher car insurance premiums compared to those aged 30 and above. Car insurance for a BMW i8 costs around $14,414 per year for a 16-year-old driver but only $3,206 for a 40-year-old driver.

Although car insurance for teens is expensive, the cost of insurance typically decreases each year as the driver ages in their teens and stabilizes during their 20s.

Data filtered by:Results filtered by:
Coverage:
Coverage:Full Coverage
16Average Annual Premium$14,414
17Average Annual Premium$11,534
18Average Annual Premium$10,309
19Average Annual Premium$7,363
20Average Annual Premium$6,731
21Average Annual Premium$5,159
22Average Annual Premium$4,800
23Average Annual Premium$4,483
24Average Annual Premium$4,273
25Average Annual Premium$3,853

Adding a teen driver to a family car insurance plan is the most affordable option since individual policies are much more expensive. Plus, teens under 18 are legally required to have a parent or guardian co-sign in order to purchase an individual policy.

On average, a 16-year-old driver of a 2020 BMW i8 can expect to pay $8,499 per year if they buy an individual insurance plan from State Farm — the cheapest option. Meanwhile, Farmers is the most expensive at $22,713 per year. Families can shop around and compare rates from multiple providers to find the cheapest available teen car insurance.

Data filtered by:Results filtered by:
Age:
Age:16
Model Year:
Model Year:2020
Coverage:
Coverage:Full Coverage
State FarmAverage Annual Premium$8,499
ProgressiveAverage Annual Premium$9,292
TravelersAverage Annual Premium$12,429
GEICOAverage Annual Premium$13,334
NationwideAverage Annual Premium$15,333
AllstateAverage Annual Premium$19,197
FarmersAverage Annual Premium$22,713

How Does Location Affect the Cost of BMW i8 Insurance?

When insurers calculate car insurance premiums, they consider factors such as the car's model, model year and driver's age, but location can be even more important. The cheapest car insurance provider for a specific car model can vary by state — on average, Florida has the highest rates, while Idaho has the lowest. It's wise to obtain quotes from the most affordable insurers in your state when shopping for BMW i8 car insurance.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
AlabamaCheapest CompanyNationwideAnnual Premium$709Monthly Premium$59
AlaskaCheapest CompanyState FarmAnnual Premium$699Monthly Premium$58
ArizonaCheapest CompanyRoot Insurance CompanyAnnual Premium$682Monthly Premium$57
ArkansasCheapest CompanyState FarmAnnual Premium$629Monthly Premium$52
CaliforniaCheapest CompanyAAA CaliforniaAnnual Premium$1,001Monthly Premium$83
ColoradoCheapest CompanyAmerican National P&CAnnual Premium$541Monthly Premium$45
ConnecticutCheapest CompanyGEICOAnnual Premium$693Monthly Premium$58
DelawareCheapest CompanyState FarmAnnual Premium$881Monthly Premium$73

Frequently Asked Questions About BMW i8 Insurance

MoneyGeek responded to some frequently asked questions about the cost and quality of car insurance for a BMW i8 to help you find a policy that best fits your needs.

What company has the cheapest car insurance for a BMW i8?
What company offers the best car insurance for a BMW i8?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.