Compare the Cost of BMW i8 Insurance by Model Year and Company
On average, insuring a BMW i8 costs $3,212 per year, which is relatively expensive. Progressive offers the cheapest car insurance for a BMW i8, but rates may differ based on model year, driver age and preferred insurer.
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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.
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Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a BMW i8.
These rates were updated to reflect the average cost of car insurance for a BMW i8 as of 2023.
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.
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
Offers affordable premiums
Ranked second for customer service
Doesn’t offer gap insurance or original equipment manufacturer (OEM) coverage
Has a below-average claims management score
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.
MoneyGeek Runner-Up: Progressive
Offers the cheapest rates for a BMW i8
Has a good customer satisfaction rating
Provides a wide range of coverage options
Has a below-average claims management score
No OEM coverage
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.
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.
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.
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.
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.