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

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.

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.

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.

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.

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.

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.

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.

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.