BMW drivers enjoy a blend of luxury and performance and are often loyal to the brand. Whether you have a classic BMW or a brand-new model right off the showroom floor, understanding your auto insurance options and securing the best possible rate can help you protect your investment. Some BMW models are cheaper to insure than others, but every vehicle needs the right coverage.
An independent insurance agent can help you get set up with the right kind of car insurance for your specific BMW and your needs. They'll make sure you walk away with the best policy for you. But for starters, here's a deep dive into BMW insurance.
Key Takeaways - BMW Car Insurance
BMW insurance costs an average of $1,788 per year, or approximately $149 per month, for full coverage.
BMW insurance is a type of car insurance designed to cover this luxury brand, and policies include many of the same types of coverage as those needed by standard vehicles.
Certain BMW models are less expensive to insure than cars from other luxury brands, although they are more expensive overall to own and maintain.
The BMW M5 is the most expensive model to insure of those we compared, costing an average of $4,872 per year, or approximately $406 per month, for full coverage.
Working with an independent insurance agent is highly recommended, as they can tailor a policy to meet the coverage needs of your unique BMW model.
What Is BMW Insurance?
BMW insurance is a car insurance policy that includes extra coverage tailored to BMW vehicles. The core of the policy includes the same types of coverage as standard car insurance. However, BMW vehicles contain luxury and custom parts that require increased coverage, and can have more expensive repairs or replacements than standard vehicles. As such, insurance rates for BMWs can be higher than for many types of cars.
Recommended coverage options for BMW drivers:
- Comprehensive insurance: This pays for damage to your car due to a non-collision event, such as a flood or theft.
- Liability insurance: This covers the cost of lawsuits and other expenses resulting from third-party claims of bodily injury or personal property damage caused by your vehicle.
- Collision insurance: This pays for damage to your car from a collision with another object, regardless of fault.
- Towing and roadside assistance coverage: This covers the cost of professional towing and roadside assistance services if your vehicle breaks down on the side of the road.
- Medical payments coverage: This coverage pays for the cost of your injuries and those of your passengers after an accident, regardless of fault.
- Personal injury protection: This coverage pays for the cost of your injuries and those of your passengers, as well as lost wages resulting from an accident, regardless of fault.
- Uninsured/underinsured motorist insurance: This coverage pays for expenses resulting from an accident involving a driver who is uninsured or underinsured, or after a hit-and-run.
Your state may require some or all of these types of coverage. A local independent insurance agent can help you build a complete BMW insurance policy with all the necessary coverage.
How Much Does BMW Insurance Cost?
BMW insurance costs an average of $1,788 per year, or approximately $149 per month, for full coverage. BMW insurance tends to be much more affordable than coverage for other luxury brands, such as Lexus and Infiniti, but more expensive than coverage for standard vehicles.
However, higher-end BMW models can have more expensive coverage than some lower-end luxury vehicles from other brands. BMW insurance rates can be influenced by several factors, including the brand's safety scores, the price of custom parts, the specific model insured, and driver details such as age and location.
BMW Insurance Costs by Popular Models
Car insurance costs are impacted by many different factors, including the vehicle's specific make and model. The same driver could pay a vastly different amount to insure two different models of BMW. We've compared average full coverage car insurance rates for just a handful of popular BMW models to give you a better idea.
| Model | Average Annual Cost | Average Monthly Cost |
|---|---|---|
| BMW 3 Series | $2,205 | $184 |
| BMW 5 Series | $2,193 | $183 |
| BMW 7 Series | $3,301 | $275 |
| BMW X3 SUV | $1,848 | $154 |
| BMW X5 SUV | $2,199 | $183 |
| BMW X7 SUV | $3,750 | $313 |
| BMW M3 | $3,684 | $307 |
| BMW M4 | $4,224 | $352 |
| BMW M5 | $4,872 | $406 |
Clearly, the type of BMW you have greatly influences your coverage costs. For example, the average BMW X5 insurance cost falls considerably below average BMW M4 insurance rates.
No matter which model of BMW you drive, an independent insurance agent in your town can help you find the best possible price for car insurance. Your agent can help you find BMW Series 3 insurance or whichever type of BMW coverage you're seeking.
Is BMW Expensive to Insure Compared to Other Brands?
No, BMW is actually less expensive to insure, on average, than many other luxury brands. BMW's average car insurance rates trend cheaper than those for major brands such as Infiniti, Acura, Lexus, and Volvo; however, high-end BMW models, such as the M5, can be more expensive to insure. BMW's lower average coverage rates may be attributed to the use of less expensive parts, lower vehicle sticker prices, a lower risk of theft, and better safety ratings.
BMW's true cost of ownership vs. other luxury brands
Though many models of BMW are actually cheaper to insure than other luxury vehicles, the true cost of car ownership is determined by many factors. BMW's ownership cost score is actually among the highest of all luxury vehicle brands, falling behind only Audi.
This score factors in the cost of maintenance and repairs over a set number of years. Consider this overall vehicle ownership cost before you decide to buy a BMW, especially if the lower insurance rates initially appeal to you. The table below compares the cost of BMW ownership to other luxury brands.
| Car Brand | 10-Year Maintenance & Repair Costs |
|---|---|
| Lexus | $7,400 |
| Acura | $7,725 |
| Infiniti | $10,020 |
| BMW | $11,000 |
| Audi | $11,350 |
Add-On Protections Worth Considering for Your BMW
There are certain additional types of coverage you may want to add to your BMW insurance policy. This can include BMW additional warranty coverage, which can help pay for various routine BMW services. Consider adding some or all of the following to your BMW policy:
- Gap insurance: If you own a new or financed BMW, this coverage can pay the difference in the amount owed on a loan or lease and the amount your insurance pays for your vehicle after a total covered loss.
- New car replacement coverage: This can cover the cost of replacing your BMW with another of the same model if your car is stolen or totaled due to a covered cause within the first year of ownership.
- OEM parts coverage: This can pay the full cost to replace your vehicle's parts with genuine BMW parts during the repair process. BMW OEM parts insurance is essential to maintain the integrity of your luxury vehicle's repairs.
- BMW warranty insurance: This can extend BMW's warranty coverage to help pay for the cost of future routine maintenance and repairs, where available. Review the terms of your BMW factory warranty and ask your dealership if BMW extra warranty coverage is available.
- Accident forgiveness coverage: This coverage can help you avoid a car insurance premium rate increase following an accident.
An independent insurance agent can help you find all the best BMW insurance coverage to add to your policy.
Best Car Insurance Companies for BMW Owners
BMWs are an investment, and you want to make sure to protect them with the best coverage available. However, affordable rates are also important. That's why we've included our top recommendations for the best BMW car insurance companies that offer great rates.
| Car Insurance Company | Overall Carrier Star Rating | Avg. Annual Full Coverage Premium | Avg. Annual Minimum Coverage Premium |
|---|---|---|---|
| Travelers | 5 stars | $146 | $43 |
| Nationwide | 5 stars | $151 | $59 |
| Progressive | 5 stars | $165 | $51 |
What Other Factors Affect BMW Insurance Costs?
BMW insurance costs can be impacted by your driving history, the type of BMW you insure, and more. Car insurance costs are calculated by considering several factors. The vehicle's make and model are just two items from a long list, which includes:
- The driver's age
- The driver's location
- The driver's record and accident history
- The driver's credit score (where allowed)
The insurance company you get your coverage through also obviously impacts the cost of your coverage. You can stand to save a great deal on coverage for your BMW if you bundle your car insurance with another product, such as home insurance, through the same carrier. An independent insurance agent can also help you find the best rates available.
How to Lower Your BMW Insurance Premiums
Certain BMW models come with more affordable coverage rates than others. The good news is that you can take steps to lower your BMW insurance costs no matter which model you drive.
- Choose a higher deductible: Higher deductibles often mean lower premiums, but keep in mind that you'll have to pay more out of your own pocket if you file a claim.
- Compare quotes from multiple carriers: Shopping and comparing policies from multiple car insurance companies can help you find the most affordable coverage. A local independent insurance agent can complete this task for you.
- Ask about telematics programs: Your insurance company or BMW may offer telematics programs, such as those that track your driving habits or vehicle usage, to help possibly reduce your insurance rates.
- Maintain a clean driving record: Steer clear of accidents, tickets, and other traffic violations to earn good driver discounts and potentially lower your premium rates.
- Ask about BMW insurance discounts: Many car insurance companies offer common savings options, such as multi-policy discounts, safety features discounts, anti-theft devices discounts, loyalty discounts, and bundling discounts.
- Work with an independent insurance agent: These agents can access several different carriers near you to help find the best and most affordable insurance for your BMW.
Your independent insurance agent can help you find cheap BMW insurance and add any car insurance discounts you qualify for to reduce your premiums as much as possible.
An Independent Insurance Agent Can Help You Get the Best BMW Insurance Quotes
When it's time to find the most affordable BMW insurance, no one's better equipped to help than a local independent insurance agent. These agents know where to find the best BMW insurance coverage and rates, and can shop and compare quotes and policy options from several carriers for you.
Even better, they'll help you score any discounts you're eligible for to bring your premium rates down even further. And down the road, your agent will still be there to help you file car insurance claims or update your coverage when necessary.
FAQs About BMW Insurance
What's the cheapest model BMW to insure?
Based on our findings, the cheapest model of BMW to insure of those we compared is the BMW 3 Series, costing an average of $2,205 per year, or approximately $184 per month.
What's the most expensive BMW model to insure?
Based on our findings, the most expensive model of BMW to insure of those we compared is the BMW M5, costing an average of $4,872 per year, or approximately $406 per month.
How much does it cost to insure a BMW on average?
It costs an average of $1,788 per year, or approximately $149 per month, to insure a BMW. The exact cost of your coverage will depend on the model of BMW you own, your driving history, and other factors.
Is BMW expensive to insure?
It depends on the type of BMW you own. Certain models are actually cheaper to insure, on average, than other popular luxury vehicles, such as those from brands like Audi or Infiniti, while others are more expensive.
Do BMWs require premium insurance?
Yes, BMWs require premium insurance coverage. Work with a local independent insurance agent to get your vehicle equipped with the best possible coverage.
Sources
https://www.thezebra.com/auto-insurance/vehicles/bmw/
https://www.moneygeek.com/insurance/auto/bmw-car-insurance/#a
https://www.consumerreports.org/cars/car-maintenance/the-cost-of-car-ownership-a1854979198/