Key Takeaways
Any amount of your budgeting can still struggle to afford a premium car like a BMW, but the true cost of ownership is far higher. Other costs associated with ownership include fuel, maintenance, and car insurance. Many consumers might be unaware that driving a particular car brand significantly impacts how much you pay for auto insurance, and owning a BMW is no exception.
Due to the car's worth and the increased cost of parts, the BMW is often more expensive to insure. Therefore, for the benefit of BMW drivers, Way.com has examined prices to ascertain the typical price of auto insurance for a BMW.
One driver may consider inexpensive BMW insurance may be extremely pricey for another. The easiest method to obtain the cheapest BMW insurance is by comparing many free quotes.
Nevertheless, there is one crucial step you must take. Compare the same policy limits and deductibles across ALL quotes. This accurately compares firms, allowing you to obtain the lowest BMW auto insurance prices.
If you presently own a BMW and have an auto insurance policy, compare rates from various insurers using the same liability limits and bodily damage deductibles as your existing policy.
Thus, you can compare the new rates to the price of your current insurance to determine if it is cheaper.
If you obtain price estimates from competing insurers and use various limits and deductibles for each, it will be difficult to determine which business offers the cheapest BMW insurance quotation.
The price of a BMW goes beyond its higher-than-average MSRP. For example, BMW car insurance runs $1797 annually, or 15% more than insurance for a regular car.
When looking for coverage, you should exercise caution because BMW's insurance cost is more expensive than the national average. However, Alfa Insurance has the lowest annual costs among leading insurers if you want to save money on BMW insurance. Additionally, American Family provides affordable prices. Conversely, the most expensive reputable providers for BMW insurance include Farmers Insurance, Progressive, and State Farm.
In 2022, the average cost of auto insurance for a BMW is $555 for the bare minimum of coverage and $2280 for full coverage. The national average for insurance is $1797. Therefore the BMW is normally more expensive.
The make and model of your car is one of many variables that insurance companies take into account when calculating your rates.
Model | Annual Cost | Model | Annual Cost |
---|---|---|---|
BMW 128i | $1179 | BMW 745e | $2253 |
BMW 135i | $1248 | BMW 750i | $2619 |
BMW 228i | $1662 | BMW 750xi | $2061 |
BMW 228xi | $1248 | BMW 760i | $2334 |
BMW 230i | $1671 | BMW 840i | $2211 |
BMW 320i | $1491 | BMW 850i | $2472 |
BMW 328d | $1524 | BMW Active 5 | $1710 |
BMW 328i | $1461 | BMW Activehybrid 3 | $1608 |
BMW 328xi | $1527 | BMW Activehybrid 5 | $1659 |
BMW 330e | $1659 | BMW Alpina B6 | $2412 |
BMW 330i | $1629 | BMW Alpina B7 | $2922 |
BMW 330xi | $1485 | BMW Alpina B8 | $2919 |
BMW 335i | $1578 | BMW Alpina XB7 | $2580 |
BMW 335xi | $1458 | BMW i3 | $1659 |
BMW 340i | $2040 | BMW i4 | $1750 |
BMW 428i | $1611 | BMW i8 | $2820 |
BMW 428xi | $1599 | BMW iX | $2046 |
BMW 430i | $2058 | BMW M2 | $1818 |
BMW 435i | $1728 | BMW M235i | $1869 |
BMW 435xi | $1680 | BMW M240i | $1896 |
BMW 440i | $2058 | BMW M3 | $1989 |
BMW 528i | $1569 | BMW M340i | $1910 |
BMW 528xi | $1659 | BMW M4 | $2439 |
BMW 530e | $1929 | BMW M440i | $1950 |
BMW 530i | $1899 | BMW M5 | $2649 |
BMW 530xi | $1854 | BMW M550i | $2349 |
BMW 535d | $1731 | BMW M6 | $2529 |
BMW 535i | $1833 | BMW M760i | $3012 |
BMW 535xi | $1800 | BMW M760xi | $2634 |
BMW 540i | $1941 | BMW M8 | $2616 |
BMW 540xi | $1719 | BMW M850i | $2529 |
BMW 550i | $1827 | BMW X1 | $1530 |
BMW 550xi | $1950 | BMW X2 | $1701 |
BMW 640i | $2037 | BMW X3 | $1878 |
BMW 640xi | $1980 | BMW X4 | $2091 |
BMW 650i | $2199 | BMW X5 | $1950 |
BMW 650xi | $2112 | BMW X6 | $2220 |
BMW 740e | $2157 | BMW X7 | $2010 |
BMW 740i | $2550 | BMW Z4 | $1650 |
The BMW is a luxury car. Thus replacing it should it be totaled in an accident will cost the insurance company extra:
As with all other cars, several variables affect BMW insurance rates. For example, the brand and model of the car, the ZIP code (in most states), the miles traveled annually, and car insurance companies typically use your driving record to determine prices.
Because it is a premium car and the parts are more expensive, the BMW is normally more expensive to insure. If you have an accident, fixing or replacing the car will cost more than having one made domestically.
BMW INSURANCE | Average Premium |
---|---|
Minimum coverage | $555 |
Full coverage | $2280 |
The table below shows how BMW auto insurance costs might also differ depending on the provider. But, again, the entire coverage levels varied significantly despite having identical inputs.
These five businesses were chosen for evaluation because, according to market share, they represent some of the biggest suppliers and, on average, provide coverage at a reasonable price.
The cheapest premiums for the BMW were supplied by USAA and Erie, though specific prices will vary depending on the driver.
Car Insurance Companies | Annual Rates |
---|---|
Amica | $1740 |
Erie | $1548 |
State Farm | $1659 |
USAA | $1509 |
According to our poll, a 30-year-old male's annual insurance for a BMW model is $4058 on average. We gathered insurance prices for BMW's well-known models over the previous five years to calculate the average insurance cost for those cars.
As a producer of a high-end car, BMW models can be pricey to insure. This is so because repairing and replacing expensive cars typically costs more money.
The BMW X1 is the least expensive BMW to insure with a full-coverage policy out of the eight models surveyed, costing $2,587 annually. The i8 costs $6,550 more annually than any other BMW car.
Location, age, and driving record all affect insurance costs. Therefore, we constantly advise checking quotes from several insurers to discover the best deal.
BMW Model | Estimated Annual Premium |
---|---|
BMW 2-Series | $2109 |
BMW 3-Series | $2220 |
BMW 4-Series | $2418 |
BMW 5-Series | $2202 |
BMW 6-Series | $3042 |
BMW 7-Series | $3315 |
BMW i3 | $2127 |
BMW i8 | $4110 |
BMW X1 | $1848 |
BMW X3 | $1857 |
BMW X4 | $2229 |
BMW X5 | $2208 |
BMW X6 | $2991 |
BMW Z4 | $1971 |
According to the model years we used in our investigation, a BMW 320i's annual insurance costs on average $2835. Due to this, it has the second-cheapest insurance rate among all the BMW models analyzed. Furthermore, at $40800, the 320i has the second-lowest MSRP for the 2020 model.
For an 18-year-old, car insurance for a BMW 320i is $6468 annually.
BMW 320i | Rates for 30-year-old | Rates for 18-year-old |
---|---|---|
2020 | $3396 | $7187 |
2018 | $2799 | $6354 |
2017 | $2664 | $6099 |
2016 | $2481 | $5667 |
The BMW 740i is the second most costly BMW model to insure for a 30-year-old guy, costing $5544 annually. An average full-coverage policy for the 740i costs $12300 annually for a male driver 18 years old.
BMW 320i | Rates for 30-year-old | Rates for 18-year-old |
---|---|---|
2020 | $6819 | $14799 |
2019 | $6255 | $13578 |
2018 | $5211 | $11196 |
2017 | $4767 | $10596 |
According to our analysis of insurance quotes, the average annual premium for a BMW i3 is $2934, or $246 per month. Out of the cars we surveyed, this places the BMW i3 as the third-cheapest BMW model to insure.
Since the average yearly cost to insure a BMW i3 for an 18-year-old is $6775, younger drivers can anticipate paying more.
BMW 320i | Rates for 30-year-old | Rates for 18-year-old |
---|---|---|
2020 | $3066 | $7098 |
2019 | $2937 | $6759 |
2018 | $2835 | $6504 |
2017 | $3042 | $7059 |
Of the eight BMW cars we surveyed, the BMW i8 has the most expensive insurance quotations. The average yearly insurance premium for a BMW i8 for our 30-year-old sample driver is $6561. An 18-year-insurance old's policy typically costs $14712 a year.
The hybrid electric sports car BMW i8 has the highest MSRP for a 2020 model year at $147510.
BMW 320i | Rates for 30-year-old | Rates for 18-year-old |
---|---|---|
2020 | $7299 | $16428 |
2019 | $6939 | $15549 |
2018 | $6567 | $14787 |
2017 | $6180 | $13857 |
For our 30-year-old sample driver, the cost of car insurance for a BMW M4 is $5310 per year, which is slightly more expensive than usual. The average cost of insurance for a BMW M4 for an 18-year-old is $12156 per year, so younger drivers can anticipate paying more.
BMW 320i | Rates for 30-year-old | Rates for 18-year-old |
---|---|---|
2020 | $6434 | $14841 |
2019 | $6057 | $13887 |
2018 | $5043 | $11511 |
2017 | $4629 | $10477 |
The BMW X1 has the cheapest insurance of the eight BMW models we looked at, costing $2592 a year for our typical driver of 30. The BMW X1 also boasts the lowest annual fee for a motorist under 18, at $5910.
With an MSRP of $35,200, the 2020 BMW X1 is the least expensive of all the BMW vehicles we looked at.
BMW X1 | Rates for 30-year-old | Rates for 18-year-old |
---|---|---|
2020 | $3396 | $7188 |
2019 | $3396 | $7188 |
2018 | $2808 | $6357 |
2017 | $2667 | $6105 |
The average annual insurance cost for a BMW X4 is $3210, somewhat less than the average cost for all eight BMW models. However, for a driver who is 18 years old, the average annual insurance cost for a BMW X4 is $7299.
BMW X4 | Rates for 30-year-old | Rates for 18-year-old |
---|---|---|
2020 | $3759 | $8631 |
2019 | $3567 | $8160 |
2018 | $3120 | $7038 |
2017 | $2889 | $6510 |
According to our survey of insurance costs, the typical annual premium for a 30-year-old driver's BMW X6 is $3,468. Between model years, insurance rates vary by $1068. For an 18-year-old, the average annual cost of insurance for a BMW X6 is $7878.
BMW X6 | Rates for 30-year-old | Rates for 18-year-old |
---|---|---|
2020 | $3948 | $8979 |
2019 | $3744 | $8517 |
2018 | $3582 | $8148 |
2017 | $3222 | $7227 |
On average, BMW auto insurance costs $289 more per year than Lexus, $177 more than Infiniti, $26 more than Audi, and $12 less than Mercedes-Benz.
This comparison is a weighted average of all models for each luxury brand for the 2022 model year, so comparing rates for individual models is preferable rather than relying on the weighted average.
Even though BMW insurance is, on average, more expensive than Lexus insurance, the Lexus will cost approximately $500 more per year to insure a BMW Z4 than a Lexus RC F.
BMW is comparable to Audi and Mercedes-Benz in terms of average insurance cost, with BMW being 1.2% more costly than Audi and 0.6% less expensive than Mercedes.
On average, BMW insurance is significantly more expensive than Acura, Infiniti, Lexus, and Volvo.
Automotive Brand | Insurance Cost | Automotive Brand | Insurance Cost |
---|---|---|---|
Acura | $1780 | Kia | $1539 |
Audi | $1884 | Land Rover | $1899 |
Cadillac | $1680 | Lexus | $1788 |
Chevrolet | $1728 | Lincoln | $1731 |
Dodge | $2016 | Mazda | $1509 |
Ford | $1812 | Mercedes-Benz | $4207 |
Genesis | $1857 | Mitsubishi | $1638 |
GMC | $1769 | Nissan | $1632 |
Honda | $1460 | Subaru | $1593 |
Hyundai | $1999 | Tesla | $3930 |
Infiniti | $2229 | Toyota | $1667 |
Jaguar | $1989 | Volkswagen | $1650 |
Jeep | $1641 | Volvo | $1680 |
The BMW X1, a small luxury SUV, has the lowest average annual insurance premium of $2592. The BMW 330i is the second-cheapest BMW to insure, with an average annual premium of $1629.
The BMW 330e ($1659), BMW Z4 ($1650), and BMW 228i ($1662) are the top five least expensive BMW cars to insure. The average rates for the five least expensive BMW models to insure are displayed in the table below.
BMW Models |
---|
BMW X1 |
BMW 330i |
BMW 330e |
BMW Z4 |
BMW 228i |
The BMW M760i has the highest auto insurance premiums for 2022 cars at $3012 per year or around $250 per month. The BMW Alpina B8 ranks second with an annual cost of $2919.
Below are the annual car insurance premiums for the five most expensive BMW models to insure.
BMW Models |
---|
BMW M760i |
BMW Alpina B8 |
BMW Alpina B7 |
BMW M5 |
BMW M8 |
State | Average Annual Rate | State | Average Annual Rate |
---|---|---|---|
Alabama | $3171 | Nebraska | $2811 |
Arizona | $2622 | Nevada | $2850 |
Arkansas | $2967 | New Hampshire | $2412 |
California | $3252 | New Jersey | $3978 |
Colorado | $3618 | New Mexico | $2772 |
Connecticut | $3378 | New York | $3051 |
Delaware | $4311 | North Carolina | $3120 |
Florida | $3573 | North Dakota | $2889 |
Georgia | $5100 | Ohio | $1791 |
Idaho | $3402 | Oklahoma | $2457 |
Illinois | $1392 | Oregon | $2184 |
Indiana | $2412 | Pennsylvania | $3489 |
Iowa | $2520 | Rhode Island | $3180 |
Kansas | $2591 | South Carolina | $2679 |
Kentucky | $2055 | South Dakota | $4461 |
Louisiana | $2730 | Tennessee | $3039 |
Maine | $1200 | Texas | $2727 |
Maryland | $5055 | Utah | $3198 |
Massachusetts | $1920 | Vermont | $3222 |
Michigan | $3099 | Virginia | $2745 |
Minnesota | $2484 | Washington, D.C. | $2112 |
Mississippi | $5991 | West Virginia | $1998 |
Missouri | $2472 | Wisconsin | $2637 |
Montana | $2982 | Wyoming | $2649 |
BMW tire insurance can be costly, especially if you purchase it through the dealership. This error can increase your BMW's wheel and tire insurance premiums by $3,500 to $4,000 annually!
On the other hand, obtaining BMW tire insurance straight from the automobile manufacturer can get you insured for just $1,100 per year.
Opting for a three-year plan will cost you an average of $1,800, which is much less.
Therefore, we recommend that you request long-term discounts directly from your car provider and never through a dealership.
The annual cost of BMW GAP insurance is around $20.
BMW Gap Insurance, also known as Guaranteed Asset Protection, is a type of insurance that can help cover the difference between the actual cash value of your BMW and the amount you still owe on your loan if your car is totaled or stolen. This can be a significant gap, especially in the early years of a loan when depreciation is at its highest.
The cost of BMW Gap Insurance varies depending on several factors, including the age and model of your car, the length of your loan, and the amount of your deductible. However, you can expect to pay between $300 and $700 for a three-year policy.
Whether or not it is worth it to get BMW Gap Insurance depends on your circumstances. If you have a large down payment and a short loan term, you may not need Gap Insurance. However, Gap Insurance may be a good investment if you have a small down payment and a long loan term or live in an area with a high car theft rate.
You can purchase BMW Gap Insurance from your BMW dealer or a third-party insurance company. If you purchase Gap Insurance from your BMW dealer, it will be rolled into your monthly loan payment. You will typically pay a one-time premium if you purchase Gap Insurance from a third-party insurance company.
BMW owners may prioritize finding ways to reduce their auto insurance costs due to the greater cost of BMW auto insurance.
Here are some suggestions for reducing the price of your auto insurance:
One thing to keep in mind is that, among other conditions, you will probably be obliged to get certain complete coverage if you have a loan on your BMW. Therefore, speaking with your lienholder about the criteria can be beneficial before getting estimates from insurance firms.
It could be tempting to buy the bare minimum of coverage required by law merely. However, sticking to the bare minimum could result in significant financial losses in the event of an accident, particularly if you have to foot the bill for another driver's medical expenses or property damage.
Full coverage insurance, which often refers to policies with liability, collision, and comprehensive coverage, provides better financial protection.
If you lease or finance your BMW to safeguard the lender's financial interest, the lender will probably demand that you include collision and comprehensive coverage in your policy.
These coverage options also extend to cover losses that result in damage to your car.
Another option to strengthen coverage is to supplement full coverage with gap insurance.
The "gap" between what you owe on your lease or loan and the amount an insurance company would provide to pay off your new car if it were totaled in an accident is filled by this insurance.
Adding roadside assistance for situations where your car is unable to function or rental car coverage so you can pay for a rental while your car is being repaired are other ways to extend your coverage.
BMW, a German automaker headquartered in Munich, produces luxury automobiles and SUVs such as the 5 Series sedan, the X3 compact SUV, and the M2 coupe.
BMW's 2022 portfolio rates thirty-second out of thirty-two car brands for reliability, despite the brand's reputation for dependability not being particularly strong. The average annual repair expenditures are anticipated to be $981, and car owners can anticipate one trip to the shop per year.
The IIHS has designated the BMW 3 Series, 5 Series, X3, and X5 as Top Safety Pick+ vehicles, with the highest safety grade possible. IIHS recognized the BMW X2 as a Top Safety Pick.
While this information can help you determine where to begin your BMW insurance search, you can obtain a more accurate estimate by comparing tailored prices on Way.com.
In addition, you may compare premiums on a single platform instead of visiting individual insurers' websites. It takes only a few minutes, is cost-free, and is the quickest way to find the greatest offer.
You must do an exhaustive search to identify several reputable insurers from whom you can obtain BMW insurance quotes. However, we can assist you by giving you a list of local insurers who can offer you reasonable rates based on customizable factors.
Visit our insurance quotation page to get started. With the aid of Way.com, you can easily compare car insurance quotes from hundreds of insurers to discover the best deal for your BMW car insurance coverage.
The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
Way.com’s Insurance Broker Quote Data
Pricing varies by company, and corporations do not disclose the parameters they use to establish their rates. Instead, there is a mysterious combination, and they won't provide the specific proportions of the ingredients.
The 2022 IIHS safety ratings have not yet been released, although the BMW 2 Series Gran Coupe and 3 Series sedans were deemed the safest BMW vehicles in 2021. Each car was deemed a Top Safety Pick when equipped with specified headlights.
Pricey cars require expensive insurance. For example, the ultra-luxury BMW car is extremely expensive, so their insurance premiums are sure to be higher. Therefore, you must carefully select the greatest package for your required coverage at significantly reduced costs.
Pricey cars require expensive insurance. For example, the ultra-luxury BMW car is extremely expensive, so their insurance premiums are sure to be higher. Therefore, you must carefully select the greatest package for your required coverage at significantly reduced costs.
It is quite difficult for a teenager not to feel cool while driving a BMW coupe. The 1 Series is the ideal car for this, as it is compact, has a terrific driving experience, and is fast enough to be enjoyable with either engine option. Most adolescents would choose the BMW 128i, which is likely the best.
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