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Key Takeaways

Introduction

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.

Where can I find cheap BMW Insurance?

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.

How much is insurance for a BMW?

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.

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Average annual premiums for a BMW

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:

  • Crash statistics by make and model: The BMW 3 series is a Top Safety Pick for a mid-size luxury sedan, according to the Insurance Institute for Highway Safety (IIHS), which lowers insurance costs.
  • Price of parts: The BMW contains parts made in Germany, China, and Mexico, which raises the cost of replacing a part and pushes up insurance premiums.
  • Safety features: Airbags, safety alerts, an anti-theft system, and anti-lock brakes are all included as standard equipment on the BMW, all of which improve safety ratings and may assist in moderately cutting insurance premiums.

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

BMW Insurance Costs by Model

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

BMW 320i Insurance Cost

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

BMW 740i Insurance Cost

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

BMW i3 Insurance Cost

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

BMW i8 Insurance Cost

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

BMW M4 Insurance Cost

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

BMW X1 Insurance Cost

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

BMW X4 Insurance Cost

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

BMW X6 insurance cost

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

Is BMW insurance expensive?

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 car insurance vs Top Competitors

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.

BMW Car Insurance Cost vs. Popular Automotive Brands

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

What is the cheapest BMW Insurance?

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

Which BMWs are expensive to insure?

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

BMW Car Insurance Rates by State

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 Cost

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.

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BMW Gap Insurance Cost

The annual cost of BMW GAP insurance is around $20.

How can you save money on BMW car insurance?

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:

  • Bundle your Insurance: Combining your home and auto insurance with one provider may result in savings on both policies.
  • Get quotes before you buy the BMW: Knowing the cost of auto insurance might help you choose whether the provider is offering the best deal on a BMW. Knowing which model year or trim package can be more economical for insurance can also assist you in deciding between buying your BMW. Get numerous quotes from other providers for the same coverage levels to compare and find the best rates. This is one of the best methods to save on your premium upfront.
  • Increase your Deductibles: If you have collision and comprehensive coverage, you can do so to reduce your cost. Just be certain that, should you need to submit a claim, you can afford to pay the higher out-of-pocket expense.
  • Maintain a spotless driving record: One of the greatest ways to keep your premium as low as possible is to maintain a driving record free of moving offenses and accidents. A spotless driving record not only makes you safer on the road but also often entitles you to additional savings and incentives.

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.

Other car insurance coverage for BMW

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.

The History of BMW

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.

How to get BMW Insurance with Way.com

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.

Auto Insurance Data Methodology

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

FAQs

How much does it cost to insure a BMW 330i?

The BMW 330i is the second-cheapest BMW to insure, with an average annual premium of $1629.

Why is insurance more for a BMW 330i?

The BMW 330i contains parts made in Germany, China, and Mexico, which raises the cost of replacing a part and pushes up insurance premiums.

Why do some cars cost more to insure than others?

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.

They can also make a note of the car you are driving. Generally, if a given make, model, and trim costs an insurance company more in claims, the premiums for that car will increase. Generally, family cars and SUVs are less expensive to insure than high-performance vehicles.

A company will also consider how frequently specific cars are stolen, how much they've paid in collision claims for those cars, and how much they've paid in accident compensation.

Which BMW model is the safest?

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.

Why is BMW car insurance so expensive?

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.

Is BMW expensive to insure?

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.

Is a BMW a good first car for a teenager?

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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Learn more by city and state for car insurance




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