How Much Is BMW Insurance?

How Much Is BMW Insurance?

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Since BMW began manufacturing cars in 1928, they've become known for producing well-designed vehicles with excellent performance. When you get behind the wheel of a car like the BMW 3 series, you know you're about to drive something that's an ideal blend of luxury and sporty road manners.

But when it comes to making your insurance premiums for your new-to-you BMW, how much can you expect to pay? With BMW's being expertly designed vehicles with the latest technology and many luxury features, it would seem as though BMW insurance quotes may be higher than other cars in their class.

How much is insurance for a BMW? Let's look at the details of BMW car insurance rates and how they compare with other vehicles on the market.

The basics of auto insurance

Car insurance gives you a financial safety net in case of an accident or other incident resulting in vehicle damage or physical injury. In many cases, fixing a vehicle or medical treatment cost thousands upon thousands of dollars. In situations like this, a car insurance policy saves the day by reimbursing you and helping to make you whole again. 

Nearly every state in the country requires you to have a minimum level of auto insurance. But in the few that don't, unique rules offer other alternatives. The states that don't mandate car insurance coverage are Texas, New Hampshire, Virginia, Massachusetts, and New Jersey. 

Not all auto insurance policies are alike, with differing coverage and premium costs. Factors that decide these include where you reside, your driving record, and the selected coverage. 

To keep your policy active, you make premium payments on either a monthly or yearly basis. 

Several particular categories make up a full coverage car insurance policy. These include collision, liability, comprehensive, uninsured or underinsured motorist, medical payments, and personal injury protection. 

If you cause an accident that results in property damage or bodily injury to others, property damage liability and injury liability coverage help pay those expenses. If your car sustains damage in a collision or you collide with a stationary object like a fence, collision coverage reimburses you for needed repairs. 

Comprehensive auto insurance coverage assists with the costs of fixing your vehicle when it sustains damage from events like hail, vandalism, or theft. 

While car insurance gives you a valuable safeguard when you're on the road, unfortunately, not all drivers have it. Some people have inadequate car insurance coverage, and others have none at all. If a driver with minimum coverage or no coverage causes an accident resulting in damage to your vehicle or physical injuries, you may not receive the necessary reimbursement. Underinsured and uninsured motorist coverage ensures you receive needed monetary assistance for these scenarios. 

Medical payments coverage, or MedPay, is specifically geared toward paying for needed treatment when you, a family member driving your vehicle, or your passengers experience injuries in a collision. 

Personal injury protection, also known as PIP, helps with medical treatment expenses and offers additional assistance with things like childcare or lost income.

Different insurance carriers provide driver discounts to those who serve or have served in the U.S. Armed Forces, young drivers with good report cards, and good drivers with a clean driving history. 

Your car insurance company typically mails you a printed card usually kept inside your car as proof of insurance. This card also shows the specific details of your plan and coverage. While printed insurance cards have been the norm for many years, some companies also provide a digital version today. 

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How much is insurance for a BMW

BMW builds a wide range of car models, and subsequently, BMW auto insurance rates vary significantly for each. 

On the low end of BMW insurance rates is the BMW X1 compact SUV, with an average annual insurance cost of $2,587 ($216 monthly) for a 30-year-old driver. 

On the other end of the scale for BMW insurance pricing is the BMW i8 coupe, featuring a high-tech hybrid powertrain, with a median annual cost of $6,550 ($546 monthly) for the same age group.

Other BMW models fall somewhere between those two, with the 320i, X4, and M4 featuring annual average costs of $2,826, $3,196, and $5,308 ($236, $266, and $442 monthly), respectively. 

Owning a vehicle brings various expenses like fuel, insurance, and maintenance. Each month, those charges add up, so it helps to save money on auto-related costs where you can. One way to keep extra cash in your bank account is by securing a good auto loan. Shift works with a network of trusted lenders who compete for your business, so you get the best deal on financing. If you need to sell your old car first, Shift can fetch you a fair offer that's better than the dealership's, driven by powerful machine learning algorithms and tons of data.

Why is BMW insurance so expensive?

When it comes to designing and engineering, BMWs are some of the best vehicles on the road, featuring premium materials and technology. Along with those perks come increased repair costs, which insurers consider when determining auto insurance quotes. 

BMWs tend to be priced higher than most cars on the market, which carriers also consider when setting BMW car insurance quotes. 

However, you can save money on BMW car insurance costs by buying a pre-owned model. You can expect to pay a reasonable $100-$140 per month on slightly older model year BMWs, specifically those less than 10 years in age. This way, you can have your cake and eat it, too, getting to drive an excellent German car while paying an affordable premium each month. 

Several additional methods exist to lower your BMW insurance costs. One way is bundling your car insurance policy with your homeowner's insurance. Or, if you pay your BMW insurance premiums in advance, you won't be responsible for the interest charges on month-to-month payments.

Like an auto insurance policy for any car, raising your deductible amounts on collision and comprehensive coverage also lessens your BMW insurance expenses. You could also receive a multi-car discount if you add additional vehicles to your policy.

2019 BMW 330i (from $37,950)

2019 BMW 330i (from $37,950)
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2019 BMW 330i (from $37,950)
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BMW insurance in summary

Since BMWs are such excellent vehicles with premium features and materials, BMW insurance costs tend to run higher than the average car. But there are ways to save on your BMW insurance premiums, like buying pre-owned, paying your premiums in advance, or adding additional vehicles to your policy.

2014 BMW 328i (from $17,750)

2014 BMW 328i (from $17,750)
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30-Day warranty
Free 7-day return
Free 7-day trial return
30-days warranty
No-Contact Test Drives
No-Contact Test Drives
Shop Used BMW
2014 BMW 328i (from $17,750)
30-Day warranty
Free 7-day return
Free 7-day trial return
30-days warranty
No-Contact Test Drives
No-Contact Test Drives
Shop Used BMW
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Author
Shift Editorial Team