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Car insurance for BMWs in 2022
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A luxury vehicle like a BMW can be a major purchase for any budget, but the cost to own one goes beyond the upfront sticker price. There are multiple other financial factors involved with ownership, including fuel, maintenance and car insurance. Many buyers may not realize the type of vehicle you drive has a sizable impact on the amount of your auto insurance premiums, and owning a BMW is no exception.
How much does it cost to insure a BMW?
The average cost of car insurance for a BMW 330i is $2,270 annually for full coverage and $527 for minimum coverage in 2022. The national average is $1,771, which means the BMW 330i is typically more expensive to insure. There are numerous factors that insurance companies use to determine your rates, and the vehicle make and model is one of them.
Because the BMW 330i is a luxury vehicle, with a base MSRP of $41,450, it would cost an insurance company more to replace it should it be totaled in an accident. Other factors also affect the rate, including:
- Crash rate stats per make/model: The Insurance Institute for Highway Safety (IIHS) lists the 2020 BMW 3 series as a Top Safety Pick for a mid-size luxury sedan, which positively impacts insurance rates.
- Price of parts: The BMW 330i includes parts produced in Mexico, Germany and China, which adds to the expense of replacing a part, contributing to a higher insurance cost.
- Safety features: The BMW 330i comes standard with air bags, safety warnings, an anti-theft system and anti-lock brakes, which all contribute to better safety ratings and could help lower rates somewhat.
How can you save money on BMW car insurance?
With the higher cost of BMW car insurance, it may be a priority for owners of this vehicle to find ways to save money on auto insurance premiums. Here are a few tips to use to lower your car insurance costs:
- Bundle policies: Bunding your home and auto insurance with one carrier could earn you a discount on both policies.
- Get quotes before you buy the BMW: Finding out how much car insurance will cost before you buy is one way to help you decide which company offers the lowest rate for a BMW. It can also help you decide in advance of purchasing your BMW by knowing which model year or trim package could be more affordable to insure.
- Increase deductibles: If you carry both comprehensive and collision coverage, you can increase your deductibles to save on the premium. Just make sure you can reasonably afford to pay the higher out-of-pocket cost if you need to file a claim.
- Shop around: One of the best ways to save on your premium upfront is to get multiple quotes from different companies for the same coverage levels to compare and find the best rates.
- Keep a clean driving record: Maintaining a good driving record free from accidents and moving violations is one of the best ways to keep your premium as affordable as possible. Not only does a clean driving record keep you safer on the road, you’ll often qualify for additional discounts and savings.
One thing to note is that if you have a loan on your BMW, you’ll likely be required to purchase specific full coverage, among other stipulations. Checking with your lienholder to discuss requirements ahead of obtaining quotes from insurance companies can be helpful.
Car insurance for a BMW 330i
Several factors go into determining BMW insurance costs, as with all other vehicles. In general, car insurance companies use the make and model of the vehicle, ZIP code (in most states), miles driven per year and your driving record as key factors for premiums. The BMW 330i is typically more expensive to insure because it is a luxury vehicle, which means the parts are more expensive. If you are involved in an accident, it will cost more to repair or replace the vehicle, versus other vehicles produced domestically.
|BMW 330i car insurance||Average annual premium|
Cheapest car insurance companies for a BMW 330i
The chart below illustrates how your BMW car insurance rates can vary depending on the provider too. Even though the inputs were the same, there were large differences in the full coverage amounts. These five companies were selected for review because they represent some of the largest providers based on market share and offer affordable coverage on average.
Although exact rates will be different for every driver, USAA and Erie offered the cheapest premiums for the BMW 330i.
Average annual premium for full coverage by model
Learn more: The Best Car Insurance Companies
BMW 330i features that impact insurance costs
While a BMW 330i might have higher insurance costs due to more expensive parts, there may be other influencing factors too. Features impacting insurance costs could include:
- Air bags: The BMW 330i includes both seat-mounted front air bags and knee air bags for the driver and passenger seats.
- Active Guard Warning System: This safety feature includes the frontal collision, automatic city collision mitigation and braking and lane departure warnings, to alert drivers of possible danger while out on the road.
Other car insurance coverage for a BMW 330i
Because the cost of car insurance for a BMW 330i is typically higher than the national average, it may be tempting to only purchase the minimum amount of legally required coverage. However, only purchasing your state’s minimums could lead to hefty financial losses in the event of an at-fault accident, especially if you have to pay out of pocket medical or property damage costs to another driver.
Full coverage insurance offers greater financial protection and generally refers to policies with liability coverage, collision and comprehensive. If you lease or finance your BMW 330i, the lender will likely require you to include both collision and comprehensive coverage in your policy so the lender’s financial interest is protected. These coverage types extend cover damage to your vehicle from covered losses.
Adding gap insurance to a full coverage policy is another way to make coverage even more robust. This insurance pays the “gap” between how much you owe on your lease or loan versus the amount an insurance company would offer to pay off your new vehicle if it were totaled in an accident. You could also increase your coverage by adding roadside assistance for emergencies when your car is inoperable or rental car coverage so you can pay for a rental while your car is in the shop for repairs.
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2020 BMW 330i, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.