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Car insurance for BMWs in 2023
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A luxury vehicle like a BMW can be a major purchase for any budget, but the cost of owning 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 may have a sizable impact on your auto insurance premiums, and owning a BMW is no exception.
How much does it cost to insure a BMW?
The average annual cost of car insurance for a BMW is $2,443 for full coverage and $594 for minimum coverage. To assess BMW insurance rates, we looked at rate data for the BMW 330i and the electric BMW I3 provided by Quadrant Information Services. The national average cost of car insurance is $2,014 for full coverage and $622 for minimum coverage, making full coverage BMW insurance 21 percent more than the national average and minimum coverage 5 percent less.
BMWs typically have a high manufacturer's suggested retail price (MSRP) and are considered luxury vehicles with powerful engines, which may contribute to their above-average insurance costs. BMWs are also considered foreign-made cars, which may drive up repair costs and insurance rates.
- Crash rate stats per make/model: The Insurance Institute for Highway Safety (IIHS) gives the 2023 BMW 3 series excellent safety ratings across the board, which may positively impact insurance rates.
- Price of parts: BMW is a German brand, but today its vehicles are produced in Germany, China, South Africa, Mexico and the U.S. Foreign-made parts may drive up the cost of insurance as components may be more expensive and more difficult to source. Additionally, BMW repairs may need to be done by a shop that specializes in foreign vehicles.
- Safety features: Most modern BMWs come equipped with standard safety features, including airbags, an anti-theft system and anti-lock brakes. They also have more advanced safety technology, like adaptive headlights, blind spot monitoring, parking assist, lane departure warning and a surround-view camera system. These features may reduce the risk of a collision, which could lower insurance costs.
How can you save money on BMW car insurance?
Average BMW car insurance rates are above the national average, so many BMW drivers may be looking for extra ways to save on their car insurance. These strategies may help you save:
- Bundle policies: Bunding your home and auto insurance with one carrier might earn you a discount on both policies with select carriers.
- Get quotes before you buy the BMW: Comparing quotes from different carriers before you purchase a new car may help you identify whether your vehicle's total price is within your budget and which carrier could offer you the lowest rates once you make the purchase.
- Look for relevant discounts: Most car insurance companies offer at least a handful of discounts that may help you save on your premium. Common discounts include multi-policy, good student, claims-free and safety features.
- Maintain a clean driving record: Maintaining a good driving record free from accidents and moving violations may be one of the best ways to keep your premium as affordable as possible. A clean driving record may even qualify you for additional discounts.
Car insurance for a BMW
The make and model of your vehicle plays a role in your insurance costs, but your rate will also vary based on more than a dozen personal factors like your driving record, where you live and, in most states, your age and credit history. Below you can see average full and minimum coverage rates for the BMW 330i and electric BMW I3.
|BMW 330i avg annual premium||BMW I3 avg annual premium|
Cheapest car insurance companies for a BMW 330i
Car insurance companies have their own algorithms for determining rates, and may weigh various rating factors differently. For this reason, comparing quotes from multiple carriers may help you identify the cheapest company for your vehicle and circumstances. To help you get started, we evaluated insurance rates and found five companies that offer the cheapest average rates for BMWs.
|Car insurance company||Average premium for a BMW 330i*||Average premium for a BMW I3*|
*Based on full coverage rates
Other car insurance coverage for a BMW 330i
The cost of full coverage car insurance for a BMW is typically higher than the national average, so it may be tempting to only purchase the minimum amount of legally required coverage. However, only purchasing your state’s minimums might 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, the lender will likely require you to include both collision and comprehensive coverage in your policy so the lender’s financial interest is protected.
Adding gap insurance to a full coverage policy may be another way to make coverage even more robust on a loaned or leased vehicle. 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 or other covered event. Other common endorsements include roadside assistance for unforeseen breakdowns and rental car coverage to pay for a rental if your car is in the shop for repairs.
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for 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 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Model: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: BMW 330i, BMW I3 (electric) and Toyota Camry (base).