Car insurance for BMWs in 2021

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The cost to own a BMW extends beyond the sticker price; the insurance costs associated with the BMW are another factor of ownership to consider. The price you pay for car insurance is determined by different factors, including the type of car you drive. If you choose an inexpensive and safe car, your insurance premiums will typically be lower than someone who drives a faster or expensive car, like a sports car. Based on the parts and value of the vehicle, the cost to insure a 2019 BMW is significantly higher than the national average cost of car insurance, which is based on a 2019 Toyota Camry.

Based on Bankrate’s review of quoted average premiums from Quadrant Information Services, the average cost of full coverage car insurance for BMW 330i is $2,225 annually. If you drive a BMW 330i or a similar model, the factors reviewed here may contribute to your insurance costs. For the purposes of this study, Bankrate reviewed premiums from a 2019 BMW 330i.

How much does having a BMW influence your car insurance rate?

In the United States, the average cost of car insurance is $1,674 per year, based on full coverage rates for a Toyota Camry. For BMW owners, and specifically those who own the BMW 330i, the average rates for full coverage are much higher, costing an average of $2,225 per year. BMWs are considered luxury cars, so drivers may expect to pay luxury premiums.

Why are rates so much higher? For one thing, the BMW 330i model has a high sticker price of around $46,000, depending on the trim package, which also means the cost to repair this particular vehicle will typically be higher. According to the Insurance Institute for Highway Safety (IIHS), BMWs have some of the highest overall average payouts for claims, making them comparable to Bentley and Maserati.

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: Insuring your car, home and other insurance products can reduce the cost of all policies when you opt to have all policies through the same company offering a multi-policy discount.
  • Get custom 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 offers the lowest rate for a BMW. It can also help you decide in advance of purchasing your BMW which model year or trim package could be a bit more affordable to insure.
  • Increase deductibles: If you carry comprehensive and collision coverage, you can increase your deductibles to save on the premium. Just make sure you can 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 is to get multiple quotes from different companies for the same coverages to compare to find the best rates.
  • Take advantage of discounts: Most insurance companies offer multiple discounts that can be applied to your overall premium. Ask about all available discounts to find what you qualify for to see the possible savings.

How much is insurance for a BMW?

Insurance costs for car insurance vary greatly by location and insurance company. It can also vary based on the type of insurance coverage you choose, such as full coverage or minimum liability coverage. While minimum liability covers just the very basic protections for other drivers’ vehicle damage or injuries, full coverage policies usually cost much more because of the greater degree of financial protection it provides for you and your vehicle. Most insurance companies recommend purchasing more than just the minimum coverage so you do not risk financial devastation, should you experience losses greater than what you can afford.

Average annual minimum coverage premium Average annual full coverage premium
$517 $2,225

Insurance companies structure rates differently, which is why premiums vary so much among insurers, even comparing quotes for the same coverage in the same state. The chart below shows some of the most popular insurance carriers and its average premiums for liability-only and full coverage premiums for a BMW 330i.

Average annual premiums for a BMW 330i by company

Minimum coverage Full coverage
Allstate $548 $3,464
American Family $643 $2,221
Amica $345 $1,596
Auto-Owners $353 $1,696
Chubb $480 $2,608
Farmers $679 $2,570
Geico $339 $1,814
Nationwide $977 $2,156
Progressive $473 $1,563
State Farm $443 $1,725
Travelers $498 $1,921
USAA $321 $1,475

What factors influence your car insurance other than your car?

Insurance companies use a variety of factors to calculate the cost of your insurance policy. Insurers for BMW 330is typically take into account the following factors when pricing your car insurance:

  • Credit score (depending on the state)
  • Coverage limits and options
  • Driving history
  • Gender (depending on the state)
  • Annual mileage
  • Your age (in most states)
  • Marital status
  • Your ZIP code

To find the best auto insurance for you, experts typically recommend you find and compare quotes and coverage from the companies in your area.

Frequently asked questions

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

The cost will vary by year and model, plus where you live, which carrier you choose and your own personal and household driving history. Based on quoted premiums, Bankrate found the annual cost of premium to insure a BMW 330i to average $2,225 annually for full coverage. Get a few quotes from different insurance companies to compare rates to find what your rate will be and how it might compare.

Why is insurance more for a BMW 330i?

Insurance carriers determine car insurance premiums on a number of factors. The year the BMW 330i was made, the model of BMW, the engine size, how many horsepower it has and the value of the car are all things insurance companies might consider when determining insurance costs. In addition, BMWs are generally more expensive to replace than a standard economy sedan, such as the Toyota Camry.

Why do some cars cost more to insure than others?

Premiums for insurance are based on risk, including the drivers in the household and the type of car you drive. If the car has a high value, is at more risk of being stolen or has a high cost to repair, it will typically cost more to insure than other cars. This is also why insurance costs can vary on different years and models of the same make of car.

Which BMW model is the safest?

The BMW 330i comes standard with a lot of safety features, which can help reduce costs of insurance. According to the IIHS, the 2019 BMW X5 and 3 series 4-door sedan both got Top Safety Pick awards. When looking for a model and year of BMW, check for safety ratings and which features come standard to help keep the cost of BMW ownership low and manageable.

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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 coverages that meet each state’s requirements. Our sample drivers own a 2019 BMW 330i, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Written by
Mandy Sleight
Insurance Contributor
Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate.com, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products.
Edited by
Insurance Editor