How much is insurance for a BMW?

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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 be lower than someone who drives a fast and expensive car, like a sports car.

The model year, size of the engine, value of the car and the cost to repair it if involved in an accident all make up the premium for each vehicle. Here’s a look at how much insurance is for a BMW.

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

In the United States, the average cost of car insurance is $1,738 per year. For BMW owners, specifically the BMW 330i, the cost is more, with an average annual premium of $2,224. BMW’s are considered luxury cars, so expect to pay luxury premiums.

Why so much higher? For one thing, the brand BMW commands a higher market value, which also means the cost to repair this particular make of car is higher. According to the Insurance Institute for Highway Safety (IIHS), BMW’s have some of the highest overall average payouts for claims, comparable to Bentley and Maserati.

How much is insurance for a BMW?

Insurance costs for car insurance vary greatly by location and insurance company. We used the BMW 330i to get average annual premium costs for minimum coverage with just liability and full coverage. The chart below shows the difference between the two coverage options.

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

Insurance companies structure rates differently, which is why their premiums vary so much, even though you’re getting coverage in the same state. The chart below shows some of the most popular insurance carriers and their average premiums for liability-only and full coverage on a BMW.

Avg annual min premium Avg annual full premium
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
MetLife $758 $2,725
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?

Though the type of car you drive makes a difference, there are many other ways a car insurance company calculates premiums. Here are some of the other factors insurance companies use to determine how much you’ll pay for auto insurance:

  • Credit score (not in all states)
  • Coverage limits and options
  • Driving history for all drivers
  • Gender
  • How many miles you drive back and forth to work or school, plus annual miles driven per vehicle
  • How old you and other drivers in the household are
  • Marital status
  • Where you live

Therefore, you shouldn’t solely calculate how much you can expect to spend based on your car alone, although looking at information for your vehicle can give you more information about the range you’ll look at.

How can you save money on BMW car insurance?

With the higher cost of BMW car insurance, it pays to find ways to save money on your 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 if insured with the same company offering a multi-policy discount.
  • Get quotes before you buy: Finding out how much car insurance will cost before you make the purchase will help you decide if you can truly afford to own a BMW. It can also help you make a decision if you are looking at more than one year, make or model of vehicle.
  • 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.
  • Reduce coverage on old cars: If you have an older car and it’s not worth much, consider removing comprehensive and collision coverage. Just make sure you can afford to fix or replace the car if it’s damaged in an accident or totaled.
  • 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 stackable discounts, which can greatly reduce your insurance premiums. Ask about all available discounts to find what you qualify for.

FAQ

How much does it cost to insure a BMW?

The cost will vary by year and model, plus where you live, which carrier you choose and your own personal and household driving history. We found the annual cost of premium to insure a BMW 330i to be on average $2,224 for full coverage. If you’re looking to insure a BMW or another car, get a few quotes from different insurance companies to compare rates to find the best one to insure your car and household.

Why is insurance more for a BMW?

Insurance carriers base their car premiums on a number of factors. The year the BMW 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 consider when determining insurance costs. The BMW is considered a luxury car and has a higher book value, so insurance premiums are higher compared to more economical cars like Honda or Toyota.

Why do some cars cost more to insure that 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 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?

BMW’s come 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 2018 Honda Accord, 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.

Rates are determined based on 2020 Quadrant Information Services data.