Buy Cheap BMW Auto Insurance in 2024
BMW drivers pay an average of $181/mo for full coverage auto insurance. While BMW insurance costs more than standard coverage, some models will have cheaper BMW auto insurance rates. The BMW X3 has the cheapest average rates, as a full coverage insurance policy for a BMW X3 costs $156/mo.
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Tracey L. Wells
Licensed Insurance Agent & Agency Owner
Tracey L. Wells is a licensed insurance agent and Farmers insurance agency owner with 23 years of experience. He is proud to be a local Farmers agent serving Grayson, Georgia and surrounding areas. With experience as both an underwriter and agent, he provides his customers with insight that others agents may not have. His agency offers all lines of insurance including home, life, auto, RV, busi...
Licensed Insurance Agent & Agency Owner
UPDATED: Dec 21, 2023
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our auto insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different auto insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Dec 21, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our auto insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different auto insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Although luxury auto insurance costs more than standard coverage, BMWs tend to have more affordable rates
- BMW auto insurance rates average about $181 a month, but you’ll see significant variation between different models
- State Farm, Geico, and Erie are usually the cheapest options for BMW insurance
As a luxury car, BMWs come with higher auto insurance rates that can make finding cheap BMW auto insurance more difficult. While there are several reasons for higher insurance rates, it’s primarily due to increased repair and replacement costs. However, when you’re looking to buy cheap auto insurance, there are ways for you to save.
Explore your options for affordable BMW auto insurance below, including where to start your search and how to save. Then compare BMW auto insurance quotes with as many companies as possible to find a policy that matches the quality of your BMW.
Cost of Auto Insurance For a BMW
How much is auto insurance for a BMW? Although some BMW models cost less than $40,000, it’s easy to spend over $100,000 on a new vehicle. All expensive luxury cars cost more to insure than standard cars because it’s more expensive to repair or replace them.
BMW uses the latest technology and best materials in its vehicles, which is why it costs so much to repair or replace. Your insurance company has to absorb those costs, which is why your insurance rates will be higher.
Although BMWs have hefty price tags and cost more to repair, the best BMW auto insurance rates aren’t quite as high as some of its competitors. For example, cheap Porsche auto insurance often runs a little higher than the average BMW driver pays. Most drivers pay about $181 for BMW auto insurance, though rates can significantly vary between models.
BMW Auto Insurance Rates by Model
Although the average BMW costs $181 a month to insure, the model you purchase will play a big role in your rates. To see how much you might pay for insurance based on the model you choose, check the rates below.
BMW Average Monthly Auto Insurance Rates by Model and Coverage Type
| Vehicle Model | Comprehensive | Collision | Liability | Full Coverage |
|---|---|---|---|---|
| 2023 BMW X3 | $38 | $66 | $37 | $156 |
| 2023 BMW M3 | $39 | $78 | $42 | $175 |
| 2023 BMW X6 | $42 | $81 | $42 | $181 |
| 2023 BMW X5 | $44 | $75 | $37 | $172 |
| 2023 BMW M6 | $50 | $110 | $47 | $225 |
As you can see, the model you buy makes a big difference in your rates. For example, the BMW M6 has some of the highest insurance rates, while the X3 is one of the cheapest models to insure. Learn how to buy auto insurance.
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Factors That Affect BMW Auto Insurance Rates
What factors affect auto insurance prices for a BMW? You’ve seen how the model you buy affects your auto insurance rates, but there’s a lot more that will impact your prices. Before you buy a policy for your BMW, you should understand how the following factors will affect your rates:
- Age and gender: Insurance companies know which demographics file the most claims, which is why men and young drivers pay higher rates. The good news is that your insurance rates will lower as you get older.
- Location: Auto insurance rates vary by state, so you might pay more or less than the national average depending on where you live. States with higher theft rates, more accidents, and extreme weather risks pay more for insurance.
- Credit score: Unless you live in Massachusetts, Hawaii, or California, auto insurance companies will use your credit score to craft your rates. Higher credit scores mean you’ll pay less for insurance.
- Marital status: Single, divorced, and widowed people pay more for auto insurance because they’re more likely to file claims.
- Driving history: Drivers with clean records pay less for auto insurance than people with speeding tickets, at-fault accidents, or DUIs. If you have too many incidents on your record, you might need high-risk auto insurance.
A final consideration to make is how much auto insurance coverage you need. Minimum insurance is your cheapest option, but it doesn’t offer your BMW any protection. Full coverage costs more, but it gives your BMW much better protection. Most BMW owners choose full coverage auto insurance, even if they drive a used car. Find out the minimum auto insurance required by state.
How to Save on BMW Auto Insurance
How can you save money on insurance for a BMW? BMW is a luxury brand, but its insurance rates are on the lower side compared to similar brands. Although BMW rates are usually affordable, there are steps you can take to increase your savings. Try the following tips to lower your auto insurance rates:
- Find auto insurance discounts. Popular discounts for BMW drivers include savings for bundling discounts, paying for your full policy, and maintaining a clean driving record.
- Keep your record clean. Drivers with traffic incidents pay more for auto insurance, especially if there are multiple violations.
- Try a telematics program. Usage-based insurance programs help safe, low-mileage drivers save money. However, you should skip this option if you drive late at night, put a lot of miles on your car, or frequently speed.
- Increase your deductible. Your deductible is the amount you pay before your insurance kicks in. You can choose a higher deductible to lower your rates, but you’ll have to pay more if you make a claim.
- Keep your BMW safe. BMWs already come with stellar safety features, which help keep rates low. You can save even more by parking in a secured place every night, like a covered garage.
While there are plenty of techniques to save on your insurance, the best way to find low rates is to compare quotes. Insurance companies have unique formulas, so the company with the lowest rates for you might come as a surprise.
Find the Best Auto Insurance for BMWs Today
With ultramodern engineering and sleek style, BMW remains a popular choice for a high-performance luxury ride. Although luxury cars always have higher insurance quotes, the BMW brand tends to have affordable rates.
There are plenty of ways to save on your coverage, but the best way to find low BMW insurance quotes is to get multiple auto insurance quotes. If you skip this crucial step, it will make it harder to find cheap BMW auto insurance.
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Frequently Asked Questions
Can I get cheap auto insurance for my BMW?
Yes, it is possible to find affordable auto insurance for your BMW. However, the cost of insurance depends on various factors such as your driving history, location, the model and year of your BMW, your age, and other personal details.
What can I do to lower the cost of BMW auto insurance?
There are several steps you can take to potentially reduce the cost of your BMW auto insurance:
- Shop around and compare quotes from multiple insurance companies to find the best rate.
- Opt for a higher deductible, which can lower your premium. Just make sure you can afford to pay the deductible if you need to make a claim.
- Maintain a clean driving record. Safe driving and avoiding accidents and traffic violations can help you secure better rates.
- Consider bundling your BMW insurance with other policies like home or renters insurance. Many insurance companies offer discounts for bundling multiple policies.
- Install safety features in your BMW, such as anti-theft devices or advanced driver assistance systems, which may qualify you for discounts.
Are there specific BMW models that are more affordable to insure?
Insurance costs vary depending on the model and year of your BMW. Generally, less expensive BMW models, such as the 3 Series or X1, tend to have lower insurance premiums compared to high-performance or luxury models like the M3 or X5. However, insurance rates can still vary significantly based on other factors such as your location and personal details.
Does the age of my BMW affect the insurance cost?
Yes, the age of your BMW can impact the cost of insurance. Generally, older BMW models may have lower insurance premiums due to their lower market value. However, other factors such as the vehicle’s safety features and repair costs can also influence the insurance rates.
What auto insurance coverages are best for BMWs?
Depending on your needs and budget, you may want to consider additional coverage options for your BMW, such as:
- Collision coverage: This helps cover the cost of repairs or replacement if your BMW is damaged in a collision.
- Comprehensive coverage: This protects your BMW against non-collision incidents like theft, vandalism, or weather-related damage.
- Uninsured/underinsured motorist coverage: This coverage can provide financial protection if you’re involved in an accident with a driver who doesn’t have insurance or has inadequate coverage.
- Gap insurance: If you have a lease or loan on your BMW, gap insurance can cover the difference between the car’s actual cash value and the amount you owe in case of a total loss.
Are BMWs expensive to insure?
Yes, BMW auto insurance is more expensive, as BMWs are expensive luxury vehicles.
Why are BMWs more expensive to insure?
BMW auto insurance is more expensive because repairs and replacements will cost insurance companies more in a claim than a cheaper vehicle.
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Tracey L. Wells
Licensed Insurance Agent & Agency Owner
Tracey L. Wells is a licensed insurance agent and Farmers insurance agency owner with 23 years of experience. He is proud to be a local Farmers agent serving Grayson, Georgia and surrounding areas. With experience as both an underwriter and agent, he provides his customers with insight that others agents may not have. His agency offers all lines of insurance including home, life, auto, RV, busi...
Licensed Insurance Agent & Agency Owner
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.