Buy Cheap BMW Auto Insurance in 2023

With its ultramodern engineering and sharp style, BMW is one of the most recognizable luxury brands on the market. BMW is one of the top-selling luxury brands in America and consistently sells well year after year.

As a luxury car, BMWs come with higher auto insurance rates. While there are several reasons for higher insurance rates, it’s primarily due to increased repair and replacement costs. Finding low BMW rates can be difficult when you’re looking to buy cheap auto insurance, but there are ways for you to save.

Explore your options for cheap BMW auto insurance below, including where to start your search and how to save. Then compare rates with as many companies as possible to find a policy that matches the quality of your 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, insurance rates are quite as high as some of its competitors. For example, 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.

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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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. Find the cheapest states for auto 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 in your state.

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 auto insurance 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, you’ll likely overpay for your auto insurance.

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