Buying a BMW can be an exciting moment, but we always need to take in the consideration the cost of insurance, which on some cases, could be quite expensive. The cost of a BMW car insurance is based on various factors, ranging from age or credit score to driving record.
Add to the this equation the high-price of a BMW bought in a large urban area, and you will find yourself in a situation of paying a premium price. In some cases, insurance coverage could can be set to a minimum required by law, but if you lease or finance the car through BMW Financial Services, then it is mandatory to have a full coverage policy.
Having a good credit score and no negative payment history, will tremendously help you get the cheapest BMW car insurance rates. Being a responsible driver with no prior speeding tickets or car accidents, will show the insurance companies that you’re trustworthy and there is a smaller chance to affect your insurance quote.
But How Much Does It Really Cost To Insure A BMW?
Just like everything in life, the more expensive an item is, the more it costs to protect it. Several studies have shown that a BMW car insurance can cost an average of $1,900 per year. Of course, that BMW insurance cost varies drastically by model and their MSRP.
A top model 2020 BMW 7 Series can cost as much as $5,000 per year to insure, while a 2020 BMW X1 or a BMW 2 Series can be as low as $1,900 per year.
Now if you’re shopping for BMW car insurance for a pre-owned model, the rates are certainly cheaper. In our research, we found that older BMW models, but not older than 10 years, can be insured for $100-$140 per month.
In our case, we lease a 2019 BMW i3 Range Extender and with the homeowners insurance and another car on the plan, the BMW car insurance premium comes to $1,400 per year. This is a fantastic price considering the base price of the i3 and all the tech behind it.
Your mileage might vary, for us this was the best case scenario: no moving violations in the last 10 years, no major claims and an average of 10,000 miles per year.
We also looked at some BMW M cars. For example, a 2021 BMW M4 Coupe, with just the auto insurance and a clean record, came out to $1,500 for a full year. But this was the best case scenario.
Here are some more examples of how much it costs to insure a BMW model:
- BMW X1 – $1,300 Yearly based on Geico quotes
- BMW 320i – $1,560
- BMW 430i – $1,600
- BMW X3 – $1,600
- BMW X4 – $1,650
- BMW X5 – $1,700
- BMW X7 – $1,910
- BMW 740i – $2,100
How To Save Money On Your BMW Car Insurance
There are a few ways to save money on your BMW insurance premium:
- Paying in advance your policy will help you save the interest paid on the monthly installments.
- If you own two properties, in two different counties or cities within a state, you should talk to your car insurance agent and determine which location gives you the best rate. Chicago City is known for having a bigger insurance premium when compared to an Illinois suburb, since factors like traffic, street parking or thieves are being considered less risky in a smaller city.
- Bundle your BMW car insurance with homeowners insurance
- Add more cars to the policy to get the multi-car discount
- You can save money on collision and comprehensive by raising the deductible
- If you don’t drive much, consider an insurer that offers a usage-based or pay-per-mile driving program
- Don’t be shy to shop around and use your premium quotes to create competition among insurance companies.
Get Your Quote Today
In conclusion, always shop around for the best price, do your research online, call multiple insurance agents and don’t hesitate to let them know if you have seen a better deal somewhere.