If you’re in the market for a new vehicle, you must factor the cost of car insurance into your car budget. Interested in how much car insurance for a BMW costs? Here’s what you need to know.
- The annual average nationwide cost of full coverage car insurance for BMW is $3,175 per year.
- The X1 is the cheapest BMW model to insure.
- Advanced safety features that come standard on BMW models help lower your insurance costs.
- Average cost of car insurance for a BMW, by company
- BMW average insurance rates, by model
- The average cost of car insurance for a BMW, by age
- Which body styles are cheaper or more expensive to insure?
- How to save on car insurance for a BMW
- How does a car’s make affect car insurance rates?
- About the company: BMW
- Final thoughts on BMW insurance costs
- Resources & Methodology
Average cost of car insurance for a BMW, by company
Car insurance premiums can differ significantly based on the make of the vehicle. For instance, car insurance rates vary from one insurance company to another because each company uses its formula to calculate risk and estimate the likelihood of a claim being filed, considering factors such as your driving record, location, age and the type of vehicle you drive.
See how car insurance rates for BMW vehicles compare among different insurers in the table below.
Cost to insure a BMW, by company
|Company||Average Annual Rates||Average Monthly Rates|
BMW average insurance rates, by model
BMW X1 car insurance cost
The average car insurance premium (per month) for BMW X1 is $175, which translates to $2,097 per year. The most affordable company for a BMW X1 is State Farm with a rate of $122 monthly or $1,465 per year.
BMW X4 car insurance cost
The average car insurance premium (per month) for BMW X4 is $201, which translates to $2,411 per year. The most affordable company for a BMW X4 is State Farm with a rate of $143 monthly or $1,717 per year.
BMW Z4 car insurance cost
The average car insurance premium (per month) for BMW Z4 is $205, which translates to $2,465 per year. The most affordable company for a BMW Z4 is State Farm with a rate of $131 monthly or $1,573 per year.
BMW 2 Series car insurance cost
The average car insurance premium (per month) for BMW 2 Series is $204, which translates to $2,448 per year. The most affordable company for a BMW 2 Series is State Farm with a rate of $142 monthly or $1,708 per year.
BMW 3 Series car insurance cost
The average car insurance premium (per month) for BMW 3 Series is $213, which translates to $2,560 per year. The most affordable company for a BMW 3 Series is State Farm with a rate of $137 monthly or $1,649 per year.
Insurance Rates by Car Model
The average cost of car insurance for a BMW, by age
BMW car insurance costs will vary depending on your age. When it comes to car insurance, young drivers typically pay much higher rates for coverage than drivers with more experience under their belts.
According to the Insurance Information Institute, young drivers made up only 5.1% of all licensed drivers in 2020 but accounted for 8.5% of all drivers involved in fatal crashes. Statistics clearly show that young drivers are involved in more accidents which result in claims. Teens also engage in more reckless behavior behind the wheel than older drivers, and that additional risk pushes up the cost of insurance.
The cost of car insurance starts to drop as drivers gain more experience and stays pretty level, assuming no tickets, claims or accidents until the age of 60 when rates start to rise.
In the tables below, see how much it costs to insure a BMW by the driver’s age.
Cost to insure a BMW, by model, for 18-year-olds
|Make Model||Average Annual Rates||Average Monthly Rates|
|BMW 2 Series||$9,450||$787|
|BMW 2 Series M Sport||$11,271||$939|
|BMW 3 Series||$9,735||$811|
|BMW 3 Series M Sport||$11,663||$972|
|BMW 4 Series||$10,760||$897|
|BMW 4 Series M Sport||$12,518||$1,043|
|BMW 5 Series||$10,941||$912|
|BMW 5 Series M Sport||$13,911||$1,159|
|BMW 7 Series||$15,753||$1,313|
|BMW 8 Series||$15,041||$1,253|
|BMW 8 Series M Sport||$17,178||$1,431|
|BMW Alpina B8||$17,928||$1,494|
|BMW Alpina XB7||$11,271||$939|
|BMW X3 M||$10,272||$856|
|BMW X4 M||$10,914||$909|
|BMW X4 M Sport||$10,067||$839|
|BMW X5 M||$13,756||$1,146|
|BMW X5 M Sport||$10,861||$905|
|BMW X6 M||$15,135||$1,261|
|BMW X6 M Sport||$13,545||$1,129|
|BMW X7 M Sport||$14,009||$1,167|
|BMW Z4 M Sport||$10,411||$868|
Cost to insure a BMW, by model, for 40-year-olds
|Make Model||Average Annual Rates||Average Monthly Rates|
|BMW 2 Series||$2,448||$204|
|BMW 2 Series M Sport||$2,945||$245|
|BMW 3 Series||$2,560||$213|
|BMW 3 Series M Sport||$3,073||$256|
|BMW 4 Series||$2,822||$235|
|BMW 4 Series M Sport||$3,332||$278|
|BMW 5 Series||$2,895||$241|
|BMW 5 Series M Sport||$3,684||$307|
|BMW 7 Series||$4,314||$359|
|BMW 8 Series||$4,032||$336|
|BMW 8 Series M Sport||$4,591||$383|
|BMW Alpina B8||$4,800||$400|
|BMW Alpina XB7||$2,975||$248|
|BMW X3 M||$2,728||$227|
|BMW X4 M||$2,928||$244|
|BMW X4 M Sport||$2,650||$221|
|BMW X5 M||$3,665||$305|
|BMW X5 M Sport||$2,930||$244|
|BMW X6 M||$4,009||$334|
|BMW X6 M Sport||$3,551||$296|
|BMW X7 M Sport||$3,883||$324|
|BMW Z4 M Sport||$2,779||$232|
Average car insurance cost for different vehicle makes
Which body styles are cheaper or more expensive to insure?
When it comes to affordable BMW car insurance, it’s best to stick to vehicles that are designed with families in mind. These vehicles are typically loaded with advanced safety features, have smaller engines and are usually driven by parents who have kids in the car, so they tend to drive more carefully, which results in fewer accidents.
Airbags, backup cameras, automatic emergency braking and lane departure warning are all safety features that will help keep your insurance premium low. As in years past, minivans and compact to midsize SUVs topped our list of cheapest cars to insure this year.
Pickups and commercial vans also tend to be cheaper to insure than sedans and other vehicle types. They are usually cheaper to repair because the back end of the vehicle is just an empty bed, it doesn’t have seating or other expensive electrical and safety components. Cheaper repairs result in cheaper insurance.
Cheapest BMW models to insure
Smaller, less expensive BMW models that have a low-power engine under the hood are always going to be cheaper to insure than more upscale or sporty models. Entry-level BMW base models can be very affordable to insure, but your premium will be headed up as you go up the scale when it comes to higher-level trims.
Models that are popular with families and are loaded with safety features will help keep your premium affordable. Advanced safety features such as automatic emergency braking, a backup camera and blind spot detection can result in a discount on your premium.
“If you are a younger driver, you will probably pay more for auto insurance, so you may need to consider practicality versus style,” says Lauren Mckenzie, independent broker/agent with A Plus Insurance. “If you are younger and you choose a fast, luxurious sports car, your monthly insurance payments could end up being more than your monthly auto loan payments.”
Most expensive BMW models to insure
Luxury vehicles, sports cars, and SUVs generally rank as the most expensive types of vehicles for car insurance. Luxury vehicles and sports cars often attract higher insurance rates because they are more likely to be stolen and cost more to repair or replace. On the other hand, SUVs, especially larger ones, can lead to higher premiums due to their potential to cause more damage in an accident.
If you are hoping to keep your insurance bill low, avoid these types of vehicles:
- EVs: EVs have large, very expensive batteries under the hood which makes them expensive to insure. Battery packs can cost up to $20,000 to replace, so insurers factor that risk into your rate.
- Luxury and sports cars: A big engine is always a red flag for insurers as is a sky-high sticker price. Luxury and sports cars come with a big sticker price, are fast, and filled with exotic trims and technology, all of which make them very costly to repair or replace if you file a claim which is why they are super expensive to insure.
- Favorites of thieves: Insurers keep a close eye on statistics, and if your vehicle is a favorite with car thieves, you will pay more for coverage. The National Insurance Crime Bureau (NICB) releases a list every year of hot cars with thieves so avoid those vehicles to keep your premium low.
How to save on car insurance for a BMW
“Shop around for quotes from multiple insurers. Also, investigate group auto insurance that may be available from your employer,” says Brian Martucci, finance editor for Minneapolis-based Money Crashers.
Additionally, drop insurance coverage you don’t need, especially if you want to purchase an older vehicle model.
“You can shift money from one type of coverage to additional coverage on the uninsured motorist property damage coverage, for example. This way, so long as you are not the one at fault in an accident, your vehicle will be covered and you will save a lot of money on car insurance,” Mckenzie says.
Before committing to a vehicle, estimate your car insurance costs and shop for the best value. Compare quotes from different insurance companies carefully.
“If your car insurance payments are still on the higher end, consider choosing a higher deductible, such as $1,000 instead of a $500 deductible – which will lower your premium,” Mckenzie says. “Also, consider leaving off additional coverages like rental reimbursement or roadside assistance, which may save you money, too.”
BMW discounts on car insurance
One way to save money on your BMW insurance is to make sure that all available discounts are being applied to your policy. Insurers offer a variety of discounts that can dramatically lower your premium.
Discounts may be related to the vehicle you drive or your personal factors. Insurance companies typically offer a discount for a vehicle loaded with advanced safety features such as automated emergency braking, lane departure warning and driver alertness monitor.
In addition, you may be able to save a bit of coin by having an anti-theft device installed or driving a brand-new car as some insurers offer a new car discount.
Discounts related to your personal factors can include major discounts such as being a good driver or a good student (if you have a teen on your policy).
“You may also qualify for a low-mileage discount by driving less and by bundling multiple policies, like home and auto, with the same carrier,” Martucci says.
Learn about common car insurance discounts for an overview of the most common savings for BMW auto insurance.
How does a car’s make affect car insurance rates?
Curious how much is BMW insurance? It will depend on which model you choose. BMW builds a variety of different vehicles and the cost to insure them will vary depending on the vehicle type.
Smaller SUVs and minivans are the cheapest vehicle types to insure while luxury models and sporty sedans are more expensive. Pickup trucks tend to fall on the more affordable side of the insurance spectrum – until you get into the luxury trim levels.
Insurers collect reams of statistical data, and the numbers show that vehicles that are popular with families (think SUVs and minivans) are in fewer accidents and file fewer claims than drivers of sedans and sports cars which is one reason they are cheaper to insure. Luxury vehicles and sports cars are also bursting with expensive trim materials and technology that pushes up the cost of repairs and insurance.
Remember to compare apples to apples when it comes to insurance quotes for different vehicle types. A luxury sedan will always cost more to insure than a minivan or mid-size SUV, so when comparing insurance quotes, be sure to compare the same vehicle types and coverage limits.
The same advice should be followed when comparing vehicles from different manufacturers. A luxury German sedan (BMW or Mercedes for example) will be more expensive to insure than a minivan or compact vehicle from another manufacturer, so always compare similar vehicle types and trim levels when shopping for a new vehicle or policy.
About the company: BMW
BMW, which stands for Bayerische Motoren Werke AG, is a German multinational company that produces luxury vehicles and motorcycles. Founded in Munich in 1916, the brand has consistently set standards in terms of performance, innovation and design. A testament to its excellence is BMW’s extensive range of vehicles, which includes sports cars, sedans, SUVs and electric vehicles.
Final thoughts on BMW insurance costs
BMW makes a variety of different models and the cost to insure them will vary based on a number of factors. Choosing entry-level vehicles with a low starting price, smaller engine under the hood and plenty of safety features will help keep your premium affordable while more luxury and sporty models will push up the cost of coverage.
Shopping your coverage on a regular basis, asking for discounts and choosing the highest deductible you can easily afford are all great ways to save money on your coverage regardless of which BMW model you drive off the lot.
Resources & Methodology
Insurance Information Institute. “Facts + Statistics: Teen Drivers.” Accessed November 2023.
CarInsurance.com editors in 2023 collected rates from Quadrant Information Services for 40-year-old and 18-year-old males with full coverage insurance with limits 100/300/100 and $500 comprehensive and collision deductibles. Drivers have a 12-mile commute and drive 10,000 miles per year. We analyzed 28,561,720 records, 1,439 vehicle models, 501 cities and 58 insurance companies nationwide.