According to our poll, a 30-year-old male’s annual insurance for a BMW model is $4,049 on average. We gathered insurance prices for eight of BMW’s well-known models over the previous five years in order to calculate the average insurance cost for those vehicles.
As a producer of high-end automobiles, BMW models can be pricey to insure. This is so because repairing and replacing costly cars typically costs more money.
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BMW insurance
BMW vehicles stand out from the competition because they are high-end, high-performance options without the exorbitant price tags of cars by manufacturers like Rolls-Royce, Bentley, and Aston Martin. In other words, these are the kinds of vehicles that the majority of regular people can afford. Although they are not very inexpensive, they are also not outrageously expensive to insure. This is mostly due to the fact that their rather hefty price tags are offset by greater safety attributes, high safety ratings, and comparatively low theft rates. The average cost of insurance for one of these cars is $1,966.82 per year, and BMW cars are placed 30th out of 36 in terms of insurance prices, so if you’re considering buying one, be aware of that.
Auto coverage for a BMW 330i
As with all other automobiles, there are a number of variables that affect BMW insurance rates. The brand and model of the car, the ZIP code (in most states), the number of miles travelled annually, and your driving record are typically used by car insurance companies to determine prices. Due to the fact that the BMW 330i is a premium car and therefore has more expensive parts, it is usually more expensive to insure. If you have an accident, it will cost more to fix or replace the car than it would to have one made domestically.
Is BMW auto insurance more expensive than Toyota car insurance?
A high-end import like a BMW would often cost more to cover than a Toyota, but that depends on the kind of auto insurance you have.
The cost of comprehensive coverage or collision insurance may be higher due to the cost of the vehicle and the anticipated cost of maintenance, even if you are simply purchasing the minimum required liability coverage.
Comparison shopping will help you lower your auto insurance costs regardless of the vehicle you choose. Using Jerry to accomplish this is the greatest option.
With Jerry, an insurance broker app, you can quickly compare prices from up to 50 leading suppliers. Jerry will handle all the paperwork necessary to get you insured once you’ve found a policy that suits your needs. What’s best? On average, Jerry customers save $879 on car insurance annually.
But How Much Does Insurance For A BMW Really Cost?
Like anything else in life, protecting a costly item costs additional money. According to numerous surveys, a BMW car insurance policy can run as much as $1,900 year. Of course, the price of BMW insurance varies greatly depending on the model and its MSRP.
A top-of-the-line 2020 BMW 7 Series may cost up to $5,000 in insurance yearly, compared to as little as $1,900 for a 2020 BMW X1 or a BMW 2 Series.
The prices are undoubtedly lower if you’re looking for BMW auto insurance for a used vehicle. According to our study, older BMW models up to 10 years old can be insured for between $100 and $140 a month.
In our situation, we lease a 2019 BMW i3 Range Extender, and the annual price for BMW auto insurance totals $1,400 when combined with the homeowners insurance and another vehicle on the plan. Given the i3’s starting price and all the technology it uses, this is a wonderful deal.
Your results may vary, but for us, this was the best-case scenario: no moving infractions in the previous ten years, no significant claims, and 10,000 miles driven year on average.
We also examined a few BMW M vehicles. For instance, the annual cost for a 2021 BMW M4 Coupe with simply auto insurance and a spotless record was $1,500. However, this was the ideal circumstance.
How much will BMW car insurance cost?
Since its founding in 1916, BMW has grown to become one of the most prestigious automakers in the world. Early in the 1920s, the business, which had previously built aircraft, started making automobiles. BMW is now recognized for its luxury vehicles and SUVs.
A BMW will typically cost more to insure than a brand of economical vehicle. By comprehending how auto insurance firms determine your premiums, you can still get cheap BMW auto insurance rates.
Investigating vehicle insurance prices for a BMW 3 series should be the first step. Our fictitious car owner is a 38-year-old man who is married, an executive with a spotless driving record. Check out his insurance coverage limits in the table below.
Say the fictitious driver wants to know how much auto insurance will cost for a 2009 BMW M3. His automobile insurance for a BMW will look like this using our car insurance cost estimator:
So how much does a BMW’s auto insurance cost? As you can see, the cheapest monthly payments will be roughly $104.34. However, keep in mind that our fictitious driver carries a very low risk, and these estimations are for the BMW 3 series.
Your 2006 BMW 325i or BMW 7 insurance premiums will be significantly higher if you have penalties for speeding, accidents where you were at fault, or if you are significantly older or younger than our fictitious person.
The BMW x1 may be the least expensive BMW to insure, while the BMW i8 may be the most expensive. If you’re still debating which BMW model to purchase, search for example insurance quotes for various models to see if the price can influence your decision.
You can pay more for BMW insurance than the national average if you have a less-than-ideal credit rating.
Your average insurance costs can vary even depending on where you reside. How do your residence and auto insurance prices differ?
Because you run a greater chance of being in an accident or having your car stolen in states and cities with higher population density or higher crime rates, the average cost of auto insurance is typically higher in these areas.
Don’t compromise on your insurance. BMWs are popular targets for thieves, so you should invest in comprehensive insurance. Additionally, without collision insurance, your insurer won’t pay to repair your car if you cause an accident and are at fault.
No matter where you live, there are still ways to cut costs on auto insurance. To find out more about cheap BMW insurance, continue reading.
Are BMWs expensive to insure?
A BMW is seen as a luxury vehicle, thus insurance will be more expensive. However, there are additional elements that can help to counteract that. Your insurance prices can be decreased by choosing to add a few of BMW’s optional safety features. The low theft rates for BMW are also to your advantage.
Your BMW’s insurance won’t be hard to get. This top-of-the-line car is covered by most, if not all, of the well-known insurance firms.
Why is maintaining a BMW so expensive?
Because it’s a German car with specialized parts and technology, maintaining a BMW is pricey. BMW is not only a vehicle to move passengers from point A to point B; it is designed for driving aficionados. BMW’s advanced technology calls a specialized certification to be repaired correctly. A skilled BMW mechanic will possess the knowledge necessary for a thorough and effective repair.
A $400 battery replacement, for instance, might be necessary because the mechanic must register the battery with the engine control module. If not, the battery risk of an early demise since the vehicle won’t “know” how to charge it.
Is insurance more expensive for an Audi or a BMW?
When compared to non-luxury models, Audis are more expensive to insure, but they are still reasonably priced when compared to other luxury automakers. While the typical cost of insurance for a Toyota or Honda is about $2,000 per year, the typical cost of insurance for an Audi is about $3,400 per year.
However, compared to comparable high-end luxury automobiles from brands like Lexus, Mercedes, and BMW, Audis are significantly less expensive to insure. Depending on the model, these cars typically cost $4,000 or more to insure annually.
In general, smaller, faster, and more costly cars are more expensive to insure. A smaller, faster vehicle is more likely to be in an accident. The cost of repairing an expensive car typically goes up, which raises insurance premiums. However, more expensive vehicles may include better safety equipment, including obstacle avoidance sensors, which could lower the risk of accidents and insurance costs.
Is the cost of maintaining a BMW really that high?
Remove the Band-Aid now. On average, BMW owners can anticipate to pay between $150 and $400 per service every 10,000 miles. A significant service may cost up to $3,000 or more. In the end, owners spend more on maintenance and repairs than most brands, between $1,000 and $1,700 annually.
You may always purchase an extended warranty, either directly from BMW or through a third-party service contract, if you’re concerned about future ownership costs. Standard BMW maintenance expenditures are not covered by a car warranty, but it will cover pricey items that are more prone to break over time.
We’ve combed the market and selected a handful of the top third-party extended vehicle warranty companies because there are many possibilities for extended coverage. These are businesses who did well in regards to things like price, standing, and customer support.
To help you reduce your out-of-pocket vehicle ownership costs, compare the best BMW extended warranty packages above.
Why are BMWS luxury vehicles?
Because premium gasoline has a higher octane rating and is better suited to high compression engines, it is the optimum fuel for BMW vehicles. Regular gas only has an octane rating of 87, but premium gas might have a rating of 92.
Is BMW insurance expensive?
How much does insurance for a BMW cost? The price of a BMW goes beyond its higher-than-average MSRP. BMW car insurance runs $1,788 a year, or 25% more than insurance for a regular vehicle. You should exercise caution when looking for a policy because BMW insurance is more expensive than the average.
Are premiums for expensive vehicles lower?
The most affordable luxury car insurance by model and provider For the models in our survey, the average yearly insurance premium for a luxury automobile was around 18% higher than the price of insuring a mid-range sedan.