Are BMW Insurance Expensive?

If you’re wondering how much BMW insurance costs, you should be aware that they can be quite pricey. However, knowing the average cost of BMW insurance and which BMW model is the least expensive to insure beforehand will undoubtedly help you make a better and more informed choice when comparing auto insurance quotes for it.

According to our study, the average annual premium for BMW vehicle insurance is $2150, or around $180 per month. That’s still more than twice what the average national vehicle insurance premiums are, even if prices vary depending on a variety of criteria, including the model.

Our thorough investigation into the average monthly cost of auto insurance revealed that, for drivers under the age of 30, a 2017 BMW costs $292 per month or $3,500 year to insure. It costs, on average, $3,650 a year or $304 per month for model year 2019. Top insurance rates for the 2020 and 2021 BMW 7 Series could reach over $5,000 per year, or $417 per month, while rates for the BMW X Series and BMW 2 Series could be as low as $1,850 per year, or $158 per month. Although there is a lot to take in, doing so will make you a better informed insurance buyer.

Costs always fluctuate depending on a wide range of criteria, just like with other insurance products. Vehicle models have vastly different rates.

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.

How much does a BMW’s insurance cost?

In 2022, the average cost of auto insurance for a BMW 330i is $527 for the bare minimum of coverage and $2,270 for full coverage. The national average for insurance is $1,771, therefore the BMW 330i is normally more expensive. The make and model of your car is one of many variables that insurance companies take into account when calculating your rates.

The BMW 330i is a luxury vehicle with a base MSRP of $41,450, thus replacing it should it be totaled in an accident will cost the insurance company extra. The rate is also influenced by other factors, such as:

  • Crash statistics by make and model: The 2020 BMW 3 series is a Top Safety Pick for a mid-size luxury sedan according to the Insurance Institute for Highway Safety (IIHS), which lowers insurance costs.
  • Price of parts: The BMW 330i contains parts made in Germany, China, and Mexico, which raises the cost of replacing a part and pushes up insurance premiums.
  • Air bags, safety alerts, an anti-theft system, and anti-lock brakes are all included as standard equipment on the BMW 330i, all of which improve safety ratings and may assist to moderately cut insurance premiums.

What Does BMW Insurance Cost? Model Comparison Quotations

In comparison to other makes and brands, a BMW costs more to insure each year, at an average of $1,780. Nevertheless, the exact BMW model you own can still affect your vehicle insurance costs. MoneyGeek looked at all BMW vehicles by model year and driver age to find various pricing choices for individual drivers.

Depending on the model, the typical cost of insurance for a BMW can differ significantly. For instance, a BMW i8 is the most costly vehicle to insure, costing an average of $2,810 yearly, while a BMW 1 Series is the least expensive.

MoneyGeek dissected expenses for each of BMW’s significant models in order to assist you in locating the most affordable businesses and average rates for your BMW.

Find your model to view the typical rates for BMW auto insurance over the years.

We obtained rates for BMW auto insurance from reputable insurance providers and discovered that the average monthly premium for a BMW can range from $171.85 to $406.44, or between $2,052 and $4,884 annually. However, your real cost will vary based on the car’s model as well as your age, driving history, how many miles you travel annually, where you live, and other elements.

Why is insurance for a BMW so expensive?

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.

Is a BMW’s 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.

Is insurance for a BMW 3 Series expensive?

The cost of car insurance for the BMW 3 Series is rather high. The annual average cost of insurance for a BMW 3 Series is $1,560. Other car models only have an annual insurance cost of $1,427. The typical cost of insurance for luxury manufacturers like Tesla is considerably higher than that for a BMW 3 Series.

Why is insurance for Audi more expensive than BMW?

The Audi TT Coupe is more appealing than ever and incorporates some cute small design cues from the R8 supercar, while the short overhangs give the car a really pleasing and proportional appearance.

You’ll be surprised by how uncomplicated the control layout is once you step inside the TT Coupe. Only the bare minimum of buttons are there in the console’s minimalist design, but the three sizable vents add some good visual interest. Audi cleverly substituted a big 12.3-inch Virtual Cockpit for the real gauges since there was no room for a central screen.

The TT Coupe has been designed to fit two rear passenger seats despite its small size, making it ideal for two kids if you want a reason to drive something a little more exciting than a hatchback for the school run. The entry-level 40 TFSI 2.0-litre petrol with 197PS from Audi replaces the current TT’s diesel engine as the engine with the least insurance on a new model.

You could mistakenly believe that the cute tiny A1 city car is the most affordable Audi to insure, however the Q2 compact crossover has group 13 insurance.

Because they are premium vehicles with higher sticker values, Audi cars do tend to cost more to insure than the ordinary vehicle. As a result, if you have an accident, they might be more expensive to fix or replace, which would raise your insurance costs.

Yes, Audi provides three-year fixed-price auto insurance; the cost only varies based on your circumstances. Getting a quote is definitely worthwhile, but make sure you compare prices with other insurance companies to ensure you receive the best deal.

Is BMW or Audi more affordable to insure?

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.

Are Mercedes insurance premiums high?

The bad news is that Mercedes-Benz auto insurance is more expensive than the national average. The good news is that you can get a fantastic bargain by looking around. A Mercedes-Benz’s typical annual auto insurance cost is $2,639 ($219/month). The brand is now the fourth-most expensive to insure among automakers.

Do BMW oil changes cost more money?

Response given by. You are correct! An oil change for a more cheap automobile will often cost between $35 and $75, while an oil change for a BMW will typically cost between $135 and $175. There are three reasons why prices differ: oil type, components, and labor

Are luxury automobile insurance rates higher?

A luxury car is one that offers more features, comfort, quality, or performance than a standard car. Exotic cars are a subcategory of premium vehicles that prioritize performance and speed. A Jaguar F-Type, which has a base price of $61,600, is an example of a luxury vehicle. In contrast, the Ferrari 812-Superfast has a manufacturer-suggested retail price of $335,000.

Expect to spend more for insurance if you are covering a luxury vehicle than you would for a regular vehicle. Luxury cars typically cost more than other cars, thus insurance premiums are likewise higher. The price of replacement components, maintenance, and labor for your luxury car may be much more expensive than it would be for a less expensive model. Depending on the sort of vehicle you own, you might need to look for coverage with a firm that specializes in insuring high-end automobiles, even though you might be able to get insurance with a conventional insurance provider.

The BMW: a dependable vehicle?

Fortunately, ratings of BMW dependability from several organizations support that excellent reputation: Customer Reports Every BMW in the lineup received a score above average in the 2020 rankings. The i3 electric car and the X6 midsize SUV are BMW’s most reliable models, and the brand as a whole is ranked seventh.

Is premium fuel required for a BMW?

No matter what model you have, BMW advises only using premium unleaded fuel. That’s not to say that your BMW won’t run on inferior fuel, but premium unleaded fuel will keep its quality over time, allowing you to constantly drive at peak performance.