Compare Car Insurance Rates
Answer a few simple questions to save money on your policy
×
Compare Car Insurance Rates
Get matched with a top provider and compare instant quotes in just a few clicks
Secure. Fast. Free.
BMW Insurance Cost
The average cost of BMW insurance among national providers in 2022 is $2,337 per year or $195 per month, according to our data. This is 35% higher than the national average of $1,730 per year. Just like with parts and labor, insurance for a BMW is simply going to cost more. These averages are based on a married 35-year-old driver with a clean driving record and good credit score.
BMW Car Insurance Rates by Model
Our team was able to secure reliable cost data for insuring a BMW X3, the company’s compact SUV. The following table shows the average monthly and annual rate estimates for insuring a 2022 BMW X3
| BMW Car Model | Average Monthly Auto Insurance Rate for 2022 | Average Annual Auto Insurance Rate for 2022 |
|---|---|---|
| X3 | $195 | $2,337 |
The cost of insuring your vehicle involves more than just which BMW model you have. Variables such as your age, driving history, deductible, credit score, where you live and more all factor into BMW car insurance costs.
BMW Car Insurance Quote
It’s simple and fast to get car insurance quotes online for your BMW. Most insurance companies have an online tool you can use. Some sites and tools can help you reach out to several providers at once, allowing you to compare car insurance quotes easily.
BMW Insurance Company Comparisons
USAA typically offers the cheapest BMW car insurance, with an average estimate of $1,344 per year or $112 per month. However, USAA is only available to members of the military and their families. Among providers available to everyone, Nationwide tends to offer the cheapest car insurance for BMWs with an average estimate of $1,407 per year or $117 per month.
| BMW Insurance Company | Average Monthly Auto Insurance Rate for 2022 | Average Annual Auto Insurance Rate for 2022 |
|---|---|---|
| USAA | $112 | $1,344 |
| Nationwide | $117 | $1,407 |
| Auto-Owners Insurance | $136 | $1,633 |
| Erie Insurance | $149 | $1,788 |
| Geico | $154 | $1,850 |
| National General Insurance | $160 | $1,919 |
| State Farm | $171 | $2,054 |
| Progressive | $186 | $2,228 |
| Farmers | $204 | $2,443 |
| Allstate | $269 | $3,230 |
Other Car Insurance Coverage for a BMW
The rate estimates in this article are for full-coverage insurance. This term refers to automotive insurance policies that include collision and comprehensive coverage in addition to state minimum required policies, such as bodily injury liability and property damage liability coverage. Some states may also require additional insurance like personal injury protection (PIP) and uninsured motorist/underinsured motorist (UM/UIM) coverage.
Most insurers offer add-on coverage options that can help cover other costs related to owning and driving your BMW for additional peace of mind. These are some of the more common add-ons you’ll find:
- Rental reimbursem*nt: Covers the cost of a rental car while your vehicle is being repaired or replaced
- Roadside assistance: Covers emergency roadside services such as tire replacement, fuel delivery and towing
- Mechanical breakdown insurance (MBI): Covers mechanical repair costs, similar to a vehicle service contract or extended car warranty
- Guaranteed asset protection: Also called gap insurance, this covers the difference between what your vehicle is worth and what you owe on it in the event of a total loss
- Trip interruption: Covers travel expenses such as food and accommodation if your vehicle becomes inaccessible due to a covered loss away from home
BMW Credit Requirements
Like many car companies, BMW now offers its own financing option, called BMW Financial Services. For the best chance at securing financing from BMW, you’ll need a credit score of at least 680. Buyers with lower scores may still qualify, but this comes with higher interest rates.
BMW Financial Services offers loan terms between 24 and 72 months. You may be able to find an annual percentage rate (APR) as low as 0%, depending on several factors. However, keep in mind that you can sometimes end up paying more overall with a 0% APR car deal.
The Bottom Line: BMW Insurance
As most owners would expect, BMW insurance costs more than average. In general, you can expect less expensive models such as the 2 Series and 3 Series sedans and coups to be cheaper to insure. Higher-end models such as the BMW 5 Series cars and BMW X6 typically cost more to cover.
BMW Insurance: Recommended Providers
We found that USAA, Nationwide and Auto-Owners Insurance tend to offer the cheapest rates for BMW insurance. However, depending on several factors, you may get the lowest rates from a different provider. That’s why we recommend getting car insurance quotes from several providers and comparing your options. The following providers are a good place to start.
Travelers: Best for Most Drivers
In our industry-wide insurance study, we recognized Travelers for consistently providing the best coverage for those across the country. That means that no matter where you live or what’s on your driving record, it’s worth getting a quote from the company. Travelers also offers a large selection of car insurance discounts that can make your policy even more affordable.
Keep reading: Travelers insurance review
State Farm: Best Customer Experience
The nation’s largest insurer, State Farm earned the second highest score and our Best Customer Experience award in our 2023 insurance study. On top of having excellent customer service, State Farm offers a variety of overage options and discounts. As a result, most drivers can find the coverage they want at competitive rates through the insurance provider.
Keep reading: State Farm insurance review
Compare Car Insurance Rates
Get matched with a top provider and compare instant quotes in just a few clicks
Secure. Fast. Free.
BMW Insurance: FAQ
Below are frequently asked questions about BMW insurance:
In general, BMWs are expensive to insure compared to the national average. According to our data, the average premium for a BMW is $2,337 per year, which is around 35% higher than average.
The main reason BMW insurance is so expensive is that BMWs are expensive to repair and replace. Car components and labor for BMW repairs are costly compared to domestic and cheaper imported vehicles. The high price tag also means that an insurance company needs to pay more in the event of a total loss.
A BMW 3 Series is expensive to insure compared to non-luxury vehicles of its size. The high cost of repairs and the vehicle itself drives up premium prices.
*Data accurate at time of publication.
**Average costs are based on rates from large and midsize insurance companies. Local insurers may offer lower average rates.
Our Methodology
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.
Here are the factors our ratings take into account:
- Cost: Auto insurance rate estimates generated by Quadrant Information Services and discount opportunities were both taken into consideration.
- Coverage: Companies that offer a variety of choices for insurance coverage are more likely to meet consumer needs.
- Reputation and experience: Our research team considered market share, ratings from industry experts and years in business when giving this score.
- Availability: Auto insurance companies with greater state availability and few eligibility requirements scored highest in this category.
- Customer experience: This score is based on volume of complaints reported by the NAIC and customer satisfaction ratings reported by J.D. Power. We also considered the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own shopper analysis.
Our credentials:
- 800 hours researched
- 45 companies reviewed
- 8,500+ consumers surveyed
*Data accurate at time of publication.
