Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Aug 25, 2020

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Here's what you need to know...

  • The average cost of car insurance for a BMW is around $138 per month or $1,653 annually.
  • BMW car insurance can cost as low as $l04.34 per month or $1,146 annually if you comparison shop and seek out discounts.
  • The cost of owning a BMW for five years is around $44,764 in total. Remember to factor this into your budget.

Bavarian Motor Works, otherwise known as BMW, is a high-end car manufacturer based in Germany. Expect your BMW car insurance rates to be higher than those of other luxury brands. Expensive maintenance costs are mainly to blame for the increase in BMW insurance costs.

To find the best BMW SUV and sports car insurance, read through our comprehensive guide and get ready to compare prices and features before closing the deal.

When you’re ready to find affordable BMW car insurance rates, enter your ZIP code into our FREE quote comparison tool above to get started.

Table of Contents

BMW Insurance Coverage

BMW is one of the world’s most respected automakers and has been in business since 1916. Originally aircraft builders, the company began producing cars in the early 1920s. Now BMW is known for its luxury cars and SUVs.

The average car insurance cost for a BMW is going to be higher than economy car brands. However, you can still receive affordable BMW auto insurance rates by understanding how car insurance companies calculate your premiums.

Let’s start by exploring rates for auto insurance for a BMW 3 series. Our hypothetical car owner is a married 38-year-old male with a perfect driving history who works as an executive. Check out his insurance limits in the following table.

BMW Car Insurance Limits for 38-Year-Old Male Driver
Car Insurance Policy TypeCoverage Amounts
Bodily injury liability$100,000 per person/$300,000 per accident
Property damage liability$25,000
Medical insurance coverage$5,000
Deductible for comprehensive$500
Deductible for collision$500
Uninsured motorist coverage$25,000
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Let’s say our hypothetical driver is looking for car insurance costs for a 2009 BMW M3. Using our car insurance cost estimator for the BMW, his car insurance on a BMW will look as follows:

BMW Average Sample Car Insurance Rates by Company
CompaniesAverage Monthly Car Insurance RateAverage Six-Month Car Insurance RateAverage Annual Car Insurance Rate
Company 1$104.34$573.00$1,146
Company 2$143.95$724.70$1,449.40
Company 3$165.00$922.00$1,844.00
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So, how much does car insurance cost for a BMW? As you can see, the lowest rates will be around $104.34 per month. But remember, these estimates are for the BMW 3 series and our hypothetical driver is very low-risk.

The BMW 7 series insurance costs, for example, will look quite different.

If you have tickets for speeding violations, at-fault accidents, or are considerably older or younger than our hypothetical individual, your BMW 7 insurance or 2006 BMW 325i car insurance costs will be much higher.

Having a less desirable credit rating may also cause you to have higher than average BMW insurance costs.

Even where you live changes your average insurance costs. How does where you live affect car insurance rates?

States and cities with higher population density or higher crime rates usually have pricier average car insurance rates because you’re more at risk of getting into an accident or having your vehicle stolen.

Fortunately, there are still ways to save on car insurance, no matter where you live. Keep reading to learn more about low-cost BMW insurance.

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Lowering Your BMW Car Insurance Costs

As you’ve learned from the information above, a question like, “How much does car insurance cost per much for a 2015 BMW 320i”  does not have an easy answer, as so many variables impact your individual rates.

No matter your circumstances, checking with different insurance companies for advantageous rates is a good idea. Because our hypothetical individual has no tickets or accidents in their recent past and a relatively clear history, his insurance costs are lower.

Go online to get insurance quotes to compare prices or check with your local insurance agent. Most insurance agencies can provide you with quotes from several different companies.

Before asking for quotes, have the following information available:

  • Complete names, dates of birth, driver’s license numbers, and driving records for all drivers of your cars
  • The limits of liability that you want
  • Deductibles you can accept for damage to your own car
  • If you want uninsured motorist coverage
  • Year, description, model, and VIN if available for all cars
  • How the car will be used

This information will allow the insurance company to give you a reasonable quote for the cost of insurance. They’ll probably ask other questions in the event that you choose to go forward with purchasing a policy.

Comparison shopping for insurance can make a difference in the cost of ownership for the vehicle you’ve chosen.

For cheap BMW car insurance rates, we recommend looking at available discounts from insurance providers that you might be eligible for. What are some unusual discounts for car insurance that your BMW might qualify for? Check out our list below.

  • Multi-car discounts – insuring more than one car with the company
  • Package discounts – insuring both your home and car with the same company
  • Good driver discounts – no tickets, no accidents
  • Good student discounts – especially valuable if you have a teen driver

All of this comparison is quite time-consuming but can be beneficial to your bottom line when you purchase a car.

BMW Saftey Ratings

Insurance companies will take safety ratings for your vehicle into consideration when determining your car insurance rates. Fortunately, many BMW models receive great scores across the board.

Take a look at how the Insurance Institute for Highway Saftey rated the 2020 BMW 3 Series below.

  • Small overlap front (driver-side): Good
  • Small overlap front (passenger-side): Good
  • Moderate overlap front: Good
  • Side: Good
  • Roof strength: Good
  • Head restraints + seats: Good

If you invest in the 2020 BMW 3 sedan, expect your insurance rates to be lower thanks to these stellar safety scores.

The age of your vehicle also matters. Sometimes, newer models of a certain car have better safety ratings than older versions.

For example, the 2018 BMW 3 Series received a five-star overall safety rating from the National Highway Traffic and Saftey Administration. However, the driver’s side crash test only received four stars.

Check out the 2018 BMW 3’s driver’s side crash test from the Insurance Institute for Highway Safety below.

While the BMW safety ratings are not the only factor that will impact your insurance rates, they do make a difference. Putting the time in to research the safest vehicle can help save you money in the long run.

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BMW Costs & Options

We’ve answered your questions about whether insurance is expensive for a BMW, but there are other costs associated with owning this luxury vehicle. For example, sports cars are notoriously more expensive to insure than other types of cars.

BMW has divided its vehicle offerings into separate series. Check out the table below for more details about costs. All the costs quoted are the manufacturer’s suggested retail price, or MSRP.

BMW Vehicle Costs by Series
BMW Series TypeMSRP Range for Series Type
3 Series$32,550 up to $49,700
5 Series$49,500 up to $61,500
7 Series$74,000 up to $141,200
M Series$90,000
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You can add features to the base for any of these vehicles to customize them for your particular needs and desires.

Customization can add a great deal to the base price, but the base auto is very plain.

Higher-priced BMWs have complicated transmission and drive packages that allow you to adjust the drive, ride, and responsiveness of the vehicle, which are elements that require hands-on driving to experience.

Adding all the bells and whistles to your BMW may also increase your insurance rates because those parts will be more expensive to replace or repair in the event of an accident.

BMW Cost of Ownership

Depending upon use and care, the BMW usually doesn’t need a great deal of repair. But that doesn’t mean owning one is inexpensive.

There are a number of sites on the internet that will give you estimates for the cost of ownership of various brands of vehicles. The following table estimates the cost of owning a 2013 BMW 3 series sedan for five years.

BMW Cost of Ownership Over Five Years
BMW Owner ExpensesTotal Cost Over Five Years
Depreciation$20,230
Insurance$7,345
Fuel$9,820
Financing$3,394
Maintenance$2,154
Repair$1,328
State Fees$486
Total$44,764
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Looking at the data, the total cost of ownership for this particular BMW sedan for five years is $44,764. Because of the high maintenance costs, BMW insurance costs are also higher than average.

Obviously, these are estimates — insurance costs will depend on your area and your insurability, fuel varies from year to year, financing is based on your credit at the time, and the state fees vary depending on how the state outlines road taxes and costs.

Before purchasing a BMW, it’s a good idea to check around your neighborhood and find someone who can reliably perform maintenance and repairs on your new car.

How much is the cheapest car insurance per month? Now that you’ve finished this BMW car insurance review, enter your ZIP code into our FREE tool below to get quotes now.

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Frequently Asked Questions: BMW Car Insurance

You’re now an expert on BMW car insurance rates. Refer back to this guide while you comparison shop for the cheapest quotes. In the meantime, check out our frequently asked questions below.

#1 – How much does car insurance cost for a BMW 228 vs a BMW 235?

The BMW 2 series insurance rates are usually around $2,000 annually. The BMW 228 will most likely cost less to insure than the BMW 235.

#2 – What costs more for car insurance, a BMW 325i or a Corolla?

Usually, a Toyota Corolla will cost less to insure than a BMW 325i.

#3 – Is BMW or Mercedes cheaper to insure?

Often, a Mercedes Benz is more expensive to insure. However, insurance rates depend on more than just vehicle brands. Your individual demographics will also have an impact.

#4 – What is the BMW car insurance price in India?

Car insurance rates are calculated differently in India than in America. Some rates for basic sedans are around $612 annually. Being a luxury brand, BMWs will cost more.

#5 – How much does car insurance cost in the UAE for a BMW?

In the United Arab Emirates, car insurance rates are around 2.75 percent of the total cost of the vehicle. However, that rate changes depending on what price bracket the vehicle is in.

#6 – What are the car insurance quotes in Germany for a BMW?

Car insurance starts at around $177 annually in Germany, but luxury BMWs usually cost more. When it comes to car insurance in Germany, compare rates to get the best deal.

Get the lowest BMW car insurance rates by entering your ZIP code into our FREE quote comparison tool right now.