BMW Car Insurance Rates

The average BMW car insurance rates are $154/mo in the US. Your rates will vary by your driving record, credit history, ZIP code, and many other factors.

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Reviewed byJoel Ohman
Founder, CFP®

UPDATED: Jun 23, 2020

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Here's what you need to know...

  • Because BMWs are high-end automobiles, you may find that the premium for insurance is also high
  • You should factor in the cost of ownership before purchasing a BMW
  • Each insurance company has discounts available, so be sure to ask about any you may qualify for

If you’re interested in purchasing a BMW, a comparison of prices and features is necessary before closing the deal.

Knowing a bit about the brand can help you decide.

BMW is based in Germany and is one of the world’s most respected automakers, known for their luxury cars and SUVs.

The initials BMW stand for Bavarian Motor Works. They’ve been in business since 1916 when they were formed to build aircraft; they began producing cars in the early 1920’s.

Depending upon their use and care, ordinarily the BMW does not need a great deal of repair.

But before purchasing one, it would be a good idea to check around your neighborhood to find someone who can reliably perform maintenance and repairs on your new car.

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BMW Costs and Options

BMW has divided their vehicle offerings into separate series:

  • 3 series – costs begin at $32,550 and go up to $49,700 for a hybrid
  • 5 series – costs begin at $49,500 and top out at $61,500 for the ActiveHybrid 5
  • 7 series – costs begin at $74,000 and top out at $141,200 for the 760LI Sedan
  • M series – has one vehicle which starts at $90,000

All the costs quoted are MSRP. You can add features to the base for any of these vehicles to customize them to 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 things that require hands-on driving to experience.

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Cost of Ownership

There are a number of sites on the Internet that will give you estimates for the cost of ownership of various brands of vehicles.

An example of these estimates for a 2013 BMW 3 series sedan for five years is as follows:

  • Depreciation – $20,230
  • Insurance – $7,345
  • Fuel – $9,820
  • Financing – $3,394
  • Maintenance – $2,154
  • Repair – $1,328
  • State Fees – $486

The total cost of ownership for this particular BMW sedan for five years is $44,764.

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

Insurance Coverage

There are a number of discounts available from insurance companies that could be available:

  • 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

Even so, checking with different insurance companies for advantageous rates is a good idea. Here’s an example of the differences among insurance rates:

Hypothetical car owner:

A 38-year-old male, married, no tickets or accidents—works as an executive; a 36-year-old female spouse, married, no tickets or accidents—works as a homemaker; two children who do not drive.

Insurance limits:

  • Bodily injury liability $100,000 per person/$300,000 per accident
  • Property damage liability $25,000
  • Medical insurance coverage $5,000
  • Damage to owned property: $500. Deductible for comprehensive
  • Damage to owned property: $500. Deductible for collision
  • $25,000/30,000 Uninsured Motorists coverage

Assuming that we’re insuring a Series 3 BMW Sedan, the insurance rates are as follows:

  • Company 1 – $l04.34 per month; $573.00 every six months; $1,146 annually
  • Company 2 – $143.95 per month; $724.70 every six months; $1,449.40 annually
  • Company 3 – $165.00 per month; $922.00 every six months; $1,844.00 annually

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

Because the hypothetical individual has no tickets or accidents in their recent past and a relatively clear history, insurance costs are going to be lower.

However, if you have tickets for speeding violations, at-fault accidents, are considerably older or younger than our hypothetical individual, and have a less desirable credit rating, your insurance costs may increase.

Go online to get insurance quotes to compare prices or check with your local insurance agent. Most insurance agencies have the facilities to give you several quotes also.

Before asking for quotations, have the following information available:

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

This information will allow the insurance company to give you a reasonable quotation for the cost of insurance. They will probably ask other questions in the event that you choose their particular policy.

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

Enter your zip code into the FREE comparison tool to find the best rates from multiple companies!

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