BMW Car Insurance: How Much Is BMW Insurance? 2024
The average monthly cost to insure a BMW is $308, which is about $3,698 annually.
We’ve saved shoppers an average of $600 per year on their car insurance.
BMW, founded in 1916, is a German automaker renowned for producing luxury and performance vehicles, including sedans, SUVs, and motorcycles, combining cutting-edge technology with a focus on driving pleasure. The cost of insuring a BMW varies based on a few key factors. Your age, driving history, and where you live are significant in setting your car insurance rate.
Insurance companies use this information to evaluate the risk of providing coverage for your BMW. The average cost to insure a BMW is $3,698 per year.
How Much Does BMW Insurance Cost?
The average cost to insure a BMW is $308 per month, amounting to approximately $3,698 per year. However, your actual insurance premium will depend on factors like your age, location, driving record, and the specific model of your car.
Average BMW Insurance Cost By Model
A key factor in determining your car insurance rate is the model that you drive. According to our analysis, the average cost of insuring a BMW, across all models, is $3,698 per year.
The BMW X1 is the cheapest model to insure, at $2,319 per year. On the other hand, the BMW i8 is the most expensive, at an average of $6,157 per year.
Use the table below to compare insurance rates for BMW models.
| BMW Model | Average Yearly Insurance Cost |
| BMW 2 Series | $2,507 |
| BMW 3 Series | $3,084 |
| BMW 4 Series | $3,803 |
| BMW 5 Series | $3,678 |
| BMW 7 Series | $4,905 |
| BMW 8 Series | $5,042 |
| BMW i3 | $2,845 |
| BMW i8 | $6,157 |
| BMW M5 | $4,964 |
| BMW X1 | $2,319 |
| BMW X2 | $2,573 |
| BMW X3 | $2,843 |
| BMW X5 | $2,463 |
| BMW X6 | $3,216 |
| BMW X7 | $4,933 |
| BMW Z4 | $3,841 |
Keep in mind that these numbers are just averages, and the actual cost can change based on where you live, your age, driving record, and the type of coverage you select.
Are BMWs Expensive To Insure?
The national average for car insurance is $156 per month, whereas insuring a BMW across all models averages $308 per month—a significantly higher rate. However, insurance costs are typically determined by the specific car model rather than the brand as a whole, so it’s important to check rates for your particular model.
BMW 2 Series Insurance Cost
The average cost of insuring a BMW 2 Series, across all model years, is $2,065 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW 2 Series | $3,550 |
| 2023 BMW 2 Series | $2,245 |
| 2022 BMW 2 Series | $1,591 |
| 2021 BMW 2 Series | $1,834 |
| 2020 BMW 2 Series | $1,103 |
BMW 3 Series Insurance Cost
The average cost of insuring a BMW 3 Series, across all model years, is $1,751 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW 3 Series | $2,550 |
| 2023 BMW 3 Series | $2,261 |
| 2022 BMW 3 Series | $1,295 |
| 2021 BMW 3 Series | $1,453 |
| 2020 BMW 3 Series | $1,197 |
BMW 4 Series Insurance Cost
The average cost of insuring a BMW 4 Series, across all model years, is $2,123 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW 4 Series | $2,549 |
| 2023 BMW 4 Series | $1,966 |
| 2022 BMW 4 Series | $2,286 |
| 2021 BMW 4 Series | $1,505 |
| 2020 BMW 4 Series | $2,310 |
BMW 5 Series Insurance Cost
The average cost of insuring a BMW 5 Series, across all model years, is $3,044 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW 5 Series | $5,400 |
| 2023 BMW 5 Series | $3,152 |
| 2022 BMW 5 Series | $2,259 |
| 2021 BMW 5 Series | $2,745 |
| 2020 BMW 5 Series | $1,664 |
BMW 7 Series Insurance Cost
The average cost of insuring a BMW 7 Series, across all model years, is $2,840 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW 7 Series | $2,937 |
| 2023 BMW 7 Series | $3,008 |
| 2022 BMW 7 Series | $2,832 |
| 2021 BMW 7 Series | $2,345 |
| 2020 BMW 7 Series | $3,078 |
BMW 8 Series Insurance Cost
The average cost of insuring a BMW 8 Series, across all model years, is $3,034 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW 8 Series | $3,043 |
| 2023 BMW 8 Series | $3,851 |
| 2022 BMW 8 Series | $2,803 |
| 2021 BMW 8 Series | $2,724 |
| 2020 BMW 8 Series | $2,750 |
BMW i3 Insurance Cost
The average cost of insuring a BMW i3, across all model years, is $2,031 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2021 BMW i3 | $1,902 |
| 2020 BMW i3 | $2,383 |
| 2019 BMW i3 | $1,936 |
| 2018 BMW i3 | $1,722 |
| 2017 BMW i3 | $2,213 |
BMW i8 Insurance Cost
The average cost of insuring a BMW i8, across all model years, is $3,609 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2020 BMW i8 | $4,321 |
| 2019 BMW i8 | $2,807 |
| 2018 BMW i8 | $2,596 |
| 2017 BMW i8 | $4,868 |
| 2016 BMW i8 | $3,452 |
BMW M5 Insurance Cost
The average cost of insuring a BMW M5, across all model years, is $5,887 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2023 BMW M5 | $10,646 |
| 2022 BMW M5 | $3,246 |
| 2021 BMW M5 | $1,697 |
| 2020 BMW M5 | $10,634 |
| 2019 BMW M5 | $3,210 |
BMW X1 Insurance Cost
The average cost of insuring a BMW X1, across all model years, is $1,140 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW X1 | $1,253 |
| 2023 BMW X1 | $1,123 |
| 2022 BMW X1 | $1,426 |
| 2021 BMW X1 | $822 |
| 2020 BMW X1 | $1,078 |
BMW X2 Insurance Cost
The average cost of insuring a BMW X2, across all model years, is $1,591 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2023 BMW X2 | $1,834 |
| 2022 BMW X2 | $1,847 |
| 2021 BMW X2 | $1,834 |
| 2020 BMW X2 | $1,079 |
| 2019 BMW X2 | $1,361 |
BMW X3 Insurance Cost
The average cost of insuring a BMW X3, across all model years, is $1,279 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW X3 | $1,985 |
| 2023 BMW X3 | $1,540 |
| 2022 BMW X3 | $905 |
| 2021 BMW X3 | $1,015 |
| 2020 BMW X3 | $949 |
BMW X5 Insurance Cost
The average cost of insuring a BMW X5, across all model years, is $1,438 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW X5 | $1,493 |
| 2023 BMW X5 | $1,764 |
| 2022 BMW X5 | $1,709 |
| 2021 BMW X5 | $1,041 |
| 2020 BMW X5 | $1,185 |
BMW X6 Insurance Cost
The average cost of insuring a BMW X6, across all model years, is $2,488 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW X6 | $3,304 |
| 2023 BMW X6 | $1,852 |
| 2022 BMW X6 | $3,287 |
| 2021 BMW X6 | $2,290 |
| 2020 BMW X6 | $1,706 |
BMW X7 Insurance Cost
The average cost of insuring a BMW X7, across all model years, is $2,536 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2024 BMW X7 | $3,547 |
| 2023 BMW X7 | $3,960 |
| 2022 BMW X7 | $2,115 |
| 2021 BMW X7 | $1,422 |
| 2020 BMW X7 | $1,637 |
BMW Z4 Insurance Cost
The average cost of insuring a BMW Z4, across all model years, is $2,846 per year. Use the table below to compare rates for different model years.
| Model Year | Average Yearly Premium |
| 2023 BMW Z4 | $2,041 |
| 2023 BMW Z4 | $3,960 |
| 2022 BMW Z4 | $1,641 |
| 2021 BMW Z4 | $4,231 |
| 2020 BMW Z4 | $2,358 |
Cheapest Car Insurance Companies For BMWs
The cost of your BMW car insurance policy will depend on the company that you choose. USAA offers the cheapest rates for insuring a BMW, at $1,768 per year.
Use the table below to compare cheap full-coverage rates for an BMW.
| Company | Average Annual Premium |
| USAA | $1,768 |
| Auto-Owners | $1,832 |
| Erie | $1,895 |
| Amica | $2,772 |
| Nationwide | $1,984 |
BMW Car Insurance Cost – BY Driver Age
The rates you pay to insure a BMW will differ dramatically based on driver age. Younger drivers tend to pay a lot more for car insurance because, statistically, they are much more likely to get into accidents.
As drivers get older, their insurance rates tend to drop until they turn about 60-70. Then their rates increase again.
| Age | Average Annual Rate |
| 17 | $13,019 |
| 18 | $12,136 |
| 19 | $10,729 |
| 20 | $9,363 |
| 21 | $7,836 |
| 22 | $7,650 |
| 23 | $6,687 |
| 24 | $6,347 |
| 25 | $5,484 |
| 30 | $4,277 |
| 35 | $3,993 |
| 40 | $3,850 |
| 45 | $3,732 |
| 55 | $3,431 |
| 65 | $3,581 |
| 75 | $4,517 |
Average BMW Car Insurance Rates – By Company
| Insurance Provider | Average Monthly Premium |
| Texas Farm Bureau | $125 |
| State Farm | $182 |
| GEICO | $200 |
| USAA | $210 |
| Nationwide | $230 |
| Average | $240 |
| Progressive | $365 |
| Allstate | $408 |
Average BMW Car Insurance Rates – By U.S. State
| State | Average Annual Rate |
| Alabama | $4,080 |
| Alaska | $3,373 |
| Arizona | $3,801 |
| Arkansas | $4,167 |
| California | $4,648 |
| Colorado | $4,334 |
| Connecticut | $5,541 |
| Delaware | $4,594 |
| Florida | $5,462 |
| Hawaii | $1,777 |
| Idaho | $3,091 |
| Illinois | $3,232 |
| Indiana | $3,315 |
| Iowa | $2,642 |
| Kansas | $3,500 |
| Kentucky | $5,071 |
| Louisiana | $6,511 |
| Maine | $2,459 |
| Maryland | $3,978 |
| Massachusetts | $3,193 |
| Michigan | $7,702 |
| Minnesota | $3,169 |
| Mississippi | $3,827 |
| Missouri | $3,613 |
| Montana | $3,657 |
| Nebraska | $3,092 |
| Nevada | $5,122 |
| New Hampshire | $3,557 |
| New Jersey | $3,922 |
| New Mexico | $3,994 |
| New York | $3,703 |
| North Carolina | $2,301 |
| North Dakota | $3,149 |
| Ohio | $2,796 |
| Oklahoma | $4,468 |
| Oregon | $4,066 |
| Pennsylvania | $3,439 |
| Rhode Island | $5,731 |
| South Carolina | $3,884 |
| South Dakota | $3,494 |
| Tennessee | $4,112 |
| Texas | $4,140 |
| Utah | $3,517 |
| Vermont | $2,711 |
| Virginia | $2,546 |
| Washington | $3,377 |
| West Virginia | $3,398 |
| Wisconsin | $3,384 |
| Wyoming | $3,155 |
| Georgia | $4,461 |
How To Save Money On BMW Car Insurance?
Owning a BMW comes with various expenses, and car insurance is one of the biggest. However, you can still find ways to save on your insurance. Here’s how:
Keep a Clean Driving Record
Insurance companies look at your driving history when setting your premium. By avoiding accidents and traffic tickets, you show insurers that you’re a low-risk driver, which can significantly lower your insurance costs.
Bundle Your Policies
Many insurers offer discounts if you combine multiple policies, like home and auto insurance. This not only simplifies managing your insurance but also saves you money on premiums.
Raise Your Deductible
Increasing your deductible—the amount you pay out of pocket before your insurance kicks in—can lower your premium. Just make sure you can afford the higher deductible if you have an accident.
Add Safety Features
BMW vehicles come with many safety features, but adding extras like anti-theft devices can further reduce your insurance costs by lowering the risk of theft and damage.
Use Discounts
Insurance companies often offer discounts for things like being a good student, having a clean driving record, or completing a defensive driving course. Ask your insurer about any discounts you might qualify for.
Shop Around
Insurance premiums can vary widely between different providers. It’s important to compare quotes and choose the insurer that offers the best value for your needs.
Consider Usage-Based Insurance
If you don’t drive your BMW often, think about usage-based insurance. This type of policy bases your premium on how much you drive, potentially saving you money if your BMW isn’t your main vehicle.
Our Methodology
In order to calculate average car insurance costs, Insuranceopedia aggregated thousands of quotes from leading auto insurance providers. The sample profile was for a 40-year-old male driver buying full-coverage car insurance with these coverage limits: $100,000 in property damage liability, $100k in bodily injury liability and a $1,000 deductible. However, the figures in this guide may differ from your own individual results
FAQs
What Is The Most Expensive BMW Model To Insure?
At $6,157 per year, the BMW i8 is the most expensive BMW model for car insurance.
What Is The Cheapest BMW Model To Insure?
The BMW X1 is the cheapest model for car insurance, at $2,319 per year.
