Car insurance for BMWs

Auto insurance for BMWs typically works the same way as it does for any other type of car, except you may pay higher premium rates.

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Rachael Brennan

Rachael Brennan

Senior Editor & Licensed Auto Insurance Expert

Rachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Updated|3 min read

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Auto insurance typically works the same way regardless of what kind of car you have. You buy coverage, pay your premiums, and you’re covered if you’re financially liable for damage. This is how it’ll work for a budget car and how it’ll work for a BMW, but car insurance for a BMW is going to cost more.

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But even though car insurance premiums for a luxury car like a BMW can be expensive, shopping around for the right policy can save you hundreds of dollars per year. Policygenius can help you compare auto insurance policies so you can find one that meets your needs.

Key takeaways

  • Car insurance rates for a BMW tend to be higher than for non-luxury cars, because they cost more to repair or replace.

  • Like with any car, rates will vary based on a number of factors, like your age, ZIP code, and driving history, as well as which model you choose.

  • Average car insurance rates for the M3 range from $2,500 per year with Progressive to $5,504 per year with Allstate.

  • Average car insurance rates for the 530I range from $1,922 per year with Progressive to $4,826 per year with Travelers.

How much is car insurance for a BMW?

Like with any car, car insurance rates for a BMW will vary based on a number of factors, like your age, ZIP code, and driving history. But rates will be higher for a BMW than for a lower-end make, simply because BMWs cost more to repair or replace in case of damage.

The chart below shows the average annual insurance rate for a BMW M3 and a BMW 530i with some top insurance companies.

Company

BMW M3

BMW 530i

Allstate

$5,504

$4,620

GEICO

$4,176

$3,424

Progressive

$2,500

$1,922

Travelers

$4,990

$4,826

BMWs are higher-end cars, which means that, although the process of applying for car insurance and filing a claim under your policy are the same, you’ll pay more for coverage. That’s because expensive cars are pricier to repair or replace, so they present a larger risk to the auto insurance company.

Why do I pay higher premiums for BMW car insurance?

Simply put, BMWs are more expensive to insure because they’re more expensive to buy. Repair costs for a luxury vehicle mean pricier parts that are harder to find, as well as more specialized knowledge in how to repair them.

Remember, assuming you have full coverage, your car insurance company is agreeing to pay you if your car is damaged, stolen or totaled. A more expensive car (like a BMW) means your insurance company is taking on more financial risk, so you’ll pay higher rates as a result.

But your rates are determined by a number of factors about you and your lifestyle as well as the amount of coverage you need. Whether you drive a BMW or not, the main factors that go into determining your car insurance rate are:

  • Your age: Younger drivers will get charged higher rates than older drivers (rates typically fall after age 25). If you’re a younger driver lucky enough to have a BMW for your first car, expect to pay a fortune for car insurance (although there are many young driver discounts available, especially for students.)

  • Your location: Higher-crime areas could lead to higher rates if the car insurance company determines that your BMW is more likely to get stolen. Living in a city will probably also mean higher rates simply because there are more cars on the road, so more chances for an accident.

  • Your gender: Insurance companies tend to charge slightly higher rates for men than women. But this isn’t always the case and gender-based rates can vary from one state (or insurance company) to the next.

  • Your driving record: A clean driving record is the best way to keep your insurance costs low. If you have a recent accident or moving violation on your record, you’ll pay more for coverage.

  • Your coverage needs: The more coverage you buy, the more you’ll pay for car insurance. This is true for setting liability coverage levels, but it also will go up if you add coverage like comprehensive, collision, and gap coverage.

How do I get car insurance for my BMW?

Because you paid more to purchase a luxury car, you’ll also pay more for car insurance. The amount you get should be enough to protect you financially from damage, loss, or liability that you’d otherwise have to pay for out of pocket. You might be able to afford a BMW, but can you afford to replace it, too?

The best way to get car insurance for your BMW is just like you would for any other car, luxury or otherwise. Here’s a step-by-step guide to buying coverage for your BMW.

  1. First, figure out how much auto insurance you need. Keep in mind that liability coverage only pays for bodily injury and property damage liability costs. If you want coverage for your own vehicle, you’ll need to get full coverage.

  2. Then, compare quotes from multiple companies. Use a marketplace like Policygenius to see multiple quotes at once so you can choose your best option.

  3. Sign your policy and make your first payment. That’s how you officially start your coverage — but remember to reshop every year at renewal just to make sure you’re not missing out on a better option.

BMWs are often much more expensive to insure than lower-end cars, so you’ll want to spend some time exploring your options. 

However, BMWs are easier to insure than some exotic and performance cars, which often use rare and have international parts that are even harder and pricier to replace. If you’re wondering whether to go for the Lamborghini or the BMW, the BMW will be covered by more insurance companies.

Frequently asked questions

Are BMW cars expensive to insure?

Yes, car insurance for a BMW is going to be more expensive than insurance for a cheaper car. Insurance for a BMW is likely to be thousands of dollars more expensive each year than something like a Toyota Corolla or a Honda Accord.

What is insurance like on a BMW?

Insuring a BMW is going to be more expensive than insuring a non-luxury vehicle. Depending on the model and your driving history, you could end up paying between $1,900 and $6,000 (or more) for insuring a BMW.

Is a BMW 3 Series expensive to insure?

The BMW 3 Series (330i, the 330e, the M340i, and the M3) are more expensive to insure than other makes and models because they are more expensive to repair or replace but, when it comes to BMWs, they can be cheaper to insure than other models, depending on which model you choose.

Is a BMW 3 series considered a sports car?

According to BMW, the 3 Series is considered a sports car because of the design and performance capabilities.

Methodology

Policygenius used online quoting systems provided by carriers to get sample quotes for two different BMW models. We used the following coverage limits to calculate the cost of full coverage for drivers:

  • Bodily injury liability: $100,000 per person, $300,000 per accident

  • Property damage liability: $100,000 per accident

  • Uninsured/underinsured motorist coverage: $100,000 per person, $300,000 per accident

  • Comprehensive: $500 deductible

  • Collision: $500 deductible

Our sample vehicle was a 2017 model driven 15,000 miles/year. Our sample driver was a 30-year-old single male with a clean driving record living in ZIP code 75007. Rates provided are a sample of costs. Your actual quotes may differ.

Author

Senior Editor & Licensed Auto Insurance Expert

Rachael Brennan

Senior Editor & Licensed Auto Insurance Expert

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Rachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

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