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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.
Car insurance protects you from the financial risk that you’ll injure someone with your car or destroy his or her property. Car insurance could also reimburse you if your own car is stolen or damaged. In 48 out of 50 states, you’re required by law to have some form of car insurance, but how much coverage you purchase largely hinges on how much you actually need.
Auto insurance typically works the same way for your car regardless of what kind of car it is. You purchase coverage in each of several areas that comprise your car insurance policy, pay your premiums, and you’re covered if you’re financial liable for damage. This is how it’ll work for a budget car and how it’ll work for a BMW.
But BMWs are higher-end cars, which means that although the process of applying for car insurance and claiming benefits under your policy are the same, you may be forced to pay a higher premium for coverage. That’s because expensive cars are pricier to repair or replace, so they present a larger risk to the auto insurance company.
Car insurance premiums can be expensive, but shopping around for the right policy can save you hundreds of dollars per year. Policygenius can help you compare auto insurance companies until you find one that works for you.
Read on to learn more about BMW car insurance:
Not only can you get auto insurance for your BMW, but if you drive the car at all then you’re required by law (in most states) to get covered. But because you already paid more than usual for your BMW, you’ll want to spend a higher-than-usual amount on 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 way to get car insurance for your BMW is just like any other car, luxury or otherwise. First, figure out how much auto insurance you need. Keep in mind that car insurance pays for medical bills incurred as a result of your driving as well as damage to your car or somebody else’s.
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Then, compare prices online. 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 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 reading this and wondering whether to go for the Lamborghini or the BMW, the latter will at least be covered by more insurance companies.
Simply put, BMWs are more expensive to insure because they’re more expensive in general. Repair bills for less-expensive cars include less work and more readily available parts; such parts and requisite mechanic skills may be harder to come by for luxury cars.
Your rates are determined by a number of factors about you and your lifestyle as well as the amount of coverage you need. However, even if you’re less risky to insure than other car insurance customers, you can still expect to pay between $1,500 and $3,500 per year for BMW car insurance.
The main factors that go into determining your car insurance rate are:
Younger drivers will get charged higher rates than older drivers (rates typically fall after age 25) because car insurance companies have determined not only that they’re less experienced but also that they drive more recklessly. If you’re a younger driver lucky enough to get a BMW for your first car, expect to pay a fortune for car insurance. (Although there are many discounts available, especially for students.)
Higher-crime areas could lead to higher rates if the car insurance company determines that your BMW is more likely to get stolen or broken into. Your car insurance covers you in both of those cases as long as you have comprehensive insurance, so the insurer needs to protect its risk.
Men have a higher risk of causing an accident. Can’t argue with the data.
Drivers who’ve demonstrated a history of operating a vehicle safely can enjoy lower premiums.
Car insurance actually comprises several different components. You’re not required to purchase coverage in all the components – most states only require coverage in liability for bodily injuries and property damage. But you’ll want to look into the following car insurance components when determining how much coverage you need for your BMW.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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