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How Much Is BMW Insurance?

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After purchasing your new BMW, your next steps include finding an insurance policy that works for you. Many companies and providers offer various plans, leaving you to compare the rates, coverage, and services to find the one that meets your needs. Learning about the options and costs and the factors that affect your rates can help you properly insure and protect your vehicle. Use the information below to gain an understanding of insurance options and costs for your BMW.

BMW Insurance Costs

Insurance costs depend on many factors and considerations. The average cost of insurance for customers who own a BMW vehicle is $4,049 per year, according to Value Penguin.

Factors that Impact Insurance Costs

The exact cost of your insurance plan can vary depending on many factors, such as your car’s model, safety ratings, and coverage selection.

BMW Model

The cost of your insurance policy can depend on the specific model of your BMW. For example, a simple model such as the BMW X1 has a lower average rate of $2,587 per year, while high-end models such as the 740i and i8 have an average insurance cost of $5,530 and $6,550 per year, respectively.

Safety Statistics

An insurance provider may calculate and project the risks and liabilities for your BMW using the safety ratings and statistics for the vehicle. The exact safety rating of a BMW can vary according to the make and model, but most vehicles from the manufacturer earn a four or five-star safety rating in crash tests and earn high ratings for highway safety. The high safety ratings can help you find discounted rates for your BMW insurance policy.

Coverage Options

When insuring your BMW, you can control some of the costs by selecting your type and level of coverage. Insurance plans and policies can include various amounts and types of coverage. Here are some of the most common coverage options for BMW drivers:

  • Liability coverage: Liability coverage provides funds and claims to pay for the damage or injury of other drivers in an accident if the police deem the collision as the fault of the policyholder.
  • Collision coverage: Collision coverage takes care of the costs and repairs that occur from an accident regardless of fault.
  • Comprehensive coverage: Comprehensive coverage includes broader protection with assistance and funds for damages, repairs, and mechanical issues caused by outside factors and collisions with inanimate objects.

Driver Age

When calculating your insurance rates and costs, the provider analyzes risk factors, including driver age and experience. Individuals between the ages of 18 and 30 often receive higher rates because of their lack of proven driving experience and safety. Older drivers with clean driving records and years of experience may get discounted rates as their abilities provide less risk for the insurance company.

Driving Record

Your insurance provider will also evaluate your driving record to identify any additional risks associated with your driving abilities and legal restrictions. Having a clean driving record with no infractions, accidents, and charges can increase your ability to secure a lower insurance rate. Drivers with speeding tickets, DWIs, or DUIs often receive additional fees that impact their insurance rates.

Driver Location

Your location, including your state and city, can affect the rates and cost of your insurance plan. Customers in urban areas with a high volume of drivers and a higher rate of collisions may pay more for their insurance to compensate for the increased risk factors. Some states may also include minimum insurance requirements that provide higher rates for greater coverage.

Selected Deductible

When you select an insurance plan, each option comes with a set deductible. The deductible amount represents the total out-of-pocket repairs and expenses required before the aid and benefits of your insurance apply to your claims. Selecting a plan with a higher deductible amount can include lower monthly payment rates, but can also require you to pay more without assistance in the event of an accident or issue.

How To Find the Best BMW Insurance

Finding the best BMW insurance with helpful coverage and an affordable rate requires time and research. Follow these steps to find the insurance policy and provider that meets your needs and fits your budget:

1. Compare Policies

Insurance policies and options offer endless combinations of coverage, rates, deductibles, and terms. Evaluate your needs based on state requirements and the condition of your vehicle, then compare policies from different companies to find a rate and coverage plan that meets your needs. For example, many states require liability coverage, and drivers with a brand-new vehicle may want the extra protection of a collision coverage policy.

2. Research Rates

After finding and comparing the levels of coverage, research different providers to get an idea of the rates and monthly payments for each plan and determine which company offers the best deal for you. You can request a quote based on your driving record, age, and vehicle model to get a general idea of the rates for each provider and plan. Gather quotes and averages from a variety of companies to create a comparison and find which policy gives you the coverage you need at a rate you can afford.

3. Choose a Plan

Once you determine your necessary policy and acceptable rates, select a provider and plan to register for your insurance and begin your coverage. Complete any necessary paperwork or contracts and submit your information. Most states and locations require you to choose and hold an insurance policy before driving your vehicle.

4. Reevaluate regularly

Even when you have an insurance policy, you can regularly reevaluate your coverage and rates to find new policies or providers that may offer discounts or better deals. You can work with your current provider to change your policy, switch vehicles, or move to a new provider. Consistently evaluating your payments and protection needs can help you find areas for savings or greater coverage.

Caring for and protecting your new BMW with an insurance policy can help you in the event of a collision, theft, or mechanical issue. Use the information in this article to help you predict and evaluate the costs, factors, and options for your insurance plan and ensure the safety of your BMW.

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

We’re here to help you simplify car care and save, so this post may contain affiliate links to help you do just that. If you click on a link and take action, we may earn a commission. However, the analysis and opinions expressed are our own.


About the Author

FIXD Research Team

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

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