On average, BMW drivers pay $2,041 each year for car insurance. But depending on the model you have, your insurance rates could vary (by a lot!). A 328 XI Sulev costs $3,095 less more per year to insure than a 328 I.
Here’s what drivers pay when they switch with Jerry
Here are some real quotes from Jerry customers who saved money when insuring their BMW.
Factors like your demographics, driving record, and location all play a role in your overall insurance premium. But each insurance company weighs the factors differently, which means you could find drastically different rates among insurers for the same coverage.
The cheapest insurer for BMWs is Commonwealth Insurance, with an annual premium of $1,212.
Other popular carriers for BMW include the following:
For tech-savvy drivers with a safe record, Nationwide is a good choice. They have a robust online platform, mobile app, and website that earn them a rating of 4.6/5 from Jerry.
One of the biggest names in the industry, Progressive has strong financials, a huge variety of coverages, and great discounts and features. Progressive is a good option for tech-savvy and higher-risk drivers and gets a 4.6/5 from Jerry.
High-risk drivers should consider Kemper. It files SR22 forms for drivers who need to provide proof of coverage to the state and even insures rebuilt salvage cars. Jerry rates Kemper a 4.3/5.
Young drivers looking for affordable coverage might find it with Safeco. Safeco also has a claims-free cashback program, which gives you a small refund for every six months that you remain claims-free. Jerry rates Safeco a 4.5/5.
As one of the top insurers in the country, Allstate has a large network of agents and repair shops. Policyholders like the wide range of digital features that Allstate offers, including a rate calculator, mobile app, online bill payment, and online claim reporting. Allstate gets a 4.5/5 from Jerry.
Travelers has a great variety of insurance add-ons, including roadside assistance, rental car reimbursement, accident forgiveness, new car coverage, and gap coverage. Travelers offers driver discounts to help lower premiums, such as for good students or safe drivers. Jerry gives Travelers a 4.7/5 rating.
Safe and experienced drivers who want to get the most out of their insurance may want to consider State Auto. Lots of coverage options and the ability to file claims online earns State Auto a rating of 4.1/5 from Jerry.
National General specializes in insurance for high-risk drivers. The company also has a claims satisfaction guarantee in most states and will waive your deductible up to $250 if you’re not happy with your claims experience. Jerry gives National General a rating of 4.1/5.
Dairyland is also a good option for high-risk drivers. Perks include flexible payment plans and 24/7 live claims support in almost 40 states. Dairyland gets a rating of 4.6/5 from Jerry.
Clearcover is a good choice for tech-savvy drivers. With Clearcover’s award-winning app, you can file a claim, pay your premium, and access proof of insurance—all at the touch of a button. Jerry rates Clearcover a 4.1/5.
How to compare prices to find the most affordable coverage
Cheap insurance might look good at first glance, but cheaper isn’t always better. Dropping coverages to save a bit of money can leave you in a dangerous financial position if you end up in an accident.
You should compare rates from at least three to five insurance providers to find the best one, though. If you want to do it the hard way, you can head to their websites, fill in the forms, and get your quotes.
Want the easy way? Get Jerry. A licensed broker that offers end-to-end support, the free Jerry app gathers affordable quotes, helps you switch plans, and even cancels your old policy for you—and it’s totally free to use!
Here’s how much drivers paid with various insurance carriers before and after switching with Jerry.
Avg. Annual Premium
Key Takeaway Using a car insurance comparison app like Jerry is the easiest and most effective way to compare quotes from multiple carriers to find the best premium for the coverage you need.
Cost of insuring a BMW
Cost of insuring with minimum coverage and full coverage
The average annual insurance premium for a BMW is $1,705 per year for minimum car insurance and $3,149 for full-coverage insurance. When you consider all makes and models, the average insurance premium in the US is $1,782 per year for minimum car insurance and $2,484 for full-coverage insurance.
Your rates will vary depending on what coverage you decide to purchase. Remember that each state has minimum insurance requirements you have to meet to comply with the law.
Here are the basic types of insurance that your state may require:
Pays for your own medical expenses after a car accident
It’s usually a good idea to purchase more than just the mandatory minimum insurance. Even a relatively minor accident can result in thousands of dollars of damage and medical bills. If you’re at fault and don’t have enough coverage, you’ll be responsible for paying any costs out of pocket.
If you’re leasing or financing a BMW, your lender or dealer will likely require you to purchase full-coverage insurance. You should also purchase full coverage if you can’t afford to replace your car in the event that it’s totaled.
Insurance companies look to your age and driving record as an indicator of your experience and risk level. Statistics show that younger drivers tend to get into more accidents, so they usually pay higher rates. Older drivers with more experience usually pay less.
If you have traffic violations on your driving record, that will also affect your rates. Minor infractions, like speeding tickets, may cause a slight rise. Serious infractions, like DUIs or reckless driving charges, will significantly influence your rates—and they’ll likely stay high for up to 10 years.
But there’s good news! If you improve your driving habits and maintain a clean record moving forward, you’re likely to see your premiums drop.
Here’s how accidents and violations can affect car insurance costs for BMWs by age group:
Key Takeaway Insurance costs for your BMW will vary depending on factors like your driving record, age, and insurance coverage needs.
Cost of insuring popular models
Different cars have different replacement costs, and the BMW model you choose will affect your insurance costs. More expensive cars generally require bigger payouts from insurers—which translates to bigger insurance premiums for you.
But whether you opt for a cost-effective X1 or a luxurious 8-series convertible, Jerry can help you find affordable insurance coverage.
It takes less than a minute to sign up for the free app and you’ll be presented with competitive rates from up to 45 top providers. Don’t lose coverage, find savings with Jerry.
If you want to learn more about car insurance costs for some of the most popular makes, check out the links below.
Key Takeaway Your car model affects your insurance rates. The more expensive the car, the more insurance usually costs.
Cost of insuring your BMW by year
Most and least expensive years of car
A shiny new BMW is definitely appealing, but you won’t find any savings when it comes to your insurance. Thanks to depreciation, older models tend to cost less to insure.
According to Edmunds, a new car loses 23.5% of its value in the first year and 60% of its value in the first five years. And the less your car is worth, the less it costs to repair or replace it if you need to make a claim. For you, this means insurance savings.
Drivers with newer cars also tend to lease or finance their vehicles and therefore must have full-coverage insurance. You’ll always pay more for full coverage than for just the mandatory minimum insurance required by your state.
According to Jerry’s internal data, the cheapest years for BMWs are 1991 and 1990.
The most expensive years for BMWs are 2016 and 2018.
Key Takeaway Older BMWs typically cost less to repair or replace than newer ones and may not be leased or financed, so they tend to have cheaper insurance rates.
Cost of insuring a BMW in your city
Even within the same county and state, car insurance premiums can vary pretty widely. This is due in large part to differences in rates of accidents, crime, and natural disasters. So where you live will affect your insurance rate.
It’s all about risk for your insurance company. If your city has lots of collisions, car thefts, or severe weather events, you’re more likely to make a claim—and to pay more for your car insurance.
According to our data, there is a high percentage of BMW drivers in cities including Windermere (FL), Jacksonville (FL), Los Angeles (CA), Phoenix (AZ) and Gainesville (GA).
The cheapest car insurance for BMWs for Jerry users is in Rio Rico (AZ) and Ridgefield (WA).
The most expensive car insurance for BMWs for Jerry users is in Walnut Creek (CA) and Castroville (CA).