Buying a BMW can be an exciting moment, but we always need to take in the consideration the cost of insurance, which on some cases, could be quite expensive. The cost of a BMW car insurance is based on various factors, ranging from age or credit score to driving record.
Add to the this equation the high-price of a BMW bought in a large urban area, and you will find yourself in a situation of paying a premium price. In some cases, insurance coverage could can be set to a minimum required by law, but if you lease or finance the car through BMW Financial Services, then it is mandatory to have a full coverage policy.
Having a good credit score and no negative payment history, will tremendously help you get the cheapest BMW car insurance rates. Being a responsible driver with no prior speeding tickets or car accidents, will show the insurance companies that you’re trustworthy and there is a smaller chance to affect your insurance quote.
But How Much Does It Really Cost To Insure A BMW?
Just like everything in life, the more expensive an item is, the more it costs to protect it. Several studies have shown that a BMW car insurance can cost an average of $1,900 per year. Of course, that BMW insurance cost varies drastically by model and their MSRP.
A top model 2020 BMW 7 Series can cost as much as $5,000 per year to insure, while a 2020 BMW X1 or a BMW 2 Series can be as low as $1,900 per year.
Now if you’re shopping for BMW car insurance for a pre-owned model, the rates are certainly cheaper. In our research, we found that older BMW models, but not older than 10 years, can be insured for $100-$140 per month.
In our case, we lease a 2019 BMW i3 Range Extender and with the homeowners insurance and another car on the plan, the BMW car insurance premium comes to $1,400 per year. This is a fantastic price considering the base price of the i3 and all the tech behind it.
Your mileage might vary, for us this was the best case scenario: no moving violations in the last 10 years, no major claims and an average of 10,000 miles per year.
We also looked at some BMW M cars. For example, a 2021 BMW M4 Coupe, with just the auto insurance and a clean record, came out to $1,500 for a full year. But this was the best case scenario.
Here are some more examples of how much it costs to insure a BMW model:
How To Save Money On Your BMW Car Insurance
There are a few ways to save money on your BMW insurance premium:
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In conclusion, always shop around for the best price, do your research online, call multiple insurance agents and don’t hesitate to let them know if you have seen a better deal somewhere.
This content was originally published here.