Affordable BMW Auto Insurance Quotes (2023)

Luxury car insurance costs more because the cars cost more to repair and replace. While this applies to BMW, the brand usually has affordable auto insurance rates.

Read on to learn how to find affordable BMW auto insurance quotes and how you can save even more. Then, compare rates with as many companies as possible to find the best insurance for your BMW.

BMW Auto Insurance Rates

While you can buy a new BMW for less than $40,000, you can also easily spend over $100,000. BMW is a luxury brand known for its quality engineering and ultramodern designs. As a luxury brand, insurance for a BMW costs more than it does for standard cars.

While luxury car insurance costs more for several reasons, higher rates are primarily due to higher repair costs. Generally speaking, vehicles with high price tags cost more to fix or replace. BMWs are particularly costly to repair since they’re built with the latest technologies.

Some luxury brands cost more than $300 a month to insure. For example, Mercedes auto insurance often costs over $400 a month for some models. While BMW is a luxury brand, it tends to have more affordable insurance rates. In fact, at $181 a month on average, BMW is one of the most affordable luxury cars to insure.

Finding cheap BMW auto insurance isn’t quite as easy as buying coverage for a standard vehicle, but there are plenty of ways to save. One of the most important ways to keep your insurance rates low is to compare as many quotes as possible.

BMW Insurance Rates by Company

The company with the best BMW car insurance rates depends on a set of factors unique to you. However, Amica, Geico, and Erie tend to have some of the lowest rates for BMWs. Other affordable options include State Farm and Nationwide.

On the other end of the scale, Progressive and Allstate are usually some of the most expensive options for luxury car insurance, including for BMWs. These companies can easily charge over $500 a month for insurance. Find out the average cost of auto insurance per month.

BMW Insurance Rates by Model

Luxury car insurance always costs more than insurance for standard vehicles, but some models are more expensive than others. Several factors affect the cost of your car insurance, but you can check how much insurance costs for some of the most popular BMW models.

You’ll notice significant variation between BMW models. For example, the BMW X3 is one of the cheapest models to insure at $156 a month. The BMW M6, on the other hand, is one of the most expensive models.

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Factors That Affect BMW Auto Insurance Rates

You already know that luxury cars cost more to insure, but there are several other factors that affect your insurance. When you’re looking for insurance for a BMW, you should know that insurers calculate your auto insurance rates based on the following factors:

• Location: Insurance companies keep careful track of accidents, crime rates, and other claim-related information. Insurance costs are higher in some ZIP codes than others because of higher vehicle crime rates or more accidents.
• Age and gender: Another thing companies keep track of is how many claims are filed by different age groups. Younger drivers and men pay higher rates for their car insurance because they tend to file more claims.
• Credit score. Unless you live in Hawaii, California, Michigan, or Massachusetts, insurance companies are allowed to use your credit score when calculating your auto insurance quotes. The lower your score, the more you’ll pay for insurance.
• Marital status: Married couples tend to file fewer claims than single people, so most companies offer them a small discount on their insurance.
• Driving history: Your driving record is one of the most important factors in your insurance rates. Drivers with DUIs, speeding tickets, or at-fault accidents will pay much more for their insurance. Find out how your driving record impacts your auto insurance rates.

The amount of coverage you want to buy will also impact your rates. Minimum liability auto insurance — or the least amount of coverage required by your state — costs much less than full coverage auto insurance. While it’s more expensive, the extra protection offered by full coverage is probably worth it for your BMW.

How To Get Affordable BMW Auto Insurance Rates

Even though it’s a luxury brand, BMWs typically have affordable rates. The good news is there are additional ways to lower your auto insurance costs. To get cheaper BMW car insurance, consider the following tips:

• Enroll in a telematics program. Most companies offer usage-based car insurance discounts for low-mileage, safe drivers. Depending on the program you choose, you can save up to 40%. Learn how to get a low-mileage discount on your auto insurance.
• Add security systems. Drivers with extra security systems installed in their vehicles can save on their comprehensive car insurance. Applicable security features usually include audible alarms and GPS tracking.
• Look for discounts. Insurance companies offer auto insurance discounts to help their customers save, and it’s essential to look for them when shopping for coverage.
• Keep your record clean. The easiest way to keep your rates down is to keep a clean driving record. If you have an infraction on your record, it’s crucial that you avoid adding more.
• Increase your deductible. Your car insurance deductible is the amount you must pay before your insurance kicks in. You can save on your car insurance rates by increasing your deductible, but you’ll have to pay more if you need to file a claim.

Insurance companies have unique formulas to determine rates. While all companies look at the same factors, some are more forgiving than others for certain demographics. For example, Nationwide and Geico have some of the lowest rates for people with low credit scores, while Progressive and State Farm have some of the highest.

Find the Best Auto Insurance for BMW Today

BMW is one of the most famous and sought-after luxury brands, known for its ultramodern engineering. While luxury cars always have higher insurance rates, BMW coverage tends to be on the affordable side.

Although BMW rates are often affordable, there are always more ways to save and find better cheap BMW auto insurance. The most important step in your search for BMW insurance is to compare as many quotes as possible. If you don’t, you’ll likely overpay for your policy. Use our free quote tool to find affordable BMW auto insurance quotes today.

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