Best BMW Car Insurance Rates in 2024 (Check Out the Top 10 Providers)

Let’s delve into the best BMW car insurance rates with State Farm, USAA, and Allstate as the top contenders, offering discounts up to 31%. These companies provide exceptional customer service and comprehensive coverage options tailored to BMW owners. Compare now to find the best coverage for your BMW.

By entering your ZIP code above, you can get instant car insurance quotes from top providers.

#1 – State Farm: Top Overall Pick

Pros

• Top Overall Pick: State Farm is highly recommended for its overall customer satisfaction and service.
• Extensive Coverage Options: Offers a wide range of coverage options to meet various needs. Learn more in our State Farm car insurance review.
• Extensive Agent Network: Provides access to a large network of agents for personalized service.

Cons

• Potentially Higher Rates: Rates may be higher compared to some competitors.
• Lengthy Claims Process: Some customers report longer than average claims processing times.

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#2 – USAA: Best for Military Discounts

Pros

• Best for Military Discounts: As mentioned in our USAA car insurance review, they offer exclusive discounts and benefits for military members and their families.
• Excellent Customer Service: USAA is well-known for its exceptional customer service and claims handling.
• Strong Financial Ratings: Has top ratings for financial stability and customer satisfaction.

Cons

• Limited Membership: Only available to military members, veterans, and their families.
• Availability of Services: Limited physical locations may not be convenient for all customers.

#3 – Allstate: Best for Accident Forgiveness

Pros

• Best for Accident Forgiveness: Offers accident forgiveness programs that can help keep rates lower after a claim.
• Variety of Discounts: Provides numerous discounts to help lower premiums.
• User-Friendly Technology: Offers innovative tools like the Drivewise program for safe drivers. Learn more in our Allstate car insurance review.

Cons

• Higher Premiums: Allstate tends to be more expensive compared to some competitors.
• Mixed Customer Service Reviews: Some customers report dissatisfaction with claims handling and customer service.

#4 – Geico: Best for Affordable Rates

Pros

• Best for Affordable Rates: Geico is well-known for its competitive pricing and discounts.
• User-Friendly Online Platform: Offers a convenient and easy-to-use website and mobile app.
• High Customer Satisfaction: Generally receives positive feedback for customer service. Learn more in our Geico car insurance review.

Cons

• Limited Personalized Service: Geico is primarily online, which may not appeal to customers who prefer in-person interactions.
• Claims Satisfaction: Some customers report issues with the claims process and settlement amounts.

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#5 – Progressive: Best for Snapshot Program

Pros

• Best for Snapshot Program: Offers a usage-based insurance program (Snapshot) that can help lower premiums.
• Innovative Tools: Provides tools like Name Your Price® and online quote comparison.
• Wide Range of Coverages: Offers a variety of insurance products beyond just auto insurance. Read more about their discounts in our Progressive car insurance review.

Cons

• Rate Increases: Some customers experience rate increases over time.
• Complex Claims Process: Claims processing can be more complicated compared to other insurers.

#6 – Amica: Best for Customer Satisfaction

Pros

• Best for Customer Satisfaction: Amica consistently receives high ratings for customer service and claims satisfaction.
• Financial Stability: Strong financial stability and reliability in the insurance industry.
• Personalized Service: Known for its personalized customer service and individual attention. (Read More: How do you get an amica mutual car insurance quote online?)

Cons

• Potentially Higher Rates: Premiums may be higher compared to some competitors.
• Limited Availability: Amica may not be available in all states, limiting accessibility.

#7 – Liberty Mutual: Best for Car Replacement

Pros

• Best for Car Replacement: Offers unique benefits like New Car Replacement Coverage.
• Customizable Policies: Provides options for tailoring policies to individual needs.
• Financial Strength: Liberty Mutual has strong financial ratings and stability.

Cons

• Higher Premiums: Liberty Mutual can be more expensive compared to other insurers. For more information, read our Liberty Mutual car insurance review.
• Mixed Customer Reviews: Some customers report dissatisfaction with claims handling and customer service.

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#8 – Farmers: Best for Customizable Policies

Pros

• Best for Customizable Policies: Farmers offers a wide range of coverage options and customization.
• Local Agents: Provides access to local agents for personalized service and support.
• Discount Opportunities: As mentioned in our Farmers car insurance review, they offer various discounts to help lower premiums.

Cons

• Potentially Higher Rates: Premiums may be higher compared to some competitors.
• Claims Processing: Some customers report issues with claims processing and settlement.

#9 – Nationwide: Best for Vanishing Deductible

Pros

• Best for Vanishing Deductible: Offers the Vanishing Deductible program for safe drivers.
• Personalized Service: Provides local agents for personalized service and support.
• Wide Range of Products: Offers various insurance products beyond auto insurance (Read More: Nationwide Car Insurance Discounts).

Cons

• Higher Premiums: Nationwide can be more expensive compared to other insurers.
• Claims Handling: Some customers report delays and issues with claims processing

#10 – Travelers: Best for Hybrid Discounts

Pros

• Best for Hybrid Discounts: Offers discounts for hybrid and electric vehicle owners.
• Strong Financial Stability: Travelers has strong financial ratings and stability.
• Innovative Products: Provides innovative insurance products and coverage options.

Cons

• Higher Premiums: Travelers tends to be more expensive compared to some competitors. Learn more about their rates in our Travelers car insurance review.
• Customer Service: Mixed customer reviews regarding claims handling and customer service.

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BMW Car Insurance Costs

BMW is one of the world’s most respected automakers and has been in business since 1916. Originally aircraft builders, the company began producing cars in the early 1920s. Now BMW is known for its luxury cars and SUVs.

The average car insurance cost for a BMW is going to be higher than economy car brands. However, you can still receive affordable BMW auto insurance rates by understanding how car insurance companies calculate your premiums.

Let’s say our hypothetical driver is looking for car insurance costs for a 2009 BMW M3. Using our car insurance cost estimator for the BMW, his car insurance on a BMW will look as follows:

So, how much does car insurance cost for a BMW? As you can see, the lowest rates will be around $104.34 per month. But remember, these estimates are for the BMW 3 series and our hypothetical driver is very low-risk.

If you have tickets for speeding violations, at-fault accidents, or are considerably older or younger than our hypothetical individual, your BMW 7 insurance or 2006 BMW 325i car insurance costs will be much higher.

The cheapest BMW to insure might be the BMW x1, while the most expensive might be the BMW i8. If you’re still contemplating which BMW model to buy, look for sample quotes for different models and see if the insurance cost can sway you in one direction or another.

Having a less desirable credit rating may also cause you to have higher than average BMW insurance costs.

The BMW 7 series insurance costs, for example, will look quite different.

States and cities with higher population density or higher crime rates usually have pricier average car insurance rates because you’re more at risk of getting into an accident or having your vehicle stolen.

Don’t skimp on your coverage. BMWs are common targets for thieves, so you definitely want to invest in comprehensive car insurance coverage, and if you don’t have collision coverage, your insurer won’t pay to repair your car if you’re in an at-fault accident.

Fortunately, there are still ways to save on car insurance, no matter where you live. Keep reading to learn more about low-cost BMW insurance.

Lowering Your BMW Auto Insurance Premiums

As you’ve learned from the information above, a question like, “How much does car insurance cost per much for a 2015 BMW 320i”  does not have an easy answer, as so many variables impact your individual rates.

No matter your circumstances, checking with different insurance companies for advantageous rates is a good idea. Because our hypothetical individual has no tickets or accidents in their recent past and a relatively clear history, his insurance costs are lower.

Go online to get insurance quotes to compare prices or check with your local insurance agent. Most insurance agencies can provide you with quotes from several different companies.

Before asking for quotes, have the following information available:

• Complete names, dates of birth, driver’s license numbers, and driving records for all drivers of your cars
• The limits of liability that you want
• Deductibles you can accept for damage to your own car
• If you want uninsured motorist coverage
• Year, description, model, and VIN if available for all cars
• How the car will be used

This information will allow the insurance company to give you a reasonable quote for the cost of insurance. They’ll probably ask other questions in the event that you choose to go forward with purchasing a policy.

Comparison shopping for insurance can make a difference in the cost of ownership for the vehicle you’ve chosen.

For cheap BMW car insurance rates, we recommend looking at available discounts from insurance providers that you might be eligible for.

What are some unusual car insurance discounts that your BMW might qualify for? Check out our list below.

• Multi-Car Discounts: insuring more than one car with the company
• Package Discounts: insuring both your home and car with the same company
• Good Driver Discounts: no tickets, no accidents
• Good Student Discounts: especially valuable if you have a teen driver

All of this comparison is quite time-consuming but can be beneficial to your bottom line when you purchase a car.

BMW Saftey Ratings

Insurance companies will take safety ratings for your vehicle into consideration when determining your car insurance rates. Fortunately, many BMW models receive great scores across the board.

Take a look at how the Insurance Institute for Highway Saftey rated the 2020 BMW 3 Series below.

• Small Overlap Front (Driver-Side): Good
• Small Overlap Front (Passenger-Side): Good
• Moderate Overlap Front: Good

If you invest in the 2020 BMW 3 sedan, expect your insurance rates to be lower thanks to these stellar safety scores.

The age of your vehicle also matters. Sometimes, newer models of a certain car have better safety ratings than older versions.

For example, the 2018 BMW 3 Series received a five-star overall safety rating from the National Highway Traffic and Saftey Administration. However, the driver’s side crash test only received four stars.

While the BMW safety ratings are not the only factor that will impact your insurance rates, they do make a difference. Putting the time in to research the safest vehicle can help save you money in the long run.

Read More: Safety Features Car Insurance Discounts

Compare BMW Auto Insurance Rates by Model

Explore BMW car insurance rates for distinct models like the 2 Series Gran Coupe, 3 Series, 4 Series Gran Coupe, 5 Series, M2, M3, M5, M6, X2, and Z3.

This detailed analysis offers insights into the diverse insurance costs associated with each BMW model, empowering you to make well-informed decisions about coverage based on your specific vehicle choice.

BMW Costs & Options

We’ve answered your questions about whether insurance is expensive for a BMW, but there are other costs associated with owning this luxury vehicle. For example, sports cars are notoriously more expensive to insure than other types of cars.

Read More: Best Insurance for Luxury Cars

BMW has divided its vehicle offerings into separate series. Check out the table below for more details about costs. All the costs quoted are the manufacturer’s suggested retail price, or MSRP.

You can add features to the base for any of these vehicles to customize them for your particular needs and desires.

Customization can add a great deal to the base price, but the base auto is very plain.

Stuck trying to choose the right coverage? Call State Farm. pic.twitter.com/rwojdNXjFa

— State Farm (@StateFarm) May 7, 2024

A more expensive model might have a complicated transmission or drive packages that allow you to adjust the drive, ride, and responsiveness of the vehicle, which are elements that require hands-on driving to experience.

Adding all the bells and whistles to your BMW may also increase your insurance rates because those parts will be more expensive to replace or repair in the event of an accident.

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The Cost of Ownership for A BMW

Depending upon use and care, the BMW usually doesn’t need a great deal of repair. But that doesn’t mean owning one is inexpensive.

There are a number of sites on the internet that will give you estimates for the cost of ownership of various brands of vehicles. The following table estimates the cost of owning a 2013 BMW 3 series sedan for five years.

Looking at the data, the total cost of ownership for this particular BMW sedan for five years is $44,764. Because of the high maintenance costs, BMW insurance costs are also higher than average.

Obviously, these are estimates — insurance costs will depend on your area and your insurability, fuel varies from year to year, financing is based on your credit at the time, and the state fees vary depending on how the state outlines road taxes and costs.

Read More: Minimum Car Insurance Requirements by State

The Bottom Line

Before purchasing a BMW, it’s a good idea to check around your neighborhood and find someone who can reliably perform maintenance and repairs on your new car.

You don’t necessarily save money when choosing a less expensive brand name. In fact, many people pay more for their insurance premiums simply because they choose a cheaper brand name.

It pays off to shop around for better deals on insurance policies. Be sure to compare prices between different companies so you know you’re getting the best deal possible.

Stop overpaying for car insurance. Our free quote comparison tool allows you to shop for quotes from the top providers near you by entering your ZIP code below.

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