When you drive a BMW, you want to get the best deal possible for your pride and joy.
The overall cost of your BMW insurance is shaped by a number of factors including your driving record, your age, where you live, and where the car is kept overnight.
Another element that dramatically influences the cost of your premium is the make and model of your vehicle.
To get an accurate picture of what your BMW insurance will cost, you first need to develop an understanding of what insurance providers consider to be risks and how they relate to the car you drive.
How Much Does BMW Insurance Cost?
Insurance companies study a variety of parameters including crash statistics and claims frequency to develop rates. Continue reading below to learn how each of those factors is used.
BMW Safety Rating & Damage Threshold
Safety ratings and damage thresholds have a profound effect on the cost of your car insurance.
The higher the safety ratings, the less likely serious injuries occur, and the lower the likelihood of injuries, the lower the risk of your insurance company having to pay out considerable sums of money.
The Insurance Institute for Highway Safety, Highway Loss Data Institute (IIHS) has awarded the 2018 BMW 3 Series a rating of “good” in all its crashworthiness categories, the highest accolade it awards.
The 2018 BMW X3 also received a rating of “good” in all crashworthiness categories and was given the 2018 TOP SAFETY PICK+ award by the IIHS.
Generally, BMW fares very well in safety rating tests by the IIHS and the National Highway Traffic Safety Administration.
BMW Comprehensive & Collision Coverage
If you drive an expensive car, you should expect the price of your car insurance to reflect this.
Comprehensive and collision coverage are directly affected by the cash value of your vehicle. According to Kelley Blue Book, the expected cost of a new, entry-level BMW 3 Series sedan is between $31,141 and $35,822.
For a 2018 BMW X3 M40i SUV, you could expect to pay between $49,560 and $52,205. These high prices are reflected in the cost of your insurance premium.
BMW Claims Frequency & Potential To Cause Damage
The higher the likelihood of a specific car type being involved in an accident, the higher the insurance premium for it.
The IIHS has information on insurance losses by makes and models. The BMW reported having a 77 percent higher-than-average claim rate for collisions, and 163 percent higher than average comprehensive insurance claim rate in the midsized luxury car class.
The BMW 7 Series 4dr (very large, luxury car class) is reported as having a 111 percent higher-than-average frequency of claims for collisions, and 255 percent higher-than-average comprehensive insurance claim rate.
These high claim frequencies will have an adverse effect on the price of your insurance premium.
BMW Insurance Discounts
There are ways to get a discount on the cost of your car insurance premium, one of those ways is by ensuring your car is equipped with the best safety equipment available.
Every BMW is fitted with ABS and airbags as standard, and many have rear-facing cameras fitted as an optional extra, which may help to reduce the cost of your premium.
What Are The Best Companies For BMW Insurance?
There are many things to consider when choosing an insurance provider.
Regardless of the car you drive, you should never take the first quote you’re offered. Shopping around, getting at least three quotes from competing providers, and reading up-to-date reviews may help you save considerably on your premium.
Some discount-related questions you should ask a potential insurer include:
- Do you have a discount for good drivers?
- Do you offer any low mileage discounts?
- What optional coverages can I leave off?
- Will purchasing a new car affect the cost of my policy?
What To Know About BMW
BMW, or Bayerische Motoren Werke, was founded in 1916 and is now one of the largest automobile manufacturers in the world, selling over 2,500,000 vehicles annually.
Historically, BMW has been extremely successful in its motorsport ventures. In the United States, BMW has become synonymous with high-end luxury cars, and BMW owners praise the precise engineering that goes into each vehicle.
Now that you’re better informed about the many factors that influence the cost of your BMW insurance, you can choose an insurer based on your vehicle’s specifications.
Remember to do your research and read plenty of reviews to get the best deal for you.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.