BMW is known as one of the best car brands globally. It’s famous for making high-quality and luxurious sedans, sport coupes, and SUVs. Even though BMWs are seen as more expensive cars, getting insurance for a BMW can be affordable.
Every new BMW, whether it’s the sporty 100 series, the stylish and budget-friendly 300 sedans series, or the ultra-luxurious 700 group, is backed by BMW’s four-year, 50,000-mile warranty.
BMW vehicles are designed not only for performance and exceptional handling but also with a focus on safety. These features make insurance companies more comfortable, as they reduce the risk of costly accidents while driving a BMW. Get $500 Cash for Junk Cars Without Title Near Your Area
BMW Insurance Quotes Online
Certain BMW models can be quite expensive to insure in the United States. The BMW M6, a sporty coupe or convertible, is the third most expensive car to insure, with an average insurance premium of $2,236. The price tag for the M6 ranges from $102,000 to $107,000.
Only two cars are more expensive to insure than the BMW M6. The Nissan GT-R tops the list at $2,533, and the iconic American muscle car, the Dodge Viper, follows closely at $2,446 for a six-month policy. The next BMW model on the list is the M5, ranking seventh with an average insurance cost of $2,020.
In the 13th spot is the BMW M3 series, with an average insurance cost of $1,714. Moving down to the 19th position, the BMW X6 sports activity coupe is priced at $1,584. The more family-oriented BMW 328i Wagon is estimated at just $1,614 per year, which is notably lower than the Sedan or Coupe models from BMW.
The insurance package considered in this survey includes personal liability protection of $100,000 for a single person injured in an auto accident and $300,000 coverage for accidents involving two or more people. Additionally, there’s $50,000 for property damage, along with collision and comprehensive coverage, both with $500 deductibles. The typical policy also incorporates a $25,000 medical rider and $50,000 uninsured motorist coverage.
On average, insuring BMWs is more affordable than comparable Mercedes cars. According to Motor Trend Magazine, a 2012 BMW 328i is 7.8% cheaper to insure than a Mercedes 250 sedan.
Calculate Average Insurance Costs
To figure out the average insurance cost, we make some assumptions. We assume the person getting insurance has been driving for at least six years, has a clean driving history with no recent accidents or traffic violations, and is typically between 35 and 60 years old.
We also assume the car is for personal use, not business, and is parked in a regular, safer neighborhood in the city or suburbs. The average driver travels around 12,000 to 15,000 miles each year.
It’s important to note that insurance prices can vary a lot depending on where you live. Different states and cities may have different costs, and not all insurance companies or types of coverage are available everywhere in the U.S. Even though each state has a minimum requirement for auto insurance, many people choose to get more coverage for their own safety.
BMW Affordability: Understanding the Costs
BMW cars are not the most expensive, but they are pricier than your average car. The sporty 100 class BMWs start at $31,000, while the larger 500, 600, and 700 series range from the low $40,000s to the mid $100,000s.
Considering Insurance for Your BMW
While BMW owners may not fret over higher insurance rates, the increased risk of theft for these luxury cars could be a concern. To safeguard your investment, it’s crucial to ensure your insurance coverage is sufficient. This includes considering gap insurance, especially if you’re financing your new BMW.