Best Car Insurance for BMW 2022

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BMW has been producing a variety of high-quality vehicles, ranging from small family cars to the sports-minded and luxurious. A car insurance quote comparison reveals the average premium amount for a BMW owner. The question arises: how much should you expect to pay for auto insurance?

For a typical BMW driver, car insurance costs an average of $2,034 each year. Your premium will vary depending on the model you choose. Compared to the M340I, the M4 costs $1,951 more per year to insure.


Here's what drivers pay when they switch with Carlay

Here are some real quotes from people like you who have saved money by insuring their BMWs through Carlay:

Quote Date Car City, State Zip Code Age Carrier Before Carlay After Carlay
December 27, 2022 BMW 320 I Lake Worth

, FL

33467 42 Progressive $150/mo. $81/mo.
July 17, 2022 BMW X5 Xdrive50I Fort Lauderdale

, FL

33311 31 Mercury $240/mo. $123/mo.
May 23, 2022 BMW 328 I Jacksonville

, FL

32256 45 Mercury $200/mo. $144/mo.
June 26, 2022 BMW 535 I Pomona

, CA

91767 27 ClearCover $252/mo. $177/mo.
March 1, 2022 BMW 330I Los Angeles, CA 90011 28 Progressive $300/mo. $209/mo.

Best insurance carriers for your BMW

It can be hard to know how much you will have to pay for your insurance. Insurance companies consider many factors, including your age, location, and driving record. You'll find that each insurance company weighs the factors that determine your rates differently, which means your monthly premiums could vary across insurers, even for the same level of coverage.

The lowest-priced auto insurance for BMW vehicles is Commonwealth Insurance, with a $1,212 annual premium.

Here are some of BMW's other auto insurance providers:

Nationwide is the right choice for tech-savvy drivers with a safe record, thanks to their fast and easy online application and impressive website. Plus they have access to an award-winning mobile app and a great online platform with many online tools and resources. Nationwide has a rating of 4.1 out of 5 on Carlay.

Progressive is one of the biggest names in the insurance industry. Founded in 1937, Progressive offers insurance to millions of policyholders across the country. With a 4.6/5 rating from Carlay, Progressive is often chosen by drivers who want to save or who have a good driving record. Progressive's discount program provides a small discount per year and can be combined with Safe Driver and Agreed Value discounts, which can help you lower your rates.

Kemper is an option for drivers who have been rated high-risk by their carriers. Its SR22 forms filing service and low-cost pricing make it an excellent choice for rebuilding salvage cars, as well. It even insures rebuilt salvage cars and files the necessary paperwork to get insurance in place. If you are looking for a low-cost option to insure a high-risk driver, Kemper might be preferable to most traditional carriers. Carlay thinks Kemper is great, giving it a 4.⅗ rating.

Safeco is an insurance company that specializes in car insurance for young drivers. With some of the most affordable prices on the market, it might be just the company you need to help you keep your car protected. Safeco also has a rewards program that sends you cashback if you go a long time without making a claim on your policy. Carlay gives Safeco a 4.5-star rating.

For as long as motorists have been driving, they've also been worrying about insurance. But with Allstate, you don't have to worry about the cost of coverage or the quality of service. This trusted provider has been insuring drivers for over 75 years and offers a variety of convenient and flexible payment options, including online bill payment, mobile apps, and more. Carlay gave Allstate an overall rating of 4.5/5 stars.

Travelers is a competitive provider of car insurance and have been since its founding in 1864. Travelers offer temporary car insurance in many states, permanent auto insurance, special car insurance divisions for different types of vehicles, affordable policies for young drivers or college students, and a reward system for good driving. Carlay gives Travelers a 4.7/5 rating.

State Auto is an auto insurance company that helps drivers get the most out of their insurance. With a variety of coverage options, you can tailor your plan to meet your needs and make sure you're covered for any situation. The ability to file claims online makes it straightforward and hassle-free, which earns State Auto a rating of 4.1/5 from Carlay.

National General's car insurance policies help you find the right coverage at a price that fits your budget. It offers multiple types of car insurance, including bodily injury, property damage liability and collision coverage. The company also has a claims satisfaction guarantee in most states and will waive your deductible up to $250 if you're not happy with your claims experience. Carlay gives National General 4.1/5 stars.

Dairyland is an impressive auto insurer that offers great discounts for drivers with a clean driving history. Dairyland is also a good option for high-risk drivers. Perks include flexible payment plans and 24/7 live claims support in almost 40 states. Dairyland gets a rating of 4.6/5 from Carlay.

Clearcover is a great choice for tech-savvy drivers. This new UK insurance app means you can file a claim, pay your premium, and access proof of insurance—all at the touch of a button. With transparent pricing, it's easy to see why Clearcover is already winning awards and why Carlay rates it 4.1 out of 5.

When comparing insurance rates from different companies, don't just look at the cost of the premiums; look at all of the costs that you'll incur when using the policy, including deductibles, co-payments, and co-insurance.

Remember that the cheapest car insurance companies don't always have your best interests at heart. Their coverage plans can leave you financially devastated if you ever have an accident.

To get a rate from an insurance provider, you should compare rates from at least three to five providers. If you have time, you can request quotes online, or call to get a quote over the phone.

However, to avoid all the hassles, you can always make the best of Carlay. Carlay is an online insurance brokerage that finds you the best car insurance deal. Our free app gathers affordable quotes, helps you switch plans, and even cancels your old policy for you. It's totally free to use!

The table below compares the average annual rates for Carlay Insurance customers, broken down by coverage type.

Rank Company name Avg. Annual Premium
1 Commonwealth Insurance $1,212.44
2 Dairyland $1,609.30
3 Infinity $1,664.46
4 Kemper $1,685.70
5 Mapfre $1,752.36

Carlay is the easiest and most effective way to compare quotes from multiple insurance companies, which can help you find the best coverage and the lowest prices.


Cost of insuring a BMW

To ensure that your BMW is safe and legal on the streets, it will cost you a total of $1,710 per year to purchase minimum car insurance and $3,232 if you purchase full coverage. When you take all cars, insurance companies, and policies into account, the average motorist pays $1,783 per year for liability coverage and $2,485 for comprehensive and collision coverage.

If you live in a state, you will need to protect yourself financially through insurance, as the law of your state requires. Your state may require you to buy one or more of these types of insurance policies:

Coverage type Protection offered
Bodily injury liability (per person and per accident) Pays for the costs associated with the injuries you've caused to others
Property damage liability (per accident) Pays for the costs associated with damage you cause to other people's vehicles or property
Uninsured motorist protection (per person and per accident) Applies when a car accident isn't your fault but the at-fault driver doesn't have liability insurance to pay for your injuries or property damage
Underinsured motorist protection (per person and per accident) Applies when the at-fault driver has liability insurance, but it isn't enough to cover your injuries or property damage
Personal injury protection (per person and per accident) Pays for your own medical expenses after a car accident

You should probably purchase more than just the minimum coverage required by the state. Even when you think an accident is minor, it can still have serious consequences. If you're at fault and don't have enough coverage, you'll be liable for thousands of dollars in costs.

If you lease or finance a BMW, your lender or dealer will usually require you to carry full-coverage insurance. You should consider buying full coverage if you can't afford to replace your car in the event of a total loss.

Typically, full coverage refers to policies that provide collision insurance and comprehensive insurance as well as the liability insurance required by law.

Coverage type Protection offered
Collision Applies if you get into a collision with someone else's vehicle or an object
Comprehensive Applies when your car is damaged by something other than a collision or rollover, like a weather event or vandalism

Here's the difference in what it would cost you to insure a BMW before and after switching with Carlay:

All Coverage Before Carlay All Coverage After Carlay Minimum Coverage Before Carlay Minimum Coverage After Carlay Full Coverage Before Carlay Full Coverage After Carlay
BMW $2,979 $2,011 $2,745 $1,527 $3,383 $2,556
BMW
All Coverage Before Carlay $2,979
All Coverage After Carlay $2,011
Minimum Coverage Before Carlay $2,745
Minimum Coverage After Carlay $1,527
Full Coverage Before Carlay $3,383
Full Coverage After Carlay $2,556

Most insurance companies look at your age and your driving record to help them understand your experience and risk level. Statistics show that younger drivers have more accidents and therefore pay higher rates, while older drivers who have more experience usually pay less.

Insurance companies will look at your driving record when they decide on your rates. If you've had a few speeding tickets or fender benders, they might raise your premiums a little bit. But serious violations like DUIs and careless driving could lead to much higher rates, and those will stay on your record for years to come.

But don't despair! Fewer tickets, fewer accidents. It's simple math. Safe driving gets you cheaper car insurance.

Here's how accidents and violations affect BMW insurance rates for different age groups:

Your BMW model determines your insurance rate. That's because different models have different repair and replacement costs. As you probably already know, the insurance premiums on expensive cars are generally higher than those on other models.

Carlay Insurance knows that no matter what car you drive, you deserve great service and low rates. Carlay is a simple and fast way to buy home insurance. In less than a minute, you'll have three quotes from top insurance companies that we hand-pick for you. And when you're ready to switch, Carlay takes care of everything from securing your new policy to canceling your old one. Carlay users save an average of $879 annually on car insurance.

The links below will give you an estimation of what the average cost of car insurance is each year in your state.

Most and least expensive years of car

You may be tempted to buy a BMW, but don't let its shiny appeal fool you. It comes with high insurance premiums and extra expenses to keep the car in top shape.

Thanks to depreciation—the decline in value of a car as it ages—you can often get a lower price on your insurance premium by keeping your car a few years longer. A new car loses an average of 23.5% of its value in the first year and 60% of its value in the first five years, according to Edmunds. Depreciation rates are correlated with insurance premiums.

Drivers who lease or finance their cars must have full-coverage insurance. The cost of full coverage will be greater than the cost of minimum insurance required by your state.

The internal data of Carlay shows that the cheaper years for BMWs are 1991 and 1990; while 2016 and 2018 are the most expensive years for BMWs.

Year Average Cost Annual Savings with Carlay
2022 $4,587 $1,462 Compare Prices
2021 $3,450 $1,117 Compare Prices
2020 $3,696 $1,065 Compare Prices
2019 $4,481 $1,244 Compare Prices
2018 $4,465 $1,196 Compare Prices
2017 $4,567 $1,685 Compare Prices
2016 $5,062 $1,714 Compare Prices
2015 $3,795 $1,051 Compare Prices
2014 $3,090 $904 Compare Prices
2013 $3,403 $1,114 Compare Prices
2012 $2,918 $887 Compare Prices
2011 $4,708 $1,626 Compare Prices
2010 $3,469 $1,429 Compare Prices
2009 $3,091 $1,198 Compare Prices
2008 $3,247 $961 Compare Prices
2007 $2,798 $802 Compare Prices
2006 $2,748 $955 Compare Prices
2005 $2,859 $816 Compare Prices
2004 $2,617 $939 Compare Prices
2003 $2,497 $1,197 Compare Prices
2002 $1,951 $527 Compare Prices
2001 $2,822 $889 Compare Prices
2000 $2,854 $1,294 Compare Prices
1999 $1,618 $206 Compare Prices
1998 $3,282 $1,079 Compare Prices
1997 $2,150 $362 Compare Prices
1996 $1,752 $698 Compare Prices
1995 $3,401 $2,090 Compare Prices
1994 $4,823 $3,794 Compare Prices
1993 $3,360 $1,672 Compare Prices

Older BMWs tend to be less expensive to repair or replace than newer ones. They may also be financed, leased, and insured for less than newer ones, so they're a good choice for cost-conscious car buyers.

Your car insurance rate depends on where you live. This is because there are big differences in car accident, crime, and natural disaster rates between different counties and states. Insurance companies are always concerned about how risky your city is. The more car crashes, thefts, and severe weather events it experiences, the more you're likely to make a claim—and to pay more for your car insurance.

The data we've collected shows that people in the following cities drive BMWs more than in most other areas: Windermere (FL), Jacksonville (FL), Los Angeles (CA), Phoenix (AZ), and Gainesville (GA). If you use Carlay, the cheapest car insurance for BMWs is in Rio Rico (AZ) and Bowling Green (KY). If you live in Walnut Creek (CA) or Castroville (CA), your Carlay car insurance will be more expensive.

City Average Cost Annual Savings with Carlay
Atlanta $3,189 $985 Compare Prices
Austin $2,911 $638 Compare Prices
Canal Winchester $1,740 $483 Compare Prices
Gainesville $6,348 $1,655 Compare Prices
Houston $3,247 $1,114 Compare Prices
Los Angeles $3,802 $1,607 Compare Prices
Portland $2,042 $604 Compare Prices
Tampa $8,503 $2,027 Compare Prices
Winchester $1,920 $406 Compare Prices
Windermere $2,311 $729 Compare Prices

Auto insurance rates vary based on where you live, but we recommend paying attention to the theft, collision, and severe weather event rates in your zip code.