BMW Insurance Cost for 2023

How much does BMW insurance cost? We compare average car insurance rates from the 128i to the Z4 and reveal the best tip for finding cheap BMW insurance quotes.

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Headquartered in Munich, BMW is a German automobile manufacturer that produces luxury cars and SUVs like the 5 Series sedan, the X3 compact SUV, and the M2 coupe.

Not necessarily known for reliability, the 2023 lineup of BMW vehicles ranks 30th out of 32 car brands for reliability. Average annual repair costs are estimated at $968, and owners can expect about one trip to the repair shop a year.

BMW fares a little better on the 2023 J.D Power Vehicle Dependability Study, with the German manufacturer coming in 11th out of 34 brands. BMW ranks just behind Acura and better than Mercedes-Benz, Infiniti, and Audi.

From a safety standpoint, the BMW 3 Series, 5 Series, X3, and X5 received IIHS Top Safety Pick+ designations, which is the highest safety rating awarded. The BMW X2 was a Top Safety Pick by IIHS.

How much does BMW insurance cost?

Average car insurance cost for 2023 BMW models ranges from $1,838 per year for the BMW 330i to $3,426 per year for the BMW M760i. As a monthly cost, this is the equivalent of $153 to $286.

The average cost per year when averaged for all BMW models is $2,432. When this value is compared to the average car insurance rate for all vehicles in the U.S. of $1,728, BMW vehicles cost $704 more per year on average to insure.

The table below shows the average BMW insurance rates by model back to the 2013 model year. Models no longer in production are noted by the last model year in parentheses next to the model name.

Average Insurance Cost for BMW Vehicles
Model Annual Cost Monthly Cost
BMW 128i 2013 and prior model years$1,284$107
BMW 135i 2013 and prior model years$1,362$114
BMW 228i$1,970$164
BMW 228xi 2016 and prior model years$1,358$113
BMW 230i$1,984$165
BMW 320i 2018 and prior model years$1,642$137
BMW 328d 2018 and prior model years$1,680$140
BMW 328i 2016 and prior model years$1,606$134
BMW 328xi 2017 and prior model years$1,662$139
BMW 330e$1,960$163
BMW 330i$1,838$153
BMW 330xi 2017 and prior model years$1,606$134
BMW 335i 2015 and prior model years$1,688$141
BMW 335xi 2016 and prior model years$1,586$132
BMW 340i 2021 and prior model years$2,272$189
BMW 428i 2016 and prior model years$1,770$148
BMW 428xi 2016 and prior model years$1,756$146
BMW 430i$2,266$189
BMW 435i 2016 and prior model years$1,886$157
BMW 435xi 2016 and prior model years$1,840$153
BMW 440i 2021 and prior model years$2,294$191
BMW 528i 2016 and prior model years$1,704$142
BMW 528xi 2016 and prior model years$1,808$151
BMW 530e$2,396$200
BMW 530i$2,180$182
BMW 530xi 2018 and prior model years$2,064$172
BMW 535d 2016 and prior model years$1,904$159
BMW 535i 2017 and prior model years$1,988$166
BMW 535xi 2017 and prior model years$1,962$164
BMW 540i$2,230$186
BMW 540xi 2018 and prior model years$1,886$157
BMW 550i 2016 and prior model years$1,996$166
BMW 550xi 2017 and prior model years$2,120$177
BMW 640i 2019 and prior model years$2,244$187
BMW 640xi 2018 and prior model years$2,172$181
BMW 650i 2019 and prior model years$2,414$201
BMW 650xi 2018 and prior model years$2,322$194
BMW 740e 2019 and prior model years$2,376$198
BMW 740i$2,872$239
BMW 745e 2022 and prior model years$2,498$208
BMW 750i 2022 and prior model years$2,882$240
BMW 750xi 2015 and prior model years$2,192$183
BMW 760i$3,056$255
BMW 840i$2,582$215
BMW 850i 2021 and prior model years$2,748$229
BMW Active 5 2016 and prior model years$1,876$156
BMW Activehybrid 3 2015 and prior model years$1,726$144
BMW Activehybrid 5 2015 and prior model years$1,774$148
BMW Alpina B6 2018 and prior model years$2,658$222
BMW Alpina B7 2022 and prior model years$3,224$269
BMW Alpina B8$3,320$277
BMW Alpina XB7$2,932$244
BMW i3 2021 and prior model years$1,840$153
BMW i4$2,096$175
BMW i7$2,410$201
BMW i8 2021 and prior model years$3,132$261
BMW iX$2,458$205
BMW M2$2,102$175
BMW M235i$2,050$171
BMW M240i$2,208$184
BMW M3$2,282$190
BMW M340i$2,212$184
BMW M4$2,692$224
BMW M440i$2,424$202
BMW M5$2,876$240
BMW M550i$2,714$226
BMW M6 2019 and prior model years$2,796$233
BMW M760i$3,426$286
BMW M760xi 2017 and prior model years$2,854$238
BMW M8$3,034$253
BMW M850i$2,908$242
BMW X1$1,838$153
BMW X2 2022 and prior model years$1,886$157
BMW X3$2,132$178
BMW X4$2,092$174
BMW X5$2,288$191
BMW X6$2,508$209
BMW X7$2,300$192
BMW XM$2,948$246
BMW Z4$1,978$165

Is BMW insurance expensive?

When compared to other luxury brands, BMW car insurance costs $366 more per year on average than Lexus, $249 more than Infiniti, $98 more than Audi, and $48 less than Mercedes-Benz.

This comparison averages all models for each luxury brand for the 2023 model year, so it’s better to compare rates for individual models rather than use the overall average to make purchase decisions.

For example, despite the fact that BMW insurance on average is more expensive than Lexus, if you’re comparing insurance rates for a BMW Z4 and a Lexus RC F, the Lexus will actually cost around $500 more per year to insure.

The chart below compares average BMW car insurance rates to other popular luxury automotive brands.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average car insurance rates include all BMW, Acura, Audi, Infiniti, Lexus, Mercedes-Benz, and Volvo vehicles for the 2023 model year. Rated driver is a 40-year-old married male with safe driver and claim-free discounts applied. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on August 12, 2023
BMW Car Insurance Cost vs. Top Luxury Competitors

Out of the seven luxury brands shown in the chart, average BMW insurance cost is comparable to Audi and Mercedes-Benz, with BMW being 4.1% more expensive than Audi and 2% cheaper than Mercedes.

On average, BMW insurance is considerably more expensive than the other four brands, Acura, Infiniti, Lexus, and Volvo.

The next table takes the luxury brands in the chart above and combines them with non-luxury manufacturers like Honda, Ford, Chevrolet, and Toyota. This gives a broader view of how much more or less BMW insurance costs on average.

The table shows average insurance cost for each manufacturer and also has a cost difference column. If the value in the difference column is green, this means that brand is cheaper to insure than BMW. If the value is red, that means the brand is more expensive to insure than BMW.

BMW Car Insurance Cost vs. Popular Automotive Brands
Automotive Brand Insurance Cost Difference
Land Rover$2,201-$231

Get Rates in Your AreaWhy is this important?

Table Data Details: Average car insurance cost for each automotive brand assumes a clean driving record and no at-fault accidents for a 40-year-old driver. Rates are averaged for all 2023 models for each manufacturer and for all U.S. states. The difference column indicates the cost difference between each brand and the average cost of BMW insurance. Green indicates the brand is cheaper to insure on average than BMW and red indicates the brand costs more to insure on average than BMW.Data last updated on August 11, 2023
BMW Car Insurance Cost vs. Popular Automotive Brands

When non-luxury brands are included in the comparison, it’s pretty clear that BMW insurance rates are definitely on the high end.

Average BMW insurance rates are 28.5% more expensive per year than Ford, 30% more expensive than Chevy, 38% more expensive than Honda, and 28.2% more expensive than Toyota.

What is the cheapest BMW insurance?

The cheapest BMW insurance costs an average of $1,838 per year and can be found on the BMW 330i, which is a small luxury car. The second cheapest BMW to insure is the BMW X1 with an average insurance cost of $1,838 per year.

Rounding out the top five cheapest BMW vehicles to insure are the BMW 330e, BMW 228i, and BMW Z4. Average rates for all five cheapest BMW models to insure are shown in the list below.

Cheapest BMWs to insure for 2023

  1. BMW 330i – (small luxury car) Average yearly rate of $1,838 or $153 per month
  2. BMW X1 – (small luxury SUV) Average yearly rate of $1,838 or $153 per month
  3. BMW 330e – (small luxury car) Average yearly rate of $1,960 or $163 per month
  4. BMW 228i – (small luxury car) Average yearly rate of $1,970 or $164 per month
  5. BMW Z4 – (sports car) Average yearly rate of $1,978 or $165 per month

Which BMWs are expensive to insure?

For 2023 models, the BMW model with the highest car insurance rates is the BMW M760i at $3,426 per year, or around $286 per month. The BMW Alpina B8 comes in second place at $3,320 per year.

Annual and monthly auto insurance rates for the top five most expensive BMW models to insure are listed below.

Most expensive BMWs to insure for 2023

  1. BMW M760i – (large luxury car) Average yearly rate of $3,426 or $286 per month
  2. BMW Alpina B8 – (large luxury car) Average yearly rate of $3,320 or $277 per month
  3. BMW 760i – (large luxury car) Average yearly rate of $3,056 or $255 per month
  4. BMW M8 – (midsize luxury car) Average yearly rate of $3,034 or $253 per month
  5. BMW XM – (midsize luxury SUV) Average yearly rate of $2,948 or $246 per month

Where can I find cheap BMW insurance?

What may be cheap BMW insurance to one driver may be quite expensive to another. Due to the higher sticker price of luxury vehicles like BMWs, car insurance will cost more than brands like Honda or Ford. The best way to find the cheapest BMW insurance is to get several free car insurance quotes.

Our best tip for finding the cheapest BMW insurance rates is to compare as many quotes as you can, but there is one critical step you need to take. Make sure you compare the same policy limits and deductibles on EVERY quote. This enables a fair comparison between different companies so you can truly find the cheapest BMW car insurance rates.

If you currently own a BMW and have a policy, compare rates from other car insurance companies using the same liability limits and physical damage deductibles that are on your current policy. That way, you can compare the new rates to your existing policy price to see if your current policy is cheaper.

If you get price quotes from competing insurers and use different limits and deductibles on each one, you will not be able to make a good comparison to see which company is offering the cheapest BMW insurance quote.