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 2024 BMW models ranges from $1,932 per year for the BMW 330i to $3,244 per year for the BMW 760i. As a monthly cost, this is the equivalent of $161 to $270.
The average cost per year when averaged for all BMW models is $2,487. When this value is compared to the average car insurance rate for all vehicles in the U.S. of $1,883, BMW vehicles cost $604 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.
| Model | Annual Premium | Cost Per Month |
|---|---|---|
| BMW 128i 2013 and prior model years | $1,238 | $103 |
| BMW 135i 2013 and prior model years | $1,316 | $110 |
| BMW 228i | $2,064 | $172 |
| BMW 228xi 2016 and prior model years | $1,312 | $109 |
| BMW 230i | $2,080 | $173 |
| BMW 320i 2018 and prior model years | $1,614 | $135 |
| BMW 328d 2018 and prior model years | $1,652 | $138 |
| BMW 328i 2016 and prior model years | $1,532 | $128 |
| BMW 328xi 2017 and prior model years | $1,626 | $136 |
| BMW 330e | $2,060 | $172 |
| BMW 330i | $1,932 | $161 |
| BMW 330xi 2017 and prior model years | $1,582 | $132 |
| BMW 335i 2015 and prior model years | $1,614 | $135 |
| BMW 335xi 2016 and prior model years | $1,528 | $127 |
| BMW 340i 2021 and prior model years | $2,322 | $194 |
| BMW 428i 2016 and prior model years | $1,698 | $142 |
| BMW 428xi 2016 and prior model years | $1,678 | $140 |
| BMW 430i | $2,386 | $199 |
| BMW 435i 2016 and prior model years | $1,794 | $150 |
| BMW 435xi 2016 and prior model years | $1,764 | $147 |
| BMW 440i 2021 and prior model years | $2,348 | $196 |
| BMW 528i 2016 and prior model years | $1,638 | $137 |
| BMW 528xi 2016 and prior model years | $1,730 | $144 |
| BMW 530e | $2,510 | $209 |
| BMW 530i | $2,306 | $192 |
| BMW 530xi 2018 and prior model years | $2,030 | $169 |
| BMW 535d 2016 and prior model years | $1,822 | $152 |
| BMW 535i 2017 and prior model years | $1,956 | $163 |
| BMW 535xi 2017 and prior model years | $1,930 | $161 |
| BMW 540i | $2,336 | $195 |
| BMW 540xi 2018 and prior model years | $1,864 | $155 |
| BMW 550i 2016 and prior model years | $1,914 | $160 |
| BMW 550xi 2017 and prior model years | $2,086 | $174 |
| BMW 640i 2019 and prior model years | $2,246 | $187 |
| BMW 640xi 2018 and prior model years | $2,144 | $179 |
| BMW 650i 2019 and prior model years | $2,432 | $203 |
| BMW 650xi 2018 and prior model years | $2,310 | $193 |
| BMW 740e 2019 and prior model years | $2,394 | $200 |
| BMW 740i | $3,072 | $256 |
| BMW 745e 2022 and prior model years | $2,552 | $213 |
| BMW 750e | $3,082 | $257 |
| BMW 750i 2022 and prior model years | $2,960 | $247 |
| BMW 750xi 2015 and prior model years | $2,110 | $176 |
| BMW 760i | $3,244 | $270 |
| BMW 840i | $2,718 | $227 |
| BMW 850i 2021 and prior model years | $2,822 | $235 |
| BMW Active 5 2016 and prior model years | $1,796 | $150 |
| BMW Activehybrid 3 2015 and prior model years | $1,650 | $138 |
| BMW Activehybrid 5 2015 and prior model years | $1,698 | $142 |
| BMW Alpina B6 2018 and prior model years | $2,620 | $218 |
| BMW Alpina B7 2022 and prior model years | $3,306 | $276 |
| BMW Alpina B8 2023 and prior model years | $3,392 | $283 |
| BMW Alpina XB7 | $3,096 | $258 |
| BMW i3 2021 and prior model years | $1,884 | $157 |
| BMW i4 | $2,214 | $185 |
| BMW i5 | $2,396 | $200 |
| BMW i7 | $2,756 | $230 |
| BMW i8 2021 and prior model years | $3,222 | $269 |
| BMW iX | $2,586 | $216 |
| BMW M2 | $2,196 | $183 |
| BMW M235i | $2,196 | $183 |
| BMW M240i | $2,312 | $193 |
| BMW M3 | $2,398 | $200 |
| BMW M340i | $2,318 | $193 |
| BMW M4 | $2,832 | $236 |
| BMW M440i | $2,600 | $217 |
| BMW M5 2023 and prior model years | $2,936 | $245 |
| BMW M550i 2023 and prior model years | $2,772 | $231 |
| BMW M6 2019 and prior model years | $2,814 | $235 |
| BMW M760i 2023 and prior model years | $3,502 | $292 |
| BMW M760xi 2017 and prior model years | $2,826 | $236 |
| BMW M8 | $3,198 | $267 |
| BMW M850i | $3,060 | $255 |
| BMW X1 | $1,958 | $163 |
| BMW X2 | $1,986 | $166 |
| BMW X3 | $2,238 | $187 |
| BMW X4 | $2,198 | $183 |
| BMW X5 | $2,424 | $202 |
| BMW X6 | $2,652 | $221 |
| BMW X7 | $2,424 | $202 |
| BMW XM | $3,114 | $260 |
| BMW Z4 | $2,096 | $175 |
Is BMW insurance expensive?
When compared to other luxury brands, BMW car insurance costs $381 more per year on average than Lexus, $497 more than Infiniti, $38 more than Audi, and $256 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.
Out of the seven luxury brands shown in the chart, average BMW insurance cost is comparable to Audi and Mercedes-Benz, with BMW being 1.5% more expensive than Audi and 9.8% 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.
| Automotive Brand | Insurance Cost | Difference |
|---|---|---|
| BMW | $2,487 | -- |
| Acura | $1,783 | -$704 |
| Audi | $2,449 | -$38 |
| Cadillac | $2,039 | -$448 |
| Chevrolet | $1,917 | -$570 |
| Dodge | $2,359 | -$128 |
| Ford | $1,978 | -$509 |
| Genesis | $2,267 | -$220 |
| GMC | $1,973 | -$514 |
| Honda | $1,720 | -$767 |
| Hyundai | $1,861 | -$626 |
| Infiniti | $1,990 | -$497 |
| Jaguar | $2,337 | -$150 |
| Jeep | $2,072 | -$415 |
| Kia | $1,829 | -$658 |
| Land Rover | $2,484 | -$3 |
| Lexus | $2,106 | -$381 |
| Lincoln | $2,095 | -$392 |
| Mazda | $1,814 | -$673 |
| Mercedes-Benz | $2,743 | $256 |
| Mitsubishi | $1,842 | -$645 |
| Nissan | $1,962 | -$525 |
| Subaru | $1,809 | -$678 |
| Tesla | $2,301 | -$186 |
| Toyota | $1,945 | -$542 |
| Volkswagen | $1,771 | -$716 |
| Volvo | $2,122 | -$365 |
Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Insurance cost is averaged for all models for the 2024 model year for each automobile manufacturer. Updated February 23, 2024
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 22.8% more expensive per year than Ford, 25.9% more expensive than Chevy, 36.5% more expensive than Honda, and 24.5% more expensive than Toyota.
What is the cheapest BMW insurance?
The cheapest BMW insurance costs an average of $1,932 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 $1,958 per year.
Rounding out the top five cheapest BMW vehicles to insure are the BMW X2, BMW 330e, and BMW 228i. Average rates for all five cheapest BMW models to insure are shown in the list below.
Cheapest BMWs to insure for 2024
- BMW 330i – (small luxury car) Average yearly rate of $1,932 or $161 per month
- BMW X1 – (small luxury SUV) Average yearly rate of $1,958 or $163 per month
- BMW X2 – (small luxury SUV) Average yearly rate of $1,986 or $166 per month
- BMW 330e – (small luxury car) Average yearly rate of $2,060 or $172 per month
- BMW 228i – (small luxury car) Average yearly rate of $2,064 or $172 per month
Which BMWs are expensive to insure?
For 2024 models, the BMW model with the highest car insurance rates is the BMW 760i at $3,244 per year, or around $270 per month. The BMW M8 comes in second place at $3,198 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 2024
- BMW 760i – (large luxury car) Average yearly rate of $3,244 or $270 per month
- BMW M8 – (midsize luxury car) Average yearly rate of $3,198 or $267 per month
- BMW XM – (midsize luxury SUV) Average yearly rate of $3,114 or $260 per month
- BMW Alpina XB7 – (large luxury SUV) Average yearly rate of $3,096 or $258 per month
- BMW 750e – (large luxury car) Average yearly rate of $3,082 or $257 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.