Ultimate Guide to Insuring Your BMW 550i: Rates Plus Insights

• BMW 550i car insurance costs $1,914 per year (about $160 per month) for a full coverage policy, but can vary significantly based on the trim level.
• Ranked 38^th out of 53 other models in the 2016 midsize luxury car class, car insurance rates for the BMW 550i cost $110 more per year than the average cost for the segment.

How much does BMW 550i insurance cost?

BMW 550i car insurance rates average $1,914 a year for full coverage, or $160 if paid each month. Plan on paying around $110 more per year to insure a BMW 550i compared to similar vehicles, and $31 more per year than the overall national average of $1,883.

The cost summary chart below details how average BMW 550i car insurance rates can fluctuate based on the age of the rated driver and the policy deductibles.

The following table details the average cost to insure a BMW 550i for the 2013-2016 model years and for drivers aged 20 through 60.

How do BMW 550i car insurance prices rank?

The BMW 550i ranks 38^th out of 53 total comparison vehicles in the midsize luxury car segment for insurance affordability. The 550i costs an estimated $1,914 per year to insure for full coverage and the segment median price is $1,804 per year, a difference of $110 per year.

When insurance prices are compared to other vehicles in the midsize luxury car segment, insurance rates for a BMW 550i cost $602 more per year than the Lexus ES 350, $174 more than the Infiniti Q50, and $364 more than the Lincoln MKZ.

The next table shows how well average BMW 550i insurance rates compare to the entire class of midsize luxury cars in the United States like the Mercedes-Benz CLA250, Audi A6, and the Tesla Model S.

Supplementary rates and insights

Additional rate information and discounts that can reduce the cost of insurance for a BMW 550i include:

• Get better rates due to your choice of occupation. Many auto insurance providers offer discounts for being employed in professions like lawyers, members of the military, firefighters, nurses, police officers and law enforcement, and others. If you qualify for this occupational discount, you could potentially save between $57 and $142 on your 550i insurance cost, subject to the policy coverages selected.
• Safer drivers pay lower rates. Too many at-fault accidents can cost more, potentially by an additional $922 per year for a 30-year-old driver and as much as $570 per year for a 50-year-old driver.
• Car insurance for teenagers is expensive. Average rates for full coverage 550i insurance costs $6,824 per year for a 16-year-old driver, $6,622 per year for a 17-year-old driver, $5,951 per year for an 18-year-old driver, and $5,406 per year for a 19-year-old driver.
• Driver age and gender matter. For a 2016 BMW 550i, a 20-year-old man will have an average rate of $3,866 per year, while a 20-year-old female will get a rate of $2,768, a difference of $1,098 per year. The females get much better rates. But by age 50, the cost for male drivers is $1,694 and the cost for women is $1,650, a difference of only $44.
• Save money by qualifying for discounts. Discounts may be available if the insured drivers are good students, are senior citizens, are homeowners, are accident-free, insure their home and car with the same company, or many other discounts which could save the average driver as much as $326 per year on BMW 550i insurance.
• Good credit scores mean better rates. Having a credit score over 800 could save $300 per year when compared to a decent credit rating of 670-739. Conversely, an imperfect credit score below 579 could cost as much as $348 more per year.
• High-risk insurance is expensive. For a 20-year-old driver, having enough accidents and violations to require a high-risk insurance policy increases the cost by $3,016 or more per year.