BMW Car Insurance
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UPDATED: Jul 8, 2021
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BMW is recognized as one of the top automobile brands in the world. Known for both quality and luxury, BMW manufactures a distinctive line of sedans, sport coupes, and SUVs. While BMW is often considered a higher priced vehicle line, insuring a BMW can be quite reasonable.
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Each new BMW vehicle, from the sporty 100 series, to the well-designed and affordable 300 sedans series, to the ultra luxurious 700 group, comes with BMW’s four-year, 50,000 mile warranty.
Every BMW motorcar is engineered for safety as well as performance and exceptional handling. These characteristics are certain to please insurance companies when it comes to assessing the potential risk for costly accidents while driving a BMW.
BMW Insurance Quotes
Several models of BMWs are among the most expensive cars to insure in the U.S. At number three on the list of the most expensive cars to insure is the BMW M6. The average insurance premium for this sporty coupe or convertible model is $2,236. The sticker price on the M6 runs between $102,000 and $107,000.
The only two automobiles that rank higher on this list are the Nissan GT-R at $2,533 and the classic American high-performance muscle car, the Dodge Viper, costing $2,446 for a six-month policy. The next BMW on the list, the M5, makes its appearance at number seven, with an average insurance cost of $2,020.
In 13th position is the Beemer M3 series, costing an average of $1,714. Next, at number 19, is the BMW X6 sports activity coupe, at $1,584. Another more family-oriented BMW, the BMW 328i Wagon, was estimated at only $1,614 per year, significantly lower than BMW’s Sedan or Coupe models.
The insurance package price quoted for 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.
These quotes also provide $50,000 for property damage. Collision and comprehensive coverage are also included with $500 deductibles. In addition, this typical policy would include a $25,000 medical rider and $50,000 uninsured motorist coverage.
On average, BMWs are cheaper to insure than comparable Mercedes automobiles. According to Motor Trend Magazine, a 2012 BMW 328i is 7.8% cheaper to insure than a Mercedes 250 sedan.
Average Insurance Costs
Calculating an average insurance cost makes assumptions that the insured driver has a number of years of driving experience, generally at least six years. It also assumes the insured has a clean driving record and no chargeable accidents or traffic violations in the recent past.
The typical driver is also middle aged, between 35 and 60.
A vehicle driven by a typical driver is also assumed to be for personal rather than business use. The car is usually parked in a standard, lower risk urban/suburban neighborhood and driven an average of 12,000 to 15,000 miles per year.
It should also be stated that insurance costs can vary widely from state to state and city to city. Not all companies or all types of coverage are available in all areas of the U.S. While each state has a minimum auto insurance requirement, most motorists will purchase higher coverage for their own protection.
BMW began as an aircraft engine manufacturer in 1917 in Munich, Germany. However, following World War I, the Treaty of Versailles forced BMW to stop the production of “war machines”, so BMW soon turned its attention to motorcycle engines.
By the late 1920’s, BMW began producing its famous automobiles, and the rest is history.
Speed and Performance
Anyone who has had the pleasure of driving in Europe on the famed German Autobahn knows that the cross country highway has no posted speed limit.
German automakers like BMW, Mercedes Benz, and Audi purposely manufacture vehicles that can withstand hours of hard driving at speeds averaging in excess of 100 miles per hour!
BMW motorcars are built to last, with a number of safety features. Each BMW is crafted with literally dozens of innovative safety features designed to protect the driver and passengers in the event of any kind of accident or other mishap.
Special lighting, unique airbag deployment, cameras, run-flat tires, enhanced braking, and a number of warning devices are just a few of the many safety features on new BMW models.
Singular steel construction and consistent positive crash test results assure BMW owners that their safety is of primary concern.
While BMW may, in fact, be one of the safest vehicles on the highway at any speed, recent studies in the United States and Great Britain find that the German-engineered luxury vehicles are often at the top of the list when it comes to automobile theft rings.
According to a recent article online at the Insurance News Net, British owners of BMW automobiles are running out in droves to purchase gap coverage. This comes after a recent BBC television program revealed that there are a number of flaws in newer BMW security systems that make them particularly vulnerable to thievery.
Gap insurance is available with most conventional auto insurance providers. It covers the potential monetary difference between the market value of a vehicle, the amount an insurance company will pay out on a claim for a vehicle that has been stolen or declared a total loss, and the principal balance on a car loan or other lien against the vehicle.
As is often the case with automobiles, even really good automobiles like BMW will lose value or depreciate, at a somewhat faster rate than the average owner can pay down the original financing. This can leave a vehicle owner in the precarious position of having to pay off a significant loan balance out-of-pocket if the insurance settlement check is short!
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BMW Among the Most Stolen Cars
Every 40 seconds, a car is stolen somewhere in the United States, according to recent data released by the FBI on auto theft. The Toyota Camry is the most stolen car in America and has been for a number of years, but thieves are also highly motivated to boost luxury cars as well.
When stolen, these premium vehicles are often crated and shipped abroad where they can bring prices well above their values in the United States. Recently, a shipment of more than a dozen high-end vehicles was recovered in Los Angeles. These cars, on their way to Asia, would more than likely fetch twice their American values on the black market.
A list of the top ten luxury cars most likely to be stolen was compiled from FBI data by CNBC. The BMW M5 series is second on the list, averaging 7.58 vehicles stolen for every thousand on the road.
Only one luxury sedan is stolen more often than the BMW 5 Series, and that is the Audi S8 luxury sedan. The theft rate for this Audi is 8.81 per thousand vehicles. In third place on the FBI most-wanted luxury car list is the Chrysler 300 sedan. This top-of-the-line Chrysler is stolen, on average, 4.57 times out of 1,000.
The Nissan Infiniti, M35, and M45 models are next on the FBI hit list with a theft rate of 4.32 per thousand, followed by the Cadillac STS model at 4.28 per thousand. Number six on the FBI list is BMW and Audi’s fellow German manufacturer, Mercedes Benz.
The Mercedes CL vehicles are likely to be stolen 3.91 times out of 1,000. In seventh and eighth places are the Chrysler Sebring and Chrysler Sebring Convertible models, followed by the Audi A8 and, in tenth position, the Volvo V70 with a theft rate of slightly more than three per thousand vehicles.
Cars for the Rest of Us
CBS News published their list of the all-time most stolen vehicles, by year, make, and model. In 2012, the 1991 Toyota Camry as mentioned above appeared in the fourth spot. The rest of the top ten is as follows:
Number one is the 1994 Honda Accord followed by the 1998 Honda Civic and the 2006 full-size Ford pickup truck. Fourth is the Camry; fifth is the 2000 Dodge Caravan minivan. In sixth position is the 1994 Acura Integra.
Number seven on the top ten list is another pickup truck; this time the 1999 Chevy full-size pickup. Number eight is the 2004 Dodge Ram pickup truck. Nine is the 2002 Ford Explorer and finally, in tenth position, is the 1994 Nissan Sentra sedan.
BMW vehicles are not the most expensive cars on the road, but they do cost significantly more than the average car. Prices for the new 100 class of sporty BMW cars begin at just $31,000! The larger 500, 600, and 700 series vehicles retail from the low $40,000s to the mid $100,000 range!
Those drivers who can afford the quality and unique styling of a BMW automobile will probably not be terribly concerned if their car insurance rates are among the highest in the country. What may be of greater concern to BMW owners, however, is the increased risk of theft of their luxury automobiles.
The bottom line is, if you plan on purchasing a new BMW, make sure you buy sufficient insurance coverage. This should include gap insurance if you intend to finance your new car.
Find the best insurance coverage for your new automobile by putting your ZIP here in the FREE box on this page!