Cheap BMW Auto Insurance in 2024 (Get Low-Cost Coverage With These 10 Companies)
Cheap BMW auto insurance can be found at Progressive, Allstate, and State Farm. Progressive is the cheapest with rates starting from as low as $78 monthly for minimum coverage. BMW drivers can lower their insurance costs by applying for discounts and participating in telematics programs.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
UPDATED: Jul 1, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Jul 1, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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11,413 reviews
Company Facts
Min. Coverage for BMW
A.M. Best Rating
Complaint Level
Pros & Cons
11,413 reviews
17,757 reviews
Company Facts
Min. Coverage for BMW
A.M. Best Rating
Complaint Level
17,757 reviews
Progressive, Allstate, and State Farm all have cheap BMW auto insurance. Progressive stands out as our top pick not only for its affordability but also for its convenient online management options.
Read on to learn how to find affordable BMW auto insurance quotes and how you can save even more. Then, compare rates with as many companies as possible to find the best insurance for your BMW.
Company | Rank | Monthly Rates | A M. Best | Best For | Jump to Pros/Cons |
---|---|---|---|---|---|
#1 | $78 | A+ | Online Management | Progressive | |
#2 | $87 | A+ | Add-on Coverages | Allstate | |
#3 | $89 | B | Complete Coverage | State Farm | |
#4 | $91 | A++ | Military Members | USAA | |
#5 | $96 | A | 24/7 Support | Liberty Mutual | |
#6 | $101 | A+ | Commercial Insurance | Nationwide | |
#7 | $106 | A++ | Safety Features | Travelers | |
#8 | $112 | A | Signal App | Farmers | |
#9 | $118 | A+ | Dividend Payments | American Family | |
#10 | $123 | A | Low Rates | Mercury |
Finding affordable instant auto insurance quotes is easy. Just enter your ZIP code into our free comparison tool above to instantly compare quotes near you.
- Progressive the cheapest company for BMW insurance
- Luxury cars have high insurance rates, but BMW is more affordable
- BMW drivers pay around $162 a month for full coverage
#1 – Progressive: Top Overall Pick
Pros
- Non-Owner Insurance: Progressive provides coverage for drivers without a car but needing liability insurance. Find more details about this provider in our guide: Progressive Auto Insurance Review
- Usage-Based Discounts: Drivers can save money through the Snapshot program.
- Accident Forgiveness: Progressive offers accident forgiveness.
Cons
- High Collision Claims Costs: Received a C grade for collision claims from repair experts.
- Average Customer Service: Customer service ratings are generally mediocre.
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#2 – Allstate: Best for Add-on Coverages
Pros
- New Car Replacement: Allstate offers new car replacement coverage.
- Accident Forgiveness: Allstate provides accident forgiveness. Take a more in-depth in our “Allstate vs. USAA: Which Offers More Affordable Auto Insurance Quotes”
- User-Friendly Technology: The plug-in device is simple to use and install.
Cons
- Higher Average Premiums: Allstate tends to have higher insurance costs than many other insurers.
- Mileage Charges Issues: Charges for miles driven may still apply even if your monitoring device is malfunctioning.
#3 – State Farm: Best for Complete Coverage
Pros
- Strong Consumer Reputation: High ratings in consumer studies for reliability and satisfaction. Discover more in our State Farm auto insurance review.
- Nationwide Presence: Extensive network of agencies across the country for easy access and support.
- Top Mobile App: Highly-rated mobile app allows for convenient policy management and claims handling.
Cons
- Mixed Customer Reviews: State Farm has varying reviews regarding claims handling and customer service.
- No Accident Forgiveness: The company does not offer accident forgiveness as part of its auto insurance policies.
#4 – USAA: Best for Military Members
Pros
- Affordable Rates: USAA offers competitive pricing for various types of drivers. See more details on what information do I need to provide when filing an auto insurance claim with USAA.
- Highly Rated Mobile App: The mobile app is well-reviewed for ease of use and convenience.
- High Satisfaction Scores: Consistently earns top ratings in J.D. Power surveys for customer satisfaction.
Cons
- Limited Eligibility: Only available to military members, veterans, and their families.
- Higher DUI Rates: Not the cheapest option after a DUI compared to other insurers.
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#5 – Liberty Mutual: Best for 24/7 Support
Pros
- Numerous Discounts: Liberty Mutual offers a variety of discounts that are particularly beneficial for young drivers.
- RightTrack Savings: Potential 30% discount available through participation in the RightTrack usage-based insurance program.
- Strong Customer Satisfaction: Achieved above-average scores in J.D. Power’s 2023 U.S. Auto Insurance Study. Our auto insurance experts share more in our Liberty Mutual auto insurance review.
Cons
- Below-Average J.D. Power Scores: Liberty Mutual received below-average ratings in some J.D. Power 2023 U.S. Auto Insurance Study regions.
- Premiums Can Be High: The cost of Liberty Mutual auto insurance tends to be higher than that of many other insurers.
#6 – Nationwide: Best for Commercial Insurance
Pros
- High Customer Recommendations: Frequently recommended by policyholders for its reliability and service quality.
- Comprehensive Coverage Options: Offers a wide range of products.
- Usage-Based Insurance: Provides flexible, usage-based insurance plans. Read more: How do I file an auto insurance claim with Nationwide?
Cons
- Mixed Customer Reviews: Nationwide has received varied feedback from customers.
- High DUI Premiums: Drivers with a DUI may face some of the highest sample premiums in the industry.
#7 – Travelers: Best for Safety Features
Pros
- Coverage Options: Lots of coverage options for auto insurance, including various add-ons and standard policies.
- Online Claims: Claim filing is available online and using the mobile app for convenience. Read our full review of Travelers insurance for more information.
- Gap Insurance: Offers gap insurance to cover the difference between your car’s value and what you owe.
Cons
- Low BBB Rating: Travelers has a lower customer rating on the Better Business Bureau than some competitors.
- Higher Premiums: Not as affordable as competitors, with higher average premiums.
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#8 – Farmers: Best for Signal App
Pros
- Signal App: Farmers offers the Signal app, which tracks driving behavior to potentially lower rates for safe drivers.
- Variety of Coverage Options: Farmers offers extensive coverage options and add-ons. Take a look at our Farmers auto insurance review to learn more.
- Non-Owner Insurance Available: Provides coverage for those who need to drive but don’t own a car.
Cons
- Mixed Customer Service Reviews: Farmers receives varied feedback on customer support, with some reporting dissatisfaction.
- High Premiums: Sample premiums are often above the national average across driver profiles.
#9 – American Family: Best for Dividend Payments
Pros
- Dividend Payments: American Family offers dividend payments to policyholders, providing potential returns on their premiums.
- Affordable for Most Drivers: American Family offers competitive rates, including for drivers with accidents, DUIs, or speeding tickets.
- Non-Owner and SR-22 Options: Provides non-owner insurance and SR-22 filings. Learn how to file an auto insurance claim with American Family in our comprehensive guide.
Cons
- Collision Repair Score: Received a C+ from collision repair professionals.
- Low Customer Satisfaction: Poor reviews on BBB and Trustpilot reflect dissatisfaction among policyholders.
#10 – Mercury: Best for Low Rates
Pros
- Rideshare Coverage: Offers insurance for drivers with services like Uber or Lyft.
- Roadside Assistance: Provides optional coverage for roadside emergencies and towing.
- Usage-Based Discounts: Features programs that offer savings based on your driving habits. Read more: What is the process for canceling my auto insurance policy with Mercury Insurance?
Cons
- Limited Coverage Options: Doesn’t offer accident forgiveness.
- No Vanishing Deductibles: Missing feature of gradually reducing deductibles for safe driving.
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BMW Auto Insurance Rates
While you can buy a new BMW for less than $40,000, you can also easily spend over $100,000. BMW is a luxury brand known for its quality engineering and ultramodern designs. As a luxury brand, insurance for a BMW costs more than it does for standard cars.
While luxury car insurance costs more for several reasons, higher rates are primarily due to higher repair costs.Tim Bain Licensed Insurance Agent
Generally speaking, vehicles with high price tags cost more to fix or replace. BMWs are particularly costly to repair since they’re built with the latest technologies.
Some luxury brands cost more than $300 a month to insure. For example, Mercedes auto insurance often costs over $400 a month for some models. While BMW is a luxury brand, it tends to have more affordable insurance rates. In fact, at $181 a month on average, BMW is one of the most affordable luxury cars to insure.
Read more: Affordable Mercedes Auto Insurance Quotes
Finding cheap BMW auto insurance isn’t quite as easy as buying coverage for a standard vehicle, but there are plenty of ways to save. One of the most important ways to keep your insurance rates low is to compare as many quotes as possible.
Compare BMW Auto Insurance Rates From Leading Providers
Insurance Company | Minimum Coverage | Full Coverage |
---|---|---|
Allstate | $87 | $184 |
American Family | $118 | $243 |
Farmers | $112 | $234 |
Liberty Mutual | $96 | $198 |
Mercury | $123 | $258 |
Nationwide | $101 | $215 |
Progressive | $78 | $162 |
State Farm | $89 | $186 |
Travelers | $106 | $222 |
USAA | $91 | $189 |
The company with the best BMW car insurance rates depends on a set of factors unique to you, such as demographics, driving profile, and more. Find out the average cost of auto insurance per month.
Progressive, Allstate, and State Farm tend to have some of the lowest rates for BMWs. Other affordable options include State Farm and Nationwide.
For more information, read about cheap Buick auto insurance in our guide.
BMW Insurance Rates by Model
Luxury car insurance always costs more than insurance for standard vehicles, but some models are more expensive than others. Several factors affect the cost of your car insurance, but you can check how much insurance costs for some of the most popular BMW models.
You’ll notice significant variation between BMW models. For example, the BMW X3 is one of the cheapest models to insure at $156 a month. The BMW M6, on the other hand, is one of the most expensive cars to insure.
Factors That Affect BMW Auto Insurance Rates
You already know that luxury cars cost more to insure, but there are several other factors that affect your insurance. When you’re looking for insurance for a BMW, you should know that insurers calculate your auto insurance rates based on the following factors:
- Location: Insurance companies keep careful track of accidents, crime rates, and other claim-related information. Insurance costs are higher in some ZIP codes than others because of higher vehicle crime rates or more accidents.
- Age and Gender: Another thing companies keep track of is how many claims are filed by different age groups. Younger drivers and men pay higher rates for their car insurance because they tend to file more claims.
- Credit Score: Unless you live in Hawaii, California, Michigan, or Massachusetts, insurance companies are allowed to use your credit score when calculating your auto insurance quotes. The lower your score, the more you’ll pay for insurance.
- Marital Status: Married couples tend to file fewer claims than single people, so most companies offer them a small discount on their insurance.
- Driving History: Your driving record is one of the most important factors in your insurance rates. Drivers with DUIs, speeding tickets, or at-fault accidents will pay much more for their insurance. Find out how your driving record impacts your auto insurance rates.
The amount of coverage you want to buy will also impact your rates. Minimum liability auto insurance — or the least amount of coverage required by your state — costs much less than full coverage auto insurance. While it’s more expensive, the extra protection offered by full coverage is probably worth it for your BMW.
How To Get Affordable BMW Auto Insurance Rates
Even though it’s a luxury brand, BMWs typically have affordable rates. The good news is there are additional ways to lower your auto insurance costs. To get cheaper BMW car insurance, consider the following tips:
- Enroll in a Telematics Program: Most companies offer usage-based car insurance discounts for low-mileage, safe drivers. Depending on the program you choose, you can save up to 40%. Learn how to get a low-mileage discount on your auto insurance.
- Add Security Systems: Drivers with extra security systems installed in their vehicles can save on their comprehensive car insurance. Applicable security features usually include audible alarms and GPS tracking.
- Keep Your Record Clean: The easiest way to keep your rates down is to keep a clean driving record. If you have an infraction on your record, it’s crucial that you avoid adding more.
- Increase Your Deductible: Your car insurance deductible is the amount you must pay before your insurance kicks in. You can save on your car insurance rates by increasing your deductible, but you’ll have to pay more if you need to file a claim.
- Look for Discounts: Insurance companies offer auto insurance discounts to help their customers save, and it’s essential to look for them when shopping for coverage.
Below is a table showing discounts offered by top providers:
Insurance companies have unique formulas to determine rates. While all companies look at the same factors, some are more forgiving than others for certain demographics. For example, Nationwide and Geico have some of the lowest rates for people with low credit scores, while Progressive and State Farm have some of the highest.
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Find the Best Auto Insurance for BMW Today
BMW is one of the most famous and sought-after luxury brands, known for its ultramodern engineering. While luxury cars always have higher insurance rates, BMW coverage tends to be on the affordable side.
Although BMW rates are often affordable, there are always more ways to save and find better cheap BMW auto insurance. The most important step in your search for BMW insurance is to compare as many quotes as possible. If you don’t, you’ll likely overpay for your policy.
If you’re looking to lower your auto insurance premiums, enter your ZIP code into our free quote comparison tool below to compare your rates against the top insurers. Discover ways to save on auto insurance in our guide.
Frequently Asked Questions
Why is BMW auto insurance so high?
On average, BMW drivers pay around $181 per month for full coverage auto insurance. Luxury cars like BMWs typically have higher insurance costs due to their higher repair and replacement costs.
What is the best insurance for BMW 3 series?
Progressive provides the best auto insurance for BMW 3 Series, offering comprehensive coverage at affordable rates.
Which insurance companies offer affordable BMW car insurance?
Several insurance companies offer affordable rates for BMW car insurance. Companies like Progressive, Allstate, and State Farm are known for providing competitive rates for luxury vehicles, including BMWs. USAA and Liberty Mutual are also worth considering as they often offer affordable options for BMW insurance.
Do different BMW models have different insurance costs?
Yes, insurance costs can vary among different BMW models. Factors such as the vehicle’s value, repair costs, safety features, and historical claims data contribute to the insurance rates for each specific model.
Generally, high-performance or luxury models may have higher insurance costs compared to standard or entry-level BMW models. Learn more about how auto insurance companies value cars in our article.
Are Volvos cheap to insure?
Volvos are generally more affordable to insure compared to other luxury cars. They often have lower insurance premiums due to their safety features and lower theft rates.
Are BMWs expensive to insure?
Yes, BMW car insurance tends to be more expensive than average. Generally, less expensive models like the 2 Series and 3 Series are cheaper to insure. In contrast, higher-end models like the BMW 5 Series and BMW X6 have higher insurance costs. BMW car insurance cost varies based on the model and other factors.
What factors affect BMW car insurance prices?
Several factors influence the price of BMW car insurance. These factors include your age, location, driving history, credit score, the model and year of your BMW, annual mileage, and the coverage options you choose. Read more: Your Credit Score and Auto Insurance Quotes
What is the average insurance cost for BMW 3 series?
The average BMW insurance cost for a 3 Series is about $187 monthly. This rate can vary based on factors such as driving history, location, and coverage levels.
What is the average insurance cost for BMW x3?
The BMW average insurance cost for an X3 is around $154 per month. Rates may vary depending on your driving history, location, and coverage needs.
Is BMW or Mercedes cheaper to insure?
BMW vehicles generally have lower average car insurance premiums than Mercedes. The most affordable BMW models to insure include the 2 Series Gran Coupe and 2 Series Active Tourer. These models have minimal competition and offer more affordable insurance options. Learn how to find your car’s make and model in our comprehensive guide.
Which is the best car insurance for BMW?
The best car insurance for BMWs is offered by Progressive, known for providing affordable BMW coverage. This ensures comprehensive protection at competitive rates.
Where can I find cheap car insurance for BMW?
You can find cheap BMW insurance through Progressive, which is known for offering the lowest rates for BMW vehicles.
How can I save money on BMW car insurance?
To save money on BMW car insurance, consider the following tips:
- Compare quotes from multiple insurance companies to find the most competitive rates
- Opt for higher deductibles, which can lower your premiums, but ensure you can afford the deductible amount in the event of a claim
- Inquire about available discounts, such as multi-policy discounts, good driver discounts, or safety feature discounts
- Maintain a good credit score, as it can positively influence your insurance rates
Also remember to drive safely and avoid traffic violations or accidents, as a clean driving record can lead to lower premiums over time
Do luxury cars cost more to insure?
Yes, luxury cars typically have higher insurance costs. The BMW insurance cost, for example, is generally higher due to the expensive and specialized parts required for repairs.
How much does BMW insurance cost?
The average BMW auto insurance cost is around $78 per month. The most affordable model to insure is the BMW X1 SUV, with monthly rates starting at $192. To find out if you can get cheaper auto insurance rates, enter your ZIP code into our free quote tool below to instantly compare prices from various companies near you.
Compare over 200 auto insurance companies at once!
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.