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UPDATED: Jan 4, 2018
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First time BMW car buyers are often unhappy with the insurance costs that accompany these high-performance vehicles.
No one really expects fuel efficiency or insurance bargains when they purchase a BMW, but the increase still stuns.
The more spirited driving personality of the typical BMW driver also has higher statistics of risk-taking, and when there are accidents, repair costs are higher.
Still, money can be saved by carefully researching the insurance prices of this classy high-performance vehicle while taking into account price differences between U.S. states.
BMW is not the most expensive car to insure; only one model made it to the top 10 list of the most expensive cars to insure and that is the 760 Li which is number 7 on the list.
BMW Car Insurance for 47-Year-Old Male in High Priced State
Peter lives in Washington D.C. with his 2014 BMW 760Li. He wants premium level car insurance because he also owns a condominium and his flashy car could be a magnet for a lawsuit if he were to be involved in an auto accident.
Premium level policies have the highest damage limits for property and bodily injury in standardized car insurance policies. The higher damage limits help to protect against lawsuits filed due to damages exceeding the limits set by car insurance policies.
Premium Level Coverage:
- $250,000 per person and $500,000 per accident for bodily injury
- $100,000 for property damage
- $250,000 per person and $500,000 per accident to pay for bodily injury caused by uninsured or underinsured motorist
- $100,000 to pay for property damage caused by uninsured or underinsured motorist
- $75 towing allowance
- $900 rental car allowance
- Full glass coverage
- Premium level requires a $250 deductible payment
Peter can get the car insurance he needs from these insurance companies for these monthly payments in Washington D.C.:
- USAA – $335.00
- Erie – $352.00
- State Farm – $421.00
- Nationwide – $434.00
- Allstate – $449.00
- Geico – $763.00
Peter cannot resist the urge to test the horsepower on a country road in Maryland farm country. He unwittingly zooms past a sheriff who is parked behind a tree on the side of the road.
Peter gets a speeding ticket with an unspecified designation. At renewal, his monthly insurance payments will increase a little:
- USAA – $369.00
- Erie – $370.00
- State Farm – $459.00
- Allstate – $526.00
- Nationwide – $531.00
- Geico – $803.00
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BMW Car Insurance for 34-Year-Old Woman in Mid-Priced State
Dierdre lives in Breckenridge Colorado, a mid-priced location for car insurance. Her vehicle is a 2013 BMW X5 3.5 SUV, a good choice for a real estate agent and ski instructor.
Monthly insurance payments for someone similar to Dierdre and her car in Breckenridge are listed here:
- State Farm – $180.00
- USAA – $191.00
- Farmers – $241.00
- Geico – $262.00
- Progressive – $292.00
- American Family – $300.00
- Allstate – $353.00
- Safeco – $563.00
Regrettably, the temptation to test the performance of a BMW is always bubbling under the surface of even the most responsible drivers and Dierdre is no exception.
Twice in the past 24 months, she has been cited; once for speeding and more recently, she was cited for crossing a solid yellow line in order to get past a slower driver.
At renewal, Dierdre’s updated choices are listed below in monthly payment amounts:
- State Farm – $192.00
- USAA – $266.00
- Farmers – $338.00
- Geico – $380.00
- Allstate – $412.00
- American Family – $412.00
- Progressive – $418.00
- Safeco – $936.00
Cost to Insure a Z4 Roadster in a Low-Priced State
Bob, who is 62, lives in Asheville, North Carolina, one of the lowest-priced regions for car insurance. Road trips exploring the Blue Ridge Mountains in his BMW Z4 roadster are his favorite form of relaxation.
The BMW Z4 is a popular car for people who are able to purchase a vehicle exclusively for recreational driving. Most Z4 owners need an additional vehicle for functionality. There is barely room for a small cooler, let alone more than one passenger or several bags of groceries.
Bob also owns a Honda Fit for shopping and other tasks requiring more cubic feet and passenger seating.
Adding the roadster to his existing car insurance will let Bob save money by using a multi-car discount.
In Asheville, these are Bob’s monthly payment options for premium level coverage before and after he adds the Z4:
- Geico – $75.00
- State Farm – $86.00
- NC Farm Bureau – $107.00
- Nationwide – $112.00
- Allstate – $114.00
- Nationwide – $160.00
- State Farm – $166.00
- Geico – $168.00
- NC Farm Bureau – $198.00
- Allstate – $211.00
Youthful BMW Driver in Mid-Range State
Dale is 24 and lives in Santa Barbara, California. His BMW is a 2014 328i. For premium level coverage, he has these monthly payment options:
- USAA – $139.00
- 21st Century – $245.00
- Allstate – $245.00
- State Farm – $253.00
- AAA – $259.00
- Liberty Mutual – $327.00
- Mid-Century – $349.00
- Geico – $460.00
Dale received a speeding ticket while driving his 328i in October. He is able to keep his good driver discount by attending traffic school before his insurance renewal date.
Youthful BMW Driver in High-Priced State
Jennifer is 24 and lives in New Orleans, Louisiana. Like Dale from Santa Barbara, her BMW is a 2014 328i. Premium level coverage is available to Jennifer from these companies at these monthly payments:
- State Farm – $246.00
- LA Farm Bureau – $464.00
- Allstate – $582.00
- Progressive – $768.00
- Liberty Mutual – $1,116.00
Some insurance companies offer more competitive prices to younger drivers as well as drivers of high-performance vehicles. Other companies tend to be more tolerant of traffic citations as well as non-injury accidents.
Premium changes are always possible at renewal time. Most insurance companies trust that consumers will not regularly shop and compare to learn about current prices.
Loyalty is a good thing, but it may cost a lot of money when it comes to car insurance.
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