Who is BMW?
BMW, originally established in Germany over a century ago as a manufacturer of aeroplane engines, takes its name from Bayerische Motoren Werke (Bavarian Motor Works). Today, the brand has evolved into a global symbol of luxury and performance on the road.
BMW offers a broad range of models including hatchbacks (1 series), SUVs (X7) and executive saloons (7 series). It's also a leader in the electric car revolution, with over one million cars produced globally as of April 2024
How Much Does a BMW Cost to Insure?
The cost of insuring a BMW is influenced by a variety of factors. These include which insurance group your vehicle falls into, any no-claims bonus you might have, your age, your gender as well as various other factors. Below you'll find a breakdown of the average price BMW drivers might expect to pay to insure some of the most popular models.
| Model | Average Price |
|---|---|
| BMW 1 Series | £1242 |
| BMW 2 Series | £1619 |
| BMW 3 Series | £1600 |
| BMW M3 | £1946 |
How Can I Get Cheaper BMW Car Insurance?
Luxury cars like BMWs are more expensive to insure due to their high-performance engines, import status, high price tag, and appeal to thieves. However, you can find cheaper car insurance, if you try the following suggestions:
- Upgrade security: Most new BMWs will come with an alarm system built-in but you can boost your vehicle’s security even further using immobilisers and/or trackers. Some insurers will give you discounts for having these additions. Declaring to your insurer that you will keep your BMW locked in a garage overnight as opposed to being parked on your driveway or on the road can also help to reduce your premium.
- Consider a telematics policy: This involves installing a telematics device (known as a black box) in your vehicle that will record your driving habits including speed, braking, acceleration, cornering and mileage. This data is then transmitted to your insurer who can then profile you as a driver. If you have been driving carefully, then you could see your premium adjusted.
- Increase your excess: Increase your voluntary excess and you will likely pay less for your premium. Just remember that you'll have to pay this excess amount in the event of a claim, so make sure the amount you choose is realistic and within your budget.
- Pay upfront: If you want to avoid paying additional monthly interest costs on your insurance, then choosing to pay the cost of your policy upfront will help keep the overall cost of your premium down.
- Remember to compare and switch: Comparing quotes from as many providers as possible can help you find cheaper insurance for your BMW. Switching providers every year will also help you find better deals as most insurers offer the best deals to new customers.
What Factors Influence The Cost of BMW Car Insurance?
There are several factors that can influence the cost of your BMW insurance including:
- Level of cover: The type of car insurance you need will influence the price of your premium. Perhaps unsurprisingly, fully comprehensive cover costs more than a third-party policy.
- Insurance group: High-performance models like the BMW 330i (which is in insurance group 33) are likely to cost more to insure compared with less powerful models such as the 1 series, which will be in a lower group.
- Driver profile: Insurers profile drivers based on variables such as age, gender, and driving history and then offer premiums based on this data (as well as many other factors). In general terms, more experienced drivers are offered lower premiums as well as those who drive less powerful or less valuable vehicles.
- Vehicle usage: When calculating your premium, insurers will also consider how often you use your vehicle. If your BMW is used for commuting or commercial purposes then expect higher quotes than someone who drives occasionally for leisure purposes only.
- BMW modifications: Modifications on BMWs are quite common. Those vehicles that have been modified with superchargers, air filters, exhaust system upgrades, or anything else that enhances performance can expect to pay higher premiums.
- Safety features: The more safety features a car has, the better it is for both your peace of mind and your wallet in the form of a potentially cheaper premium. Safety enhancements that can drive down the cost of a premium include airbags, ABS and AEB systems, parking sensors and additional features that can deter theft or damage such as immobilisers and alarms.
Understanding these factors will better influence your premiums, and the more likely you are to make an informed decision about your BMW insurance.