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BMW auto insurance: what you need to know.

German automaker BMW has been building cars since 1928. Today the company, which brands itself as the “ultimate driving machine,” is known worldwide for luxury, high-performance vehicles. Highly-regarded for technological innovation, BMW even offers the i-SERIES suite of electric cars through their dealerships. BMW offerings range from sport coupes and convertibles, to family sedans and sport utility vehicles.

BMW offers a four year or 80,000 kilometre warranty on new models, and is considered among the more reliable European brands according to Consumer Reports. The Munich-headquartered automaker is no stranger to accolades, including prestigious J.D. Power Awards for its 8 Series and X6 models in 2020.

Interested in purchasing a BMW? Getting the best BMW insurance rates is a must. Average rates for BMW car insurance don’t tell the full story. They can vary depending on whether your BMW is brand new or pre-owned, and other factors like where you live, and your driving history.

The best way to get the cheapest BMW insurance rate is to use a comparison tool like the one on LowestRates.ca to compare multiple offers instantly. Read on to learn more about how to get the best insurance rates for your BMW car or sport utility vehicle.

How much is insurance for a BMW?

The cost of insuring your BMW depends on multiple factors including the city and province or territory where you live. Only Alberta, the Atlantic provinces, Ontario, Quebec and the Territories have private insurance markets. Insurance is provided by the provincial government in all other provinces. There can be variations in BMW insurance quotes between jurisdictions that you may not be aware of. For example, Ontario residents often pay higher insurance rates than Quebec residents. Additionally, BMW drivers in big cities may find themselves paying higher premiums than those in smaller towns or rural communities.

BMW car insurance quotes can also vary depending on how long you’ve had your license. BMW insurance for young drivers can cost more than it does for experienced, older drivers. Your driving record is also important: speeding tickets and traffic violations impact how much you pay to insure your BMW. Having made claims on your driver's insurance in the past impacts your rate as well.

Because of these and other factors, using average BMW insurance costs may not give you the accurate information you need. You’re better off applying for custom quotes online to get the true cost of insuring your BMW.

The following are BMW car insurance rates offered to real LowestRates.ca users.

Estimated Premium

Front view of a car. Illustration.

See how our customers save big on auto insurance.

CustomerLocationVehicleLowest rateAverage rateSaved
Quote from September 30, 2022
Customer
Male, 25 years old
Location
ontario
Vehicle
2022 TESLA MODEL Y 75D LONG RANGE 4DR AWD
Lowest Rate
$262/mth
$3,138/yr
Average Rate
$396/mth
$4,749/yr
Saved
$134/mth
33.92%
Quote from September 30, 2022
Customer
Male, 19 years old
Location
ontario
Vehicle
2008 NISSAN ALTIMA 3.5 SE 4DR
Lowest Rate
$627/mth
$7,519/yr
Average Rate
$1,042/mth
$12,503/yr
Saved
$415/mth
39.86%

Your questions about BMW auto insurance rates, answered.

What is the cheapest BMW to insure?

Luxury vehicles like BMWs aren’t as cheap to insure as other car brands. But lower-end models without custom trim generally cost less to insure than fully-equipped models. This is because fewer advanced technological options, like car alarms, airbags and other technologies, can potentially reduce repair costs in case of an accident.

Factors like your vehicle’s age, make, model, value, and potential repair costs are taken into account when BMW insurance brokers offer you quotes. Before you purchase a new or pre-owned BMW, compare quotes to see how much you can expect to pay to insure your vehicle. A comparison tool like the one on LowestRates.ca offers people seeking insurance dozens of quotes instantly to compare and review.

Used vs. new BMWs: which is cheaper to insure?

Generally speaking, it is cheaper to insure a used BMW model than a new one. Pre-owned cars and SUVs that are five years or older generally don’t require extra insurance coverage. Meanwhile, leased new BMWs usually require both comprehensive and collision insurance. Collision insurance is recommended for new vehicles as well. The plus side to collision insurance is that aside from the deductible or possibly the cost of a rental car, there’s generally no out of pocket payment for the policyholder.

For buyers interested in a pre-owned BMW, the automaker offers Certified Pre-Owned models with limited powertrain warranties at their dealerships. Buyers can also purchase used BMWs from other auto dealerships or from private sellers. BMW used car insurance can require a fraction of the monthly payments it can cost to insure a new model. Our online comparison tool can be used to compare cheap BMW car insurance for new and pre-owned models to help you understand the true cost of insuring your vehicle.

What is the best car insurance for a BMW?

Getting the best BMW car insurance rates in Canada can’t be accomplished by going to a single insurance provider. No single insurance company offers the best rate for a particular BMW model. That’s why you need to compare BMW insurance rates online.

The driver of the vehicle makes the biggest difference, and all the unique factors that impact your individual rates from location, to age, to insurance history. Additionally, there are different underwriting standards at different insurance companies which can cause variations in BMW insurance quotes. That means the factors considered when creating your quote won’t necessarily cost you the same amount at different companies.

Drivers get the best BMW vehicle insurance rates by comparing multiple options to find the best fit for their needs. Use our online comparison tool to find the best insurance for you and your BMW, by comparing multiple rates instantly.

How are auto insurance quotes for BMW calculated?

When calculating quotes for BMW insurance, companies take a number of factors into account. The best car insurance rates for BMWs can vary depending on your personal history and needs. Rates can also vary depending on the underwriting criteria of the insurer.

Whether insuring a new or pre-owned BMW, factors which will impact your quote include:

Location: The province or territory you live in will make a difference when getting the best BMW insurance rate. Residents of densely populated cities tend to have higher rates, because of increased risk of accidents or break ins. Whether your province or territory offers private or public insurance is also a factor.

Age of driver: Generally speaking, the older you get and the longer you've been driving, the cheaper your insurance is. This is, in part, because mature drivers tend to have fewer accidents than newer ones. Even on pre-owned models, BMW insurance policies can be higher for those under age 25, particularly for teenage drivers.

Frequency of use: Do you drive a little or a lot? Because this factor can make a big difference in the cost of your BMW insurance coverage. The more you drive, the more risk of collision you face. If you drive a lot for work or commute long distances you'll pay more than people who seldom use their vehicles.

History: If you've recently been at fault for an accident, you will face higher insurance premiums on your BMW. Drivers with clean histories will notice a difference in price on their BMW car insurance when insuring their car or SUV.

Customer loyalty: BMW insurance renewal can be cheaper over taking out an entirely new policy. This is because when you’re with an insurance company for a long time or renew your policy you can sometimes save more than taking a policy with a new provider.

Use our online tool to review BMW insurance quotes to find the best policy and price for your needs and budget.

Is it safe to buy BMW insurance online?

Yes, it’s totally safe to buy car insurance online. We’ve helped Canadians save millions on their insurance costs. Get a quote for car insurance on LowestRates.ca and start saving today.

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