Cheap BMW Auto Insurance in 2024 (Get Low-Cost Coverage With These 10 Companies)

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.

Our Top 10 Company Picks: Cheap BMW Auto Insurance

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#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.

#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.

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#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.

#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.

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#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.

#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.

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#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.

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.

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

BMW Auto Insurance Monthly Rates by Coverage Level and Provider

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.

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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.

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.

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