As BMW owners around the world can attest, there is a reason that BMW is known as "the ultimate driving machine." BMW is known for two things: power and luxury. By selling 1.54 million vehicles in 2012, BMW established itself as the world's top luxury-car maker. When you invest in a car of this caliber, you need to protect it with a top-rated car insurance policy.
An independent agent in the Trusted Choice® network can help you compare insurance companies, coverage options and rates to find the right coverage for your BMW. Contact a local member agent to receive a variety of BMW car insurance quotes.
BMW not only has a reputation for being a great ride, it is also known for its safety. In fact, the Insurance Institute for Highway Safety (IIHS) named the 3 Series sedan a Top Safety Pick in both 2012 and 2013.
The BMW 5 Series was also named a Top Safety Pick in 2010 and 2013. In addition, the 5 Series was one of the few cars that received an overall 5-star rating from the National Highway Traffic Safety Administration (NHTSA) after they instituted tougher testing standards in 2011. Other BMW models that the IIHS named a Top Safety Pick included the X3 in 2011 and 2013 and the X5 in 2009.
BMW takes pride in producing safe and reliable cars and their well-built bodies and standard-safety features are effective in preventing driver and passenger injuries in collisions. This fact is reflected in insurance rates as insurance companies are less likely to be faced with expensive medical costs for passenger injuries.
According to the NHTSA, the 7 Series is the BMW model that is most likely to get stolen. It ranked 65th on the NHTSA's theft list for 2011 with 13 out of 12,087 stolen. This averages out to about 1.08 of every 1,000 cars. By comparison, the most stolen vehicle on the list, the Dodge Charger, had a theft rate of 4.82 vehicles per every 1,000.
On the list of the top 100 most stolen cars, the only other BMWs included were the BMW M3, with 0.92 thefts per 1,000 vehicles, and the BMW B7 with 0.80 thefts per 1,000 vehicles. Perhaps one reason for the low theft rate is that most BMW owners invest in anti-theft devices such as car alarms and GPS tracking systems.
While BMW theft-rate may be low, this is a crime that all vehicle owners should keep in mind, particularly when deciding whether or not to include comprehensive coverage with their car insurance policy. Comprehensive coverage will reimburse you if your BMW is stolen or damaged in a non-collision related event such as a fire, or flood.
The cost of insuring a new BMW will be a bit higher than average as these powerful luxury cars are an expensive investment and you will want to therefore purchase a fully-comprehensive policy with high liability limits. Other factors that will affect your insurance rates include your age, driving history, where you live and how often you drive your car.
In fact, on the most recent list of the Top 10 Most Expensive Cars to Insure put together by Forbes Magazine, three BMW models made the cut. These were the BMW ActiveHybrid 7 with an average annual insurance rate of $2,701; the BMW 750i with an average annual insurance rate of $2,430 and the BMW 750 XI with an average annual insurance rate of $2,446.
To get an idea of how much you might expect to pay for your particular BMW model, the following list shows the amount a 40-year male with no accidents in the past 5 years might expect to pay for a policy that includes collision, comprehensive and underinsured/uninsured motorist coverage:
Your costs, of course, will depend on your own personal factors and can vary significantly from person to person and state to state.
The 3 Series makes up about 30 percent of all BMW sales. These high-performance vehicles provide owners with a solid and reliable luxury car at a price that many in the market for such a vehicle can afford. Depending on the specifications and features, you can spend from $32,550 to $60,800 for a new 3 Series vehicle.
As mentioned before, the Insurance Institute of Highway Safety rates this car highly in terms of safety. Furthermore, the 3 Series ranked 118th on the NHTSA list of most stolen cars with a theft rate of only 0.61 per every 1,000 vehicles. This is good news for BWM 3 Series owners as the high safety ratings and low theft rates keep the cost of purchasing a fully comprehensive insurance policy low.
The cost of an annual car insurance premium for a 40-year-old man with full auto coverage ranges from $1730 to $2147.
The BMW 5 Series is another popular model, particularly in the United States. This new 5 Series vehicle starts at $47,800 for the base model and can cost as much as $65,000 fully-loaded. The 5 Series was named a Top Safety Pick by the IIHS and this vehicle ranked 118th on the NHTSA auto theft list, with an average of 0.63 thefts per 1,000 vehicles. Low theft rates and high safety-performance work together to keep insurance rates for these vehicles relatively low.
The annual insurance premium for a 40-year-old man who has full coverage is priced between $1819 and $2023.
The BMW X5 is a mid-sized luxury SUV that is growing increasingly popular in America. The X5 sells for between $47,500 and $88,850 depending on options and features. In 2012, BMW sold 44,445 X5s in the United States. This SUV was rated "good" by the IIHS in moderate overlap front, side impact and head restraint/seats crash testing. Furthermore, no BMW X5s were stolen in 2011 according to the NHTSA. The high safety rating and non-existent theft rate of these vehicles explains why insurance rates are not much higher than for less-expensive non-luxury SUVs.
A 40-year-old man with full auto insurance coverage can expect to pay between $1534 and $1688 on his annual X5 insurance premium.
If you are considering purchasing a BMW, be sure to factor in insurance-costs when determining how much ownership will cost you. If you already own one of these vehicles, you may want to ensure that you are not overpaying for your policy. Either way, you can contact an agent in the Trusted Choice network to receive a variety of BMW insurance quotes that you can compare.
Your local Trusted Choice agent is available to answer your insurance-related questions and can help you determine how much coverage you need to properly protect your assets. Contact an agent near you today to learn more about BMW insurance.