The Best Auto Insurance for BMWs of 2024

State Farm is one of the oldest providers, and the top provider in the country, for a reason. It’s one of the most affordable options for a wide array of locations, demographics, and driver history profiles. With a low average annual rate, a long list of discounts, robust bundling options, and added coverage features, State Farm is our top pick to insure your BMW.

Affordable Rates

The average insurance cost for BMWs across all series is a little over $2,000, higher than the typical non-luxury vehicle. The average cost to insure a BMW with State Farm is a little under this average, and the least expensive on our list after USAA.

Robust Coverage Options

With State Farm’s extra coverage options, you can sleep easily knowing you’ll be covered in the event of an accident. In addition to liability coverage and full coverage options, you can add the following options to your coverage:

• Towing and/or labor costs
• Glass replacement
• Payoff Protector (if you financed with State Farm) — similar to gap insurance
• Personal umbrella
• Rental car
• Rideshare insurance
• Transportation coverage

Classic Car Coverage

If you own a classic BMW and are researching a fair rate for your insurance, look no further. State Farm offers collector and classic car coverage for vehicles with historical interest. If your BMW is between 10 and 24 years old, you might be eligible for classic car coverage. You could also obtain antique classic coverage if your car is over 25 years old.

How insurance providers define classic or antique cars can be a bit tricky. They rely on a system of agreed value to decide on your premium rates. Because classic and vintage cars are unique and don’t depreciate over time as normal cars usually do, you’ll have to agree with State Farm on a value and insurance plan for the vehicle. Here are some of the factors that State Farm might take into consideration when determining the value of your classic or antique car:

• Type of car
• Mileage and condition
• Frequency of driving (State Farm is more likely to insure your car if you use it on a very limited basis.)
• Storage
• Maintenance and restoration

Be sure to speak to a State Farm agent to see if your BMW qualifies as a classic or vintage car.

One of the best ways to lower rates on expensive car insurance is to take advantage of sizable bundling discounts. Not only does Allstate have one of the largest home and car bundling discounts (up to 25 percent), but it’s one of the largest and most reliable insurance providers in the country.

Great for Bundling

Allstate’s 25 percent discount for home and car bundling is the largest in the country among the Top 10 providers. If you need more than one type of protection, bundling is a good way to save money on your coverage. In addition, bundling makes managing insurance easier because you can access multiple plans quickly, adjust your policy, and review your coverage — all from the same place. Bundle your motorcycle, house, condo, or renters insurance with your car insurance.

Big Savings

Another way to bring your auto insurance costs down is to take advantage of all the discounts available to you. At Allstate, you have access to a long list of discounts, such as:

• Up to 25 percent off if you have multiple policies
• If your car has anti-lock braking
• If you take a safe-driving course
• If  have a new-car discount
• EZ pay plan discount for automatic withdrawals on your premium
• Paperless ePolicy
• Smart student discount if you’re a student under 25 who meets one of these requirements:
  • Maintains a 2.7 or above GPA
  • Completes the teenSMART driver education program
  • Attends school at least 100 miles from where you store your car

The best way to determine which discounts you’re eligible for is to ask your agent.

Pricing Based on Driving Habits

One way to save on your BMW coverage is to take advantage of providers who offer rates based on your safe driving habits. Sign up for either the Milewise or Drivewise driving plan through Allstate.

• Milewise: Milewise is a pay-per-mile insurance option that generates your rates based on how many miles you drive. If you don’t have a big commute or aren’t behind the wheel often, Milewise can save you money on your car insurance.
• Drivewise: Drivewise is an app-based driving tracker that analyzes your speed, driving habits and time of day you drive to determine your driving safety. Signing up is as easy as downloading the app so it can track your driving. You can complete Drivewise safe-driver challenges to earn points and redeem cash over time.

If you’re an active military member, veteran, the spouse, or child of a military member, USAA is the best option for insuring your BMW. With an average annual price of $1,700 to insure a BMW, USAA is the lowest priced option on our list. Plus, USAA came out on top in every region across the country in J.D. Power’s 2024 Auto Insurance Customer Satisfaction Study.⁵ Part of what makes USAA so affordable is its long list of membership discounts and benefits, which will go a long way with your BMW coverage.

USAA Discounts

USAA has several discounts unique to military personnel. Here are some of the company’s key discounts:

• Good student discount
• Safe driver program offers up to 30 percent
• Bundling discount is up to 10 percent off
• Anti-theft device discount
• Vehicle storage up to 60 percent off
• Comprehensive coverage: up to 15 percent off for garaging your car on a military base
• Military families receive up to 10 percent off
• New vehicles three years old or less

Excellent Bundling Options

USAA offers a one-size-fits-all insurance option for bundling. It has one of the most robust bundling options to bring your costs down, simplify your insurance plan, and provide you with the coverage you’re seeking. With USAA, you can bundle your BMW insurance with a number of other policies and plans, including your:

• ATV
• Boat
• Classic car
• Condo
• Farm and ranch
• Homeowner insurance or renters insurance
• Motorcycle
• Personal umbrella
• Pet
• RV
• Small business
• Special event
• Supplemental health

USAA Membership Benefits

Take advantage of the many USAA membership benefits the company has to offer, including the following:

• Multiple-vehicle bundling
• Vehicle storage during deployment
• Shopping discounts for hotels, cruises, and vacation tours
• Travel insurance deals
• 24/7 membership support for insurance, deployment questions, or transition to life as a civilian
• ADT home security discount
• Banking advice for vehicle loans
• Financial advice for managing debt, investing, saving, and planning retirement or buying a home

Car insurance for BMWs is already expensive, but if you’re a high-risk driver, that number could triple what you would normally pay. In some cases, insurance providers may not even cover you if you need an SR-22, have a bad credit score, or have a history of accidents or traffic violations. If you have a poor credit score or driving record, consider Acceptance Insurance.

Insurance for High-Risk Drivers

Not all providers offer SR-22s or insurance for drivers with bad credit or driving histories. In contrast, Acceptance Insurance will cover you even if you have a history of violations, past DUIs, or accidents. We think you should consider Acceptance if you’re having a hard time finding coverage elsewhere and are a high-risk driver, which providers define as:

• Drivers with histories of accidents
• Drivers with histories of traffic violations
• Drivers with multiple DUIs
• Young drivers
• Drivers who need SR-22s
• Drivers with several points on their records
• Drivers with poor credit scores

Customizable Coverage

In addition to liability and full coverage, Acceptance offers these add-ons:

• Traffic citation coverage: covers the cost of minor traffic violations and legal fees for up to $650 a year
• Accidental death coverage
• Outdoor vehicle
• Roadside assistance
• Motorcycle insurance
• Towing and labor

These are other types of insurance policies you can take advantage of with Acceptance:

• Commercial
• Homeowners
• Indemnity — in case of hospitalization
• Life
• Pet
• Renters
• TeleMed
• Travel

Many Ways to Save

Even though Acceptance caters to high-risk drivers, expect your BMW rates to be high if you have a poor credit score or a history of violations or accidents. One way to lower your costs is by taking advantage of every discount available to you from Acceptance, including for things like the following:

• Being a military member
• Having bundling options
• Being enrolled in Autopay
• Renewing your policy
• Having paperless billing
• Signing up online
• Taking a driving course
• Loyalty discount (such as if you were with your previous provider for at least six months)
• Being a good student
• Being a low-mileage driver

Liberty Mutual is a top provider with a number of unique add-ons and options to fully cover your BMW. One of the most unique add-ons is the better car replacement coverage, which guarantees you a new car with 15,000 fewer miles than your old, totaled car.

According to research by Edmunds, some cars can depreciate by more than 20 percent in the first year. This means you can get the most out of replacement coverage in the first five years of ownership.

Flexible Add-ons and Coverage

According to Kelley Blue Book, the lowest prices for new 2024 BMWs start at over $35,000, which makes add-on coverages like original parts and new car replacement all the more valuable.⁶ With Liberty Mutual, you can add the following types of coverage:

• Accident forgiveness
• Better car replacement coverage
• Deductible fund, which helps pay for any out-of-pocket payments for accidents
• Gap insurance
• Lifetime repair guarantee
• Mexico car insurance
• New car replacement for the first model year and 15,000 miles
• Auto insurance for teachers

Pricing Based on Driving Habits

Safe drivers should consider Liberty Mutual’s RightTrack program to earn additional savings to insure your BMW. You receive a discount just for signing up, and the program will track your driving habits automatically through the Liberty Mutual app. If you’re a New York resident, you’ll need to use the RightTrack Plug-in device.

After 90 days, the app will assess your driving habits based on your speed, braking, mileage, and other metrics. A positive driving assessment can earn up to 30 percent off on your coverage; however, your car insurance costs could increase if you display risky behavior.

Mobile-Friendly Policy Management

Liberty Mutual offers a user-friendly mobile app that is highly rated for both iOS (4.8 out of five stars) and Android (4.6 out of five stars). Through the app, you can pay your bills, track claims, review your policy, and adjust your coverage.

Additionally, you can use the accident support features to take photos of accidents in real time and call for roadside assistance. Finally, the Coverage Customizer Tool is a great way to look for discounts in your next renewal, break down your current policy, or see what your coverage looks like after a claim — all from the comfort of your phone.