Cheap BMW M Car Insurance in 2024 (Save Big With These 10 Companies!)
Discover the best providers for cheap BMW M car insurance: Allstate, Nationwide, and State Farm lead with rates starting at just $64/month. These companies offer the most affordable and comprehensive coverage options for BMW models, ensuring top value and reliability for car owners.
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Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients. Scott quickly grasped the unique insurance requirements of his...
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UPDATED: Nov 4, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Nov 4, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Min. Coverage for BMW M
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Pros & Cons
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Min. Coverage for BMW M
A.M. Best Rating
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Pros & Cons
3,019 reviews
17,759 reviewsCompany Facts
Min. Coverage for BMW M
A.M. Best Rating
Complaint Level
Pros & Cons
17,759 reviews
The top picks for cheap BMW M car insurance are Allstate, Nationwide, and State Farm, known for their exceptional value and coverage.
These companies offer tailored policies that cater specifically to the unique needs of BMW M series vehicles, ensuring both comprehensive protection and affordability. Learn more in our “What is included in comprehensive car insurance?”
Our Top 10 Company Picks: Cheap BMW M Car Insurance
Company Rank Monthly Rates Safe Driver Discount Best For Jump to Pros/Cons
#1 $64 25% Add-on Coverages Allstate
#2 $66 40% Usage Discount Nationwide
#3 $68 30% Many Discounts State Farm
#4 $80 15% Military Savings USAA
#5 $82 30% Customizable Polices Liberty Mutual
#6 $85 13% Online Convenience Progressive
#7 $93 30% Accident Forgiveness Travelers
#8 $97 25% Cheap Rates Geico
#9 $101 40% Student Savings American Family
#10 $103 20% 24/7 Support Erie
By understanding the factors that affect insurance rates, such as the car’s model, the driver’s history, and the chosen coverage, drivers can make informed decisions. Ultimately, selecting the right insurer involves comparing quotes to find the best match for your specific requirements and budget.
Enter your ZIP code above to start comparing premiums from highly-rated insurers in your area.
- Allstate is the top pick for affordable BMW M auto insurance
- BMW M models require specialized coverage due to high performance
- Factors like driver history and vehicle model impact BMW insurance costs
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#1 – Allstate: Top Overall Pick
Pros
- Discount Opportunities: Allstate offers up to 25% off for safe drivers. See more details on our Allstate insurance review & ratings.
- Affordable Rates: Monthly premiums start at just $64, making it highly competitive.
- Enhanced Coverages: Specializes in offering extensive add-on options for comprehensive protection.
Cons
- Rate Variability: Premiums can vary significantly based on the driver’s profile and add-ons chosen.
- Claim Resolution: Some users report slower claim resolution times compared to industry leaders.
#2 – Nationwide: Best for Usage Discount
Pros
- High Safe Driver Discount: Offers a 40% discount for safe drivers, one of the highest in the industry.
- Flexible Pricing: Tailored discounts for drivers based on usage, perfect for low-mileage drivers. Read up on the “Nationwide Insurance Review & Ratings” for more information.
- Broad Acceptance: Welcomes a wide range of drivers and vehicles with different coverage needs.
Cons
- Customer Service Variability: Experiences with customer service can vary by region.
- Policy Customization Costs: Customizing policies with specific options can become pricey.
#3 – State Farm: Best for Many Discounts
Pros
- Bundling Policies: Significant discounts available when you bundle multiple insurance types.
- High Low-Mileage Discount: Offers substantial savings for vehicles with lower annual mileage.
- Diverse Coverage Options: Provides a variety of coverages tailored for different needs. Check out insurance savings in our complete State Farm car insurance review & ratings.
Cons
- Limited Multi-Policy Discount: Multi-policy discounts are not as competitive as some peers.
- Higher Premium Levels: Some coverage levels come with relatively higher premiums.
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#4 – USAA: Best for Military Savings
Pros
- Military-Focused Benefits: Offers specialized benefits and discounts for military members.
- Competitive Pricing: Starts at $80/month, providing good value for its niche audience. Discover more about offerings in our USAA insurance review & ratings.
- Loyal Customer Base: High levels of customer satisfaction and loyalty within the military community.
Cons
- Eligibility Restrictions: Only available to military members, veterans, and their families.
- Limited Physical Presence: Fewer local offices compared to other major insurers.
#5 – Liberty Mutual: Best for Customizable Policies
Pros
- Highly Customizable: Offers a variety of options to tailor policies to individual needs.
- Safe Driver Discount: 30% discount for safe drivers, enhancing affordability. Access comprehensive insights into our Liberty Mutual car insurance review & ratings.
- Extensive Coverage Options: Wide range of coverage options for different types of risks.
Cons
- Higher Base Rates: Starting monthly rate of $82 may be higher than some competitors.
- Complex Policy Options: The variety of choices can be overwhelming for some customers.
#6 – Progressive: Best for Online Convenience
Pros
- Easy Online Management: Known for user-friendly online tools and mobile app. Delve into our evaluation of Progressive car insurance review & ratings.
- Discounts for Online Actions: Discounts available for quotes and purchases made online.
- Flexible Payment Options: Offers various payment plans to suit different budgets.
Cons
- Customer Service: Some reports of less personalized customer service.
- Premium Fluctuations: Premiums may increase upon renewal based on claims and market conditions.
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#7 – Travelers: Best for Accident Forgiveness
Pros
- Accident Forgiveness: Policies include accident forgiveness, preventing rate spikes after a claim.
- Broad Coverage: Offers a wide range of options for both personal and commercial vehicles. Unlock details in our Travelers insurance review & ratings.
- Discounts for Multiple Policies: Additional savings when combining with other types of insurance.
Cons
- Higher Premiums: Starts at $93/month, which can be higher than some close competitors.
- Policy Complexity: Some customers find the policy options and terms confusing.
#8 – Geico: Best for Cheap Rates
Pros
- Competitive Pricing: Known for some of the lowest rates in the industry, starting at $97/month.
- Comprehensive Discounts: Offers a variety of discounts including 25% for safe driving.
- Wide Acceptance: Insures a broad range of drivers and vehicle types. Discover insights in our Geico car insurance discounts.
Cons
- Varied Customer Service: Customer service quality can vary significantly.
- Claim Handling: Some customers report dissatisfaction with the claim process.
#9 – American Family: Best for Student Savings
Pros
- Significant Student Discounts: Offers up to 40% discount for student drivers.
- Broad Coverage Options: Provides comprehensive insurance solutions across multiple categories.
- Dedicated Agents: Known for personalized service through dedicated agents. More information is available about this provider in our American Family insurance review & ratings.
Cons
- Higher Rates for Some: Base rates start at $101, which can be pricey for some budgets.
- Availability Issues: Not available in all states, limiting accessibility for some customers.
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#10 – Erie: Best for 24/7 Support
Pros
- Round-the-Clock Support: Offers 24/7 customer service and claims support.
- Competitive Premiums: Reasonably priced with starting rates at $103/month.
- Personalized Policies: Known for offering personalized insurance solutions. If you want to learn more about the company, head to our Erie insurance review & ratings.
Cons
- Geographic Limitations: Services are limited to specific regions, which might not cover all potential customers.
- Rate Adjustments: Rates may increase following claims or policy adjustments.
Comparative Monthly Insurance Rates for BMW M: Minimum vs. Full Coverage
When selecting car insurance for a BMW M, understanding the difference in monthly rates between minimum and full coverage options across various providers is crucial. This information can significantly impact your decision-making process, especially when budgeting for insurance costs.
Car Insurance for BMW M: Monthly Rates by Coverage Level & Provider
Insurance Company Minimum Coverage Full Coverage
Allstate $64 $181
American Family $101 $220
Erie $103 $227
Geico $97 $216
Liberty Mutual $82 $201
Nationwide $66 $187
Progressive $85 $204
State Farm $68 $189
Travelers $93 $212
USAA $80 $190
Allstate, Nationwide, and State Farm offer competitive rates for both minimum and full coverage, with Allstate starting as low as $64 for minimum and $181 for full coverage. American Family and Erie, while slightly higher, present rates of $101 and $103 for minimum coverage respectively, escalating to $220 and $227 for full coverage.
Geico and Liberty Mutual also provide affordable options, with minimum coverages at $97 and $82, and full coverages at $216 and $201. Progressive, Travelers, and USAA round out the list with their own sets of rates, offering a blend of value and comprehensive protection for BMW M owners. Learn more in our “Full Coverage Car Insurance: A Complete Guide.”
This diversity in pricing reflects the varied approaches insurance companies take towards coverage for high-performance vehicles like the BMW M series.
Factors That Impact the Cost of BMW M Car Insurance
Several factors play a role in determining the cost of insuring a BMW M car. One of the significant factors is the value of the vehicle itself. The BMW M series boasts powerful engines and luxurious features, making it an expensive vehicle to repair or replace. As a result, insurance companies may charge higher premiums to cover potential costs.
Another factor to consider is the driver’s age and driving experience. Younger or less experienced drivers may be considered higher-risk by insurance companies and may therefore face higher insurance premiums. On the other hand, drivers with a clean driving record and a history of responsible driving may be eligible for lower premiums.
The location where the BMW M car is primarily driven and stored is also an important consideration. Areas with high crime rates or a higher likelihood of accidents may result in higher insurance costs. This is because the risk of theft or damage is greater in such locations, making insurance more expensive.
Insurance providers also take into account the driving record of the individual seeking insurance for their BMW M car. Any history of accidents or traffic violations can result in increased insurance costs. On the other hand, drivers with a clean driving record may benefit from lower insurance premiums.
Lastly, modifications made to the BMW M car can affect the cost of insurance. Aftermarket modifications such as engine enhancements, performance upgrades, or cosmetic changes can increase the risk associated with the vehicle. Insurance providers may charge higher premiums to cover these modifications. See more details on our “How does the insurance company determine my premium?”
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It is crucial to inform your insurance provider of any modifications made to ensure accurate coverage and avoid potential issues in the event of a claim.
Additionally, the type of coverage and deductible selected for the BMW M car insurance can impact the cost. Comprehensive coverage, which includes protection against theft, vandalism, and natural disasters, tends to be more expensive than basic liability coverage. Similarly, choosing a lower deductible means that the insurance company will have to pay more in the event of a claim, resulting in higher premiums.
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Understanding the Insurance Premium Calculations for BMW M Cars
Calculating insurance premiums for BMW M cars involves several factors taken into consideration by insurance providers. In addition to the factors mentioned earlier, insurance companies will also look at the model and year of the BMW M car. Newer models or higher-end M series vehicles may result in higher premiums due to increased costs of repairs or replacement parts.
The insurance provider may also consider the annual mileage of the BMW M car. If the vehicle is driven more frequently, the risk of accidents increases, leading to higher premiums. Additionally, if the BMW M car is primarily used for commuting or business purposes, it may also impact the insurance costs. Unlock details in our “Low Mileage Car Insurance Discount.”
Insurance companies often use actuarial tables and statistical data to assess the risk associated with insuring BMW M cars. These calculations help them determine the likelihood of claims being made and the potential costs involved. Keep in mind that insurance premiums are subject to change and can vary between insurance providers.
Another factor that insurance providers may consider when calculating insurance premiums for BMW M cars is the driver’s age and driving history. Younger drivers or those with a history of accidents or traffic violations may be deemed higher risk, resulting in higher premiums. On the other hand, experienced drivers with a clean driving record may be eligible for lower premiums.
The Importance of Choosing the Right Coverage for Your BMW M
When it comes to insuring your BMW M car, selecting the right coverage is crucial. While it may be tempting to opt for the minimum legal requirements, it is essential to consider the value of your vehicle and the level of protection you desire.
Comprehensive insurance coverage provides a higher level of protection for your BMW M car. It typically covers damages caused by accidents, theft, vandalism, fire, natural disasters, and other unforeseen events. While comprehensive coverage may come with a higher cost, it offers peace of mind and financial protection in case of any unfortunate incidents.
In addition to comprehensive coverage, it is also worth considering additional options such as collision coverage and uninsured/underinsured motorist coverage. Collision coverage will protect your BMW M car in the event of an accident, regardless of fault. Uninsured/underinsured motorist coverage provides coverage if you are involved in an accident with a driver who lacks insurance or has insufficient coverage.
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Another important aspect to consider when choosing coverage for your BMW M car is the deductible. The deductible is the amount you are responsible for paying out of pocket before your insurance coverage kicks in. It is important to select a deductible that you can comfortably afford in the event of a claim.
Keep in mind that a higher deductible may result in lower insurance premiums, but it also means you will have to pay more upfront in the event of an accident or damage to your vehicle. Delve into our evaluation of “How to Document Damage for Car Insurance Claims.”
Searching for more affordable premiums? Insert your ZIP code below to get started on finding the right provider for you and your budget.
Frequently Asked Questions
What factors affect the cost of BMW M car insurance?
The cost of BMW M car insurance can be influenced by various factors such as the driver’s age, driving history, location, coverage options, deductible amount, and the specific model of the BMW M car.
For additional details, explore our comprehensive resource titled “Defensive Driving Courses Can Lower Your Car Insurance Rates.”
Are BMW M cars more expensive to insure compared to other BMW models?
Generally, BMW M cars tend to be more expensive to insure compared to other BMW models. This is because M cars are high-performance vehicles with powerful engines, which can result in higher insurance premiums.
Does the cost of BMW M car insurance vary depending on the specific model?
Yes, the cost of BMW M car insurance can vary depending on the specific model. Insurance companies consider factors such as the car’s value, horsepower, repair costs, and safety features when determining the premium. Therefore, insuring a higher-end BMW M model may cost more than insuring a lower-end model.
Is it possible to lower the cost of BMW M car insurance?
Yes, there are several ways to potentially lower the cost of BMW M car insurance. These include maintaining a clean driving record, opting for a higher deductible, bundling insurance policies, taking advantage of available discounts, and installing safety features in the vehicle.
Are there any specific insurance providers that specialize in BMW M car insurance?
While there may not be insurance providers that specialize exclusively in BMW M car insurance, there are companies that offer coverage specifically tailored to high-performance vehicles. It is recommended to compare quotes from multiple insurance providers to find the best coverage and rates for a BMW M car.
To find out more, explore our guide titled “Compare Car Insurance Quotes.”
What is the BMW M series?
Overview of the BMW M Series: The BMW M Series epitomizes true sports car excellence. These vehicles, ranging from sedans and coupés to Sports Activity Vehicles (SAVs), incorporate racing-derived technologies like M sports suspension and engines, along with characteristic M tuning, combining luxury with supreme performance.
Do BMWs really need premium?
To ensure optimal performance and maintenance of your BMW’s engine, it is essential to use premium gasoline. This will help preserve the turbochargers and facilitate consistent ignition timing.
Which BMW M series is the cheapest?
The E36 M3, produced between 1995 and 1999, is the most affordable BMW M series car. It is usually the most readily available in good condition for a reasonable price. This model was the initial M3 to feature a 6-cylinder engine, and its design has a pleasingly retro appeal.
Does having a BMW make your insurance go up?
BMWs are recognized as a luxury brand of automobiles. Due to the potentially higher costs of repairing or replacing them, insurance for a BMW might be pricier than insurance for a comparable Honda or Nissan. Learn more about the elements that influence car insurance premiums.
To learn more, explore our comprehensive resource on “How can I find a reputable auto body shop to repair my vehicle after an accident?“
What is BMW Flex insurance?
BMW Flex Car Insurance offers a comprehensive monthly subscription policy tailored for BMW vehicles, providing complete flexibility and peace of mind. Favored by BMW owners, this policy is recognized as one of the top-quality options available in the market.
How long do BMW M engines last?
With proper maintenance, your vehicle can reliably reach between 200,000 and 250,000 miles, potentially even more! The longevity of a vehicle greatly depends on its care and upkeep, and as highlighted by previous research, BMWs typically exceed average expectations in durability.
Shopping around for multiple quotes can help you save. Enter your ZIP code into our free comparison tool below to get started.
Is an M BMW worth it?
Is it worth opting for the BMW M Sport trim? If you have your heart set on an M Sport BMW, then the additional expense is justifiable. While the enhanced aesthetics and possibly firmer suspension may not appeal to all, there are generally no other drawbacks.
Which is better, BMW or Mercedes?
When choosing a luxury vehicle, performance is key. BMW often outperforms Mercedes slightly in terms of driving dynamics and overall performance. Nonetheless, Mercedes provides a smoother, more luxurious ride.
Learn more by reading our guide titled “BMW Car Insurance Discount.”
How much is insurance for a 2018 BMW M3?
The typical insurance price for a 2018 BMW M3 stands at approximately $186 per month. However, by comparing quotes from various insurers, you could potentially secure lower rates.
Is an M3 a reliable car?
The likelihood that a repair will be significant or major is 21% for the BMW M3, which is higher compared to the average of 12% for both luxury midsize cars and all vehicle models. This percentage reflects the average yearly expense for unexpected repairs and maintenance for all model years of a vehicle.
How much money do I need to make to afford a BMW M4?
To comfortably afford a brand new M4, you should have a monthly gross income of approximately $23,500.
Why is BMW car insurance so high?
Parts and labor for BMW repairs tend to be more expensive than those for domestic and less expensive imported cars. This increased cost results in higher payouts from insurance companies in cases of total vehicle loss.
Access comprehensive insights into our guide titled “Best Car Insurance by Vehicle.”
How much is insurance on an M5?
The monthly cost of auto insurance for a BMW M5 is approximately $324. The cost of insurance can differ significantly depending on the driver’s age, the state they live in, the insurance provider, and the mileage of the car. Additionally, rates are influenced by factors like recent accidents, traffic violations, and credit history.
Is a BMW M3 expensive to insure?
An overview of BMW M3 car insurance: The typical monthly insurance cost for a 40-year-old driver is approximately $326. The most cost-effective insurers for the BMW M3 are Travelers, Erie, and USAA.
Is BMW M3 good or bad?
Highs: Offers a robust powertrain and is available with a six-speed manual transmission, making it a performance car that’s convenient for everyday use. Lows: Has an excessive number of drive modes, and the Competition and CS models are only available with automatic transmissions. Verdict: Despite its impressive speed on the track, the M3 is remarkably practical for daily commuting.
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Scott W. Johnson
Licensed Insurance Agent
Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients. Scott quickly grasped the unique insurance requirements of his...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
