Compare the Cost of BMW 5 Series Insurance by Model Year and Company
Insuring a BMW 5 Series costs an average of $1,874 yearly for full coverage, making it expensive to insure. State Farm is the cheapest company. Costs vary depending on the driver's age, car model year and the insurer.
Ensure you're getting the best rate. Review quotes from a top insurance company.
Car insurance rates for a BMW 5 Series vary based on the driver's age and the vehicle's model year. For a full coverage policy, a 16-year-old driver would pay $9,760 for a 2022 model and $6,803 for a 2009 model. The cost for a 40-year-old driver would be $2,141 for a 2022 model and only $1,477 for a 2009 model.
We also ranked the best insurers for balancing affordability with service and claims experience.
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Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a BMW 5 Series.
These rates were updated to reflect the average cost of car insurance for a BMW 5 Series as of 2023.
Average Cost and Cheapest Companies for Insuring a BMW 5 Series
BMW 5 Series insurance costs an average annual $1,874 for full coverage, but the provider you choose can have a significant impact on your premiums. For full coverage, State Farm is the cheapest option at $1,423 per year, while Farmers is the most expensive at $2,336 per year.
For minimum coverage, the cheapest provider is GEICO at $492 per year, while the most expensive is Farmers at $804 per year. Prices can vary depending on things like driver age, location and driving history, so it's always wise to compare rates from multiple providers to find the best rate.
Is a BMW 5 Series Expensive to Insure?
Insurers take many factors into account when determining car insurance costs for a BMW 5 Series. This model series is expensive to insure because of the theft rate and horsepower. According to recent data from the National Highway Traffic Safety Administration (NHTSA), this car model is often stolen at an above-average rate. Cars prone to theft are significantly riskier to insure, so insurance companies charge more for premiums.
High-value cars like the BMW 5 Series have a higher manufacturer’s suggested retail price (MSRP), resulting in higher repair costs. The BMW 5 Series has an MSRP of $55,195.
Best Companies for Insuring a BMW 5 Series
When shopping for BMW 5 Series insurance, the cost is not the only important factor to consider. The best car insurance companies also provide excellent customer service and claims experience. The best insurers for a BMW 5 Series and full coverage include:
- State Farm: MoneyGeek score of 90 out of 100 ($1,423 per year)
- GEICO: MoneyGeek score of 89 out of 100 ($1,496 per year)
State Farm scored well in terms of affordability and customer satisfaction.
MoneyGeek Top Pick: State Farm
Good customer satisfaction rating
Provides rental car/travel reimbursement and roadside assistance
Low claims experience rating
Limited coverage options
State Farm is the best car insurance provider for the BMW 5 Series. It received a score of 90 out of 100 and has the cheapest annual premium of $1,423. It’s relatively affordable and provides good customer service.
This insurer offers rental car and/or travel reimbursement and roadside assistance. The former covers rental car expenses up to chosen limits, travel expenses and repayment of up to a $500 deductible if you cause an accident in your rental car. The latter pays for mechanical labor for up to one hour, towing, delivery of gas, oil, battery or change of tire and locksmith labor for up to one hour.
State Farm also offers many discount options to help customers lower their premiums. However, it ranks lower for coverage options and claims management.
MoneyGeek Runner-Up: GEICO
Good satisfaction rating
Offers rental car/travel reimbursement, accident forgiveness and mechanical breakdown insurance (MBI)
Low claims experience rating
Lacking in terms of coverage options
GEICO is a popular car insurance provider that offers comprehensive coverage options for BMW 5 Series owners. It could be an attractive option for BMW 5 Series owners or drivers looking for excellent service at a competitive price.
BMW 5 Series drivers might be interested in GEICO's rental car and travel reimbursement coverage that pays for a rental vehicle if their car is unusable after a covered accident. Accident forgiveness is available for purchase or can be earned and will prevent your rate from going up after your first at-fault accident.
Additionally, GEICO's MBI provides better coverage at a more affordable price than most extended warranties. MBI covers all parts and systems, unlike specific dealer warranties. It is available for new or leased cars that are under 15 months old and have less than 15,000 miles.
Cost of Insuring a BMW 5 Series by Model Year
Insuring a BMW 5 Series from the newest model year (2022) will cost you around $2,141 per year for full coverage, while a 2009 model costs $1,477 annually. Newer model years are generally pricier to insure due to higher values and repair costs.
Car insurance rates for BMW 5 Series vary by model year and insurance provider. State Farm offers the cheapest average car insurance for full coverage for both the oldest model year, 2009, at $1,087 per year, and the newest model year, 2022, at $1,663 per year.
Cost of Insuring a BMW 5 Series for 16- to 25-Year-Olds
Car insurance rates for BMW 5 Series vary greatly based on the driver’s age. Full coverage for a BMW 5 Series for a 16-year-old averages $8,197 per year, while a 40-year-old driver pays an average of $1,802 annually. As drivers age into their 20s, their rates tend to level off.
When it comes to car insurance for teens, it’s cheaper to be on a family plan than getting an individual policy. Underage drivers may also need a guardian’s permission to get insurance.
For a 16-year-old getting their own policy, State Farm is the cheapest insurer for a full coverage policy on a 2022 model with an annual premium of $5,429. In contrast, Farmers is the most expensive at $13,201 per year.
It's important for teens and their families to shop around to find the cheapest car insurance rates.