Compare the Cost of BMW 7 Series Insurance by Model Year and Company

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Updated: May 20, 2024

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One of the main factors impacting BMW 7 Series insurance costs is the driver’s age. You’ll pay an average of $11,620 per year for a 2022 model's full coverage policy as a 16-year-old, while it will cost you an average of $2,580 annually if you’re 40 years of age. For a 2009 model, a 40-year-old driver will only pay $1,818 annually, while a 16-year-old will pay around $8,245.

Our selection of the best insurance companies takes into account costs, customer satisfaction and claims management.

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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 7 Series.

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These rates were updated to reflect the average cost of car insurance for a BMW 7 Series as of 2023.

10Companies Compared
41,832Quotes Analyzed

Average Cost and Cheapest Companies for Insuring a BMW 7 Series

While insuring a BMW 7 Series car with a full coverage policy costs an average of $2,482 per year, your premium will depend on the insurer you choose.

State Farm provides the cheapest car insurance for BMW 7 Series vehicles, charging an average of $1,899 per year for full coverage. Allstate is the most expensive, at $3,046 annually.

GEICO provides the most affordable minimum coverage policy for these cars, charging an average of $490 per year. Nationwide is the most expensive, at $1,717 per year.

Data filtered by:Results filtered by:
Coverage:Full Coverage
State FarmAverage Annual Premium$1,899
ProgressiveAverage Annual Premium$2,110
GEICOAverage Annual Premium$2,251
TravelersAverage Annual Premium$2,369
NationwideAverage Annual Premium$2,713
FarmersAverage Annual Premium$2,734
AllstateAverage Annual Premium$3,046

Is a BMW 7 Series Expensive to Insure?

Auto insurance companies consider various factors to determine premiums. The BMW 7 Series is expensive to insure because it has a medium value and high theft rates. The most recent data provided by the National Highway Traffic Safety Administration (NHTSA) highlights that the theft rate for BMW 7 Series cars is above average. Since these cars get stolen more than others, insurers view them as riskier to insure and charge higher premiums. Its manufacturer’s suggested retail price (MSRP) of $87,795 also contributes to the vehicle’s higher insurance premiums.

Best Companies for Insuring a BMW 7 Series

If you’re looking for the best car insurance for a BMW 7 Series car, you need to look beyond the cost. Other important aspects that need your attention include customer satisfaction and claims management. Companies that provide the best BMW 7 Series insurance policies for full coverage are:

  • State Farm: MoneyGeek score 90 out of 100 ($1,899 per year)
  • Progressive: MoneyGeek score 87 out of 100 ($2,110 per year)

State Farm provides the cheapest insurance for BMW 1 Series vehicles. It also offers excellent customer service.

MoneyGeek Top Pick: State Farm

State Farm



Offers the most affordable insurance for BMW 7 Series cars


Great customer satisfaction score


Offers roadside assistance and rental car/travel reimbursement coverages



Does not include new car replacement and accident forgiveness


Has lower claims management and coverage scores


While State Farm ranks well in affordability and customer satisfaction for the BMW 7 Series, it does not offer many coverage options when compared to other insurers. It also has a less-than-ideal claims management score.

If you’re stuck without your car because it needs repairs after an accident, you may benefit through your policy's rental car and/or travel reimbursement. This covers car rental car costs and travel expenses up to a specified limit. It also comes with a $500 deductible repayment if you are involved in an accident in a rental car.

Roadside assistance covers mechanical labor costs during the first hour after a breakdown. This includes towing, locksmith and tire replacement costs and the cost involved in delivering batteries, oil or gas. It’s important to note that it does not pay for the cost of materials.

Read MoneyGeek's State Farm Auto Insurance Review

MoneyGeek Runner-Up: Progressive




Affordable insurance for BMW 7 Series cars


Great coverage score


Offers custom parts, pets and roadside assistance coverages



Does not offer new car replacement


Lower claims management and customer service scores


Progressive offers the second most affordable insurance for BMW 7 Series cars, and it does better than State Farm on the coverage front. Its custom parts and equipment coverage covers the cost of repairing or replacing aftermarket accessories that you add to your vehicle. These include navigation systems, stereos, wheels and paint jobs. The typical limit for this cover stands at $5,000.

Pet coverage takes care of veterinary bills that result from injuries your pet may suffer during an auto accident. This coverage comes with a predetermined maximum limit.

Roadside assistance may come in handy if you need towing or roadside services because of a mechanical or electrical problem, a flat tire, a dead battery, running out of gas or getting locked out of your car. Other coverage options come in the form of gap insurance, deductible modification, accident forgiveness and more.

Read MoneyGeek's Progressive Auto Insurance Review

Cost of Insuring a BMW 7 Series by Model Year

Average car insurance costs may vary greatly based on the model year. If you have a 2009 BMW 7 Series car, expect to pay an average of $1,818 annually for a full coverage policy. If you own a 2022 model, the average cost will increase to $2,580. It’s typically cheaper to insure an old car because of depreciation.

Data filtered by:Results filtered by:
Coverage:Full Coverage
2022Average Annual Premium$1,908
2021Average Annual Premium$1,866
2020Average Annual Premium$1,803
2019Average Annual Premium$1,797
2018Average Annual Premium$1,763
2017Average Annual Premium$1,649
2016Average Annual Premium$1,591
2015Average Annual Premium$1,505
2014Average Annual Premium$1,407
2013Average Annual Premium$1,362
2012Average Annual Premium$1,290
2011Average Annual Premium$1,236
2010Average Annual Premium$1,233
2009Average Annual Premium$1,205

The model year and the company you choose will also have a bearing on how much you need to pay to insure a BMW 7 Series car. State Farm has the lowest average annual premium for 2009 and 2022 models, charging $1,260 and $2,138 for a full coverage policy, respectively.

Data filtered by:Results filtered by:
Model Year:
Model Year:2022
Coverage:Full Coverage
State FarmAverage Annual Premium$2,138
NationwideAverage Annual Premium$2,219
GEICOAverage Annual Premium$2,432
ProgressiveAverage Annual Premium$2,602
FarmersAverage Annual Premium$2,741
TravelersAverage Annual Premium$2,765
AllstateAverage Annual Premium$3,834

Cost of Insuring a BMW 7 Series for 16- to 25-Year-Olds

Car insurance for teens and people in their 20s costs considerably more than it does for those who are 30 or older. The average annual BMW 7 Series insurance cost for a 16-year-old buying full coverage is $11,074. For a 40-year-old, the cost drops to $2,454. While car insurance costs decrease noticeably every year as teen drivers get older, they usually stabilize once drivers get to their 20s.

Data filtered by:Results filtered by:
Coverage:Full Coverage
16Average Annual Premium$11,074
17Average Annual Premium$9,024
18Average Annual Premium$8,012
19Average Annual Premium$5,694
20Average Annual Premium$5,170
21Average Annual Premium$3,987
22Average Annual Premium$3,690
23Average Annual Premium$3,430
24Average Annual Premium$3,258
25Average Annual Premium$2,929

Those looking for cheap car insurance for teens should consider seeing what family plans have to offer because individual plans cost considerably more. Teens under the age of 18 might also need a guardian’s approval to get coverage.

State Farm provides the cheapest full coverage BMW 7 Series insurance for 16-year-olds driving a 2022 model, charging an average of $7,013 per year. Allstate is the most expensive, at $16,081 per year. These averages are for individual plans.

If you’re getting an auto insurance policy as a teen or for your child, consider shopping around to find the most affordable option.

Data filtered by:Results filtered by:
Model Year:
Model Year:2022
Coverage:Full Coverage
State FarmAverage Annual Premium$7,013
NationwideAverage Annual Premium$8,873
GEICOAverage Annual Premium$11,243
TravelersAverage Annual Premium$11,684
FarmersAverage Annual Premium$13,090
ProgressiveAverage Annual Premium$14,934
AllstateAverage Annual Premium$16,081

How Does Location Affect the Cost of BMW 7 Series Insurance?

In addition to your car's model year, its model type and your age, your location also has an effect on insurance costs. The same company won’t provide the cheapest insurance for BMW 7 Series cars across all states. Residents of Idaho usually find the cheapest full coverage car insurance policies, whereas people who reside in Florida tend to pay the most.

If you need a new car insurance policy, it makes sense to identify the most affordable insurers and then ask them for quotes.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:Full Coverage
AlabamaCheapest CompanyNationwideAnnual Premium$709Monthly Premium$59
AlaskaCheapest CompanyState FarmAnnual Premium$699Monthly Premium$58
ArizonaCheapest CompanyRoot Insurance CompanyAnnual Premium$682Monthly Premium$57
ArkansasCheapest CompanyState FarmAnnual Premium$629Monthly Premium$52
CaliforniaCheapest CompanyAAA CaliforniaAnnual Premium$1,001Monthly Premium$83
ColoradoCheapest CompanyAmerican National P&CAnnual Premium$541Monthly Premium$45
ConnecticutCheapest CompanyGEICOAnnual Premium$693Monthly Premium$58
DelawareCheapest CompanyState FarmAnnual Premium$881Monthly Premium$73

Frequently Asked Questions About BMW 7 Series Insurance

People who need BMW 7 Series car insurance tend to have questions about costs and service. Understanding answers to some commonly asked questions may help you find the best insurer for your needs.

What company has the cheapest car insurance for a BMW 7 Series?
What company offers the best car insurance for a BMW 7 Series?

About Mark Fitzpatrick

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.