It’s smart to compare rates when looking for car insurance for your BMW 7 Series. Different insurers can have varying costs depending on the model year of your car and your profile, so shopping around can help you get the best prices.
The average insurance cost for a BMW 7 Series is $1,937 yearly, which is $510 more than the average cost of insuring an average car.
The cost to insure a BMW 7 Series can vary by as much as $924 depending on the car insurer you choose.
BMW 7 Series insurance rates can vary by up to $1,214 depending on how old your car is, with older models getting lower insurance rates.
Your choice of car insurance company can greatly influence your premiums. BMW 7 Series insurance costs an average of $1,937 per year.
Progressive is the cheapest option for BMW 7 Series insurance at an average of $1,585 yearly. Allstate is the most expensive at an average of $2,509 per year. This means you can save up to $924 yearly by comparing quotes.
MoneyGeek obtained car insurance rates for BMW 7 Series from different insurers. In this study, quotes are based on a policy for a 40-year-old driver with 100/300/100 liability coverage and collision and comprehensive coverage.
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Insurers determine the cost of insurance for cars based on several factors. In general, higher insurance rates are given to cars that are expensive, more likely to be stolen or more likely to crash.
A BMW 7 Series is expensive to insure because these cars are considered to be of moderate value. They also have an above-average theft rate according to the National Highway Traffic Safety Administration. These factors can make the car riskier to insure and lead to higher insurance rates.
While cost is important, there are also other factors that you need to keep in mind when looking for insurance for your BMW 7 Series. MoneGeek’s rating system scored insurers by customer satisfaction, financial stability ratings and affordability.
Older models of the BMW 7 Series tend to be cheaper to insure because as a car’s value depreciates, the cost of comprehensive and collision insurance decreases. It costs an average of $1,345 per year to insure a 2005 BMW 7 Series and an average of $2,559 yearly for a 2020 BMW 7 Series. That is a difference of $1,214 annually.
Depending on the model year, the average cost to insure a BMW 7 Series is:
Progressive has the cheapest 2020 BMW 7 Series insurance rates at $1,816 per year on average. The cheapest insurer can vary depending on the model year.
To compare rates from different insurers, select your BMW 7 Series year below.
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The cost of insuring your BMW 7 Series is more expensive than the average car. It costs an average of $1,937 yearly to insure a BMW 7 Series, which is $510 more expensive compared to the average car insurance rate.
Younger drivers can pay significantly more for their car insurance due to their lack of driving experience. An 18-year-old driver insuring a BMW 7 Series will pay an average of $6,322 per year, while a 40-year-old driver will pay an average of $4,385 less per year for the same car.
Teen drivers and their parents can save money by being on the same policy, as it can be very expensive for a teen to buy a policy for themselves.
You can find car insurance rates for young drivers aged 16 to 25 in the table below.
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The rates in this article are based on a national average, but your location can greatly influence your car insurance rates. You can find out more about car insurance costs in specific states with our state page analysis.
The model of your car can have a significant impact on the cost of your insurance, but it’s just one of the many factors that you need to consider. Learn more with these answers to some frequently asked questions about insuring a BMW 7 Series.
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