Compare the Cost of BMW i3 Insurance by Model Year and Company

The driver’s age and the car’s model year significantly influence auto insurance rates. The average full coverage policy on a 2015 BMW i3 costs $1,541 for a 40-year-old driver and $7,026 for a 16-year-old driver. Similarly, a 40-year-old driver will pay an average of $1,730 for a 2021 BMW i3, while a 16-year-old will pay $7,838 for the same coverage.

MoneyGeek analyzed providers based on customer satisfaction ratings, affordability and claims experience to find the best provider for your BMW i3.

Your selection of provider impacts how much you pay for auto insurance. While the average annual cost to insure your BMW i3 is $1,729, you may pay higher or lower rates based on your insurer. GEICO provides the most affordable auto insurance for a BMW i3, with an average yearly cost of $1,280. That’s $917 lower than the most expensive provider, Allstate. If you need a minimum coverage policy, the cheapest insurer is GEICO, at an annual average of $452, and Farmers is the priciest, with an average yearly cost of $741.

Companies use factors like car type, estimated repair costs and theft rates to calculate auto insurance rates for separate models. Generally, cars with a high value and those with a high crash or theft rate feature higher premiums.

The BMW i3 is moderately priced compared to other models. According to the National Highway Traffic Safety Administration (NHTSA), this model has one of the lowest theft rates, explaining why it’s not too expensive to insure. However, its status as a luxury electric car means you are likely to pay slightly more than some standard models.

Although cost is one of the primary aspects to consider when looking for the best company to insure your BMW i3, it is not the only essential factor. MoneyGeek’s ranking system examines affordability, customer satisfaction and claims management ratings, which are crucial in ensuring the best customer experience for shoppers.

Our analysis indicates that the best insurers for balancing cost and quality for BMW i3 drivers are:

• Travelers: MoneyGeek score of 90 out of 100 ($1,348 per year)
• GEICO: MoneyGeek score of 90 out of 100 ($1,280 per year)

Travelers’ high affordability and claims management scores make this company our top pick.

A 2015 BMW i3’s insurance costs a yearly average of $1,541, while drivers of the 2021 model pay an average of $1,730 annually. Insuring newer versions of the BMW i3 is more costly than older models. Average car insurance rates typically decrease as a car depreciates in value.

The cheapest car insurance differs based on the insurer and how old your car is. The most affordable average yearly auto insurance cost for a BMW i3 2015 model is $1,191 from GEICO, while the lowest rate for a 2021 model comes from Nationwide, at an average rate of $1,322 per year. You can determine the cheapest insurer for your model year by shopping around and comparing costs from multiple providers.

Young drivers are less experienced on the road, so they pay higher premiums for auto insurance regardless of the model year of the BMW i3 they drive. The average annual cost of car insurance for a 16-year-old driving this model is $7,580, while a 40-year-old will only pay $1,671 for the same policy. Car insurance rates for teens will decrease each year they age before eventually steadying in their 20s.

The most affordable teen auto insurance policy for a 16-year-old driving a 2021 BMW i3 costs $4,919 annually from State Farm. Progressive offers the most expensive rates for the same model at around $12,667 per year. These rates are for an individual plan.

Typically, BMW i3 insurance costs for teens are significantly higher if they purchase an individual policy instead of being added to their parent's policy. Parents and teens can secure the lowest premiums on their policy by doing comparison shopping.

Although car insurance rates depend on your age, car make and model year, your actual premium will also differ based on where you live. The most affordable insurer may vary between states, with Florida having the highest average annual premiums and Idaho having the cheapest. When looking around for the best BMW i3 auto insurance costs, identifying the most affordable providers in your area ensures you pay the least for your policy.

BMW i3 car insurance shoppers are often curious about the quality and cost of providers. Here are some questions about this model and MoneyGeek’s answers.