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

Car insurance for a BMW i3 costs an average of $1,673 yearly. Compared to the cost of insurance for the average car, insurance rates for a BMW i3 are more expensive. These rates can vary based on the insurer and the model year of your car.

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Last Updated: 5/18/2022
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It pays to shop around and compare BMW i3 insurance rates from different insurers. You can increase your chances of getting the best deals if you compare rates since different companies may charge different insurance rates for the same car.

Key Takeaways for BMW I3 Insurance

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The average cost of insuring a BMW i3 is $1,673 per year, which is $246 more than the average insurance rate for most cars.

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BMW i3 insurance rates can vary by as much as $1,131 per year depending on the company.

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Car insurance premiums change by model year, and older models might be cheaper to insure. However, the BMW i3 is a newly released car, so older models aren’t available.

How Much It Costs to Insure a BMW i3 and the Cheapest Company

Your choice of car insurance provider can affect your insurance rates. On average, it costs $1,673 per year to insure a BMW i3.

USAA offers the most affordable insurance rates for BMW i3 at an average of $1,272 per year, while Allstate is the most expensive and costs up to $1,131 more.

However, USAA is only available to military families. The cheapest widely available insurer is GEICO, at roughly $1,324 annually.

The Average Annual Cost of BMW i3 Insurance by Company

MoneyGeek collected BMW i3 insurance quotes from multiple insurers based on a profile of a 40-year-old driver with a full coverage policy and 100/300/100 in liability insurance.

The Average Cost to Insure a BMW i3 by Company

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Insurance Rates

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Is a BMW i3 Expensive to Insure?

Insurers look at a variety of factors to determine the cost of car insurance for any given model. The insurance premiums for a given car model depend on factors such as the value of the car, type of engine, horsepower and more.

On average, insuring a BMW i3 is more expensive than other vehicles since the BMW i3 is an electric car. Repairing an electric car typically costs more than a regular car, which means that they pose a higher risk for the insurer. The higher the risk associated with a particular car model, the more the insurance costs will be.

The Best Car Insurance Company for a BMW i3

Cost shouldn’t be your only consideration when buying insurance for a BMW i3. You also need to look into other factors about the insurer you’re researching.

MoneyGeek’s rating system, which looked at customer satisfaction, affordability and financial stability, found that:

  • USAA is the best insurance company for a BMW i3, but these policies are only available for military members and their families.
  • Nationwide came in second place for BMW i3 drivers.

1
USAA
Score:98.5

5/5

Affordability

4.5/5

Claims Ratings

5/5

User Satisfaction

5/5

Financial Stability

2
Nationwide
Score:88.8

4.8/5

Affordability

4.5/5

Claims Ratings

3/5

User Satisfaction

4.5/5

Financial Stability

3
GEICO
Score:88.5

4.9/5

Affordability

3.5/5

Claims Ratings

3/5

User Satisfaction

5/5

Financial Stability

4
State Farm
Score:84.2

4.4/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

5/5

Financial Stability

5
Allied
Score:NaN

4.1/5

Affordability

#N/A

Claims Ratings

#N/A

User Satisfaction

#N/A

Financial Stability

6
Progressive
Score:78.3

4/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

4.5/5

Financial Stability

7
Allstate
Score:69

3/5

Affordability

4.5/5

Claims Ratings

3/5

User Satisfaction

4.5/5

Financial Stability

How Much It Costs to Insure a BMW i3 by Model Year

For vehicles with multiple car model years, the cost of car insurance varies depending on the model year of the car. Older models typically attract lower car insurance premiums because as a car’s value depreciates, collision and comprehensive insurance become less expensive.

The BMW i3 only has one model so far, the 2020 model. The cheapest insurer for this model is USAA at $1,272 per year. However, USAA is only available to military families. GEICO offers the second most affordable rates at roughly $1,324 annually.

The Average Cost to Insure a BMW i3 by Model Year

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How Expensive Is It to Insure a BMW i3 Compared to Other Cars?

On average, compared to the cost of insuring the average car, a BMW i3 is more expensive. Insurance for a BMW i3 is roughly $1,673 per year. This is about $246 more per year compared to the rate for the average car.

How Much It Costs to Insure a BMW i3 for 16- to 25-Year-Olds

Given their inexperience, younger drivers might pay higher rates for BMW i3 car insurance. An 18-year-old driver will pay an average of $5,460 per year to insure a BMW i3, which is $3,787 more than a 40-year-old would pay for the same car.

Teens and their parents can often save money by staying on the same policy. It can be expensive for a teen to buy a policy for themselves.

Below are the costs for BMW i3 car insurance for drivers aged 16 to 25 years.

The Average Cost to Insure a BMW i3 by Driver Age

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  • Age
    Average Annual Rates
  • 16
    $6,999
  • 17
    $6,200
  • 18
    $5,460
  • 19
    $3,910
  • 20
    $3,490
  • 21
    $2,763
  • 22
    $2,545
  • 23
    $2,329
  • 24
    $2,186
  • 25
    $1,983
  • 40
    $1,673

How Does Location Affect the Cost of BMW i3 Insurance?

The rates presented in this article are based on a national average, but your location can greatly affect your insurance rates. You can find out more about the cost of car insurance in individual states using our state page analysis.

FAQs About BMW i3 Insurance

The model of your car can have a huge impact on the price of your insurance, but it’s just one of the many factors that insurers evaluate. Here are answers to some of the most common questions about BMW i3 insurance.

Read More About Car Insurance

Methodology

MoneyGeek collected insurance rates for a BMW i3 from top insurance companies. The rates in this analysis are for a 40-year-old driver with a full coverage policy that has the following coverages:

  • $100,000 in bodily injury liability insurance per person
  • $300,000 in bodily injury liability insurance per accident
  • $100,000 in property damage liability insurance per accident
  • Comprehensive and collision insurance with a $1,000 deductible

Rates represent averages and may not reflect your specific rates.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.