Compare the Cost of BMW X7 Insurance by Model Year and Company

Age can greatly influence the car insurance rates for a BMW X7. Take, for instance, a 2019 model with full coverage: a 16-year-old driver would face an average annual bill of $10,146, while a 40-year-old may have a more modest expense of around $2,272. Similarly, the average yearly cost for a 2022 model with full coverage soars to $11,620 for a 16-year-old, while a 40-year-old's premium is roughly $2,555.

Affordability should not be the sole criterion when selecting a car insurer. MoneyGeek conducted an in-depth analysis of the best BMW X7 car insurance providers, considering not only price but also service excellence and claims handling.

The average yearly car insurance cost for a BMW X7 is $2,426, and rates will vary depending on the company.

When it comes to full coverage, State Farm offers the cheapest car insurance policy at around $1,724 annually. Meanwhile, Allstate is the priciest at roughly $3,167.

For a minimum coverage policy, State Farm remains the most wallet-friendly option at a yearly average of $453, while Nationwide's policy is the most expensive at around $1,097 a year.

Insurers look at various factors when calculating the cost of car insurance. A vehicle’s MSRP and performance are just two of them. A BMW X7, for example, often carries an expensive insurance price tag, thanks in part to its value and noteworthy horsepower for an SUV.

With a 2022 MSRP of $75,895, the X7 is not an inexpensive car to purchase, and if an insurer has to replace it because of a total loss, it would not be a low expense. It also has a medium level of horsepower, so drivers may be more able to drive carelessly, increasing the risk of filing a claim.

If you are looking for the best car insurance for a BMW X7, numerous factors come into play. Customer service and claims handling should be top considerations alongside price because you want a great customer experience during any interaction with the company.

The best car insurance providers for BMW X7 owners are the following:

• State Farm: MoneyGeek score of 90 out of 100 ($1,724 per year)
• GEICO: MoneyGeek score of 89 out of 100 ($1,818 per year)

State Farm ranks first because it has the highest affordability score and second-best satisfaction score.

The average cost of car insurance does change with a car’s model year. For example, full coverage for a 2019 BMW X7 averages $2,272 per year, whereas a 2022 model costs roughly $2,555 yearly for full coverage.

Insurance companies typically charge more for a newer model because it has a higher worth. As a vehicle’s value depreciates each year, the cost to replace it goes down, which can lead to a lower cost of insurance.

It is possible for an insurer to have the cheapest average car insurance cost for a specific model year of a vehicle but not another. For the BMW X7, though, State Farm’s full coverage policy is the cheapest for the four model years MoneyGeek gathered quotes on for this SUV.

State Farm’s average annual price for the 2019 model is $1,686, and $1,860 for the 2022 model.

Setting a premium also involves considering a driver's age. Car insurance for teens and young adults has a steeper cost than those cruising through their 30s and 40s.

For example, a 16-year-old BMW X7 driver may expect an average annual full coverage policy cost of $10,551. But the price dramatically plummets to around $2,344 annually for a 40-year-old.

A teen driver should see a decrease in their car insurance premium each year, and when they hit their 20s, the cost stabilizes.

Finding affordable teen auto insurance is possible by comparing quotes from different companies. The cheapest route for teens is to be on a family policy, and most teens under 18 cannot legally purchase car insurance without an adult co-signer.

Should a 16-year-old get their own full coverage policy, the cheapest company when insuring a BMW X7 is State Farm at around $5,592 per year. Farmers has the most expensive policy for them at roughly $14,729 per year.