BMW car insurance

Inside of a BMW, shows steering wheel.
Photo by Wade Lambert on Unsplash.

So you’ve joined the ‘proud-owner-of-a-BMW’ club! You’re undoubtedly eager to get your luxury wheels covered by the right insurance. Well, it just so happens that Mozo has collected some interesting statistics on BMWs, including how much insurance could cost you and how to select a suitable deal. Keep reading to find out more.

How much does it cost to insure a BMW?

For the 2020 Mozo Experts Choice Car Insurance Awards, our research team looked at how much it might cost to insure a BMW 3, BMW X5, BMW X3 and a BMW 1. Specifically, our experts used demographic information from the Australian Bureau of Statistics to come up with a range of sample quotes for annual premium pricing, representing 80% of customer scenarios.

In total, we gathered over 6,000 car insurance quotes for BMWs and after crunching all the numbers worked out that annual car insurance premiums could range from $684 to around $2,648. 

What might impact my BMW insurance costs?

As you can see, premiums can differ quite a bit due to location, gender, age and driving experience. 

Some factors that could affect how much you pay in insurance for your BMW are:

  • Age. Generally drivers under 25 are charged higher premiums. This is pretty much because they are likely to have less experience on the roads. The proof is in the data too, as our research team found that annual insurance premium ranges for BMW-owners over 55 were lower than for 16 to 25-year-olds. Between $504 and $1,925 compared to between $822 and $3,935.
  • Gender. The statistics gathered show that the maximum annual premium men might pay to insure a BMW could be around $800 more than the maximum annual premium a woman might pay ($2,922 compared to $2,191). 
  • Postcode. The car theft rate where you live could also have some bearing on what you pay. For instance, we found that the maximum insurance BMW-drivers will pay in Victoria is around $3,356, compared to $1,715 in Tasmania.
  • Car colour. You might not think that car colour would affect your insurance premium, but it can. This is because some car colours have a higher car theft rate, while some others are more likely to be involved in an accident, due to lower visibility.

These are just a few factors that may influence how high or low your insurance premium winds up being. There are plenty of others including your personal driving record, what excess you choose and where you park your wheels at night.

So, who are BMW 3 drivers? 

In short, our data shows that the owner of a BMW 3 is most likely to be:

  • a male 
  • a Queenslander
  • opt for a white model
  • be aged between 45 and 55-years-old

What insurance can I get for my BMW?

At the very least you will require CTP insurance for your Beamer. That’s compulsory third party insurance. It’s a legal requirement to be able to drive in Australia, but it will not provide cover for your actual car, meaning your vehicle will not be insured in case of theft or an accident. 

The next level up from that is third party property insurance. Again, this won’t provide cover for your own car but it will cover any damage you may do to someone else’s. It may also provide some level of protection if your car is damaged by an uninsured driver. One up from third party property is third party fire and theft insurance, which provides additional cover in the event of fire or theft. 

Read our guide to third party car insurance, for more information.

Lastly, the highest level of cover you can get for your BMW is comprehensive car insurance. This will be the priciest, but it will also provide the most protection in case something goes wrong, including damage from a collision, as well as cover for any damage you may be responsible for to someone else’s wheels.

Benefits offered will vary from policy to policy, but generally you will find that cover for personal items, baby gear, a hire car following an accident, natural disasters and vandalism will usually be included. Providers can also give you a number of optional extras to choose from if you want to pad out your policy, including roadside assistance, excess-free windscreen cover and hire car cover.

Comparing insurance for your BMW

Besides the level of cover you opt for, you may also find that quotes vary depending on the provider. This is why we recommend comparing plans from a number of different insurance providers before committing to anything. You can compare quotes via Mozo’s compare comprehensive car insurance page.

On this page you can see a snapshot of a number of comprehensive car insurance policies on offer in Australia right now, giving you a rundown of the coverage offered, the range of excess, whether choice of repairer is included and whether or not you can pay premiums monthly. You’ll also be able to see which providers offer discounts on policies. 

Read our full guide to car insurance discounts, to find out more about how you can get money off your cover. Or if you’re keen to get the ball rolling and get insurance for your BMW, check out the policies on offer below.

Compare comprehensive car insurance - rates updated daily

Search promoted car insurance below. Advertiser disclosure. Important information on terms, conditions and sub-limits.
  • Gold Comprehensive Car Insurance

    Monthly premiums
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    Yes Costs Extra
    Choice of repairer
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    Optional Extra
    Choice of excess
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    $500 - $1,850
    Agreed or market value
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    Agreed Or Market

    Available discounts

    • Online Discount Up To 15%
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    Details
  • Hot DealFor a limited time, sign up to a Comprehensive Car Insurance policy to qualify for a $100 gift card (T&Cs apply).

    Comprehensive Car Insurance

    Monthly premiums
    Calendar icon
    Yes Costs Extra
    Choice of repairer
    tools icon
    Optional Extra
    Choice of excess
    coins icon
    $400 - $2,200
    Agreed or market value
    Car coin icon
    Agreed Or Market

    Available discounts

    • Online Discount $75
    Go to site
    Details
  • Comprehensive Car Insurance

    Monthly premiums
    Calendar icon
    Yes
    Choice of repairer
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    No
    Choice of excess
    coins icon
    $500 - $5,000
    Agreed or market value
    Car coin icon
    Agreed Or Market

    Available discounts

    • Pay As You Drive Cover With Pricing Tiers Available For Limited Kms.
    Go to site
    Details
  • Comprehensive Car Insurance

    Monthly premiums
    Calendar icon
    Yes Costs Extra
    Choice of repairer
    tools icon
    Optional Extra
    Choice of excess
    coins icon
    $400 - $1,850 (varies By State)
    Agreed or market value
    Car coin icon
    Agreed Or Market

    Available discounts

    • No Claim Discount
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    Details

* *Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement on the provider's website for further information before making any decisions about an insurance product.

Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).

^See information about the Mozo Experts Choice Car Insurance Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.