There are many big decisions that come with buying a new car, such as who will be using the car and what level of spec you want in your vehicle. When considering these factors, it’s important to remember that there will be ongoing costs associated with the vehicle that you choose. One of the most important of these costs is insurance.
The car you drive – age, cost and model – affect your insurance premiums, so you need to make sure that you choose a new car with this in mind. BMWs are a popular choice with many car purchasers, thanks to their high performance and reliability levels and their luxury interiors. If you are thinking of joining the large number of BMW owners across the country, you need to understand whether they are more expensive to insure than other vehicles.
BMWs not the most expensive vehicle to insure
In short, there are other vehicles which are more expensive to insure than a BMW. According to research, Mercedes-Benz models are the most expensive to insure. Various models of this brand take up the first three spots in the 20 most expensive cars to insure.
BMWs are at the luxury end of the market, so they are expensive to insure. For instance, the BMW 750Li comes with an average premium of $3,222. There is good reason for these high premiums as luxury cars like the BMW come with high repair or replacement costs, should the worst happen. It’s also worth remembering that there are several factors which determine how much you will pay to insure a BMW.
What helps to determine your BMW insurance premiums?
As with other vehicles, there are several factors which combine to decide what level of insurance premiums are attached to a BMW.
• The model chosen
Insurance rates can vary greatly between different BMW models. They can even vary between different incarnations of the same model.
• How old the vehicle is
Once you know which model of BMW you want, it may be better to buy a vehicle that is a few years old, as insurance premiums should be lower. However, you need to remember that certain, more modern, safety features could actually reduce premiums, so it’s a balancing act.
• Value of the car
Obviously, high value BMWs are more expensive to insure. This includes the value of any additions to the vehicle and not just the purchase cost.
• Personal factors
It’s possible for different people to buy the same model, version and age of BMW and still pay different rates of insurance. This is due to the personal factor. Insurance providers take into account factors such as how well you drive (do you have any driving penalties), how old you are and where you live.
All of these factors are put together to create an insurance premium that is personal to you. However, overall BMWs are not the most expensive vehicles to insure, although newer models do usually attract high premiums.