Updated: January 15, 2025
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One of the main factors impacting BMW 7 Series insurance costs is the driver’s age. You’ll pay an average of $11,620 per year for a 2022 model's full coverage policy as a 16-year-old, while it will cost you an average of $2,580 annually if you’re 40 years of age. For a 2009 model, a 40-year-old driver will only pay $1,818 annually, while a 16-year-old will pay around $8,245.
Our selection of the best insurance companies takes into account costs, customer satisfaction and claims management.
If you're insuring a BMW 7 Series and affordability is your priority, it's essential to choose the right insurer. Factors such as driver age and model year significantly impact premiums. Here is a breakdown of the cheapest insurers:
Full Coverage
- State Farm: Offers the most affordable full coverage for BMW 7 Series vehicles, at an average annual premium of $1,899. This rate is not only cost-effective but also pairs with high customer satisfaction and claims management ratings.
- *For a 2022 Model*: A 16-year-old can expect to pay $7,013 annually, which is significantly cheaper than the highest rate of $16,081 with Allstate.
- *For a 40-year-old driver with a 2022 Model*: The cost drops to $2,138 per year with State Farm, compared to the average of $2,580.
- *For a 2009 Model*: The cost with State Farm is $1,260.
Minimum Coverage
- GEICO: Provides the cheapest minimum coverage policies at an average of $490 per year. Though it offers less comprehensive protection, it remains the budget-friendly option for those seeking essential coverage.
Key Considerations
- Customer Satisfaction: In addition to affordability, State Farm tops the list for customer satisfaction with a MoneyGeek score of 90 out of 100, making it a reliable choice for both full and minimum coverage.
- Other Insurers: Progressive is a viable alternative, with full coverage costing $2,110 per year and a decent satisfaction score.
Understanding the variables that influence insurance premiums, such as age, model year, and location, is critical in selecting the most affordable and fitting insurance plan for your BMW 7 Series. Always compare quotes from different providers to ensure you receive the best deal tailored to your specific situation.
When it comes to insuring a BMW 7 Series, State Farm stands out as the best insurance provider according to the provided data. It offers a highly competitive combination of affordability, customer satisfaction, and claims management, making it an excellent choice for full coverage insurance on a BMW 7 Series.
Highlights for State Farm:
- MoneyGeek Score: 90 out of 100
- Annual Premium for Full Coverage:
- 2022 BMW 7 Series: $2,138
- 2009 BMW 7 Series: $1,260
- For a 16-year-old with a 2022 model: $7,013
- For a 40-year-old with a 2022 model: $2,138
State Farm not only offers the most affordable rates for various age groups and model years but also excels in providing excellent customer service, which is crucial when considering an insurer. Given its reasonable premiums and high MoneyGeek score, State Farm is the recommended choice for insuring a BMW 7 Series.
Age is a significant factor in determining car insurance premiums, mainly because it is closely tied to the perceived risk and driving experience of the policyholder. For instance, younger and less experienced drivers, such as 16-year-olds, are statistically more likely to be involved in accidents, leading insurers to charge higher premiums to offset the increased risk. As drivers age and gain experience, the likelihood of accidents decreases, resulting in lower insurance premiums.
In the context of insuring a BMW 7 Series, the difference in premiums between younger and older drivers is substantial. For a 2022 model BMW 7 Series, a 16-year-old driver pays an average of $11,620 annually for a full coverage policy. In contrast, a 40-year-old driver would pay an average of $2,580 annually for the same coverage. This stark difference illustrates the significant risk assessment insurers associate with teenage drivers compared to those with more driving experience.
The pattern remains consistent with an older model. For a 2009 BMW 7 Series, a 16-year-old driver would have an annual premium of about $8,245, while a 40-year-old driver would pay approximately $1,818. Again, this reflects the decreased risk perceived by insurers as driver age and experience increase.
Insurance premiums decrease as drivers age, often peaking in their late teens and early twenties. Costs tend to stabilize as drivers enter their twenties and thirties, reflecting their more mature driving records and lower accident rates. This trend is why a 40-year-old driver enjoys significantly lower premiums than a teenager.
Here's a summary of the age-related premium rates:
- 16-year-old driving a 2022 BMW 7 Series: $11,620 annually
- 40**-year-old driving a 2022 BMW 7 Series: $2**,580 annually
- 16**-year-old driving a 2009 BMW 7 Series: $8**,245 annually
- 40**-year-old driving a 2009 BMW 7 Series: $1**,818 annually
Premiums for younger drivers are not only influenced by age but also by vehicle value, depreciation, and theft rates. The BMW 7 Series tends to have higher premiums due to its higher MSRP and theft rate. Thus, while younger drivers face higher insurance premiums, shopping around and considering insurers like State Farm, which offers competitive rates, can lead to more affordable options.
Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a BMW 7 Series.
These rates were updated to reflect the average cost of car insurance for a BMW 7 Series as of 2023.
While insuring a BMW 7 Series car with a full coverage policy costs an average of $2,482 per year, your premium will depend on the insurer you choose.
State Farm provides the cheapest car insurance for BMW 7 Series vehicles, charging an average of $1,899 per year for full coverage. Allstate is the most expensive, at $3,046 annually.
GEICO provides the most affordable minimum coverage policy for these cars, charging an average of $490 per year. Nationwide is the most expensive, at $1,717 per year.
| State Farm | $1,899 |
| Progressive | $2,110 |
| GEICO | $2,251 |
| Travelers | $2,369 |
| Nationwide | $2,713 |
| Farmers | $2,734 |
| Allstate | $3,046 |
Auto insurance companies consider various factors to determine premiums. The BMW 7 Series is expensive to insure because it has a medium value and high theft rates. The most recent data provided by the National Highway Traffic Safety Administration (NHTSA) highlights that the theft rate for BMW 7 Series cars is above average. Since these cars get stolen more than others, insurers view them as riskier to insure and charge higher premiums. Its manufacturer’s suggested retail price (MSRP) of $87,795 also contributes to the vehicle’s higher insurance premiums.
If you’re looking for the best car insurance for a BMW 7 Series car, you need to look beyond the cost. Other important aspects that need your attention include customer satisfaction and claims management. Companies that provide the best BMW 7 Series insurance policies for full coverage are:
State Farm provides the cheapest insurance for BMW 1 Series vehicles. It also offers excellent customer service.
Offers the most affordable insurance for BMW 7 Series cars
Great customer satisfaction score
Offers roadside assistance and rental car/travel reimbursement coverages
Does not include new car replacement and accident forgiveness
Has lower claims management and coverage scores
While State Farm ranks well in affordability and customer satisfaction for the BMW 7 Series, it does not offer many coverage options when compared to other insurers. It also has a less-than-ideal claims management score.
If you’re stuck without your car because it needs repairs after an accident, you may benefit through your policy's rental car and/or travel reimbursement. This covers car rental car costs and travel expenses up to a specified limit. It also comes with a $500 deductible repayment if you are involved in an accident in a rental car.
Roadside assistance covers mechanical labor costs during the first hour after a breakdown. This includes towing, locksmith and tire replacement costs and the cost involved in delivering batteries, oil or gas. It’s important to note that it does not pay for the cost of materials.
Affordable insurance for BMW 7 Series cars
Great coverage score
Offers custom parts, pets and roadside assistance coverages
Does not offer new car replacement
Lower claims management and customer service scores
Progressive offers the second most affordable insurance for BMW 7 Series cars, and it does better than State Farm on the coverage front. Its custom parts and equipment coverage covers the cost of repairing or replacing aftermarket accessories that you add to your vehicle. These include navigation systems, stereos, wheels and paint jobs. The typical limit for this cover stands at $5,000.
Pet coverage takes care of veterinary bills that result from injuries your pet may suffer during an auto accident. This coverage comes with a predetermined maximum limit.
Roadside assistance may come in handy if you need towing or roadside services because of a mechanical or electrical problem, a flat tire, a dead battery, running out of gas or getting locked out of your car. Other coverage options come in the form of gap insurance, deductible modification, accident forgiveness and more.
Average car insurance costs may vary greatly based on the model year. If you have a 2009 BMW 7 Series car, expect to pay an average of $1,818 annually for a full coverage policy. If you own a 2022 model, the average cost will increase to $2,580. It’s typically cheaper to insure an old car because of depreciation.
| 2022 | $1,908 |
| 2021 | $1,866 |
| 2020 | $1,803 |
| 2019 | $1,797 |
| 2018 | $1,763 |
| 2017 | $1,649 |
| 2016 | $1,591 |
| 2015 | $1,505 |
| 2014 | $1,407 |
| 2013 | $1,362 |
| 2012 | $1,290 |
| 2011 | $1,236 |
| 2010 | $1,233 |
| 2009 | $1,205 |
The model year and the company you choose will also have a bearing on how much you need to pay to insure a BMW 7 Series car. State Farm has the lowest average annual premium for 2009 and 2022 models, charging $1,260 and $2,138 for a full coverage policy, respectively.
| State Farm | $2,138 |
| Nationwide | $2,219 |
| GEICO | $2,432 |
| Progressive | $2,602 |
| Farmers | $2,741 |
| Travelers | $2,765 |
| Allstate | $3,834 |
Car insurance for teens and people in their 20s costs considerably more than it does for those who are 30 or older. The average annual BMW 7 Series insurance cost for a 16-year-old buying full coverage is $11,074. For a 40-year-old, the cost drops to $2,454. While car insurance costs decrease noticeably every year as teen drivers get older, they usually stabilize once drivers get to their 20s.
Those looking for cheap car insurance for teens should consider seeing what family plans have to offer because individual plans cost considerably more. Teens under the age of 18 might also need a guardian’s approval to get coverage.
State Farm provides the cheapest full coverage BMW 7 Series insurance for 16-year-olds driving a 2022 model, charging an average of $7,013 per year. Allstate is the most expensive, at $16,081 per year. These averages are for individual plans.
If you’re getting an auto insurance policy as a teen or for your child, consider shopping around to find the most affordable option.
| State Farm | $7,013 |
| Nationwide | $8,873 |
| GEICO | $11,243 |
| Travelers | $11,684 |
| Farmers | $13,090 |
| Progressive | $14,934 |
| Allstate | $16,081 |
In addition to your car's model year, its model type and your age, your location also has an effect on insurance costs. The same company won’t provide the cheapest insurance for BMW 7 Series cars across all states. Residents of Idaho usually find the cheapest full coverage car insurance policies, whereas people who reside in Florida tend to pay the most.
If you need a new car insurance policy, it makes sense to identify the most affordable insurers and then ask them for quotes.
| Alabama | Nationwide | $709 | $59 |
| Alaska | State Farm | $699 | $58 |
| Arizona | Root Insurance Company | $682 | $57 |
| Arkansas | State Farm | $629 | $52 |
| California | AAA California | $1,001 | $83 |
| Colorado | American National P&C | $541 | $45 |
| Connecticut | GEICO | $693 | $58 |
| Delaware | State Farm | $881 | $73 |
| District of Columbia | GEICO | $662 | $55 |
| Florida | State Farm | $1,058 | $88 |
| Georgia | Country Financial | $665 | $55 |
| Hawaii | GEICO | $565 | $47 |
| Idaho | American National P&C | $299 | $25 |
| Illinois | Country Financial | $663 | $55 |
| Indiana | American Family | $555 | $46 |
| Iowa | State Farm | $509 | $42 |
| Kansas | Nationwide | $670 | $56 |
| Kentucky | Nationwide | $790 | $66 |
| Louisiana | Louisiana Farm Bureau | $1,048 | $87 |
| Maine | Concord Group | $521 | $43 |
| Maryland | Progressive | $938 | $78 |
| Massachusetts | State Farm | $483 | $40 |
| Michigan | GEICO | $898 | $75 |
| Minnesota | State Farm | $797 | $66 |
| Mississippi | Direct General Insurance | $723 | $60 |
| Missouri | Nationwide | $909 | $76 |
| Montana | Progressive | $437 | $36 |
| Nebraska | American National P&C | $405 | $34 |
| Nevada | CSAA | $940 | $78 |
| New Hampshire | State Farm | $540 | $45 |
| New Jersey | Plymouth Rock Assurance | $895 | $75 |
| New Mexico | State Farm | $644 | $54 |
| New York | Kemper | $781 | $65 |
| North Carolina | Erie | $630 | $52 |
| North Dakota | American Family | $616 | $51 |
| Ohio | Nationwide | $485 | $40 |
| Oklahoma | State Farm | $662 | $55 |
| Oregon | State Farm | $706 | $59 |
| Pennsylvania | Nationwide | $580 | $48 |
| Rhode Island | State Farm | $700 | $58 |
| South Carolina | American National P&C | $463 | $39 |
| South Dakota | Allstate | $746 | $62 |
| Tennessee | State Farm | $579 | $48 |
| Texas | State Farm | $699 | $58 |
| Utah | Nationwide | $725 | $60 |
| Vermont | State Farm | $493 | $41 |
| Virginia | American Family | $601 | $50 |
| Washington | PEMCO | $534 | $44 |
| West Virginia | Erie | $784 | $65 |
| Wisconsin | GEICO | $556 | $46 |
| Wyoming | State Farm | $745 | $62 |
People who need BMW 7 Series car insurance tend to have questions about costs and service. Understanding answers to some commonly asked questions may help you find the best insurer for your needs.
State Farm provides the most affordable full coverage insurance for BMW 7 Series cars, charging an average of $1,899 per year. The average cost for all BMW 7 Series models is $2,482. This is almost at par with the average cost for all models, which stands at $2,415.
The best BMW 7 Series insurance comes from State Farm. It provides the cheapest insurance and takes the second spot in customer satisfaction. Policyholders will be able to get great service at an affordable rate.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
