Yes, BMW cars generally cost more to insure. It’s hard to put an exact number of what you will pay for your insurance because it largely depends on the type of vehicle you drive. Insurance providers look at the year and the model you choose to buy, your driving history, the number of kilometers you drive each year, and where you live.

The average cost of car insurance for BMW is $1,498 in Canada, approximately $124 per month. But, everyone has a unique situation so the cost can differ. Talk to an insurance advisor to find out what coverage you need and what it will cost you to get insurance for your car.

German-manufactured automobiles are known to have specific parts, they can be harder to get and take longer to become available and, as a luxury car the repairs can be more expensive

Yes, BMWs are easily the most expensive car brand to maintain. But it’s important to keep up with the regular maintenance of your car to keep it running smoothly. On average the maintenance cost over 10 years is approximately $18,000 with Mercedes-Benz coming in second place with $13,000 over a 10-year period. Massive maintenance costs are not uncommon on German-made cars since these luxury vehicles use expensive, high-end parts.

Here are some of the main factors that can affect your rates :

• Vehicle Cost: The starting price on a more economical model starts at approximately $40,000 but many of the other models can range from $60-$100,000 price range. The sticker price can impact your rate.
• Theft: It’s common knowledge that luxury vehicles are a target for theft, in fact, the BMW X6 has appeared on the most stolen list in Ontario numerous times. This theft risk can impact your rate.
• Repair Costs: It is well known that repairs and maintenance for BMW are expensive. They are well designed and use precision custom parts, making them more complex to fix and some parts may need to be imported. Higher repair costs will increase your costs.

• Safety features: BMW is known for offering the most safety features, and this is one reason that drivers choose this brand. All vehicles have optional safety features which can help to lower your insurance rate.

There are many things you can do to help lower your insurance rate. For example, you can bundle your home + auto insurance to help save some money. Talk to a Surex advisor to see how you can save today!

Here are some more tips to help you save:

• Shop Around: The most effective way to save is to compare your insurance options. That is one thing that Surex always automatically does to make sure you get the best rate possible.
• Stay claims, accident, and ticket-free. Of course, it’s always important to drive safely, but by having a clean driving record you can usually qualify for discounts to help keep your premiums down.
• Bundle your services: By combining your home or tenant insurance with your auto insurance policy, with the same provider, you can take advantage of the discounts offered to help save you money. 

BMW models are renowned for making vehicles that are safe. Some of the safety features include side airbags, antilock brakes, traction control, electronic stability control, ABS and braking assistance, and child safety locks.

Since auto insurance is government-standardized, there is really no difference in coverage between regular to high-end cars. There are limited carriers who will write them though. Not many will write vehicles over 150K and others won’t go over 100K. 

Carriers that do work with high-end cars require higher deductibles, higher limits on rental car coverage, and roadside assistance coverage. For a 100K+ car, the collision and comprehensive deductible required are normally between $2,500 - $5,000.

So, like everything else you get with a luxury car from sticker price to maintenance, expect your insurance to also be more expensive. Our advisors can help assist you with setting up your coverage. Go online today!