How can I save on my BMW car insurance?
There are a few things you can do to save on your car insurance regardless of your age, location and driving history:
- Pay annually rather than monthly
- Add a named driver
- Increase your voluntary excess
- Shop around and compare quotes
- Estimate your mileage accurately
- Improve your car's security
- Build up your no-claims discount
Pay annually rather than monthly. It can cost up to 16%2 more to pay for your insurance monthly rather than with one annual payment. This is due to the additional interest costs insurers add to your total monthly price.
Add a named driver with a good driving record and experience to reduce the cost of your insurance. Young drivers in particular can benefit from this, although you need to be honest about who the main driver is. Otherwise you may 'fronting', which is illegal and likely to invalidate your insurance. The average premium with just one driver on a policy is £7252. With a named driver, this goes down to £5552.
Increase your voluntary excess. Many drivers opt for a voluntary excess of £250, with 62%2 of our customers choosing this amount. However, the higher you set your excess, the lower the cost of your insurance may be. If you can afford to set it a little higher, you might be able to reduce your overall costs.
Shop around and compare quotes. Compare prices to make sure you're getting the best deal for your cover. According to our data you may find the best prices for your policy if you buy cover around 26 days before your renewal date2.
Estimate your mileage accurately. Typically, the more miles you drive, the more your insurance will cost. This is because driving more puts you at a higher risk of making a claim. Our customers drive 6,621 miles per year, on average2. If you don't drive many miles, you might benefit from a pay-as-you-go policy.
Improve your car's security to reduce the chance of car theft. Adding a steering wheel lock, car tracker or immobiliser can all help. If you have the option, parking in a secure garage rather than a dimly lit street can also help reduce the risk of your BMW being stolen.
Build up your no-claims bonus (NCB) up with each year you don't claim on your insurance. Most insurers will offer a discount for each year of NCB you've got. Look out for policies with NCB protection available as this will allow you to make a certain amount of no-fault claims without losing your NCB.
2Based on Confused.com data December 2022 - April 2023
What insurance can I get for my BMW?
There are three levels of car insurance you can choose from:
- Third-party
- Third-party, fire and theft
- Fully comprehensive
The history of BMW
Founded in Germany in 1916, BMW stands for Bayerische Motoren Werke Aktiengesellschaft, which translates to Bavarian Motor Works. A year later in 1917, the now-famous logo was introduced, incorporating the Bavarian state colours.
All manufacturing took place in sites across Germany to start with, but due to the Second World War many of these were temporarily closed. Its first car manufactured post-war, the 501, wasn't produced until 1951.
In 1972, BMW opened a plant in South Africa. It wasn’t until 1989 that it opened the first production facility in the USA, built to produce the Z3 Roadster. This move sealed BMW's status as a global player in the automotive industry.
It’s come along in leaps and bounds since the 70s and bought some other big brands, including the iconic British Mini brand, which was relaunched in 2001 with the Mini Hatch.
It now sells its luxury cars across the globe, including a range of electric vehicles. Along with Mini, Rolls Royce is also incorporated within the BMW group.