About BMW Car Insurance
BMW cars are often associated with quality and luxury and a hefty price tag. Thus, BMW cars are difficult to insure, as many insurers know the actual cost of replacing or repairing a BMW. The cars are notoriously difficult to work on, as there are lots of tricky aspects to their engine design. Despite this, they are trendy and often viewed as a status symbol.
Before you start comparing car insurance quotes with MyChoice, take a moment to read through the information below. This will help you better understand the expected costs of insuring your BMW in Canada, as well as key factors to consider.
How Much Does it Cost to Insure Your BMW in Canada?
On average, it costs around $1,498 per year to insure your BMW in Canada. The price will vary depending on your BMW model, year make, region you’re living in and your driving history.
Here’s how much it would cost you on average to insure your BMW in the following cities in Canada:
| City | Average Annual Insurance Premium |
|---|---|
| Toronto, ON | $2,490 |
| Mississauga, ON | $2,694 |
| Ottawa, ON | $1,675 |
| Markham, ON | $2,848 |
| London, ON | $1,925 |
| Etobicoke, ON | $2,363 |
| Edmonton, AB | $1,644 |
| Lethbridge, AB | $1,301 |
| Montreal, QC | $931 |
| Corner Brook, NL | $1,301 |
| Halifax, NS | $1,542 |
| Fredericton, NB | $964 |
How BMW Car Insurance Costs Compare to Similar Vehicle Brands
When selecting a vehicle, many potential buyers often weigh the insurance rates of different brands, including BMW, against each other. Insurance costs can significantly influence the decision-making process.
Based on internal customer quote data, our analysis shows that BMW’s insurance rates fall in the mid-range compared to other luxury car brands. While BMW’s premiums are generally higher than those of brands like Lexus, Ford, and Tesla, they are lower than the insurance costs of Audi. Here’s a brief comparison:
BMW Car Insurance Rates Through The Years
Over the past years, BMW vehicle insurance rates have shown some fluctuations but have generally increased. Starting at an average of $1,114 in 2020, the rates decreased slightly until 2022, reaching a low of $1,058. However, premiums have been steadily rising over the last few years – with the average rate reaching $1,498 in 2024. Here’s a quick look at the BMW average annual premiums for recent years:
BMW Car Insurance Rates by Model & Year Make
When insuring your BMW, the model you choose significantly impacts the insurance rates. Our detailed analysis below provides a comprehensive view of the insurance costs for various BMW models from different years.
A Brief History of BMW
Bavarian Motor Works (BMW) was established in 1916 by four Bavarian engineers. It was initially named Rapp Motorenwerke, as it began as an aircraft manufacturing firm. This firm restructured in 1917 and stopped producing airplane engines in 1918 (due to the Versailles Armistice Treaty).
The firm started producing motorcycles in 1923 and automobiles in 1929. The first car produced by BMW was known as the Dixi, a design based on the Austin 7. BMW returned to its roots of aircraft production during the Second World War. After the war, BMW did not produce motorcycles or automobiles again until 1950. The company then produced a wide range of cars in the 1950s, including sedans, coupes, and convertibles.
Unfortunately, none of the cars BMW made at this point sold particularly well. It was only when they released the Neue Klasse line of models in the 1960s that BMW established its reputation as a premier automaker. This new class of cars eventually included the iconic 5 Series and 3 Series cars. The M-division was started in the late 1970s and produced the BMW M1 in conjunction with Lamborghini.
In 1994, BMW bought the British-based Rover Group, which included Rover, Mini, MG, and Land Rover. However, this was not a profitable move, and BMW sold MG, Land Rover, and Rover to various companies. The only rights it kept was to the Mini, and it launched the new line of Mini vehicles in 2001 with great success.
BMW Insurance FAQs
Do BMW’s Have a Good Safety Rating?
Yes. The latest BMW models have received excellent grades from both the IIHS and NHTAS. The 2025 BMW 3 Series has received the IIHS Top Pick Safety Plus rating, which means that it has gone above and beyond federal safety standards.
Three other BMW models also received the Top Safety Pick Plus rating in 2025. These include the 2025 5 Series, X3, and X5 models. The X2 received the second-best Top Safety Pick, narrowly missing out on the very top safety rating.
Is it mandatory to have car insurance for your BMW?
Auto insurance is mandatory for all car owners in Canada, with requirements varying by province and territory.
What is the cheapest BMW car model to insure?
According to MyChoice’s internal data, the cheapest BMW car model to insure in Canada is BMW X1 28i at $1,140 per year.