BMW car insurance

Bayerische Motoren Werke AG, commonly referred to as BMW, is a popular choice among Canadian drivers looking for luxury vehicles. If you own a BMW or are thinking of buying one, you’ve come to the right place. No matter which type of BMW you drive, and whether you own or lease it, you’ll need to purchase car insurance.

BMW brand overview

BMW dates back to 1916. Originally, it manufactured aircraft engines, however, following the end of the First World War, the company began manufacturing automobiles and motorcycles. The company’s formal name is Bayerische Motoren Werke AG, which translates to Bavarian Motor Works in English (the company hails from Munich, which is the capital of Bavaria).

BMW only entered the luxury sports car market in 1962 with the launch of the BMW New Class series, a line of compact sedans. Throughout the 1960s and 1970s, BMW ramped up its production of luxury coupes and sedans, introducing the first BMW 5 Series of mid-size sedans in 1972, followed by the BMW 3 Series of compact sedans in 1975.

Today, the German automaker produces everything from sedans and coupés to SUVs, crossovers, and roadsters. It has even introduced several plug-in hybrid and all-electric vehicles, such as the BMW iX and the BMW X3 PHEV. However, its most popular models continue to be the 5 Series and the 3 Series.

Fun facts about BMW

  • In English, the terms “beemer,” “bee-em,” and “bimmer” have become popular nicknames for BMW vehicles.
  • BMW’s blue and white logo is a nod to the flag of Bavaria, which features the same colour palette.
  • BMW’s slogan “The Ultimate Driving Machine” has been in use since 1974, with the exception of a two-year break lasting from 2010 to 2012 when the popular slogan was replaced with “Joy.”
  • BMW’s motorcycle brand is called BMW Motorrad. In 2018, BMW Motorrad unveiled a self-driving motorcycle.

BMW auto insurance coverages

BMW drivers must have valid, up-to-date car insurance in order to drive in Canada. Car insurance policies are made up of various types of coverage, some of which are mandatory and some of which are optional. Thus, when purchasing car insurance, you’ll need to decide which optional coverage types (if any) you want to include in your policy, as well as the amount of coverage you wish to include for the mandatory types. To learn more about BMW car insurance coverage, keep reading.

Third party liability coverage

Third party liability coverage is compulsory in Canada. It offers protection against the cost of accidental injury or property damage in the event you’re found at fault for a collision. Liability coverage can provide compensation for medical bills, vehicle repairs, legal counsel, and court fees.

Accident benefits coverage

Accident benefits coverage is also mandatory in Canada. It offers protection in the event that you, a passenger, or a pedestrian require medical attention following a collision. No matter who is liable for the accident, the policyholder can still recover compensation through the accident benefits portion of their policy.


BMW drivers may wish to purchase collision coverage as part of their car insurance policy. This type of coverage is optional and protects the policyholder if they are in an accident with another vehicle or object. It covers you regardless of whether you were at fault for the accident or not. Unlike accident benefits coverage, collision coverage can only be used to pay for the cost of property damage following an accident, such as vehicle repairs. It cannot be used to cover any medical expenses associated with injuries.


For the highest level of financial protection, Canadian drivers may choose to purchase comprehensive coverage. Comprehensive coverage protects your vehicle against theft, vandalism, fire, and water damage.

Accident forgiveness

If you purchase BMW car insurance that includes accident forgiveness, your insurance rates won’t go up following your first at-fault collision. Like comprehensive coverage, accident forgiveness coverage is optional but can be worth it for many drivers.

Direct compensation

If you suffer an injury or your vehicle is damaged in a collision that was not your fault, you are covered under direct compensation. For this type of coverage, the policyholder can file a claim directly with their insurance provider.

Uninsured automobile coverage

Uninsured automobile coverage is a mandatory component of Canadian car insurance policies. It protects you and any passengers in your car if you get into an accident with an at-fault driver who is either uninsured or underinsured.

What factors influence BMW insurance premiums?

When you shop for BMW car insurance, you’ll likely notice that insurance providers will ask a number of questions when calculating your premium. This is because insurance companies take several factors into account when determining your rate. A driver’s age, location, annual mileage, and driving record can all influence how much they pay for car insurance. BMW drivers might find it helpful to understand the most common factors affecting auto insurance rates in Canada, which are as follows:


An insurance company will ask your age when calculating your insurance premium. Why? To an insurance company, age and risk go hand-in-hand. The younger you are, the less driving experience you have, and the higher your insurance premium will be. Seniors are another age group that may pay more for car insurance based on statistical data.


Your location can also influence your insurance rate. If you live in a metropolitan area like Toronto or Vancouver, your car insurance may cost more. Since there is more traffic on the road in urban areas, your chances of getting into an accident increase, especially if you drive during rush hour. In contrast, BMW drivers who live in rural parts of the country may pay less for car insurance. Further, if you live in a part of the country prone to climate related incidents, your insurance premium could be higher.

Annual mileage

How frequently you drive is another factor insurance companies will consider when calculating your rate. If you don’t plan to drive your BMW very often, your chances of getting into an accident go down, and so too may your insurance premium for a low mileage policy. In contrast, if you spend an above average amount of time on the road, perhaps you drive as part of your job, you have a long daily commute, etc, or you frequently drive at night or on the highway, the cost of your BMW car insurance may be higher.

Driving history

When calculating insurance premiums, insurance companies will require information about your driving history. They will request a copy of your driving record and will use your level of driving experience to gauge your risk level.

A lack of driving experience is a red flag to insurance companies, which is why young drivers tend to pay the highest premiums. However, driving experience in and of itself isn’t enough to lower your premium. You must also have a clean driving record. A clean record paired with ample driving experience indicates that you are a safe and responsible driver, and your insurance premium may be lowered accordingly.

However, if your driving record is full of speeding tickets, collisions, and DUIs, then your insurance premium may be raised.

Model and year of BMW

The BMW model you purchase can affect how much you pay for auto insurance. The general rule of thumb is that the more expensive the vehicle, the more it will cost to insure, simply because repairs and the cost of parts are typically higher. As BMWs are luxury vehicles, they tend to cost more to insure. However, choosing one of the cheaper models, or purchasing a used BMW rather than a new one, may save you money on car insurance.

How to save money on BMW car insurance

Car insurance can be costly, especially for luxury vehicles like BMWs. Luckily, there are ways to save money on auto insurance, even when you drive an expensive car. BrokerLink’s expert insurance advisors provide a few of their top tips and tricks on how to get cheap BMW car insurance below:

  • Purchase car insurance for multiple vehicles together (savings of up to 20%)
  • Buy multiple insurance policies (home insurance plus car insurance, leisure vehicle insurance plus car insurance, etc.) from the same provider (savings of up to 15%)
  • Increase your deductible
  • Enrol in driving school (for new drivers)
  • Purchase an eco-friendly BMW model, such as one of their plug-in hybrid or all-electric models (savings of up to 10%)
  • Pay auto insurance annually rather than monthly
  • Install winter tires on your BMW

Get in touch for a free BMW car insurance quote

Want to learn more about BMW car insurance? BrokerLink is here.

We are a go-to brokerage for BMW car insurance in Canada. Since 1991, we have committed ourselves to finding the best car insurance policies for our customers.

BrokerLink creates a hassle-free car insurance experience by doing the work for you. So while you’re test-driving cars at the BMW dealership, we’ll be working behind the scenes to browse coverage options, obtain and compare quotes, and unlock discounts. Car insurance with the best coverage at the best price is what we offer.

So no matter which BMW model you drive, and whether you own or lease it, you can count on BrokerLink. Make us your go-to resource for all things BMW car insurance, and we promise you won’t be disappointed.

BrokerLink is pleased to offer free car insurance quotes to all Canadian drivers. So if you want to know how much a new BMW could raise your insurance premium, use your online calculator to find out in just five minutes. Answer a few questions about yourself and the model and year of your BMW and you’ll receive an accurate and competitive quote in a matter of minutes.

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BMW car insurance FAQs

What is the least expensive BMW vehicle to insure?

This is a difficult question to answer as many factors are taken into consideration when calculating car insurance rates. However, generally speaking, the cheaper the car, the less it will cost to insure. Therefore, the BMW X1, which is the least expensive BMW model, may be the cheapest to insure.

However, other factors come into play when calculating BMW car insurance. For example, whether you are buying a new or used BMW can impact your insurance rate. In addition, purchasing a BMW with lots of custom trims can also raise your insurance premium as repairing or replacing your vehicle will be more expensive.

At the end of the day, insuring a luxury vehicle like a BMW may not come cheap, but there are ways to save on insurance.

Is it safe to buy BMW car insurance online?

It is safe to buy BMW car insurance online, however, shopping for auto insurance is no easy task. With so many insurance companies competing for your business, it can be difficult to find the policy that’s right for you. Luckily, BrokerLink is here to make shopping for car insurance easy. Our team of insurance advisors does the work for you, so you can sit back and relax while we browse coverage options, compare quotes, and unlock discounts on your behalf.

Is BMW car insurance mandatory?

Yes, BMW car insurance is required, no matter which model you buy or where you live in Canada. Auto insurance is mandatory for all Canadian drivers. Each province and territory sets its own car insurance requirements, so be sure to purchase a policy that includes no less than the minimum coverage.

If you have any questions, contact one of our local branches.

*This article is in no way sponsored, endorsed, or associated with BMW.

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