BMW is one of Germany’s premium automakers. It forms the core of BMW Group, which also owns MINI, Rolls-Royce, and the BMW Motorrad motorcycle brand. The company manufactures sedans, coupes, cabriolets, and SUVs in a wide variety of specifications, including high-performance models. As a result, there are many factors that can affect insurance costs, such as varying equipment levels and the brand’s notoriously higher than average parts and repair costs. As with other marques, vehicle use, location and driver history also influence an insurance quote.
Rates on this page are based on quote statistics gathered by MyChoice and can be compared for different BMW models, different cities in Ontario, different model year ranges and other luxury brands.
Because repair and replacement costs can be very high, BMW owners should consider Collision & Comprehensive insurance in addition to basic insurance that’s mandatory. Compare deductibles, rental car coverage, depreciation waivers, agreed value, etc.
BMW Insurance Figures Worth Comparing
BMW rates are higher than average, with the brand’s median annual Ontario premium being $2,459, which is 5% above the all-vehicle benchmark median premium ($2,345).
| Median BMW premium (Ontario) | $2,459 |
| BMW vs Ontario all-vehicle median | +5% |
| Cheapest BMW model to insure in Ontario | 328i XDrive 4Dr (~$2,069) |
| Most expensive BMW model to insure in Ontario | 328xi 4Dr (~$2,627) |
| Cheapest alternatives to insure | Infiniti ($2,145), Lexus ($2,422), Tesla ($2,427) |
Ontario BMW Premiums by Model and City
Specific model and model-year median premiums range from $2,069 for the 328i xDrive to $2,627 for the 328xi, an older model, representing a $558 difference.
Configuration changes can have a big impact on auto insurance costs, and insurers will need as many trim details and a vehicle identification number as possible in order to generate an accurate quote.
| City | Model | Model Year | List Price | Median Annual Car Insurance Premium |
|---|---|---|---|---|
| Mississauga, ON | 330i xDrive 4Dr | 2018 | $47,880 | $3,283 |
| Scarborough, ON | 328xi 4Dr | 2007 | $46,216 | $3,271 |
| Toronto, ON | 435i XDrive 2Dr | 2016 | $58,695 | $2,356 |
| Toronto, ON | 328i XDrive 4Dr | 2013 | $48,510 | $2,167 |
How Vehicle Age Changes the BMW Planning Figure
A used BMW costs around $2,358 per year to insure, compared to $2,533 for a new BMW. That’s a difference of $175 per year.
Be sure to check with your insurer or broker about depreciation-waiver coverage, collision and comprehensive coverage if desired, and financing requirements. Make sure you’re keeping liability limits and deductibles the same among all vehicles when determining the costs.
| Vehicle | Median Annual Car Insurance Premium |
|---|---|
| New BMW | $2,533 |
| Used BMW | $2,358 |
How BMW Compares with Other Luxury Brands
BMW has a median insurance cost of $2,459, $32 higher than Tesla, $71 lower than Volvo, and $93 lower than Audi. Because these are all closely grouped, however, it’s possible that differences in model, postal code or insurance company can be higher than what we’re seeing.
So, while this comparison won’t necessarily paint an accurate rank order for all drivers, it can help you to choose comparable vehicles to get a more accurate and matched quote.
| Car brand | Median Annual Car Insurance Premium |
|---|---|
| Infiniti | $2,145 |
| Lexus | $2,422 |
| Tesla | $2,427 |
| BMW | $2,459 |
| Volvo | $2,530 |
| Audi | $2,552 |
| Mercedes-Benz | $2,646 |
BMW Insurance Questions for Ontario Owners
How much does it cost to insure a BMW in Ontario?
BMW insurance costs a median of $2,459 per year in Ontario, based on MyChoice’s internal quote data.
Are BMWs reliable and safe?
J.D. Power’s U.S. Vehicle Dependability Study has consistently named BMW above the industry average in recent years. The 2026 BMW X3 and 2026 BMW X5 receive Top Safety Pick+ designation, the highest possible award from the Insurance Institute for Highway Safety (IIHS). Those awards apply to the specified vehicles and do not establish a result for every BMW. Research the specific model, model year, and equipment on any car you may be considering. While most advanced safety features are standard on BMWs today, some are optional, particularly on older models.