- A BMW M2 is more expensive to insure than the average car.
- Full coverage for a M2 generally runs around $238 monthly, while liability only insurance prices average about $70.
- Commonwealth Casualty is the most affordable car insurance carrier for a M2 with a national average of just $46 a month for liability only coverage.
In This Article
Coming in with a base MSRP of $58,900 for 2021 models, the BMW M2 is a high-end car on the more expensive end of the spectrum.
We combed through thousands of insurance quotes on Compare.com, and we've found that BMW M2 auto insurance rates run around $204 monthly, on average. But how does that stack up to other similar cars out there on the market?
|Current Base Price||$58,900|
|Average Insurance Premium||$204/mo.|
|Cheapest Insurance Company||Commonwealth Casualty|
How Much is Car Insurance for a BMW M2?
|Vehicle||Liability Only||Full Coverage|
|All BMW Models||$84||$199|
|Average Insurance Premium||$81||$169|
If you look at the table above, you'll find that compared to other vehicles, BMW M2 insurance premiums are higher than average. M2 drivers typically pay about $238 per month for full coverage, which has comprehensive and collision coverages in addition to liability, and about $70 a month for liability only insurance (learn more about the difference with our guide "State Minimum vs. Full Coverage").
When compared to other models, the M2 is more expensive, with prices more than 10% higher than other vehicles in BMW's lineup. Compared to offerings from other brands, insurance for a M2 runs close to average, with full coverage insurance rates coming in at $61 higher than other cars and liability insurance prices at $13 cheaper.
Compared to all vehicles of any body type, the M2 is more expensive for full coverage auto insurance, but liability only premiums are more affordable.
Who has the Cheapest Car Insurance for a BMW M2?
|Insurance Company||Average Monthly Premium|
Shopping around for a car insurance policy for your BMW M2? You may want to know which company offers the lowest premiums. Even though there will never be one carrier that has the lowest rates for everyone, the lowest average rates for liability only insurance are sometimes just $45 a month from Mercury. The runner up for cheapest rates is Commonwealth Casualty, with car insurance policies starting as little as just $46 per month.
DirectGeneral, Amica, and Sun Coast round out the end of the top 5 list. But just because these five companies offer the cheapest average rates doesn't necessarily mean they'll give you the best rates for your BMW M2.
Car insurance carriers take many factors into consideration when calculating monthly rates. The only way to guarantee you'll find the most affordable rates is to compare quotes from a variety of insurance companies.
What Factors Affect Car Insurance Rates for a BMW M2?
There are a whole bunch of things that auto insurance carriers use to calculate how much to charge you for car insurance -- and every company weighs different factors more heavily than others, so there's not one single carrier that's the lowest for each M2 owner.
The following sections show several variables insurance companies use to calculate rates:
|Vehicle Age||Average Monthly Premium|
|Less than 1 Year||$89|
|6-7 Years||Not Enough Data|
|8-10 Years||Not Enough Data|
|11-14 Years||Not Enough Data|
|15 Years or Older||Not Enough Data|
The BMW M2 has been around for a few years, so vehicle age may play a role in what you end up paying for car insurance. Normally, it costs more to insure newer cars because they're worth more, however, as time goes on and M2s begin to depreciate, insurance costs will gradually decrease.
As you can see in the information above, the BMW M2 is in line with this trend, as the most expensive models to insure are those that are 1 year old or less, while on average, the cheapest models are M2s that are 2 to 3 years old.
|Age||Average Monthly Premium|
Age is another variable that plays a big role in how much you pay for auto insurance. As you can see above, drivers who have more experience pay less for car insurance than drivers who are under 24. BMW M2 drivers aged between 18 and 24 actually pay $35 more than those 25 or older.
Insurance prices continue to go lower as you get older, with the cheapest age group for M2 drivers being 45-54.
|Gender||Average Monthly Premium|
Because women are less likely to get tickets and get into collisions, they have a lower chance of filing a claim with insurance. So, insurance carriers will often charge women less than men. The BMW M2 sticks to the norm, where men pay around $71 monthly for insurance, while women pay about $23. But due to the small sample size of M2 data, this pricing may not be representative of the rates you may see.
Where You Live
|State||Average Monthly Premium|
You might think it's common sense that factors like how old you are and what vehicle you drive play a role in your auto insurance premiums, but did you know that where you live has just as much of an impact? Since car insurance is regulated on the state level and not nationally, prices differ quite a bit from state to state.
For example, the average BMW M2 driver from New York pays around $273 a month for liability coverage. Meanwhile, on average, the same owner in California will pay only 20% of that price.
BMW M2 Car Insurance Discounts
Regardless of how old you are, what state you live in, or which vehicle you drive, using as many discounts as possible when it comes to your insurance policy is always the smart move.
While no two auto insurance companies offer the same exact discounts, there are a few that you'll find with most insurers. These include discounts like:
- Multi-policy discounts for getting both your home and auto policies from the same company
- Vehicle safety discounts for having a vehicle with higher than average safety ratings or one with certain safety features (like air bags or anti-lock brakes)
- Pay-in-full discounts for drivers who agree to pay their entire policy price at once, rather than by monthly payments
- Multi-car discounts for having more than one vehicle on your auto policy
While discounts are always a good way to save money on your insurance, sometimes, the best way to get the cheapest rates is by strengthening your overall insurance profile that carriers look at. This includes things like avoiding lapses in coverage, not having recent insurance claims, and driving safely.
While you can't control every single aspect of your car insurance profile (like some of the variables we mentioned above), there is quite bit in your control. Below are just a few of the variables you can use to your advantage when it comes to saving some cash:
Your Driving Record
|Infractions||Average Monthly Premium|
You've no doubt noticed ads from auto insurance carriers offering big savings for responsible drivers. It makes sense that your car insurance rates will go higher if you get into a collision or get speeding tickets. But you still might be left wondering exactly how much collisions and moving violations will cost you.
Looking at the table above, you'll notice that accidents will usually cost M2 drivers less than tickets, but both will result in higher than average rates. BMW M2 drivers with one ticket will pay about $51 per month, while drivers with a single accident on their record pay an average of $47 a month. The rates only go up the more accidents you have or tickets you get.
How Much You Drive
|Annual Mileage||Average Monthly Premium|
Another factor that plays a role in your insurance prices is the total amount of miles you drive each year. Those who are on the roads less are more likely to go accident-free, so they'll usually be offered cheaper premiums. Based on the table above, you can see that BMW M2 owners who drive less than 2,500 miles pay $230 for auto insurance, while those who drive between 5,000 and 7,500 miles each year pay an average of $45 a month.
But if you're one of those drivers who don't put very many miles on your BMW M2 each year, you might consider a usage-based or pay-per-mile insurance policy. With these kinds of policies, you pay a small monthly amount, and your final monthly bill is calculated based on how many miles you drove.
How Do BMW M2s Compare to Other Vehicles?
If you're considering buying a new car and a BMW M2 is on your shortlist, it can pay off to do your due diligence. Auto insurance is just one cost that comes with a new car purchase, but it's definitely one that's worth taking into consideration.
Visit the table below to see how the BMW M2 stacks up:
|BMW M2||National Average|
|Full Coverage Insurance||$246||$169|
|Average Annual Mileage||7,961||11,617|
With an MSRP that's a quarter more than the going rate for a new vehicle, the BMW M2 is more expensive than average. The M2 comes in at $58,900, a bit more expensive than the national average vehicle price of $46,296.
Similarly, car insurance rates run slightly above average when compared to the rest of the vehicle market. Full coverage insurance for a BMW M2 is about $77 per month more than average, while liability only coverage is $5 cheaper monthly.
When it comes to usage, BMW M2 drivers are far from the national average in annual miles driven, with 11,617 miles for all vehicles per year compared to the M2's 7,961 every year.
BMW M2 Car Insurance Costs by Model Year
So far, you've seen how different things affect how much the average driver pays to insure a BMW M2. If you're considering purchasing a new M2, knowing what you'll likely pay is extremely valuable as you weigh your options.
2021 BMW M2 Car Insurance
|Liability Only Avg. Premium||$76|
|Full Coverage Avg. Premium||$246|
|Cheapest Insurance Company||Mercury - $23/mo.|
You can expect full coverage for a 2021 M2 to run around $246 per month, while liability only coverage will average about $76 monthly.
With prices as low as just $23 a month, Mercury offered the most affordable policy we found.
If you want to know exactly how much you can expect to pay for your M2, just enter your ZIP code below and get free quotes in minutes.
2020 BMW M2 Car Insurance
|Liability Only Avg. Premium||$118|
|Full Coverage Avg. Premium||$254|
|Cheapest Insurance Company||DirectGeneral - $47/mo.|
|Available Trims||COMPETITION, CS|
The average cost to insure a 2020 BMW M2 with liability only coverage is $118 monthly, while full coverage runs around $254 a month.
We found DirectGeneral offered the cheapest policy, with rates sometimes as little as $47 per month.
Want something more accurate than nationwide averages? Just enter your ZIP code below to get multiple free personalized quotes.
2019 BMW M2 Car Insurance
|Liability Only Avg. Premium||$71|
|Full Coverage Avg. Premium||$285|
|Cheapest Insurance Company||Mercury - $43/mo.|
On average, drivers who own a 2019 M2 can expect to pay $71 to $285 monthly for liability only and full coverage car insurance, respectively.
Looking for the lowest policy? Mercury offered liability only coverage for as cheap as $43 a month.
If you want more accurate quotes of how much you can expect to pay, just enter your ZIP code below and get free quotes in minutes.
2018 BMW M2 Car Insurance
|Liability Only Avg. Premium||$50|
|Full Coverage Avg. Premium||$201|
|Cheapest Insurance Company||Mercury - $31/mo.|
2018 BMW M2 drivers can expect to pay an average of $50 per month for liability or $201 for full coverage.
Mercury has rates as low as $31 monthly for the 2018 BMW M2.
What will your insurance premium be? All you need to do is enter your ZIP code below and you'll be on your way to comparing multiple personalized quotes from the nation's top insurance companies.
2017 BMW M2 Car Insurance
|Liability Only Avg. Premium||$56|
|Full Coverage Avg. Premium||$240|
|Cheapest Insurance Company||SafeAuto - $34/mo.|
It costs about $56 per month for liability or $240 for a full coverage policy for the 2017 M2.
With premiums sometimes as cheap as $34 a month, SafeAuto offered the cheapest policy we found for the 2017 BMW M2.
While these are good estimates of what the average driver might pay to insure a 2017 BMW M2, these rates might differ based on your driver profile. Get free personalized quotes in minutes by just entering your ZIP code below.
2016 BMW M2 Car Insurance
|Liability Only Avg. Premium||$38|
|Full Coverage Avg. Premium||$234|
|Cheapest Insurance Company||Mercury - $38/mo.|
2016 BMW M2 drivers can expect to pay an average of $38 per month for liability or $234 for full coverage.
Mercury offered the most affordable policy we found, with rates as little as $38 monthly.
If you want more accurate quotes of how much you can expect to pay, just enter your ZIP code below and get several free quotes in minutes.
BMW M2 Insurance FAQs
Is a BMW M2 expensive to insure?
Liability insurance runs an average of $70 a month, while full coverage will cost you around $238. The BMW M2 is more expensive to insure compared to the average vehicle.
How can I get the best price on car insurance for my BMW M2?
The only way to be confident you're getting the lowest price on auto insurance is to regularly shop around and compare quotes from a range of carriers. It's recommended to review quotes every 6 months or so. Luckily, sites like Compare.com let you compare prices from a whole range of companies at once, meaning you can find the cheapest rates (or guarantee you already have the best deal) for free.
Does the color of my BMW M2 affect my insurance premiums?
You've probably heard the old adage that red cars cost more to insure, but that's actually a myth. While there are several variables car insurance carriers think about when they offer you a premium, your car's color is not factored into that decision.
Do I need to have insurance before I buy a BMW M2?
Before you can legally drive your new (or new to you) BMW M2 off the dealership lot, you'll need to have a valid auto insurance policy. Some dealerships will offer you a car insurance policy as part of the buying process, but the best thing to do when buying a an car is to let your insurance carrier know before you buy.
What car insurance discounts can I get for my BMW M2?
There are a whole range of different discounts out there when it comes to car insurance. Many of them (like "multi-vehicle discounts" and "pay-in-full discounts") are based less on your M2 and more on you, but if your M2 has safety features like anti-theft systems, anti-lock brakes, airbags, and other features, it may be eligible for certain discounts. The only way to find out which discounts you might get is to reach out to your insurance company and ask about which discounts they offer, since they change quite a bit from carrier to carrier.