BMW M8 Car Insurance: How Much Should You Expect to Pay?

Quick Facts

• A BMW M8 is more expensive to insure compared to the average car.
• Full coverage for a M8 typically averages around $297 monthly, while liability only car insurance rates average about $83 per month.
• NationalGeneral provides the most affordable average premiums for a M8 with liability only coverage offered for as low as just $33 a month.

M8 Overview

With a base price of $130,000 for 2020 models, the BMW M8 is a high-end car on the more expensive end of the spectrum.

Based on analyzing thousands of auto insurance quotes from Compare.com, we've found that BMW M8 car insurance premiums average out to around $235 per month. But how does that compare to other similar cars on the market?

How Much is Car Insurance for a BMW M8?

Looking at the table above, you can see that when you compare the BMW M8 to other vehicles, insurance prices are above average. M8 owners usually pay about $83 monthly for liability insurance, and around $297 per month for full coverage, which has comprehensive and collision coverages in addition to liability (our guide, "State Minimum vs. Full Coverage", can provide more details on the difference between these types of insurance).

When you compare it to other BMW models, the M8 is more expensive, with premiums about 49% higher than the rest of the company's vehicle offerings. Similarly, M8 insurance is more expensive than average when compared to other vehicles of a similar body style, with full coverage insurance prices coming in at $120 higher than other cars and liability insurance rates averaging exactly the same rates.

Generally, they're just more expensive to insure than the average vehicle, regardless of which body style, make, or model you compare it to.

Who has the Cheapest Car Insurance for a BMW M8?

If you're searching for a new auto insurance policy for your BMW M8, you might want to know which company offers the most affordable rates. Although there will never be one carrier that offers the lowest premiums for everyone, NationalGeneral provides the cheapest average rates for liability only coverage, with rates as little as just $33 monthly. With car insurance sometimes as cheap as $34 a month, Clearcover is the next lowest insurance company.

However, just because these five carriers offer the lowest average rates doesn't necessarily mean they'll be the cheapest companies for you and your unique insurance profile.

Car insurance carriers use a whole range of factors and complex formulas to calculate premiums. The only way to guarantee you'll find the most affordable rates is to compare quotes from several car insurance companies.

What Factors Affect Car Insurance Rates for a BMW M8?

As we mentioned above, there are a wide array of variables that insurance carriers take a look at to determine how much they charge you -- and each carrier weighs certain factors more than others, so there's not just one company that's the cheapest for every M8 driver.

Here are just a few of the things car insurers will look at, with individual breakdowns of how each one affects your rates:

Vehicle Age

Because the BMW M8 has only been around for one model year, vehicle age won't affect your cost in the same way it might for other vehicles. Typically, older cars will be cheaper to insure because they're worth less than newer models, and as cars get older, insurance costs will gradually go down.

From the table above, you can see M8 prices are $83 per month, on average.

Your Age

Your age is another factor that makes a significant difference in how much auto insurance companies will charge you for a policy. Because the BMW M8 is pretty new to the market, we're just starting to collect data on how age is affecting car insurance rates. So far, based on the table above, younger M8 drivers pay less for insurance than drivers with more experience on the road.

Insurance prices continue to go lower as you get older, with the cheapest age group for M8 drivers being 35-44.

Your Gender

You may not know, but men generally pay more for auto insurance than women do. This is because men are more likely to get speeding tickets and get into collisions, which raises the chances of an insurance claim.

Where You Live

It may be obvious that variables like how old you are and what vehicle you drive play a role in your insurance prices, but you may not realize that where you live can have just as much as an impact. Since car insurance is regulated on the state level and not nationally, premiums differ quite a bit depending on which state you're located in.

Because the M8 is a relatively new vehicle, our data on all 50 states is somewhat limited. Even so, you can see in the table above that New York has rates that are.

BMW M8 Car Insurance Discounts

Regardless of your age, your car, or your home state, using as many discounts as possible when it comes to your auto insurance policy is always a good idea.

Not every insurance carrier will offer the same discounts, but there are a few that are relatively universal. These include things like:

• Defensive driving discounts for taking a defensive driving class through a certified school or institution
• Multi-car discounts for insuring more than one of your vehicles with the same company
• Vehicle safety discounts for having a vehicle with higher safety ratings or one with certain safety features (like anti-lock brakes or air bags)
• Multi-policy discounts for using the same insurance carrier for both your home and auto insurance

There are all sorts of other discounts out there for saving money on your auto insurance. And often, the best way to save isn't through a "discount" at all, but rather by not having recent insurance claims and maintaining a clean driving record.

Even though you don't have control over every variable car insurance carriers reference to calculate rates (like some of the ones mentioned above), there are quite a few that are in your control. Below are just a few of the ones you can use to your advantage when it comes to saving some cash:

Your Driving Record

You've most likely heard ads from insurance companies offering hefty discounts for responsible drivers. It makes sense that your car insurance prices will increase if you get cited for speeding or get into an accident. But exactly how much will these infractions cost you?

Unfortunately, we don't have enough data on file for BMW M8 drivers specifically, since it is a relatively new car. However, as we see more and more of these on the road, we'll have a better idea of how much infractions will cost M8 drivers when it comes to auto insurance.

How Much You Drive

Another factor you have control over is the amount of miles you drive each year. Those who drive less often have fewer opportunities to get into an accident, so they'll normally be offered cheaper rates. Since the BMW M8 is a new vehicle, our data is relatively limited, so we don't yet know how much annual driving distance will affect premiums. So far, the cheapest rates are offered to drivers who drive 10,000+ miles a year.

If you don't drive much because you work from home or have a second vehicle, it may be worth considering pay-per-mile or usage-based insurance. With these kinds of coverage, you pay a small base rate each month, with your final monthly bill being calculated based on how many miles you drove.

How Do BMW M8s Compare to Other Vehicles?

If you're thinking about purchasing a BMW M8, you might want to know how it compares to other cars. Auto insurance is just one cost that's associated with a new car purchase, but it's guaranteed to be one that's worth taking into consideration.

Review the table below to see how the BMW M8 stacks up:

Overall, the BMW M8 is on the more expensive side when it comes to price, with an MSRP that's a quarter more than the going rate for a new vehicle. The M8 comes in at $130,000, a bit more expensive than the national average vehicle MSRP of $46,547.

Likewise, auto insurance prices are higher when compared to the rest of the vehicle market. Liability insurance for a BMW M8 is around $16 per month more than average, while full coverage is over $50 more monthly.

However, it is worth noting that the M8 owners tend to drive their cars less than the average American driver, with only 7,877 annual miles for the average owner.

BMW M8 Car Insurance Costs by Model Year

Thus far, you've seen how different factors affect how much the average driver pays for car insurance. But if you're in the market for a new car, truck, or SUV and the M8 is on your wishlist, having a good idea of how much you'll likely pay can be helpful as you consider your choices.

2020 BMW M8 Car Insurance

The average cost to insure a 2020 BMW M8 with liability only coverage is $97 a month, while full coverage runs about $273 monthly.

NationalGeneral offered the lowest policy we found, with rates as low as $32 per month.

If you want to know just how much your premium will be, just enter your ZIP code below and get free quotes in minutes.

BMW M8 Insurance FAQs

Is a BMW M8 expensive to insure?

Compared to the national average of all cars, rates come in on the more expensive end of the spectrum. Liability insurance runs an average of $83 a month, while full coverage will cost you around $297.

How can I get the best price on car insurance for my BMW M8?

There's only one way to ensure you're getting the cheapest rates -- checking prices regularly and comparing quotes from many carriers. A good rule of thumb is to get quotes every 6 months or so. Luckily, sites like Compare.com let you compare prices from a variety of companies at once, meaning you can find the most affordable rates (or guarantee you already have the best deal) in just a few minutes.

Does the color of my BMW M8 affect my insurance rates?

You may have heard that it costs more to insure red cars than silver or white ones, but that's just a myth. While there are many things car insurance carriers think about when they calculate your premiums, the color of your vehicle is not factored into that equation.

Do I need to have insurance before I buy a BMW M8?

You'll need to have valid auto insurance for your BMW M8 before you can legally drive your it off the dealership lot. Some dealerships will offer you an insurance policy as part of the buying process, but the easiest thing to do is to let your insurance carrier know ahead of time.

What car insurance discounts can I get for my BMW M8?

There are a variety of discounts out there for auto insurance. Many of them (like "pay-in-full discounts" and "multi-policy discounts") are more based on you than the car you drive, but if your M8 has safety features like anti-lock brakes, anti-theft systems, airbags, and other features, it may qualify for certain discounts. You'll only know about which discounts you qualify for if you contact your insurance company and ask about their discounts, since they fluctuate quite a bit from carrier to carrier.