Don't bother with insurance. Your out-of-pocket repair costs will be much less than the increased insurance premiums you'll be paying for several years, if you're lucky they don't drop you.
Try to remember that, next time, you may kill yourself, or someone else.
A 540i is one of the LAST cars I would EVER entrust to a new teen-age driver!
If you want to drive the Hell out of this car, sign up for the BMW CCA driving school.
Ed in San Jose '97 540i 6 speed aspensilber over aubergine leather. Build date 3/97. Golden Gate Chapter BMW CCA Nr 62319.