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How Much Car Insurance Costs for a BMW M3

BMW
Here's what you need to know...
  • The M3 is often viewed as a high-risk car by insurance companies
  • Your driving history and age will be factored into your premiums
  • Compare quotes to help you get the best coverage for the price
  • Ask about available discounts that apply to your situation
The BMW M3 comes in three different swoon-worthy styles:

  • Sedan
  • Coupe
  • Convertible

Each has a different average insurance rate. The sedan is the least expensive to insure with an average 12-month premium of $1,693, while the convertible model is the most expensive at $1,952 for a 12-month insurance policy.

To get a free look at BMW M3 car insurance rates, or rates for any vehicle, enter your ZIP code into the box at the top of this page now!

Edmunds bills the BMW M3 series as “the best performance machine money can buy.”

All three body styles come standard with a 414 horsepower, V8 engine, and are widely believed to be the standout in luxury motorsports.

Is the M3 considered a high-risk car?

BMW M3

It depends on the body style you choose as to how risky the insurance company will view your BMW M3. Insurers weigh many variables when deciding the amount for an auto insurance policy.

Body style is one of them and, as can be seen above, can make a significant difference to your insurance premium.

Although the powerful engine is the same in each of these three styles, the four-door sedan is widely considered to be a more sensible car, which is generally viewed to be favored by more sensible drivers.

The coupe and the convertible are considered sports cars and companies will charge a higher premium to insure them.

An area where insurance companies may consider the M3 to be high-risk is in incidences of theft.

According to Safercar.gov, luxury performance cars are often the target of vehicle thieves, thereby increasing the probability that the insurance company will be required to pay out a claim.

Many policies will provide discounts for both factory-installed and after-market security systems, however.

Another significant factor to consider when shopping for insurance for your BMW M3 is that a high-risk driver with a sports car will face dramatically higher premiums. High-risk drivers are those who have multiple traffic violations, DUIs, or even those under the age of 25.

If you fall into the high-risk driver category, it may be very difficult to find affordable insurance, but this highlights the necessity to compare multiple policies and coverage types for your M3.

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Would I be able to get a lower rate if I chose a used BMW M3?

When looking for BMW M3 car insurance costs, you may be able to get a lower rate if you choose a used BMW because new cars are more likely to be stolen and are generally more expensive to repair.

However, BMW offers its signature Ultimate Service plan standard with every new M3. This warranty plan covers the vehicle for four years or 50,000 miles, whichever comes first.

It also covers all of the maintenance that is factory recommended and provides unlimited roadside assistance regardless of mileage.

The M3 is typically going to be more expensive to insure regardless if it is new or used.

It received a ranking of 13 among the twenty most expensive cars to insure.

There are things you can do, however, to decrease your insurance premium.

What can I do to get a better insurance rate?

Handsome young man holding papers and looking at it while sitting on the couch at home

  • Compare quotes – The first thing to do is compare multiple insurance quotes. Policies differ widely in terms of their coverage and cost, so the benefits and drawbacks of each need to be carefully considered.
  • Take driver’s education – If you fall into the high-risk category because of excessive traffic violations, or even a driving while intoxicated charge, the best thing to do is determine if your insurance company will give you a discount for taking a driver education course.
  • Keep a clean record – Then you need to ensure that you keep your driving record as clean as possible. This means no violations because they can affect your insurance rates for a period of several years.
  • Improve your credit score – Another factor that is in your control is your credit score. Insurers view credit scores in their assessment of risk to insure you as a driver. Drivers with better credit scores tend to be more responsible and therefore cheaper to insure.
  • Look for discounts – You can also ask for any discounts the insurance provider may offer.
    • Good student discount – For younger drivers, this is a valuable option.
    • Multi-policy discount – Some insurance companies may also offer you a discount if you insure more than one vehicle through them, or if you also purchase renter’s or home owner’s insurance.
    • Low mileage discount – The actual mileage requirement varies across providers, but if you live close to your place of work it is a discount worth researching.

The BMW M3 is a luxury, performance car. It seems to be as comfortable running errands as it does racing. Rates for this car are reflective of its stature, but research and a concerted effort can help you to save on insurance expense.

To find out how much you can save on BMW M3 car insurance costs, compare quotes for FREE by entering your ZIP code at the bottom of the page now!

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