How Much Car Insurance Costs for a BMW M3

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Joel Ohman
Founder, CFP®https://res.cloudinary.com/quotellc/image/upload/insurance-site-images/ciccom-live/41b5e36b-joel-ohman.jpg

UPDATED: Apr 3, 2020

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Here's what you need to know...

  • The BMW 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

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Table of Contents

Introduction

You may have questions about the BMW M3, this is the place for you. As an owner, operator, or potential buyer, you will want to stay consistently updated about this vehicle. Don’t worry about scouring the internet because we’ve compiled info here.

We’re going to dig into BMW M3-related statistics, from insurance rates to vehicle safety. If you are looking for vehicle MSRP, repair costs, or theft rates, continue reading the sections below.

First on our agenda is to provide background on my BMW M3 and its origins. For years, the vehicle has proven to be a model of innovation.

Key Details about the BMW M3

BMW M3 SummaryDetailsSource
MSRP Range: (2017-2018) Fair Market Range: (2017)$50,778-$67,495
$48,162 - $54,937
Kelley Blue Book
2019 Popularity:
2019 Sales:
Percent difference from previous year:
Ranked 21st
47,975
7.29%
GoodCarBadCar
Overall Safety Ratings:Four-door RWD: GoodInsurance Institute for Highway Safety
Number of vehicle thefts (2018)1NHTSA
Average cost of repairs$330YourMechanic
Fatality rates for vehicle's size groups8.4 Per 100 insured vehicle yearsInsurance Information Institute
Frequency of claims (passenger cars and minivans)8.4 per 100 insured vehicle yearsInsurance Information Institute
Comprehensive rate average$406Quadrant Information Services
Liabilty rate average$398Quadrant Information Services
Collision rate average$804Quadrant Information Services

You can use our free tool above to get a quote on your BMW M3.

The History of BMW M3

The BMW M3 was first developed in 1986 as a modified version of a street-legal car. The result was a high-performance, raceable version of the 3-series.  Ever since, new models have been produced for each generation, making the M3 an iconic sports vehicle.

Although the M3 series was last produced in 2018, BMW is planning to release a new 2021 model in mid-2020. Previous versions of the M3 have included coupes, convertibles, and even a pick-up at one point.

A popular car among gearheads, BMW sells nearly 50,000 of them every year. See for yourself by taking a look at the totals sold.

  • 2019 calendar year: 47,827 cars
  • 2018 calendar year: 44,578 cars

Between 2018 and 2019, sales increased by 7.29 percent, which is a difference of 3,249 vehicles. Numbers as significant as these prove the M3 is not only a niche vehicle but a sought-after item in American car culture.

While the vehicle had a spike in popularity from 2018-2019, the car has been a mainstay for over 30 years. The M3 is the 101st most popular model on the U.S. vehicle sales list.

How does the frequency of claims filed on M3 affect car insurance rates?

It’s important to know the average number of claims filed on a given vehicle model. In fact, knowing these stats can help you make a better decision when buying a new vehicle.

Car TypeClaim FrequencyClaim SeverityOverall Loss
Passenger cars and minivans8.4$5,949$501
All passenger vehicles7.3$6,005$438

The figures above show how many claims are filed on small cars versus all vehicles. As you can see, more claims are made on small cars.

While the claim rate for passenger cars and minivans is 8.4 per 100 insured vehicle years, that number is 7.3 for all other vehicles. More claims for smaller vehicles also correlates with more overall losses for smaller vehicles.

Although the claim severity for passenger cars and minivans costs less money than all vehicles, pay attention to claim frequency. The number of claims made directly impacts what an insurer must payout, leading to higher premiums in the long run.

To understand what this means, consider that stats in this section will always be for used vehicles (2016-2018). People who are buying newer models of the M3 will report their claims and premiums at a later date, making it impossible to track their data.

Wondering about your minimum liabilities as a BMW M3 owner? The good news is, you can easily find your state’s liability laws. If you purchasing your vehicle outright, minimum coverage will suffice legally. A financed car often requires comprehensive insurance.

The way in which you purchase your vehicle changes the type of coverage you need, so pay close attention to the table below.

Model YearComprehensiveCollisionLiabilityTotal Premium
2018$406$804$398$1,766
2017$394$784$416$1,752
2016$380$752$430$1,720
2015$358$726$442$1,684
2014$332$634$456$1,580

As shown in the table, collision coverage has the most expensive rates for all model years of the M3. If you fall into the category that needs comprehensive coverage, you’re likely to pay 12 percent less than you would for liability.

What is the size and class of the M3?

According to the Insurance Information Institue, the BMW M3 (or 3-series) is a midsize luxury car and 4-door sedan. Midsize luxury cars are one size up from what small cars. Other makes of midsize luxury vehicles are listed on IIHS.org, and we have provided these models below.

  • Acura TLX 4dr
  • Audi S5 4dr 4WD hatchback
  • Cadillac ATS 4dr
  • Lexus ES 300h hybrid 4dr
  • Mercedes-Benz C class 2dr
  • Tesla Model 3 electric 4dr
  • Volvo S60 Cross Country 4dr 4WD

If you have seen any of these vehicles before, you may notice that they are all 4-door sedans. While Audi offers a luxury hatchback for outdoor-lovers, Tesla provides an environmentally-conscious vehicle. Luxury vehicles are known for their extra features and safety.

How exactly do midsize luxury sedans protect you in an accident? Well, there are happen to be several factors that influence car safety.

First, size affects how a vehicle responds in an accident. The more length on a vehicle’s front end, the lesser the impact on the front-seat passengers. Consider the following scenario.

A compact car and an old scool Cadillac get into an accident. While the Cadillac’s front end has room to crunch before the accident harms the driver, the mini car’s driver is more vulnerable.

Just as longer vehicles have more crash protection, a heavier vehicle will also sustain less damage from an accident. In recent years, the frames of heavier vehicles have been modified to fold, lessening their impact on lighter vehicles.

How does the size of the M3 affect bodily injury liability car insurance rates?

Amongst talk of premiums and coverage types, the most valuable asset is yourself. In the advent of an accident, you will want to be sure that yourself and others are protected.

Bodily injury liability covers the other person’s injuries if you are found at fault in a car accident. Of the two types of liability insurance, this form of liability keeps you from having to pay for the other party’s medical bills out-of-pocket.

Medical losses are often incurred if you get into an accident. To see how the BMW M3’s bodily injury losses look compared to other vehicles of the same class, check out the relevant data below.

VehicleBodily Injury Losses
Acura TLX 4dr-10%
Audi A3 4dr14%
Audi A3 4dr 4WD-28%
Audi A4 4dr-24%
Audi A4 4dr 4WD-41%
BMW 3 series 4dr-3%
BMW 3 series 4dr 4WD-8%
BMW 4 series 2dr14%
BMW 4 series 4dr-16%
BMW 4 series convertible-28%
Cadillac ATS 4dr18%
Infiniti Q50 4dr28%
Infiniti Q50 4dr 4WD-9%
Lexus ES 300h hybrid 4dr-4%
Lexus ES 350 4dr-23%
Lexus IS 300 4dr 4WD-13%
Lincoln MKZ 4dr-6%
Lincoln MKZ hybrid 4dr-3%
Mercedes-Benz C class 4dr-4%
Mercedes-Benz C class 4dr 4WD-16%
Mercedes-Benz CLA class 4dr-2%
Tesla Model 3 electric 4dr-45%

To give you an idea of ranges, a loss percentage from -20 to 20  represents the average range, while anything above 25 percent is considered poor.  BMW has a range of -28 to 14 percent, and the 3 series was -3 percent.

How is this reflected in your premiums? We’ve pulled actual quotes from Geico for this, based upon a 35-year-old female driver in Tennessee with no accidents on their record. These are for a 2018 BMW 3 series 4dr.

Level of Bodily Insurance Liability Coverage6-Month total premiums
Low ($30,000-$60,000)$1,280.70
Medium ($100,000-$200,000)$1,316.03
High ($250,000-$500,000)$1,318.59

Notice the wide ranges listed for coverage limits. If you opt for the highest coverages, your limits could reach $500,000. For low coverage, the first number ($30,000) is the total coverage for any one person involved in the accident. The second number ($60,000) is the total limit for any one accident.

You’ll notice there are two very different numbers listed here for coverage limits. The first number, for example, $30,000 in the low level of coverage — is the total coverage for any one person involved in the accident. The second number ($60,000) is the total limit for any one accident.

For your M3, the monthly payment will be between $106 and $224 —  depending on your bodily injury coverage.

How does the size of the M3 affect property damage liability car insurance rates?

Property damage liability is a term that refers to one’s coverage and how much it will pay out for someone else’s car or property. Don’t forget it covers other oddities, like trees, lamp posts, and office buildings that may have been damaged by your vehicle.

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Here’s how the M3 and other midsize luxury vehicles stack up. Lower negative numbers indicate above-average loss payments, while columns that are positive range and above 20 are below average.

VehicleProperty Damage
Acura TLX 4dr-7%
Alfa Romeo Giulia 4dr-20%
Audi A3 4dr-2%
BMW 2 series 2dr-20%
BMW 2 series convertible-25%
BMW 2 series convertible 4WD-40%
BMW 3 series 4dr-2%
BMW 3 series 4dr 4WD-5%
BMW 3 series plug-in hybrid 4dr5%
BMW 3 series station wagon 4WD-23%
BMW 4 series 2dr-15%
BMW 4 series 2dr 4WD-4%
BMW 4 series 4dr-6%
BMW 4 series 4dr 4WD-13%
BMW 4 series convertible-30%
BMW 4 series convertible 4WD-15%
BMW M2 2dr-61%
BMW M3 4dr-21%
BMW M4 2dr0%
BMW M4 convertible5%
Cadillac ATS-V 4dr-43%
Infiniti Q50 4dr11%
Jaguar F-Type 2dr-35%
Lexus IS 350 4dr 4WD-39%
Lincoln MKZ 4dr 4WD-21%
Mercedes-Benz C class 2dr-13%
Mercedes-Benz C class 2dr 4WD-1%
Mercedes-Benz C class 4dr-10%
Mercedes-Benz C class 4dr 4WD-10%
Mercedes-Benz C class AMG 2dr 4WD-45%
Tesla Model 3 electric 4dr-38%
Tesla Model 3 electric 4dr 4WD-67%
Volvo S60 4dr-21%
Volvo S60 4dr 4WD-19%
Volvo S60 Inscription 4dr-41%
Volvo S60 Inscription 4dr 4WD-38%

What are the safety features of the M3?

Automobile companies are light years away from the clunky, hazardous designs of the past. New incentives have pushed car companies to innovate, which works in the consumer’s favor. We now have cars that are safer than ever before.

The M3 has safety upgrades that make it cost-effective in the long run. Safety features can even lower premiums.  The following features are standard for the BMW M3’s base model:

  • Anti-lock brakes (ABS) which sense when a tire has stopped rotating during extreme braking.
  • Stability control which aids a driver when the vehicle’s system is overwhelmed.
  • Front-impact airbags serve the driver and front-seat passengers in a head-on collision.
  • Side impact airbags serve the front seat passengers during a side-impact collision.
  • Overhead airbags keep the passengers’ heads from being injured in side-impact collision or rollover.
  • Knee airbags keep the passengers’ lower limbs safe from severe impact.
  • Pretentioners automatically tighten seatbelts in the advent of a collision.
  • Security system alerts if necessary to keep intruders from entering and/or stealing the vehicle.

The M3’s security system features make it a candidate for lower rates. Insurance companies also reward vehicles that include more than one simple airbag system and anti-lock braking systems. They take these safety features into account and adjust their customers’ rates. `

According to Motor Trend, The BMW M3 is considered a high-performance sports vehicle. The performance features are as follows:

  • The 2018 BMW M3 is powered by a 3.0-liter twin-turbo I-6 rated at 425 hp and 406 lb-ft of torque.
  • A six-speed manual is standard and a seven-speed dual-clutch automatic is optional.

While performance upgrades don’t directly contribute to your safety, they can increase the driving experience. Other safety ad-ons, however, can help you save on your BMW insurance rates.

Let’s dig into the safety ratings of BMW M3s — a highly important factor for nearly all drivers.

What are the safety ratings of the M3?

Ever wonder if you would fare better than those crash test dummies used to test vehicles? The Insurance Institute for Highway Safety, or IIHS, releases comprehensive ratings for your make and model each year.

What exactly do these ratings mean?

Ratings are categorized into four groups, good, acceptable, marginal, and poor. The vehicles are rated for the number of driver injuries sustained. So, if a crash test dummy breaks both legs, the vehicle may receive a marginal or poor rating.

BMW 3-Series Crash Protection Rating

CrashworthinessFour-door sedanTwo-door convertible
Driver-side small overlap frontGoodGood
Passenger-side small overlap frontGoodN/A
Moderate overlap frontGoodN/A
SideGoodMarginal
Roof strengthGoodN/A
Head restraints & seatGoodN/A

While there is currently no comprehensive data on the BMW M3, we do have data for its close cousin, the 3-series. When testing for safety, a vehicle’s unique design must always be taken into account. For example, the 2-door convertible 3-series does not have a roof strength because it does not have a roof.

The 4-door 3-series had a solid safety performance, getting “Good” ratings in all categories.

We  can agree that not having a crash in the first place is better than surviving a crash. So, by which methods are crash avoidance and mitigation features rated?

BMW M3 Crash Avoidance and Mitigation Ratings

Crash Avoidance and MitigationFour-door sedan
Headlights (varies by trim and color)Good
Front crash prevention (vehicle to vehicle)Superior
Pedestrian protection by trim level(s)Superior-Advanced

IIHS rated the 3-series 4-door sedan for the above categories. For headlights, the safest trim level received a superior rating. For front-crash vehicle protection, it earned a superior rating. The two levels for pedestrian crash prevention earned superior and advanced ratings, respectively.

There were no categories in which the M3 fared very poorly, mainly due to its already luxury status and high-quality features.

How does the safety of the M3 compare to other vehicles with the same size and class?

Driver death rates have declined significantly over the years. Since 1978, the death rates for each vehicle type have been documented and used to improve driver safety. The M3 is considered a midsized vehicle. How does this influence its safety within its vehicle class?

A few of the makes and models within this category are the Mercedes Benz E 450 and Lexus ES. Below, our table shows the ownership and fatality data for vehicles that are classified as “ midsize.”

Midsize Car Fatality Rate

Registered vehiclesDeathsRate (per million vehicles)
9,736,59039641
In 2018, there were nearly 10 million small vehicles registered that were one to three years old. There were 396 deaths, a statistic second only to small cars (427 deaths).
The fatality rate was 41 per one million people, making midsize the second-deadliest vehicle class for driver death rates. The greatest number of driver deaths per one million people occurred for small vehicles, with a rate of 54.
Surprisingly, the average for all passenger vehicles was just 36 per million though, which includes SUVs and pickups.
You may be aware of the terms head-on crash, t-bone, or even rear-ended. The truth is, the front, sides, and back end of a vehicle respond differently when withstanding different crashes.

Fatality rates are different based on where the initial impact occurred in the crash. Take a look below for an in-depth view of these rates.

Fatalities by Car Impact Point
Point of initial impactCar OccupantsAll Occupants
FRONTAL
Number of deaths:
Percentage of total:

7,433
57%

12,932
56%
SIDE
Number of deaths:
Percentage of total:

3,568
27%

5,350
23%
REAR
Number of deaths:
Percentage of total:

834
6%

1,310
6%
OTHER (MOSTLY ROLLOVER)
Number of deaths:
Percentage of total:

1,303
10%

3,299
14%
ALL13,13822,891

Both cars and all vehicles, collectively, experience the most deaths from frontal crashes. Over half of the total number of deaths happen when a collision involves the front end of a vehicle. Further analysis shows that side crashes have the second-greatest number of fatalities.

Considering how far we’ve come with vehicle safety, it’s no surprise the fatalities have decreased dramatically in the last few years. The table below shows this trend in numbers.

10-Year Trend in Car Fatalities
YearDriver Deaths (per million)All Passenger Deaths (per million)
20095682
20104971
20114362
20124261
20134158
20143753
20154262
20164463
20174666
20184869

Between 2008 and 2018, fatalities dropped by a quarter, or 25 percent. Now that we’ve covered fatality statistics for the M3, let’s touch upon retail values and theft rates.

What is the MSRP of the M3?

Buying a vehicle is no small task. Aside from making a huge investment, you are also expected to shop around for value. Finding the best value for your BMW M3 doesn’t have to be difficult, however. But what exactly does MSRP mean?

MSRP stands for Manufacturer’s Suggested Retail Price. In other words, this is the sticker price on a vehicle.

Since we are covering the BMW M3, you may be wondering what you’d pay for a brand new base model. Since BMW has discontinued the M3 after 2018 (and will be releasing new 2021 models soon) we will be using the 2020 3-series to fill in the gaps.

Sometimes the MSRP is unavailable for older models, so we cab refer instead to the current price ranges (Fair market prices). This range is determined by Kelly Blue Book, which bases the range on what people would be expected to pay for a vehicle. Most of this number is determined by factors like supply and demand, market changes, and recent sales.

Model yearFour-door sedan
2020 3-series: MSRP
Fair Market Range
$54,995
$47,938 - $52,371
2019 3-series: MSRP
Fair Market Range
$46,395
$40,563 - $44,430
2018 (M3):
Fair Market Range:
$52,105 - $59,440
2017 (M3):
Fair Market Range
$48,114 - $54,951

As you can see in the table above, the fair market ranges for the 2017 and 2018 M3 models are greater than the fair market ranges of the current 3-series. To know the MSRP of the new M3, you will have to wait until 2021.

The way it works is that if you are financing your vehicle, your lender is probably going to require you to have full coverage insurance. Full coverage insurance will allow the financier to secure their assets, were you to get into an accident.

If you don’t purchase enough insurance for your lender’s requirements, they may end up getting what’s called force-placed insuranceThis is enforced by the lender and covers their end. It may be wise to purchase your own liability coverage.

If you don’t find it necessary to follow through with high coverage, you may be considered a high-risk driver. This could drive up your rates.

Even if you purchased your vehicle in full and with cash, it is still a great idea to get yourself liability coverage. Even if you don’t get comprehensive coverage, at the very least, collision will help you in the long run, especially if you need to file a claim or have an accident.

How does the MSRP of the M3 affect collision car insurance rates?

Collision coverage is a fancy way of saying that you’re covered from wrecks involving another vehicle or object. For example, if you total your car in an accident involving a tree, the damages to your vehicle will still be covered.

Another option for coverage is liability coverage, which is basic minimum coverage. If you damage your own car (with no one else involved) you may need a higher level of coverage. That’s why collision coverage is the best way to protect yourself and your car.

The rates for all coverage levels will be higher the more expensive your car is. For the luxury BMW lines, you can expect pricier rates.

The table below is a perfect example of this principle. Seeing the difference between model years can also give you some perspective.

Five-Year Review of BMW M3 Collision Rates

Model yearAverage collision insurance
2018$804
2017$784
2016$752
2015$726
2013$634

You may have noticed that there is no data for the 2014 BMW M3. This is because the maker did not release a version that year. The rates for collision coverage, however, show a steady trend of increasing over 5 years.

You may also notice the rates are lower for older cars. That’s because it costs less for the insurer to cover damages from a car that has depreciated in value. Insurers won’t cover more than what a vehicle is actually worth.

Collision insurance covers the damages to your vehicle no matter who caused the accident. It differs from liability, which pays for the medical bills or property damages incurred by the other party. However, liability coverage does not cover damage done to your vehicle.

Consider this scenario: You’ve just bought your new BMW M3, and now have the hottest car on the block. After tweeting a photo of you and the new car, you’re ready to rake in the likes. Driving down the road and listening to your favorite music, nothing could go wrong.

Then, traffic suddenly comes to a halt on the highway. You slam on the brakes, avoiding contact with the line of traffic in front of you. Two seconds later, you feel the impact from being rear-ended by an uninsured driver. This happens more often than you may think, with 13 percent of motorists taking to the roads while uninsured.

Depending on your coverage type, you could be responsible for paying for the damages to your car — even if the accident wasn’t your fault.

But how does the M3 stack up against other cars in its class? Take a look at how it compared from 2016 to 2018. You can use the search to see how specific cars compare to the M3.

BMW 3-series Collision Rates Compared to Similar Cars

VehicleCollision
Acura TLX 4dr2%
Alfa Romeo Giulia Quadrifoglio 4dr358%
Audi A3 4dr 4WD30%
Audi S4 4dr 4WD99%
BMW 3 series 4dr40%
BMW 2 series 2 dr14%
BMW 4 series 2dr66%
Cadillac ATS 2dr28%
Cadillac ATS-V 2dr92%
Infiniti Q50 4dr78%
Jaguar F-Type 2dr108%
Lexus ES 350 4dr30%
Lincoln MKZ 4dr17%
Lincoln MKZ hybrid 4dr48%
Mercedes-Benz C class 2dr79%
Mercedes-Benz C class 2dr231%
Tesla Model 3 electric 4dr26%
Volvo S60 Cross Country 4dr 4WD-34%

These numbers show what the loss percentages are (either above or below the average) for all luxury midsize vehicles. The rates here range from -34 to 358 percent. Numbers in the negative range indicate more money paid out.

The base model BMW 3-series had an 40 percent collision insurance loss, which is substantially worse than average.

The car that performs best in the collision losses category is the Volvo S60 Cross Country 4dr 4WD, with -34 percent losses. Other vehicles in the luxury category have high-cost repairs, mainly because their parts are much more expensive than most cars.

How does the MSRP of the M3 affect comprehensive car insurance rates?

Now that we’ve covered collision insurance, let’s delve into the effects of MSRP on comprehensive car insurance rates.

Comprehensive car insurance is a term describing the full breadth of car insurance coverage. For example, comprehensive covers claims damages acquired from just about any accident or natural disaster: fires, floods, theft, or deer running in front of your car.

You can’t always count on things to go your way. As a vehicle owner, it’s best to expect the unexpected.

We’ve compiled data on the model years of the BMW M3, and filled in the gaps with the 3-series. They have assumed the same parameters as the previous section. Hopefully, seeing how the suggested retail prices can influence your rates will allow you to paint a bigger picture.

BMW M3 Comprehensive Car Insurance Rates

Model YearComprehensive rates
2018$406
2017$394
2016$380
2015$358
2013$332

As a vehicle gets older, it depreciates in value. This is reflected in insurance as well.  What about compared to other “midsize luxury” cars? Use the search box to explore specific models.

BMW M3 Comprehensive Car Insurance Rates Compared to Similar Cars

VehicleComprehensive Losses
Acura TLX 4dr-3%
Alfa Romeo Giulia Quadrifoglio 4dr117%
Audi A3 convertible 4WD-31%
Audi A5 4dr 4WD hatchback-55%
BMW 2 series convertible 4WD-40%
BMW 3 series 4dr-2%
BMW M2 2dr-61%
Cadillac ATS-V 4dr-43%
Infiniti Q60 2dr 4WD-12%
Jaguar F-Type 2dr-35%
Lexus IS 300 4dr-37%
Lincoln MKZ 4dr 4WD-21%
Mercedes-Benz C class 2dr-13%
Tesla Model 3 electric 4dr26%
Volvo S60 4dr-5%
Volvo S60 Inscription 4dr 4WD-38%

With losses ranging between -61 and 117 percent for 2016 to 2018, the base BMW 3-series has a comprehensive loss of -2 percent, which is considered to be average.

Just like other forms of insurance, comprehensive rates go up the newer and more expensive the vehicle. Costs jump if there’s a high loss rate for the vehicle (over 20 percent) as that indicates to the insurer that you’ll be more likely to file a claim.

What are the theft rates of the M3?

The M3 doesn’t rank among the top stolen vehicles of 2017, according to a study by the NHTSA. See the top 10 stolen vehicles below.

    1. Honda Civic
    2. Honda Accord
    3. Chevrolet Silverado
    4. Toyota Camry
    5. Ford F150
    6. Nissan Altima
    7. Toyota Corolla
    8. Ford F250
    9. Ford Ecoline
    10. Honda CR-V

Although the BMW M3 doesn’t appear on this list, the NHTSA still provides information on annual theft rates for the vehicle. According to their theft rate search engine, only one M3 was reported as stolen in the records. The last recorded year was 2013.

How do theft rates of the M3 affect comprehensive car insurance rates?

Theft rates may vary between urban and rural areas. Based on studies by the National Crime Justice Reference Service , vehicle thefts are more common in areas of highly concentrated rental housing. Similarly, crime rates are higher in areas with industrial and manufacturing land use.

The M3 is considered to be a luxury vehicle, making it more desirable for thieves. Vehicle theft rates do change based on location, of course. Check out the video below, which talks about the top vehicle theft hot-spots in the country.

We know that it’s riskier to leave your car to park in a rural area than an urban area. It’s also important to know that your rates depend on your location. That’s partially due to vehicle theft. If you live in a ZIP code with high rates of theft and vandalism — bad news. This fact may be reproduced on your insurance bill.

How much will it cost to repair my BMW M3?

An investment as big as a luxury vehicle certainly warrants additional expenses. One of these is the general upkeep and maintenance of your new vehicle. Getting to know which routine repairs you may need is one way to budget out these expenses. 

Now that you’ve set yourself up with decent insurance, it’s time to imagine what would happen if you were to get into an accident. Let’s say you’re t-boned at an intersection by somebody who was eating and driving. Unless you’ve sustained serious injuries, you will have to move forward and get your vehicle back in shape.

The average cost of repairs for a Honda Civic is $1,161 indicating poor ownership costs. It has the second-to-last most expensive repairs out of all luxury midsized cars.

The number above includes maintenance such as oil changes. In the table below, we have compiled various repairs that you may confront if you own a BMW M3.

BMW M3 Common Servicing Costs

RepairAverage Cost
Oil Pressure Sensor Replacement$62-$93
Starter Replacement$449-$766
Timing Chain Tensioner Replacement$240-$273
Pre-Purchase Car Inspection$105-$134
Exhaust Manifold Gasket Replacement$527-$657
Oil Pump Replacement$1,775-$1,943
Air Conditioning Refridgerant Cover$35-$45

The above table shows some of the most common repairs for your M3. These cost between $35 and $1,943, a remarkable range. The next topic is the common repair costs for isolated damages, such as your tail end or bumper.

If one section of your vehicle has been damaged severely, a full section may need to be replaced. Another factor is that repair prices can also change based on paint supplies. If a garage has to order a specific hue from the manufacturer, that can increase your prices as well.

That said, be aware that insurers will often charge more if the car is going to cost more to repair. In order to cushion these inflated costs, your insurance company will likely charge you for higher premiums.

Remember that as your car gets older, your rates should go down. This is in part due to depreciation.

If you already have an older M3, you may want to think about whether full coverage is really worth the higher premiums. Be aware that your insurance company will only ever pay up to what your car is worth, and that may not be much once your BMW M3 Civic has aged a bit.

How does the cost of repairs affect collision and comprehensive car insurance rates?

Uninsured motorists can wreak havoc on your own end of the bill; you may never see the end of these costs. That’s where collision coverage comes into play. It’ll help pay for any damages that come from a collision with another vehicle or object — regardless of fault.

Damage not from a collision with another vehicle? The good news is, comprehensive coverage protects you from freak accidents like falling trees, floods, and even collisions not involving another vehicle.

Insurance companies will almost always charge you more if your vehicle is luxury and new. New car parts simply cost more, and mechanics aren’t always familiar with new/luxury models. They will want to be compensated for this extra labor.

Other Car Insurance Coverage Rates for the M3

Now that we’ve covered the principles of insuring your vehicle, it’s time to tackle how the safety ratings of the M3 can change specific car insurance rates. For both Personal Injury Protection

How do safety ratings of the M3 affect Personal Injury Protection (PIP) car insurance rates?

Personal Injury Protection insurance (or PIP) is required by some states, though you can add it to any policy. It’s an additional tool you can use to bouy up your policy, regardless of who is at fault.

PIP is there to cover the medical bills and funeral expenses that may arise from an auto accident. This aids the families involved by taking care of the worrisome costs, which are inherent with a fatal or near-fatal accident.

BMW M3 PIP Insurance Rates Compared to Similar Cars

VehiclePersonal Injury Protection
Acura TLX 4dr-3%
Audi A3 4dr 4WD-16%
Audi A4 4dr 4WD-40%
Audi A5 4dr 4WD hatchback-52%
Audi S3 4dr 4WD-25%
BMW 3 series 4dr0%
BMW 4 series convertible 4WD-49%
Cadillac ATS 4dr4%
Infiniti Q50 4dr 4WD21%
Jaguar XE 4dr-8%
Lexus ES 300h hybrid 4dr-20%
Lincoln MKZ 4dr-3%
Mercedes-Benz C class 2dr3%
Mercedes-Benz C class AMG 4dr 4WD-24%
Tesla Model 3 electric 4dr-56%
Volvo S60 4dr 4WD-31%
Volvo S60 Inscription 4dr-25%

Other car models in the same midsize, luxury had PIP losses ranging from -61 percent to 20 percent. For the 2016 to 2018 time frame, the PIP loss for BMW M3s was 0 percent. That’s rated as average.

Because midsize luxury cars are designed better, if you get into an accident, you may have features that better protect you from injury. An investment in a safer, well-equipped vehicle can save your life in the long run.

How do safety ratings of the M3 affect Med Pay car insurance rates?

These numbers (and those for PIP) represent claim frequencies only and do not factor in payment per claim. So, the exact numbers for how much money is paid out through these claims is a set of different numbers.

Medpay stands for the additional insurance you can purchase to help cover your medical expenses. Unlike PIP, MedPay doesn’t typically have a deductible. When considering Medpay, you may want to see how it applies to your own vehicle class.

BMW M3 MedPay Rates Compared to Similar Cars

VehicleMedical Payment Losses
Acura TLX 4dr5%
Audi A3 4dr 4WD-27%
Audi A4 4dr 4WD-42%
BMW 3 series 4dr7%
BMW 3 series 4dr 4WD-17%
Cadillac ATS 4dr27%
Infiniti Q50 4dr69%
Lexus ES 300h hybrid 4dr73%
Lincoln MKZ hybrid 4dr24%
Mercedes-Benz C class 4dr40%
Tesla Model 3 electric 4dr-50%

The table above shows Medpay losses for midsize, luxury cars. These range from -50 to 73 percent. The BMW 3-series 4 door model had a loss percentage of 7 percent, which is considered to be average.

FAQ

Covering most topics surrounding the BMW M3 is like a long-winded conversation. But, we know that these topics are valuable for you and your insurance search. Which topics did we miss in our guide? Below are some FAQS to help you to fill in the gaps.

What kind of gas mileage do BMW M3s get?

The BMW M3 has gas mileages of 17 MPG city and 25 MPG on the highway.

Is the BMW M3 front or rear-wheeled-drive?

The 2018 BMW M3 is rear-wheel drive only.

Is the M3 considered a high-risk car?

Insurers weigh many variables when deciding the amount for an auto insurance policy. 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.

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.

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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. BMW also offers a 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.

What can I do to get a better insurance rate?

Compare quotes, take a driver’s education course, keep a clean record, improve your credit score (drivers with better credit scores tend to be more responsible and therefore cheaper to insure) and look for discounts. You can also ask for any discounts the insurance provider may offer, such as student, multi-policy, and low mileage discounts are all accessible if you meet the criteria. Just ask your provider!

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 expenses.

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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