Insurance Cost for a 2021 BMW M3 Competition
You pay about $188 per month for full coverage insurance on a 2021 BMW M3 Competition. This adds up to $2,256 per year. Your exact cost depends on factors like your driving record, age, and location.
High-performance cars like the M3 cost more to insure than average vehicles. Expect to pay 20% to 30% more than for a standard sedan. Repair costs and the car's power drive up rates. Averages range from $150 to $250 per month across states.
What Affects Your Rate
Insurers check these key factors:
| Factor | Impact on Cost |
|---|---|
| Driving History | Clean record saves $500+ yearly |
| Age | Drivers under 25 pay 50% more |
| Location | Urban areas add $50 to $100 monthly |
| Credit Score | Good score cuts 20% to 40% |
| Coverage Level | Full costs 2x minimum |
The M3 has a 503-horsepower engine and luxury parts. Minor wrecks often cost over $10,000 to fix. Theft risk raises rates another 10% in high-crime areas.
Full Coverage vs. Minimum Coverage
Full coverage includes collision and comprehensive. It fixes your M3 after accidents or theft. Minimum liability covers only damage to others. States require minimums, but they leave your $80,000 car at risk.
Full coverage averages $2,256 yearly for the M3. Minimum runs $800 to $1,200. Choose full coverage if you have a loan or want to protect the car.
| Coverage Type | Yearly Cost |
|---|---|
| Full | $2,256 |
| Minimum | $800 to $1,200 |
How to Get the Best Rate
Compare quotes to cut your bill:
- Get free quotes from three insurers like Geico, Progressive, and State Farm online in minutes.
- Bundle auto with home or renters insurance for 10% to 25% off.
- Keep a clean record and good credit for discounts.
- Take a defensive driving course to save 5% to 15%.
- Raise your deductible from $500 to $1,000 to drop premiums by $300 yearly.
Shoppers save $200 to $800 per year by comparing. Rates differ by 50% between companies for the same driver and car.
Why M3 Insurance Costs More
BMW parts cost twice as much as Toyota parts. The car's speed draws risky drivers, insurers say. Crash tests rate it safe, but performance raises premiums. Nationwide data shows sports cars average $2,500 yearly versus $1,800 for sedans.
Sidekick tracks ownership costs like insurance and helps you find savings.