Is Full Coverage Worth It for a 2021 BMW M3?
Yes, full coverage makes sense for a 2021 BMW M3. You pay about $223 per month or $2,676 per year. This protects a car that holds strong value. New 2021 BMW M3 models cost $70,000. Used ones sell for $60,000 to $80,000. Full coverage handles damage to your car, theft, and other losses. One crash or theft can cost you the full value without it.
Liability-only coverage costs less at $93 per month or $1,116 per year. It pays for damage you cause to others. It does not cover your BMW. BMW parts and repairs cost 20% to 50% more than average cars. A simple fender bender repair often hits $5,000 or higher.
Rates change based on your location and driving record. In ZIP code 19308 near Pennsylvania, costs match national averages. Full coverage averages $2,719 per year from top insurers. GEICO offers minimum coverage at $89 per month. Travelers starts full coverage at $177 per month. Progressive drivers report $1,600 per year for M3 models.
| Coverage Type | Monthly Cost | Yearly Cost | Best For |
|---|---|---|---|
| Liability Only | $93 | $1,116 | Low-value cars, tight budgets |
| Full Coverage | $223 | $2,676 | High-value cars like the M3 |
Full coverage means collision and comprehensive. Collision pays for crash damage to your car. Comprehensive covers theft, hail, fire, and falling objects. Lenders require full coverage if you finance your M3. You can drop it only after you pay off the loan. Then you choose if you accept the risk of total loss.
Think about your risks. Park in a garage? Theft risk drops low. Drive 12,000 miles a year? Crash chances go up, so full coverage pays off more. High-performance cars like the M3 face higher repair bills and theft rates. National data shows luxury sports cars cost 30% more to insure than sedans.
Tips to cut full coverage costs:
- Raise your deductible to $1,000. You pay less each month.
- Bundle home and auto insurance. Save 10% to 25%.
- Keep a claim-free record. Earn discounts up to 20%.
- Shop quotes from three or more insurers.
- Install anti-theft devices. Lower theft premiums.
Take these steps now:
- Get quotes from GEICO, Travelers, and Progressive.
- Review your M3 loan terms for required coverage.
- Compare local rates in 19308 with easy tools.
- Check again each year. Your car's value drops over time.
Sidekick lets drivers in 19308 compare quotes fast and save up to 30% on premiums.