2013 BMW M3 Insurance Rates
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UPDATED: Nov 12, 2021
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Average insurance rates for a 2013 BMW M3 are $1,504 a year for full coverage. Comprehensive insurance costs an estimated $318 a year, collision costs $568, and liability costs around $460. Buying a liability-only policy costs as low as $510 a year, with high-risk insurance costing $3,262 or more. Teen drivers receive the highest rates at $5,624 a year or more.
Annual premium for full coverage: $1,504
Rate estimates for 2013 BMW M3 Insurance
Rate data is compiled from all 50 U.S. states and averaged for all 2013 BMW M3 models. Rates are based on a 40-year-old male driver, $500 comprehensive and collision deductibles, and a clean driving record. Remaining premium consists of UM/UIM coverage, Medical/PIP, and policy fees.
Price Range by Coverage and Risk
For a 40-year-old driver, prices range go from as low as $510 for only liability insurance to a high of $3,262 for high-risk insurance.
These differences show why it is important for drivers to compare prices for a targeted area and risk profile, instead of making a decision based on price averages.
Use the form below to get rates for your location.
Enter your zip code below to view companies based on your location that have cheap auto insurance rates.
Recommended Companies for Cheap 2013 BMW M3 Insurance
Nobody looks forward to buying insurance coverage, especially when the cost is too high. Since consumers have many options when it comes to insurance coverage, it can be diffult for consumers to choose the lowest price car insurance company.
Cut prices on BMW M3 insurance
Insurance can be prohibitively expensive, but discounts can save money and there are some available to help bring down the price. A few discounts will automatically apply at the time you complete a quote, but lesser-known reductions have to be specially asked for prior to receiving the credit. If you aren’t receiving every discount you qualify for, you’re paying more than you need to.
- Employee of Federal Government – Being employed by or retired from a federal job can save as much as 8% on M3 coverage depending on your company.
- Pay Upfront and Save – If paying your policy premium upfront rather than paying monthly you could save 5% or more.
- Passive Restraint Discount – Factory air bags or automatic seat belts can qualify for discounts of more than 20%.
- Safe Driver Discount – Drivers who avoid accidents can get discounts for up to 45% lower rates on M3 coverage than their less cautious counterparts.
- Accident Waiver – Some insurance companies permit an accident before raising your premiums so long as you haven’t had any claims prior to the accident.
- Student Driver Training – Have your child complete a driver education course if offered at their school.
- Paperwork-free – A handful of insurance companies give back up to $50 for buying your policy digitally online.
- Military Rewards – Having a deployed family member could mean lower rates.
- Defensive Driving Course – Successfully completing a course teaching defensive driving skills could save 5% or more if you qualify.
It’s important to note that most of the big mark downs will not be given to your bottom line cost. Most cut the price of certain insurance coverages like comp or med pay. Even though it may seem like you can get free auto insurance, you won’t be that lucky. But any discount will help reduce your overall premium however.
Car insurance companies who might offer these discounts may include but are not limited to:
Check with every prospective company which discounts you may be entitled to. Some discounts may not be available in your state.
Vehicle Insurance Comparison
There are multiple methods to shop for 2013 BMW M3 insurance coverage, but one way is less time-consuming than others. You can waste a lot of time talking to agents in your area, or you can stay home and use online quoting to get rate comparisons in just a few minutes.
Many insurance companies belong to a marketplace that enables customers to enter their policy data once, and each participating company can provide price quotes based on the submitted data. This eliminates the need for quote requests for each company you want a rate for.
To participate in this free quote system, click here to open in new window.
The one downside to using this type of system is that consumers can’t choose which insurance companies to get quotes from. If you wish to select individual companies to compare prices, we have a listing of insurance coverage companies in your area. View list of insurance companies.
Whichever way you use, make darn sure you compare apples-to-apples coverages and limits for every quote you compare. If you are comparing different values for each quote it’s impossible to determine the best price for your BMW M3.
Factors influencing BMW M3 insurance rates
Consumers need to have an understanding of the different types of things that come into play when calculating car insurance rates. Knowing what influences your rates allows you to make educated decisions that could result in better car insurance rates.
The list below includes some of the items companies use to determine premiums.
- Rates may be lower depending on your job – Jobs such as lawyers, executives and stock brokers have the highest rates attributed to stressful work requirements and long work hours. On the other hand, occupations such as pilots, students and the unemployed get better rates on M3 coverage.
- Having a spouse can save you money – Having a wife or husband can get you a discount on car insurance. Marriage means you’re more mature and responsible and it’s statistically proven that drivers who are married are more cautious.
- Where you reside plays a part – Living in less populated areas can save you money when it comes to car insurance. Fewer drivers translates into fewer accidents. Urban drivers have to deal with traffic congestion and much longer commute distances. More time on the road can result in more accidents.
- Pleasure use or commuting – The more miles you rack up on your BMW each year the more you’ll pay to insure your vehicle. Most insurance companies price each vehicle’s coverage determined by how the vehicle is used. Autos not used for work or commuting receive lower rates than vehicles that are driven to work every day. Ask your agent if your car insurance policy shows how each vehicle is driven, because improper ratings can cost you money. Incorrect usage on your M3 may be wasting your money.
- Extra add-on coverages are wasting money – There are a lot of extra bells and whistles you can purchase when buying car insurance. Things like rental car reimbursement, better glass coverage and additional equipment coverage may be costing you every month. These may sound like a good investment when you first buy your policy, but now you might not need them so remove them from your policy.
- Battle of the sexes – The statistics show that women are safer drivers than men. That doesn’t necessarily mean that men are worse drivers. Both sexes cause accidents at a similar rate, but the male of the species cause more damage. Men also tend to receive more costly citations such as reckless driving. Teenage male drivers are the most expensive to insure and therefore have the most expensive car insurance rates.
- Do you qualify for a multi-policy discount? – Most companies provide better rates to insureds who consolidate policies with them such as combining an auto and homeowners policy. Discounts can be anywhere from five to ten percent in most cases. Even if you’re getting this discount it’s still a good idea to compare rates to verify if the discount is saving money.
- What are your deductibles? – Physical damage coverage, also known as collision and other-than-collision, protects your BMW from damage. A few examples of covered claims are colliding with a building, damage from fire, and rolling your vehicle. Deductibles for physical damage are the amount of money you are required to spend in the event of a claim. The more you have to pay, the lower your rates will be on M3 coverage.
Tailor your coverage to you
When it comes to choosing adequate coverage, there is no perfect coverage plan. Every situation is different so your insurance needs to address that. Here are some questions about coverages that can aid in determining if your insurance needs might need an agent’s assistance.
- Do I have coverage when pulling a U-Haul trailer?
- Is motorclub coverage worth it?
- Is borrowed equipment or tools covered if stolen or damaged?
- Should I buy full coverage?
- Where can I get insurance after a DUI in my state?
- How high should my uninsured/underinsured coverage be in my state?
- What is the difference between comprehensive and collision coverage?
If it’s difficult to answer those questions but one or more may apply to you, you may need to chat with a licensed insurance agent. To find an agent in your area, complete this form or you can go here for a list of companies in your area. It is quick, free and can provide invaluable advice.
Misconceptions in insurance advertisements
Consumers constantly see and hear ads that promise big savings by companies like State Farm and Allstate. They all seem to make an identical promise about savings if you move to them.
How do they all claim to save you money? This is how they do it.
All the different companies have a certain “appetite” for the type of customer they prefer to insure. For instance, a desirable insured could possibly be over the age of 50, owns a home, and has excellent credit. A driver who meets those qualifications will qualify for the lowest rates and most likely will cut their rates substantially.
Drivers who do not match these standards must pay a higher premium and ends up with business not being written. The ad wording is “customers that switch” not “people who quote” save money. That’s the way insurance companies can make those claims.
This illustrates why it is so important to get as many comparisons as possible. Because you never know which company will give you the biggest savings on BMW M3 insurance.
Insurance coverage considerations
Knowing the specifics of insurance can help you determine the best coverages for your vehicles. The coverage terms in a policy can be confusing and reading a policy is terribly boring. These are typical coverages available from insurance companies.
Collision coverage covers damage to your M3 caused by collision with an object or car. You will need to pay your deductible and then insurance will cover the remainder.
Collision coverage pays for claims such as sustaining damage from a pot hole, hitting a parking meter, backing into a parked car and colliding with a tree. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are older. Another option is to bump up the deductible in order to get cheaper collision rates.
Medical payments coverage and PIP
Medical payments and Personal Injury Protection insurance pay for short-term medical expenses like chiropractic care, EMT expenses and prosthetic devices. They are often used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. They cover all vehicle occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay
Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive insurance covers claims like hitting a deer, damage from getting keyed, a broken windshield and damage from flooding. The highest amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.
Uninsured/Underinsured Motorist coverage
This provides protection when the “other guys” do not carry enough liability coverage. It can pay for injuries to you and your family as well as damage to your BMW M3.
Since many drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Frequently these limits are set the same as your liablity limits.
Liability auto insurance
This will cover injuries or damage you cause to people or other property. It protects you against claims from other people, and does not provide coverage for damage to your own property or vehicle.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 100/300/100 which stand for a $100,000 limit per person for injuries, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property. Alternatively, you may have one number which is a combined single limit which combines the three limits into one amount with no separate limits for injury or property damage.
Liability coverage protects against claims such as repair bills for other people’s vehicles, attorney fees and repair costs for stationary objects. The amount of liability coverage you purchase is a decision to put some thought into, but you should buy higher limits if possible.
The best insurance company isn’t always the cheapest
We just presented many ideas to compare 2013 BMW M3 insurance prices online. It’s most important to understand that the more price quotes you have, the better likelihood of reducing your rate. You may be surprised to find that the best price on insurance is with a small mutual company. These companies can often insure niche markets at a lower cost than the large multi-state companies such as State Farm or Progressive.
While you’re price shopping online, it’s a bad idea to reduce coverage to reduce premium. Too many times, consumers will sacrifice full coverage and learned later that it was a big mistake. The aim is to purchase a proper amount of coverage at an affordable rate while not skimping on critical coverages.
For more information, feel free to browse the articles below:
Rates by U.S. City
|New York City, NY||$2,376|
|Los Angeles, CA||$2,571|
Need a specific model?
Choose your model and trim below
Rates by Driver Age
Full coverage, $500 deductibles
Rates by Deductible
Full coverage, driver age 40
Rates by Liability Limit
Full coverage, driver age 40
Rates for High Risk Drivers
Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident
If a financial responsibility filing is required, the additional charge below may also apply.
Potential Rate Discounts
If you qualify for discounts, you may save the amounts shown below.
|5-yr Accident Free||$111|
|5-yr Claim Free||$98|
|Paid in Full/EFT||$69|
Discounts are estimated and may not be available from every company or in every state.