The M3 is the high-performance version of the 3 Series and is for those seeking that extra va-va-voom. It’s one of the iconic sports cars of its generation. In this guide, you’ll discover how much it might cost to insure this vehicle based on your age and location.
What insurance group does the BMW M3 fall under?
Before being made available to buy, all vehicles are assigned a specific insurance group based on how expensive it should be to insure. These groups range from 1 (cheapest) to 50 (most expensive) and help insurers to determine the cost of your premium. BMW M3 models range from insurance group 43 to 45, meaning the car insurance will be on the expensive side.
However, the costs may vary slightly between different BMW M3 models, based on the different factors related to the vehicle. As an example, a 30-year-old driver in an average postcode could pay around £1,203 for cover on a BMW M3 Coupe Dakar 2d that is in insurance group 43 or around £2,690 for a BMW M3 M Performance Edition 2d DCT that is in insurance group 45.
These rates are based on the average cost of cover for cars in the insurance groups shown for drivers of different ages with a Newcastle (NE1) postcode, which our research suggests represents an average for insurance rates in the UK. Updated: June 2024 (source: Confused).
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The table above helps you calculate the average cost of BMW M3 insurance based on insurance groups and driver age. However, there are many other factors that affect the car insurance premiums offered to you.
Your home address plays a key role in determining how much you’ll pay to insure your vehicle. To show the power of the postcode, here are some average quotes for a 30-year-old living in three different locations. The quotes are for a BMW M3 Coupe 2d.
Expensive: £3,545 (London SE1)
Average: £1,203 (Newcastle NE1)
Cheap: £782 (Galashiels TD1)
These rates are based on the average cost of cover for cars in the locations shown. Our research suggests SE1 is one of the most expensive locations, NE1 represents an average cost location and TD1 represents one of the cheapest locations. Updated: June 2024 (source: Confused).
Along with insurance group, there are a number of key factors that have a significant impact on how much you’ll pay for car insurance.
Engine type and capacity. As a general rule, the larger the engine, the higher the cost of your insurance. For example, it may cost £3,545 for insurance for a BMW M3 Coupe Dakar 2d, while you may pay £5,690 for a BMW M3 Convertible Limited Edition 500 2d DCT.
Driver location. Your insurance company will use previous claims data to calculate the likelihood of a driver in your neighbourhood making a claim on their policy. If you live in an area where it’s more common for cars to be stolen or involved in an accident, your premium will rise. For example, a 30-year-old in central London may pay £6,019 for insurance for a BMW M3 Convertible 2d DCT, while the same 30-year-old in Newcastle may only pay £2,447. This £162 difference is based solely on the fact that Londoners are more likely to make a claim on their car insurance.
Driver age. The youngest drivers are the most likely to claim on their car insurance, and that’s why they are charged far more. The average 20-year-old driver in London may pay £31,501 for the BMW M3 Coupe Alpine 2d, while the average 40-year-old Londoner will only pay £2,959. In this example, the 20-year-old drivers would have to stump more than £1,000 more per year to insure a BMW M3, and that’s an accurate reflection of their added risk to insurers, based on previous stats.
Other factors that influence the cost of your insurance include the following:
Your car’s security and any extra anti-theft precautions
Car insurance might be compulsory for those who want to drive their car or even keep it on the road, but there’s no need to let it break the bank. There are plenty of tricks to help you lower your costs, and we’ve listed them below.
Limit your car usage (where possible). If you can occasionally walk or use public transport rather than using your car, you may be able to save on your premiums.
Pay annually rather than monthly. Some insurers charge interest on monthly payments, so you’re better off paying annually.
Install extra safety precautions. When you add extra safety measures to your car, you’ll be deemed to be a lower risk to insurers, which is likely to lower your premium.
Don’t blindly accept your renewal quote. Loyalty rarely pays in the car insurance industry! Most insurers save their best deals for new customers, so it’s always worth shopping around for the best deal using price comparison websites.
Bottom line
This is an exciting and effortlessly cool saloon, but you’ll pay way above the average rate to insure it. Thankfully, the tips in this guide will help you cut the cost of your premiums.
Frequently asked questions
You can expect the BMW M3 to reach a top speed of 155 miles per hour.
This vehicle secured a five-star rating on its Euro NCAP crash tests, including a 97% score for protecting adult occupants and 87% for protecting child occupants.
The UK standard car tax rate sits at £150 per year. However, you might pay more or less depending on your car’s emissions.
You can buy a BMW M3 at dealerships, online sellers or from current owners across the UK.
The newest edition of the BMW M3 boasts a 3.0-litre diesel engine available in two states of tune, making either 473 or 503 horsepower.
BMW has built a reputation for building classy sports cars that perform exceptionally well. The M3 is the epitome of that. You’ll love it.
You can compare the costs of BMW M3 insurance using any price comparison website.
Yes, BMW M3 models can be found in insurance groups ranging from 43 to 45, meaning it is among the more expensive cars to insure.
*Based on data provided by Consumer Intelligence Ltd, www.consumerintelligence.com (July ’24). 51% of car insurance customers could save £523.17
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Danny is a publisher at Finder specialising in insurance and investing. He previously worked at the global insurer Aon and has appeared in national media giving advice on insurance. Danny holds a BA in International Business from the University of Plymouth and has undying loyalty to his average-poor football team, Portsmouth FC. See full bio
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Danny has written 347 Finder guides across topics including:
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