Insurance Rates

[m3f_03RamHemi]

Hello, My name is Austin, and I am 15. Im looking into getting an E36 M3. I would really like one and I am able to get one, but not sure of insurance rates. Can anyone tell me what kind of annual cost I could expect to pay? If anyone can help me with this, it would be greatly appriciated!



Thanks a lot! Austin







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[m3f_astan100_7ef66fbe89]

Hey man, check out our FAQ section. There is an insurance question there.



To make a long story short though, you're going to get raped straight up as a 16 yr old with an M3.

[m3f_03RamHemi]

Thats what I was nervous about, thanks for your reply.





Austin

[m3f_astan100_7ef66fbe89]

Sorry I couldn't help. To put it in perspective, a brand new 911 would be cheaper to insure than my M3 because of the demographic that drive these things...reckless young people.

[m3f_///MeesterSteph]

Hey! I'm not reckless! Hahaha



I'm 16 and right now my insurance is 186 a month with the good grades program State Farm offers. Is that about right?

[m3f_03RamHemi]

Wow, that makes me feel really good. Hopefully I can get that kind of deal also, as I do get good grades, atleast a B average.

[m3f_hawkinsmc]

I think the rates are so high because of guys like this:

http://www.wreckedexotics.com/m3/index5.shtml



I think most of these guys were "resposible, good drivers", probably 16-18 yrs old lol.

[m3f_astan100_7ef66fbe89]

186 a month is darn good. Are you under your parents name or anything?



Are you the dedicated driver...blah blah blah. You know the drill.



I'm 21, Male (obviously), only 1 wreck that wasn't my fault like 4 years ago and I live in the middle of nowhere.



I have tons of coverage (at my parents request) and a 1000 dollar deductible. 2000 a year, but I really do live in the middle of nowhere.

[m3f_custom_6b7ab27928]

I live in a suburb of Boston and I am 22 w/ no tickets/accidents. With a $1000 deductible and a coverage over the min on most everything my insurance will be $1400/yr in a couple months.

[m3f_97BLKM3COU_0f375e15e2]

$875 a year for me here in Ohio. It really helps to be over 25, married, and an additional car on the plan

[m3f_astan100_7ef66fbe89]

Maybe I'm the outlier here or because I was looking at rates in Houston or something.



A WRX would have been 1/2-2/3 as much as the M3. I already forgot the quotes, but when I switch agents I'm going to get quotes for all sorts of cars for curiosity sake.

[m3f_bulla]

15 years old your having a laugh i am 22 and ive had my m3 2 years and are still paying £1700 ( fuking english goverment) and im classed as high risk in england.

m3 at 17 over here ,no chance.

[m3f_99DakarM3_146594ecf1]

I'm 29 - had a wreck 2 yrs ago, (Wipe the tear from eyes for killing my DSM) and now pay 2500 a damn year. Of course it's my only car and my daily driver so...



If you can get on w/ your parents, etc.. it will help. But an M3 at 16 - you kids are spoiled these days.

[m3f_03RamHemi]

Well, I would be paying for some of it, and I could only get a '95.(Or newer, just around 12K)



Thanks for your help. I am pretty sure I will be under my parents insurance.

[m3f_///MeesterSteph]

Originally posted by 99DakarM3

I'm 29 - had a wreck 2 yrs ago, (Wipe the tear from eyes for killing my DSM) and now pay 2500 a damn year. Of course it's my only car and my daily driver so...



If you can get on w/ your parents, etc.. it will help. But an M3 at 16 - you kids are spoiled these days.



Lol.



Anyhoo, I purchased this car for 18 grand with 69 thou miles on it. My dad got the loan for me, but I'm paying for it monthly. I work about 25 hrs a week at 8.50 per hour, no tax on my paycheck (under the table). I've been working since I was 15, and I've saved up about 3000 as down payment for the loan. Since my dad has good credit, and he knows somebody from WFS Financial (where we received our loan), we almost have 0% APR on the loan (3.2% to be precise). We've put it on the 5 year pay off plan, so my payment per month is about 300 US Dollars. Not bad for a teen.



I'll admit though, my dad has 3/4's of my insurance. I'm spoiled there ~_^ (I only pay about 50 dollars a month for my insurance he gets the rest. IF I ever crash this car, OR get a ticket, whether it be for speeding or parking in the wrong zone, I'll be liable for all costs....just a scaring method he's using to keep me a safe driver. haha) Lucky for me, I haven't received any speeding tickets in my past year of driving. No accidents either!



You can call me lucky, but sometimes I regret purchasing this car in the first place. Working to pay off the car is a bit*ch, and I've lost about 25 hrs a week of doing...nothing, like a teen should be doing. I already spend about 40 hrs of my week in school! At least I'm paying for a car I love, not something I don't (obviously).



As for my insurance astan100, I'm not the dedicated driver (my parents' can also drive the car, if that's what you mean) and I'm under my parents' name. I'm also insured to drive my dad's 328IS, our 91 Land Cruiser, and our 98 Town and Country. State Farm has a 270+ hp policy (I think) that makes the rates go up if you have a sports car with 270+ HP. I'm glad the US M3 only has 240 ~_^.