BMW Z3 Insurance Rates

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Nov 19, 2021

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You found a BMW Z3 for sale. But Is insurance expensive for a BMW? Like most luxury vehicles, BMW Z3 insurance rates will be higher than economy sedans. However, you can lower your BMW Z3 insurance costs by reading through our comprehensive guide.

The BMW Z3 was discontinued in 2002, however, this retired sports car is beloved by many motor enthusiasts. If you manage to find one, you might consider purchasing higher coverage that includes comprehensive coverage to protect your collectible car.

Keep reading to learn what is comprehensive coverage on a car insurance policy for a classic luxury vehicle like the BMW Z3, and to determine what level of coverage is right for you.

Ready to get affordable car insurance for your BMW Z3? Enter your five-digit ZIP code into our FREE quote comparison tool to immediately get started.

BMW Z3 Car Insurance Rate Summary

When it comes to BMW Z3 car insurance rates, your premiums depend on your unique demographics as the driver.

There are many options when buying insurance for your BMW Z3. You can buy from an agent or shop online to compare rates from multiple companies. online is easy and there is a good chance you can save money.

shopping for insurance may think buying cheap BMW Z3 insurance is very challenging. Finding lower BMW Z3 insurance cost is not rocket science. You just have to spend a little time getting comparison quotes from different insurance companies. by comparing rates here.

Car insurance premiums for a BMW Z3 will vary greatly based upon several criteria. Some of these factors include:

  • The performance level of your Z3
  • Your accident history
  • Use of your vehicle
  • Extra coverages like towing and rental
  • Your claim history
  • No coverage lapses saves money
  • Whether you own your home

An additional factor BMW Z3 insurance rates is the year of the vehicle. Newer models than older models so repair costs are higher which will push premiums up. Conversely, newer models may have safety features such as adaptive cruise control, blind-spot warning system, autonomous braking, and anti-lock brakes so those may lower rates.

Liability coverage - Liability insurance protects you from damage that occurs to other people or property Liability insurance covers things like legal defense fees, bail bonds, and repair bills for other people's vehicles. Liability insurance is relatively cheap so you should buy as much as you can afford.

Collision coverage - pays for damage to your Z3 caused by collision with another car or object. You have to pay a deductible and then insurance will cover the remainder. BMW Z3 collision insurance is rather expensive coverage, so consider dropping it from older vehicles. You can also raise the deductible to bring the cost down.

Comprehensive coverage - Comprehensive insurance pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible and then insurance will cover the rest of the damage. The maximum amount you'll receive from a claim is the actual cash value, so if it's not worth much more than your deductible consider dropping full coverage.

Uninsured/Underinsured Motorist coverage - Your UM/UIM coverage protects you and your vehicle's occupants from other drivers when they do not carry enough liability coverage. only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage .

Medical payments coverage and PIP - Med pay and PIP coverage provide coverage for short-term medical expenses such as nursing services, prosthetic devices, and dental work. They are often used to fill the gap from your health insurance plan or if you do not have health coverage. PIP is not available in all states and gives slightly broader coverage than med pay.

As you’ve learned from the information above, many factors impact your BMW insurance rates. For example, your age plays a major role. BMW Z3 insurance for 17-year-olds will be substantially higher than the average rates for an older, more experienced driver. Maintaining a clean driving record and seeking out insurance discounts will also help you keep your premiums low.  

Ready to see what the top car insurance companies will charge you for your BMW Z3 roadster? Secure better than average insurance costs for your BMW Z3 coupe by entering your ZIP code into our FREE quote comparison tool below. 

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What are the safety ratings for the BMW Z3?

Understanding the BMW Z3 safety ratings can help you see where you can qualify for car insurance discounts, or discover what aspects of your vehicle might be increasing your premiums. Check out the safety ratings for the 2002 BMW Z3 below.

  • Moderate overlap front: Good
  • Head restraints and seats: Poor

A rating of Good is the best score given by the Insurance Institute for Highway Safety. Insurance companies will ask, is the BMW Z3 reliable? But because this car fared poorly for head restraints and seats, you can expect to receive higher insurance rates. 

When calculating your rates, insurance companies will also ask are BMW Z3 parts expensive to replace? This luxury vehicle was discontinued after 2002, meaning there is no BMW Z3 2020 model. 

Just because a vehicle has been discontinued, that does not always lead to higher insurance rates. However, it is important to acknowledge that the BMW Z3 service costs are much higher than average. 

Because fixing and replacing your vehicle costs more, insurance companies view it as a higher-risk product. Unfortunately, this means you should expect higher than average car insurance rates as well. 

There also aren’t that many BMW Z3s left on the road. Exactly how many BMW Z3 are left? While only 300,000 were produced in total, less than 8,000 were registered in the UK in 2020, where the vehicle is the most popular. 

In America, those numbers are even lower. Therefore, your BMW Z3 price for insurance will be higher than average not only because of its higher maintenance costs but also because of its rarity. 

BMW Z3 Compared Against other Vehicles in the Same Class

Comparing the BMW Z3 to similar vehicles can help you save money, especially if the BMW Z3 has a better loss ratio than other vehicles in its class.

Asking broader questions, like is BMW or Mercedes cheaper to insure, can be misleading because each company produces so many different kinds of cars. In other words, comparing the insurance rates for a brand new Mercedes-Benz SUV to the rates for the classic discontinued Z3 sports car is like comparing apples to oranges. 

Therefore, we suggest looking at the rates and insurance loss ratios for vehicles that are in the same class. Officially, the Insurance Institute for Highway Safety classifies it as a small sports car. Check out the following list of comparable small sports cars below.

In the early 2000s, the BMW Z3 had substantially better than average injury insurance loss ratios than other similar vehicles at -51 percent. Every other category was average.  

How much is a Z3 worth? Just under $10,000 in total. However, it depends on the age of the car. For example, if you’re wondering how much is a 1997 BMW Z3 worth, that’s closer to $7,000 total.

Is the BMW Z3 a collectible car? Yes, in fact, many motor-enthusiasts consider this vehicle to be a classic collectible. Some BMW Z3 models are highly sought after, like the coupe version. The special value of this vehicle, unfortunately, means higher insurance rates. 

If you’re looking for a BMW Z3 Coupe for sale, remember what we’ve covered in this article. Whether you’re buying a BMW Z3 for sale from craigslist or from a dealership, expect this discontinued sportscar to be a little more expensive to insure. 

You’ve read through our entire BMW Z3 review. Is a BMW Z3 a good car for you? If so, secure the lowest possible BMW Z3 insurance rates by entering your ZIP code into our FREE quote comparison tool

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