BMW Z3 Insurance Rates

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.

Comparing auto insurance from online rate quotes is easy, plus you might just save a little. The key is getting as many rate quotes as possible in order to have the best prices.

Beginners to buying insurance may think shopping for cheap BMW Z3 insurance is more work than they want to put in. Finding a better price on auto insurance doesn't have to be difficult. Consumers just need to spend a few minutes to get quotes from different insurance companies. This can be done by comparing rates here.

Rates are determined by...

Auto insurance rates for a BMW Z3 can be significantly different based upon several criteria. Including but not limited to:

• Your driving record
• Better credit means lower rates
• Men typically pay more than women
• Deductible amount directly impacts your rate
• Crash test rating for your Z3
• Claims drive up premiums
• Having current coverage saves
• Home ownership saves money

A final factor that can impact BMW Z3 insurance rates is the model year. Newer models have a higher value in comparison to later models so repair costs are higher which may end up costing you more. On the flip side, more recent Z3 vehicles may have a trim level with safety features like a collision avoidance system, all-wheel drive, adaptive cruise control, and lane departure warning system that may help lower rates.

Liability insurance - Liability insurance will cover damage or injury you incur to other people or property. Liability coverage protects against claims like pain and suffering, repair costs for stationary objects, and legal defense fees. Liability insurance is relatively cheap so consider buying as large an amount as possible.

Collision coverages - This coverage will pay to fix damage to your Z3 caused by collision with a stationary object or other vehicle. You first must pay a deductible and then insurance will cover the remainder. BMW Z3 collision insurance is rather expensive coverage, so consider dropping it from vehicles that are older. You can also bump up the deductible to get cheaper BMW Z3 insurance rates.

Comprehensive protection - Comprehensive insurance pays for damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by your BMW Z3 comprehensive insurance. The highest amount your auto insurance company will pay is the actual cash value, so if it's not worth much more than your deductible it's not worth carrying full coverage.

Uninsured and underinsured coverage - Uninsured or Underinsured Motorist coverage protects you and your vehicle's occupants when other motorists are uninsured or don't have enough coverage. Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That's why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Medical expense coverage - Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses (i.e. EMT expenses, pain medications, and nursing services). They are often used to fill the gap from your health insurance policy or if you lack health insurance entirely. PIP is only offered in select 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. 

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.

• Honda S2000
• Mazda MX-5 Miata
• Toyota MR2 Spyder

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.