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2008 BMW M3 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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UPDATED: Nov 12, 2019

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Average insurance rates for a 2008 BMW M3 are $1,274 a year with full coverage. Comprehensive insurance costs an estimated $252, collision costs $386, and liability costs around $478. Buying a liability-only policy costs as low as $526 a year, with high-risk insurance costing $2,748 or more. Teen drivers receive the highest rates at $4,894 a year or more.

Annual premium for full coverage: $1,274

Rate estimates for 2008 BMW M3 Insurance

Comprehensive $252
Collision $386
Liability $478

Rate data is compiled from all 50 U.S. states and averaged for all 2008 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 driver in their 40's, prices range go from as low as $526 for basic liability insurance to the much higher price of $2,748 for a driver who has had serious violations or accidents.

Liability Only $526
Full Coverage $1,274
High Risk $2,748

View Chart as Image

2008 BMW M3 insurance rates compared
Column chart showing 2008 BMW M3 insurance prices range from $748 to $4,894 for full coverage

These differences demonstrate why everyone should 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 2008 BMW M3 Insurance

Searching Companies

I can’t think of a single person who likes having to buy insurance coverage, especially when they are paying too much.

Online insurance companies like Progressive, State Farm and GEICO increase brand awareness with fancy advertisements and it is challenging if not impossible to ignore the promise of big savings and take the time to shop coverage around.

It’s a good idea to do rate comparisons periodically because insurance rates go up and down regularly. Despite the fact that you may have had the lowest price on M3 coverage a year ago a different company probably has better rates today. Block out anything you think you know about insurance coverage because you’re about to learn the fastest and easiest way to find the best coverage while lowering your premiums.

If you have car insurance now, you should be able to cut costs considerably using this strategy. Finding the best rates is not rocket science. Nevertheless, vehicle owners need to learn how big insurance companies price online insurance.

Save with discounts on BMW M3 insurance

Auto insurance companies don’t always list all available discounts in a way that’s easy to find, so here is a list some of the more common and the more hidden discounts you could be receiving.

  • Accident Waiver – A few companies will allow you to have one accident before your rates go up if your claims history is clear for a certain period of time.
  • New Vehicle Savings – Buying coverage on a new vehicle is cheaper because new vehicles have to meet stringent safety requirements.
  • Anti-theft Discount – Cars that have factory anti-theft systems are stolen less frequently and therefore earn up to a 10% discount.
  • Paperwork-free – A handful of insurance companies will give a small break for buying your policy on their website.
  • Safe Driver Discount – Drivers who don’t get into accidents can pay as much as 50% less on M3 coverage than drivers with accident claims.
  • Payment Method – If you pay your entire premium ahead of time rather than paying monthly you may reduce your total bill.
  • Anti-lock Brake Discount – Cars that have steering control and anti-lock brakes prevent accidents and therefore earn up to a 10% discount.
  • Military Discounts – Being deployed with a military unit could mean lower rates.

It’s important to note that most credits do not apply to the entire policy premium. Most cut the price of certain insurance coverages like liability and collision coverage. So despite the fact that it appears all the discounts add up to a free policy, you won’t be that lucky.

To see a list of providers offering insurance discounts, click here.

Impacting insurance rates for a BMW M3

An important part of buying insurance is that you know the factors that come into play when calculating the rates you pay for auto insurance. When you know what positively or negatively controls the rates you pay helps enable you to make changes that will entitle you to much lower annual insurance costs.

The list below includes some of the factors that factor into prices.

  • Your location affects your rates – Residing in less populated areas has it’s advantages when it comes to auto insurance. Less people living in that area means a lower chance of having an accident and a lower car theft rate. City drivers have to deal with congested traffic and much longer commute distances. More time on the road translates into higher accident risk.
  • Rate your vehicle for proper use – The more you drive in a year the more you’ll pay to insure your vehicle. Most insurance companies apply a rate based on their usage. Cars and trucks used primarily for pleasure use can get a lower rate compared to those used for work or business. Double check that your auto insurance policy is rated on the correct driver usage, because it can save money. Incorrect usage on your M3 may be costing you.
  • Women pay lower rates – Statistics demonstrate that women are safer drivers than men. That doesn’t necessarily mean that men are WORSE drivers than women. Both sexes tend to get into accidents at about the same rate, but the males cause more damage. They also have more aggressive citations such as reckless driving. Young males are most likely to cause an accident and thus pay the highest rates.
  • Do you have enough liability coverage? – Your policy’s liability coverage is the coverage that protects you if ever a jury decides you are liable for damages caused by your negligence. It will provide legal defense coverage up to the limits shown on your policy. This coverage is very inexpensive as compared to coverage for physical damage, so do not skimp.
  • Bump up deductibles to save – Deductibles for physical damage define the amount you are required to spend out-of-pocket in the event of a claim. Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, insures against damage to your car. Some instances where coverage would apply are running into the backend of another car, vandalism, and windstorm damage. The more expense you are required to pay out-of-pocket, the less your company will charge you for insurance on M3 coverage.
  • Multiple policies with one company can save – Many insurers provide better rates to policyholders who buy several policies from them in the form of a multi-policy discount. If you currently are using one company, you still need to compare other company rates to verify if the discount is saving money. You may still find better rates by buying auto insurance from a different company.
  • Too many auto insurance claims drive up costs – If you are a frequent claim filer, you can definitely plan on either a policy non-renewal or much higher rates. Auto insurance companies award discounts to drivers who file claims infrequently. Auto insurance is intended for major claims that would cause financial hardship.

Tailor your coverage to you

When it comes to choosing adequate coverage, there is no one size fits all plan. Everyone’s situation is unique so this has to be addressed. For instance, these questions could help you determine whether or not you could use an agent’s help.

  • What if I total my 2008 BMW M3 and owe more than it’s worth?
  • Do I need PIP (personal injury protection) coverage in my state?
  • What exactly is covered by my policy?
  • Does my insurance cover a custom paint job?
  • Is business equipment covered while in my vehicle?
  • What is UM/UIM insurance?
  • Does my personal policy cover me when driving out-of-state?
  • Do I need more liability coverage?

If you’re not sure about those questions, then you may want to think about talking to a licensed agent. If you want to speak to an agent in your area, complete this form or you can also visit this page to select a carrier

Specifics of your car insurance policy

Knowing the specifics of a car insurance policy aids in choosing appropriate coverage and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. Below you’ll find typical coverages offered by car insurance companies.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage gives you protection from other drivers when they either have no liability insurance or not enough. Covered claims include hospital bills for your injuries and also any damage incurred to your 2008 BMW M3.

Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is a good idea.

Comprehensive insurance

Comprehensive insurance pays for damage from a wide range of events other than collision. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as hitting a bird, fire damage, theft, a tree branch falling on your vehicle and a broken windshield. The highest amount a car insurance company will pay at claim time is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.


Liability insurance protects you from damage or injury you incur to a person or their property by causing an accident. It protects you against claims from other people, and doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and property damage coverage for $25,000.

Liability insurance covers claims like court costs, medical services and loss of income. The amount of liability coverage you purchase is a decision to put some thought into, but you should buy as high a limit as you can afford.

Coverage for collisions

This coverage will pay to fix damage to your M3 resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for things like driving through your garage door, scraping a guard rail, sustaining damage from a pot hole, crashing into a building and rolling your car. Collision is rather expensive coverage, so consider removing coverage from older vehicles. It’s also possible to bump up the deductible to save money on collision insurance.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP pay for immediate expenses for rehabilitation expenses, EMT expenses and hospital visits. They are often used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Coverage applies to all vehicle occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay

Smart consumers save more

In this article, we covered a lot of information how to compare 2008 BMW M3 insurance prices online. The most important thing to understand is the more quotes you get, the better your comparison will be. You may be surprised to find that the lowest priced auto insurance comes from the least-expected company. Some small companies may cover specific market segments cheaper than the large multi-state companies such as Allstate, GEICO and Progressive.

When buying insurance coverage, it’s a bad idea to reduce needed coverages to save money. There are a lot of situations where an insured cut collision coverage only to discover later that the savings was not a smart move. The aim is to purchase a proper amount of coverage for the lowest price while not skimping on critical coverages.

More tips and info about auto insurance is available in these articles:

Rates by U.S. City

2008 BMW M3 Insurance Rates by City
City Premium
New York City, NY $2,010
Los Angeles, CA $2,175
Philadelphia, PA $1,702
Jacksonville, FL $1,847
Phoenix, AZ $1,478
Chicago, IL $1,710
Houston, TX $1,997
Seattle, WA $1,240
Columbus, OH $1,065
Indianapolis, IN $1,083

Need a specific model?

Choose your model and trim below

Rates by Driver Age

2008 BMW M3 Insurance Rates by Driver Age
Driver Age Premium
16 $4,894
20 $2,914
30 $1,314
40 $1,274
50 $1,166
60 $1,140

Full coverage, $500 deductibles

Rates by Deductible

2008 BMW M3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $1,550
$250 $1,424
$500 $1,274
$1,000 $1,128

Full coverage, driver age 40

Rates by Liability Limit

BMW M3 Insurance Rates with Different Liability Limits
Liability Limit Premium
30/60 $1,274
50/100 $1,370
100/300 $1,489
250/500 $1,800
100 CSL $1,417
300 CSL $1,680
500 CSL $1,872

Full coverage, driver age 40

Rates for High Risk Drivers

2008 BMW M3 Insurance Rates for High Risk Drivers
Age Premium
16 $6,952
20 $4,646
30 $2,790
40 $2,748
50 $2,624
60 $2,598

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.

SR-22 Surcharge $175

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

Discount Savings
Multi-policy $67
Multi-vehicle $68
Homeowner $21
5-yr Accident Free $86
5-yr Claim Free $82
Paid in Full/EFT $53
Advance Quote $60
Online Quote $89
Total Discounts $526
Rate after discounts $748

Discounts are estimated and may not be available from every company or in every state.

Find companies with the cheapest rates in your area

2008 BMW M3 Insurance Rates by State
State Premium
Alabama $1,152
Alaska $976
Arizona $1,056
Arkansas $1,274
California $1,450
Colorado $1,216
Connecticut $1,308
Delaware $1,440
Florida $1,592
Georgia $1,174
Hawaii $912
Idaho $862
Illinois $950
Indiana $958
Iowa $858
Kansas $1,212
Kentucky $1,738
Louisiana $1,884
Maine $786
Maryland $1,050
Massachusetts $1,020
Michigan $2,214
Minnesota $1,064
Mississippi $1,526
Missouri $1,130
Montana $1,368
Nebraska $1,004
Nevada $1,526
New Hampshire $918
New Jersey $1,424
New Mexico $1,126
New York $1,340
North Carolina $732
North Dakota $1,042
Ohio $880
Oklahoma $1,308
Oregon $1,166
Pennsylvania $1,216
Rhode Island $1,698
South Carolina $1,154
South Dakota $1,074
Tennessee $1,116
Texas $1,536
Utah $944
Vermont $872
Virginia $762
Washington $984
West Virginia $1,166
Wisconsin $880
Wyoming $1,136

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