BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year with full coverage. Comprehensive insurance costs an estimated $394 each year, collision costs $784, and liability insurance costs $416. Liability-only coverage costs as little as $474 a year, with high-risk coverage costing $3,814 or more. Teenage drivers cost the most to insure at $6,376 a year or more.

Average premium for full coverage: $1,752

Policy rates broken down by type of insurance:

Includes $500 deductible amounts, liability limits of 30/60, and includes both medical and UM/UIM coverage. Prices are averaged for all U.S. states and M3 models.

Price Range Variability

Urban vs. Rural Price Range

Your location has a significant impact on car insurance rates. More rural locations are shown to have a lower frequency of collision claims than densely populated cities.

The graphic below illustrates the difference location can make on insurance prices.

The examples above demonstrate why all drivers should compare rates for a targeted area and risk profile, rather than relying on average rates.

Use the form below to get customized rates for your location.

Rate Comparisons

The chart below details estimated BMW M3 insurance rates for other coverage scenarios.

• The best discount rate is $979
• Drivers who choose higher $1,000 deductibles will pay approximately $268 annually
• The average rate for a good driver age 40 who has $500 deductibles is $1,752
• Using low deductibles for comprehensive and collision insurance will cost an extra $520 a year
• High risk drivers who are prone to accidents and violations could pay up to $3,814 or more
• Policy cost for full coverage for a teen driver can cost as much as $6,376 a year

View Chart as Image

Insurance rates for a BMW M3 also range considerably based on your risk profile, the trim level and model year, and liability limits and deductibles.

More mature drivers with no violations or accidents and high deductibles could pay as little as $1,600 per year on average, or $133 per month, for full coverage. Rates are much higher for teenagers, where even good drivers should be prepared to pay at least $6,300 a year. View Rates by Age

Your home state makes a big difference in BMW M3 insurance rates. A 40-year-old driver could pay as low as $1,260 a year in states like Utah, Ohio, and New Hampshire, or be forced to pay as much as $2,360 on average in New York, Michigan, and Florida.

View Chart as Image

Using high physical damage deductibles could save up to $790 each year, whereas increasing liability limits will increase premiums. Moving from a 50/100 limit to a 250/500 limit will raise rates by up to $375 more each year. View Rates by Deductible or Liability Limit

If you have a few points on your driving record or tend to cause accidents, you may be forking out $2,100 to $2,800 additional every year, depending on your age. Insurance for high-risk drivers can cost anywhere from 44% to 134% more than a normal policy. View High Risk Driver Rates

Because rates have so much variability, the best way to find out which auto insurance is cheapest is to do a rate comparison from as many companies as possible. Every company uses a different method to calculate rates, and rates will be varied from one company to the next.

Insurance Rates by Trim Level and Model Year

Rates assume 2023 model year, a 40-year-old male driver with no accidents or violations, $500 comprehensive and collision deductibles, minimum liability limits, and uninsured/under-insured motorist coverage included. Rates are for comparison only and are averaged for all 50 U.S. states.

How to Find the Cheapest BMW M3 Insurance

Finding cheaper rates on BMW M3 insurance not only requires having a good driving record, but also having a good credit history, not filing small claims, and maximizing policy discounts. Make time to compare rates once a year by getting quotes from direct companies like GEICO, Progressive, and Esurance, and also from local exclusive and independent agents.

The next list is a recap of the data that was touched on in this article.

• You may be able to save approximately $220 per year simply by quoting online in advance
• Drivers who want increased levels of liability coverage will pay an extra $460 every year to go from a 30/60 limit to 250/500 limits
• Drivers age 20 and younger are expensive to insure, as much as $531 each month including comprehensive and collision insurance
• High-risk drivers that have major violations or accidents may pay on average $2,060 more annually to buy BMW M3 insurance