BMW M3 Insurance Rates

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UPDATED: May 4, 2024

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Average insurance rates for a BMW M3 are $1,766 a year with full coverage. Comprehensive insurance costs an estimated $406, collision costs $804, and liability is $398. A policy with just liability insurance costs around $460 a year, with coverage for high-risk drivers costing $3,842 or more. 16-year-old drivers receive the highest rates at $6,388 a year or more.

Average premium for full coverage: $1,766

Rate estimates broken down by individual coverage type:

Comprehensive $406
Collision $804
Liability $398

Prices are based on $500 deductible amounts, bodily injury liability limits of 30/60, and includes uninsured/under-insured motorist coverage. Rates are averaged for all U.S. states and for different M3 trim levels.

Price Range by Coverage and Risk

For a driver around age 40, prices range go from as low as $460 for your basic liability-only policy to a much higher rate of $3,842 for a driver who has had serious violations or accidents.

Liability Only $460
Full Coverage $1,766
High Risk $3,842

Price Range by Location

Choosing to live in a large city can have significant affects on car insurance rates. More rural locations tend to have a lower frequency of collision claims than congested cities.

The price range example below illustrates the difference between rural and urban areas on insurance prices.

Rural Areas $1,325
Small Cities $1,854
Large Cities $2,384

These examples demonstrate why anyone shopping for car insurance should compare rates quotes for a targeted area and risk profile, instead of using rate averages.

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

Enter your zip code below to view companies based on your location that have cheap auto insurance rates.

More Rate Information

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

  • The best full coverage rate is $988
  • Raising to $1,000 deductibles will save approximately $272 annually
  • The average rate for a 40-year-old driver who has $500 deductibles is $1,766
  • Buying more expensive low deductibles will cost an extra $538 every year
  • At-risk drivers with multiple tickets or accidents could pay up to $3,842 or more
  • The cost for full coverage for a teen driver with full coverage can cost as much as $6,388

View Chart as Image

BMW M3 insurance cost comparison chart
Column chart showing full coverage BMW M3 insurance prices range from $988 to $6,388

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

An older driver with no violations or accidents and high deductibles may pay as little as $1,600 every 12 months on average for full coverage. Rates are highest for teen drivers, where even good drivers should be prepared to pay at least $6,300 a year. View Rates by Age

Where you live also has a big influence on BMW M3 insurance prices. A middle-age driver might find rates as low as $1,270 a year in states like Utah, Ohio, and New Hampshire, or at least $2,390 on average in New York, Michigan, and Florida.

BMW M3 Insurance Rates by State
State Premium Compared to U.S. Avg Percent Difference
Alabama $1,598 -$168 -9.5%
Alaska $1,356 -$410 -23.2%
Arizona $1,468 -$298 -16.9%
Arkansas $1,766 -$0 0.0%
California $2,014 $248 14.0%
Colorado $1,688 -$78 -4.4%
Connecticut $1,818 $52 2.9%
Delaware $2,000 $234 13.3%
Florida $2,210 $444 25.1%
Georgia $1,632 -$134 -7.6%
Hawaii $1,270 -$496 -28.1%
Idaho $1,196 -$570 -32.3%
Illinois $1,320 -$446 -25.3%
Indiana $1,330 -$436 -24.7%
Iowa $1,194 -$572 -32.4%
Kansas $1,680 -$86 -4.9%
Kentucky $2,412 $646 36.6%
Louisiana $2,616 $850 48.1%
Maine $1,092 -$674 -38.2%
Maryland $1,458 -$308 -17.4%
Massachusetts $1,414 -$352 -19.9%
Michigan $3,070 $1,304 73.8%
Minnesota $1,480 -$286 -16.2%
Mississippi $2,120 $354 20.0%
Missouri $1,570 -$196 -11.1%
Montana $1,900 $134 7.6%
Nebraska $1,394 -$372 -21.1%
Nevada $2,120 $354 20.0%
New Hampshire $1,276 -$490 -27.7%
New Jersey $1,976 $210 11.9%
New Mexico $1,566 -$200 -11.3%
New York $1,862 $96 5.4%
North Carolina $1,018 -$748 -42.4%
North Dakota $1,448 -$318 -18.0%
Ohio $1,220 -$546 -30.9%
Oklahoma $1,818 $52 2.9%
Oregon $1,618 -$148 -8.4%
Pennsylvania $1,686 -$80 -4.5%
Rhode Island $2,358 $592 33.5%
South Carolina $1,602 -$164 -9.3%
South Dakota $1,492 -$274 -15.5%
Tennessee $1,548 -$218 -12.3%
Texas $2,130 $364 20.6%
Utah $1,308 -$458 -25.9%
Vermont $1,210 -$556 -31.5%
Virginia $1,058 -$708 -40.1%
Washington $1,366 -$400 -22.7%
West Virginia $1,622 -$144 -8.2%
Wisconsin $1,224 -$542 -30.7%
Wyoming $1,574 -$192 -10.9%

View Chart as Image

BMW M3 insurance rates by U.S. city

Opting for high physical damage deductibles can reduce rates by up to $810 every year, while increasing your policy's liability limits will increase premiums. Moving from a 50/100 limit to a 250/500 limit will cost as much as $358 more each year. View Rates by Deductible or Liability Limit

If you like to drive fast or tend to cause accidents, you may be forking out $2,100 to $2,800 additional per year, depending on your age. High-risk driver insurance is expensive and can cost as much as 44% to 133% more than the average rate. View High Risk Driver Rates

With so much variability in rates, the best way to find out which company is cheapest is to compare rates and see which company has the best rate. Every auto insurance company utilizes a different rate formula, and rates can be significantly different from one company to the next.

Insurance Rates by Trim Level and Model Year

BMW M3 Insurance Rates by Model and Trim Level
Model and Trim Annual Premium Monthly Premium
BMW M3 4-Dr Sedan $1,682 $140
BMW M3 CI 2-Dr Coupe $1,810 $151
BMW M3 2-Dr Convertible $1,810 $151

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.

BMW M3 Insurance Rates by Model Year
Model Year Comprehensive Collision Liability Total Premium
2024 BMW M3 $424 $810 $390 $1,782
2023 BMW M3 $406 $804 $398 $1,766
2022 BMW M3 $394 $784 $416 $1,752
2021 BMW M3 $380 $752 $430 $1,720
2020 BMW M3 $358 $726 $442 $1,684
2019 BMW M3 $344 $674 $452 $1,628
2018 BMW M3 $332 $634 $456 $1,580
2017 BMW M3 $318 $568 $460 $1,504
2016 BMW M3 $296 $522 $460 $1,436
2015 BMW M3 $286 $490 $464 $1,398
2013 BMW M3 $258 $424 $474 $1,314
2012 BMW M3 $252 $386 $478 $1,274
2011 BMW M3 $234 $354 $474 $1,220
2010 BMW M3 $220 $320 $474 $1,172
2009 BMW M3 $214 $288 $468 $1,128
2008 BMW M3 $210 $282 $460 $1,110
2006 BMW M3 $190 $254 $446 $1,048
2005 BMW M3 $182 $242 $442 $1,024

Rates are averaged for all BMW M3 models and trim levels. Rates assume a 40-year-old male driver, full coverage with $500 deductibles, and a clean driving record.

How to Find Affordable BMW M3 Insurance

Saving money on car insurance consists of having a good driving record, having a good credit history, eliminating unnecessary coverage, and maximizing policy discounts. Set aside time to compare rates every other policy renewal by obtaining price quotes from direct companies like GEICO and Progressive, and also from local exclusive and independent agents.

The next list is a brief review of the ideas that were covered above.

  • Drivers age 20 and younger are expensive to insure, with premiums as much as $532 per month including comprehensive and collision insurance
  • Higher risk drivers with DUI or reckless driving convictions may pay on average $2,080 more annually to buy BMW M3 insurance
  • Increasing deductibles can save around $800 each year
  • You may be able to save approximately $220 per year simply by shopping early and online

Rates by Driver Age

BMW M3 Insurance Rates by Driver Age
Driver Age Premium
16 $6,388
20 $4,104
30 $1,864
40 $1,766
50 $1,610
60 $1,580

Full coverage, $500 deductibles

Rates by Deductible

BMW M3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,304
$250 $2,054
$500 $1,766
$1,000 $1,494

Full coverage, driver age 40

Rates by Liability Limit

BMW M3 Insurance Rates with Different Liability Limits
Liability Limit Premium
30/60 $1,766
50/100 $1,890
100/300 $1,989
250/500 $2,248
100 CSL $1,929
300 CSL $2,148
500 CSL $2,308

Full coverage, driver age 40

Rates for High Risk Drivers

BMW M3 Insurance Rates for High Risk Drivers
Age Premium
16 $9,180
20 $6,530
30 $3,952
40 $3,842
50 $3,666
60 $3,636

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 $253

Potential Rate Discounts

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

Discount Savings
Multi-policy $96
Multi-vehicle $92
Homeowner $24
5-yr Accident Free $141
5-yr Claim Free $116
Paid in Full/EFT $88
Advance Quote $92
Online Quote $129
Total Discounts $778
Rate after discounts $988

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

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