BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,766 a year with full coverage. Comprehensive costs approximately $406 each year, collision costs $804, and liability costs $398. Buying just liability costs as little as $460 a year, with insurance for high-risk drivers costing around $3,842. Teen drivers cost the most to insure at $6,388 a year or more.

Average premium for full coverage: $1,766

Policy rates by type of insurance:

Prices are based on $500 physical damage insurance deductibles, split liability limits of 30/60, and includes 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 can have significant affects on the price of insurance. Rural locations are shown to have lower incidents of collision claims than larger metro areas.

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

The examples above demonstrate why all drivers should compare rates using their specific location, instead of using price averages.

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

More Rate Details

The chart below details estimated BMW M3 insurance rates for additional coverage and risk scenarios.

• The lowest rate with discounts is $988
• Drivers who choose higher $1,000 deductibles will pay $272 annually
• The estimated price for a good driver age 40 who chooses $500 deductibles is $1,766
• Choosing low deductibles for comprehensive and collision insurance bumps up the cost to $2,304
• Higher-risk drivers with multiple violations and an at-fault accident could pay around $3,842 or more
• Policy cost that insures a teen driver can cost $6,388 a year

View Chart as Image

Insurance rates for a BMW M3 also range considerably based on the trim level and model year, your age and driving habits, and physical damage deductibles and liability limits.

If you have a few points on your driving record or you caused an accident, you may be forking out anywhere from $2,100 to $2,800 extra every year, depending on your age. Insurance for high-risk drivers can cost as much as 44% to 133% more than average. View High Risk Driver Rates

More mature drivers with a clean driving record and higher comprehensive and collision deductibles may pay as little as $1,600 per year on average, or $133 per month, for full coverage. Rates are highest for teenagers, since even teens with perfect driving records can expect to pay in the ballpark of $6,300 a year. View Rates by Age

Your home state makes a big difference in BMW M3 insurance prices. A 40-year-old driver could pay as low as $1,270 a year in states like Utah, Ohio, and New Hampshire, or as much as $2,390 on average in New York, Michigan, and Florida.

View Chart as Image

Choosing high deductibles could save up to $810 every year, whereas increasing liability limits will push rates upward. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $358 more per year. View Rates by Deductible or Liability Limit

Because rates have so much variability, the best way to find out who has the cheapest auto insurance rates is to do a rate comparison and see which company has the best rate. Every company uses a different rate calculation, so the rates will be varied.

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 Affordable BMW M3 Insurance

Finding cheaper rates on car insurance not only requires being a low-risk driver, but also having above-average credit, not filing small claims, and maximizing policy discounts. Shop around at least once a year by getting quotes from direct companies, and also from local insurance agencies.

The items below are a brief review of the primary concepts that were touched on in this article.

• You may be able to save around $220 per year simply by quoting online in advance
• Higher risk drivers with DUI or reckless driving convictions may have to pay on average $2,080 more per year to insure their M3
• Increasing comprehensive and collision deductibles can save approximately $800 each year
• Teen drivers are expensive to insure, as much as $532 each month if full coverage is included