BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year with full coverage. Comprehensive insurance costs on average $394, collision costs $784, and liability costs around $416. Liability-only coverage costs as low 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 by type of insurance:

Estimates include $500 deductible amounts, liability limits of 30/60, and includes medical and UM/UIM coverage. Prices are averaged for all U.S. states and for different M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Where you live can make a big difference on auto insurance rates. Rural areas are shown to have lower incidents of collision claims than densely populated cities.

The price range example below illustrates how geographic area affects car insurance rates.

The examples above demonstrate why anyone shopping for car insurance should compare prices based on a specific location, instead of making a decision based on average rates.

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

More Rate Details

The chart below details estimated BMW M3 insurance rates for different risk profiles and scenarios.

• The best discount rate is $979
• Using higher $1,000 deductibles will save around $268 annually
• The estimated price for a good driver age 40 with $500 deductibles is $1,752
• Using more expensive low deductibles for physical damage coverage will cost an additional $520 annually
• High-risk insureds who are prone to accidents and violations could pay upwards of $3,814 or more
• Policy cost that insures a 16-year-old driver with full coverage may cost $6,376 or more

View Chart as Image

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

If you have a few points on your driving record or you caused an accident, you may be forking out at a minimum $2,100 to $2,800 additional every year, depending on your age. High-risk driver insurance can be from 44% to 134% more than a normal policy. View High Risk Driver Rates

An older driver with no violations or accidents and higher comprehensive and collision deductibles may pay as low as $1,600 a year, or $133 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records should be prepared to pay upwards of $6,300 a year. View Rates by Age

Your home state has a huge impact on BMW M3 insurance prices. A driver around age 40 might see rates as low as $1,260 a year in states like New Hampshire, Ohio, and Utah, or be forced to pay as much as $2,360 on average in Florida, Michigan, and New York.

View Chart as Image

Using high physical damage deductibles could cut rates by as much as $790 annually, while increasing your policy's liability limits will cost you more. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $375 more each year. View Rates by Deductible or Liability Limit

Because rates have so much variability, the best way to find out exactly what you will pay is to compare rates from multiple companies. Each insurance company uses a different method to calculate rates, and 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 Low Cost BMW M3 Insurance

Finding cheaper rates on insurance for a BMW M3 requires having a good driving record, having a good credit score, not filing small claims, and insuring your home and auto with the same company. Compare prices once a year by requesting rates from direct companies, and also from several local insurance agents.

The next list is a review of the data that was presented in the illustrations above.

• You may be able to save as much as $220 per year simply by shopping early and online
• Insureds who require increased levels of liability coverage will pay an extra $460 every year to increase from a 30/60 limit to the 250/500 level
• Drivers age 20 and younger pay higher rates, as much as $531 each month if comprehensive and collision insurance is included
• Drivers considered higher risk who have several accidents or serious violations pay on average $2,060 more each year to buy BMW M3 insurance