BMW M3 Insurance Rates

The average insurance prices for a BMW M3 are $1,752 every 12 months including full coverage. Comprehensive insurance costs an estimated $394 a year, collision costs $784, and liability costs $416. Buying just liability costs as little as $474 a year, with insurance for high-risk drivers 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:

Estimates include $500 physical damage insurance deductibles, split liability limits of 30/60, and includes medical and UM/UIM coverage. Prices are averaged for all 50 U.S. states and M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Your location can have significant affects on the price of auto insurance. More rural locations are shown to have more infrequent comprehensive and collision claims than densely populated cities.

The diagram below illustrates the difference between rural and urban areas on insurance prices.

The examples above highlight why it is important to compare rates for a targeted area and their own driving history, instead of using average rates.

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

More Rate Details

The chart below breaks down 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 $1,484 every year
• The average price for a good driver age 40 who has $500 deductibles is $1,752
• Using low $100 deductibles for comprehensive and collision insurance costs an extra $520 every year
• Higher-risk drivers who are prone to accidents and violations could pay up to $3,814 or more
• Policy cost to insure 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 liability limits and deductibles, your driving characteristics, and the model year and trim level.

Using high physical damage deductibles could save up to $790 every year, while buying higher liability limits will increase premiums. Changing from a 50/100 liability limit to a 250/500 limit will raise rates by up to $375 more per year. View Rates by Deductible or Liability Limit

Older drivers with a clean driving record and higher deductibles may pay as little as $1,600 per year on average, or $133 per month, for full coverage. Rates are much higher for teenagers, since even excellent drivers can expect to pay at least $6,300 a year. View Rates by Age

If you have a few points on your driving record or you were responsible for an accident, you are likely paying $2,100 to $2,800 extra every year, depending on your age. A high-risk auto insurance policy can cost as much as 44% to 134% more than a normal policy. View High Risk Driver Rates

Your home state makes a big difference in BMW M3 insurance prices. A 40-year-old driver could pay as low as $1,340 a year in states like Vermont, New Hampshire, and Missouri, or be forced to pay as much as $2,500 on average in Louisiana, New York, and Michigan.

View Chart as Image

Because rates have so much variability, the best way to figure out which auto insurance is cheapest is to get quotes and see which company has the best rate. Every company uses a different method to calculate rates, 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 Shop for Low Cost BMW M3 Insurance

Finding cheaper rates on car insurance not only requires being a low-risk driver, but also having good credit, paying for small claims out-of-pocket, and taking advantage of discounts. Set aside time to compare rates at least once a year by quoting rates from direct car insurance companies, and also from local insurance agencies.

The items below are a review of the primary concepts that were covered above.

• You may be able to save approximately $220 per year simply by quoting early and online
• Higher risk drivers who have several accidents or serious violations may have to pay on average $2,060 more annually to insure their M3
• Increasing comprehensive and collision deductibles could save as much as $800 each year
• Teen drivers are charged the highest rates, with premiums being up to $531 each month if they have full coverage