BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year with full coverage. Comprehensive insurance costs approximately $394, collision insurance costs $784, and liability insurance is $416. A liability-only policy costs around $474 a year, and high-risk insurance costs $3,814 or more. Teens cost the most to insure at up to $6,376 a year.

Average premium for full coverage: $1,752

Policy rates by type of insurance:

Full coverage includes $500 comprehensive and collision deductibles, liability coverage up to 30/60, and includes uninsured motorist and medical coverage. Prices are averaged for all U.S. states and for all M3 models.

Price Range Variability

Urban vs. Rural Price Range

Choosing to live in a large city has a significant impact on the price of insurance. Rural locations are shown to have lower incidents of collision claims than cities with more traffic congestion. The example below illustrates the difference between rural and urban areas on auto insurance prices.

The examples above demonstrate why everyone should compare rates quotes using their specific location, rather than relying on averaged prices.

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

Additional Rate Information

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

• The cheapest rate after discounts is $979
• Raising to $1,000 deductibles will save $268 annually
• The estimated price for a good driver age 40 who chooses $500 deductibles is $1,752
• Selecting pricier low deductibles will cost an additional $520 a year
• Higher-risk drivers with serious driving violations could pay around $3,814
• Policy cost that insures a teen driver for full coverage can cost $6,376

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Car insurance rates for a BMW M3 also range considerably based on the model of your M3, 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. BMW M3 insurance for high-risk drivers is expensive and can cost anywhere from 44% to 134% more than the average policy. View High Risk Driver Rates

A more mature driver with no driving violations and higher comprehensive and collision deductibles could pay as little as $1,600 every 12 months on average, or $133 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records will be charged in the ballpark of $6,300 a year. View Rates by Age

Your home state also has a big influence on BMW M3 insurance rates. A middle-age driver might find rates as low as $1,260 a year in states like Utah, Ohio, and New Hampshire, or have to pay at least $2,360 on average in New York, Michigan, and Florida.

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Choosing higher comprehensive and collision insurance deductibles can reduce rates by up to $790 each year, whereas buying more liability protection will push rates upward. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $375 extra every 12 months. View Rates by Deductible or Liability Limit

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 More Affordable BMW M3 Insurance

Finding cheaper rates on BMW M3 insurance consists of having a decent driving record, having a positive credit history, not filing small claims, and attention to physical damage deductibles. Compare rates every time your policy renews by getting rate quotes from direct companies, and also from local insurance agencies.

The following items are a summary of the information covered above.

• You may be able to save around $220 per year just by quoting online well ahead of the renewal date
• 16 to 18-year-old drivers pay the highest auto insurance rates, as much as $531 each month if full coverage is purchased
• Increasing comprehensive and collision deductibles can save approximately $800 each year
• High-risk drivers who have multiple accidents or major violations may have to pay on average $2,060 more per year than a driver with a clean driving record
• Drivers who purchase additional liability coverage will pay approximately $460 every year to raise from a 30/60 limit to the 250/500 level