BMW M3 Insurance Rates

The average insurance prices for a BMW M3 are $1,752 every 12 months including full coverage. Comprehensive costs approximately $394 each year, collision costs $784, and liability is estimated at $416. A liability-only policy costs approximately $474 a year, with high-risk insurance costing around $3,814. 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:

Price estimates include $500 deductibles, 30/60 liability limits, and includes medical and uninsured motorist coverage. Prices are averaged for all 50 U.S. states and M3 models.

Price Range Variability

Urban vs. Rural Price Range

Living in a larger city can make a big difference on car insurance prices. Rural locations are shown to have more infrequent comprehensive and collision claims than densely populated cities.

The graphic below illustrates the effect of geographic area on auto insurance prices.

The examples above highlight why all drivers should get quotes using their specific location and their own driving history, instead of making a decision based on average rates.

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

Detailed Rate Analysis

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

• The best discount rate is $979
• Choosing higher $1,000 deductibles can save $268 every year
• The average price for a good driver age 40 who chooses $500 deductibles is $1,752
• Using low deductibles for comp and collision coverage increases the price to $2,272
• Higher-risk drivers who are prone to accidents and violations could pay around $3,814 or more
• Policy cost to insure a 16-year-old driver can cost $6,376 each year

View Chart as Image

Car insurance rates for a BMW M3 also range considerably based on liability limits and deductibles, your driving characteristics, and the model of your M3.

Using high physical damage deductibles can save as much as $790 annually, whereas increasing liability limits will push rates upward. Changing from a 50/100 liability limit to a 250/500 limit will raise rates by up to $375 extra every 12 months. View Rates by Deductible or Liability Limit

More mature drivers with no driving violations and higher deductibles may pay as low as $1,600 annually on average, or $133 per month, for full coverage. Rates are much higher for teenagers, since even excellent drivers will be charged in the ballpark of $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 anywhere from $2,100 to $2,800 extra every year, depending on your age. Insurance for high-risk drivers ranges from 44% to 134% more than a normal policy. View High Risk Driver Rates

Your home state plays a big part in determining prices for BMW M3 insurance prices. A good driver about age 40 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 who has the best auto insurance rates is to do a rate comparison from multiple companies. Each auto insurer uses a different method to calculate rates, so rate quotes 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 Cheaper BMW M3 Insurance

Finding cheaper rates on insurance for a BMW M3 takes not taking risks behind the wheel, maintaining a good credit score, paying for small claims out-of-pocket, and avoiding coverage lapses. Take the time to compare rates at every policy renewal by getting rate quotes from direct car insurance companies, and also from your local car insurance providers.

The following is a condensed summary of the data covered in the above illustrations.

• Insureds who purchase higher liability limits will pay an extra $460 per year to raise limits from a 30/60 limit to a 250/500 level
• You may be able to save around $220 per year simply by quoting online in advance
• Increasing comprehensive and collision deductibles could save as much as $800 each year
• Teens pay the highest auto insurance rates, with premiums being up to $531 each month if the policy includes full coverage