BMW M3 Insurance Rates

Average insurance rates for a BMW M3 are $1,752 a year for full coverage insurance. Comprehensive insurance costs approximately $394, collision costs $784, and liability costs around $416. A liability-only policy costs as low as $474 a year, with high-risk insurance costing $3,814 or more. Teenage drivers receive the highest rates at $6,376 a year or more.

Average premium for full coverage: $1,752

Rate estimates by individual coverage type:

Includes $500 physical damage deductibles, bodily injury liability limits of 30/60, and includes both medical and UM/UIM coverage. Rates are averaged for all 50 states and for all M3 models.

Price Range by Coverage and Risk

Price Range by Location

Where you live can make a big difference on the price of auto insurance. Rural locations tend to have lower incidents of physical damage claims than densely populated cities.

The example below illustrates how location helps determine auto insurance prices.

These examples illustrate why everyone should compare prices using their specific location, instead of making a decision based on average rates.

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

Rate Comparisons

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

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

View Chart as Image

Insurance rates for a BMW M3 can also vary considerably based on the model of your M3, your age and driving record, and physical damage deductibles and liability limits.

If you like to drive fast or you caused an accident, you are probably paying anywhere from $2,100 to $2,800 extra per year, depending on your age. BMW M3 insurance for high-risk drivers can be from 44% to 134% more than a normal policy. View High Risk Driver Rates

A more mature driver with a clean driving record and higher comprehensive and collision deductibles may pay as low as $1,600 a year for full coverage. Rates are much higher for teen drivers, since even teens with perfect driving records can expect to pay in the ballpark of $6,300 a year. View Rates by Age

Where you live has a huge impact on BMW M3 insurance prices. A driver around age 40 might see rates as low as $1,140 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,360 on average in Florida, New York, and Michigan.

View Chart as Image

Using high physical damage deductibles could cut rates by as much as $790 annually, whereas buying more liability protection will push rates upward. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $375 more per year. View Rates by Deductible or Liability Limit

With so much variability in rates, the only way to figure out who has the best car insurance rates is to regularly compare rates from multiple companies. Each insurance company uses a different method to calculate rates, so the rates can be significantly different.

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 the Cheapest BMW M3 Insurance

Saving money on insurance for a BMW M3 requires being a safe and courteous driver, having above-average credit, avoid buying unnecessary coverage, and maximizing policy discounts. Compare prices every other policy renewal by requesting quotes from direct insurance companies like Progressive, GEICO, and Esurance, and also from your local car insurance providers.

Below is a recap of the ideas that were covered in the charts and tables above.

• Teenage drivers are expensive to insure, costing up to $531 per month if full coverage is included
• Drivers considered higher risk that have major violations or accidents could be charged and average of $2,060 more per year for auto insurance
• Increasing deductibles can save approximately $800 each year
• It is possible to save around $220 per year simply by quoting online well ahead of the renewal date