BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year for full coverage insurance. Comprehensive costs an estimated $394, collision costs $784, and liability is estimated at $416. Buying just liability costs approximately $474 a year, with insurance for high-risk drivers costing around $3,814. Teens 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:

These estimates include $500 policy deductibles, 30/60 liability coverage, and includes both medical and UM/UIM coverage. Prices are averaged for all 50 states and for different M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Living in a larger city can have significant affects on the price of insurance. More rural locations are shown to have lower incidents of physical damage claims than cities with more traffic congestion.

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

The examples above illustrate why anyone shopping for car insurance should get quotes for a targeted area, instead of using averaged prices.

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

Rate Comparisons

The chart below illustrates estimated BMW M3 insurance rates for other coverage scenarios.

• The cheapest rate after discounts is $979
• Choosing higher $1,000 deductibles can save approximately $268 each year
• The estimated price for a good driver age 40 who has $500 deductibles is $1,752
• Selecting more expensive low deductibles for comp and collision coverage bumps up the cost to $2,272
• Unlucky drivers with serious driving violations could pay up to $3,814 or more
• Policy cost that insures a teen driver with full coverage can cost as much as $6,376 each year

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 record, and liability limits and deductibles.

If you have a few points on your driving record or you caused an accident, you are probably paying $2,100 to $2,800 extra every year, depending on your age. High-risk driver insurance ranges as much as 44% to 134% more than the average policy. View High Risk Driver Rates

An older driver with a clean driving record and higher comprehensive and collision deductibles may pay as little as $1,600 annually on average, or $133 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records can expect to pay at least $6,300 a year. View Rates by Age

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 $1,140 a year in states like North Carolina, Wisconsin, and Vermont, or have to pay at least $2,360 on average in Florida, New York, and Michigan.

View Chart as Image

Choosing higher comprehensive and collision insurance deductibles can save as much as $790 every year, while increasing your policy's liability limits will increase premiums. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $375 more per year. View Rates by Deductible or Liability Limit

Because rates have so much variability, the only way to figure out which auto insurance is cheapest is to compare rates and see which company has the best rate. Each auto insurer calculates rates differently, 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 Find Cheap BMW M3 Insurance

Finding cheaper rates on car insurance takes avoiding accidents and claims, having above-average credit, being claim-free, and taking advantage of discounts. Compare rates every year by getting quotes from direct insurance companies, and also from local insurance agencies.

The points below are a brief summary of the coverage data presented in the illustrations above.

• It is possible to save approximately $220 per year simply by shopping early and online
• Increasing comprehensive and collision deductibles can save approximately $800 each year
• Drivers under the age of 20 are charged the highest rates, possibly costing $531 each month if full coverage is included
• Higher risk drivers that tend to have accidents or serious violations may have to pay on average $2,060 more annually to insure a BMW M3