BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year for full coverage insurance. Comprehensive costs approximately $394 a year, collision insurance costs $784, and liability is estimated at $416. Liability-only insurance costs approximately $474 a year, and high-risk driver insurance costs around $3,814. 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:

Price estimates include $500 physical damage insurance deductibles, minimum liability limits, and includes both medical and UM/UIM coverage. Prices are averaged for all 50 states and M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Living in a larger city can make a big difference on the price of auto insurance. Rural locations are shown to have lower incidents of physical damage claims than cities with more traffic congestion. The diagram below illustrates how where you live affects auto insurance prices.

The examples above illustrate why it is important to get quotes using their specific location, instead of making a decision based on averaged prices.

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

Rate Comparisons

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

• The cheapest rate after discounts is $979
• Choosing higher $1,000 deductibles can save $1,484 each year
• The estimated price for a good driver age 40 who chooses $500 deductibles is $1,752
• Selecting low $100 deductibles for comp and collision coverage bumps up the cost to $2,272
• Higher-risk drivers with serious driving violations could pay around $3,814
• Policy cost that insures a 16-year-old driver can cost $6,376 each year

View Chart as Image

Auto insurance rates for a BMW M3 also range considerably based on the trim level of your M3, your age and driving record, and physical damage deductibles and liability limits.

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

Older drivers with a good driving record and higher comprehensive and collision 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 teens with perfect driving records will have to pay in the ballpark of $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 annually, while buying higher liability limits will push rates upward. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $375 extra every year. 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 Cheaper BMW M3 Insurance

Finding cheaper rates on insurance for a BMW M3 takes being a low-risk driver, maintaining a good credit score, being claim-free, and possibly higher deductibles. Compare rates every couple of years by obtaining price quotes from direct insurance companies, and also from your local car insurance providers.

The items below are a condensed summary of the material that was touched on in the above illustrations.

• Insureds who purchase more liability coverage will pay approximately $460 annually to raise limits from a 30/60 limit to the 250/500 level
• Teen drivers have the highest car insurance rates, possibly costing $531 each month if the policy includes full coverage
• Drivers considered higher risk with multiple at-fault accidents could be charged and average of $2,060 more per year to insure their M3
• Increasing comprehensive and collision deductibles can save approximately $800 each year