BMW M3 Insurance Rates

The average auto insurance rates for a BMW M3 are $1,766 annually including full coverage. Comprehensive insurance costs on average $406, collision costs $804, and liability coverage is $398. Liability-only coverage costs around $460 a year, with high-risk coverage costing $3,842 or more. Teenage drivers cost the most to insure at $6,388 a year or more.

Average premium for full coverage: $1,766

Policy rates by type of insurance:

Full coverage includes $500 physical damage insurance deductibles, minimum liability limits, and includes medical and uninsured motorist coverage. Prices are averaged for all 50 U.S. states and for different M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Choosing to live in a large city has a large influence on car insurance rates. Rural areas are shown to have fewer comprehensive and collision claims than densely populated cities.

The price range example below illustrates the effect of geographic area on car insurance rates.

The examples above highlight why anyone shopping for car insurance should compare rates quotes based on a specific location and their own personal driving habits, rather than using 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 different risk profiles and scenarios.

• The best discount rate is $988
• Raising to $1,000 deductibles will save around $272 every year
• The estimated rate for a good driver age 40 with $500 deductibles is $1,766
• Using more expensive low deductibles costs an additional $538 each year
• Unlucky drivers who are prone to accidents and violations could pay upwards of $3,842 or more
• Policy cost with full coverage for a teenage driver with full coverage may cost $6,388

View Chart as Image

Insurance rates for a BMW M3 also range considerably based on the model year and trim level, your driving characteristics, and policy deductibles and limits.

An older driver with no violations or accidents and high physical damage deductibles may only pay around $1,600 every 12 months on average, or $133 per month, for full coverage. Rates are much higher for teenagers, where even without any violations or accidents they should be prepared to pay upwards of $6,300 a year. View Rates by Age

If you have a few points on your driving record or you caused a few accidents, you are likely paying at a minimum $2,100 to $2,800 additional every year, depending on your age. High-risk driver insurance is expensive and can cost around 44% to 133% more than a normal policy. View High Risk Driver Rates

Using high physical damage deductibles can reduce rates by up to $810 a year, while increasing your policy's liability limits will cost you more. Changing from a 50/100 bodily injury limit to a 250/500 limit will raise rates by up to $358 more each year. View Rates by Deductible or Liability Limit

Your home state also has a big influence on BMW M3 insurance rates. A middle-age driver might find rates as low as $1,360 a year in states like Missouri, New Hampshire, and Vermont, or be forced to pay as much as $2,520 on average in Michigan, New York, and Louisiana.

View Chart as Image

Because rates have so much variability, the best way to figure out exactly what you will pay is to compare rates and see how they stack up. Every auto insurance company uses a different method to calculate rates, and rates will be varied between companies.

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 Buy More Affordable BMW M3 Insurance

Finding cheaper rates on auto insurance consists of being a low-risk driver, having good credit, paying for small claims out-of-pocket, and insuring your home and auto with the same company. Take the time to compare rates every couple of years by requesting rates from direct car insurance companies like Progressive, GEICO, and Esurance, and also from several local insurance agents.

The items below are a summary of the material that was covered in the above illustrations.

• Consumers who require more liability coverage will pay an extra $440 per year to raise from a 30/60 limit to higher 250/500 limits
• Teen drivers pay higher rates, with premiums being up to $532 each month if they have full coverage
• Drivers who have multiple accidents or major violations pay on average $2,080 more each year to insure their M3
• Increasing comprehensive and collision deductibles could save up to $800 each year