BMW M3 Insurance Rates

Estimated insurance rates for a BMW M3 are $1,766 a year for full coverage. Comprehensive insurance costs approximately $406 each year, collision costs $804, and liability insurance is $398. Liability-only coverage costs around $460 a year, with high-risk coverage costing $3,842 or more. Teenage drivers pay the most at $6,388 a year or more.

Average premium for full coverage: $1,766

Premium estimates by type of coverage:

Full coverage includes $500 comprehensive and collision deductibles, 30/60 liability limits, and includes both medical and UM/UIM coverage. Rates include averaging for all states and M3 models.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Choosing to live in a large city has a significant impact on car insurance rates. Rural locations are statistically proven to have lower incidents of accident claims than densely populated cities.

The graphic below illustrates how geographic area affects auto insurance prices.

These rate differences show why all drivers should compare rates quotes using their specific location, rather than relying on average rates.

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

Rate Comparisons

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

• The best discount rate is $988
• Raising to $1,000 deductibles will save $272 a year
• The estimated price for a 40-year-old good driver who chooses $500 deductibles is $1,766
• Using low deductibles will cost an additional $538 a year
• Higher-risk drivers who are prone to accidents and violations could pay around $3,842 or more
• An auto insurance policy that insures a teen driver can cost $6,388

View Chart as Image

Insurance prices for a BMW M3 also have a wide range based on the trim level and model year, how you drive, and physical damage deductibles and liability limits.

If you have a few violations or you caused an accident, you could be paying anywhere from $2,100 to $2,800 extra annually, depending on your age. Insurance for high-risk drivers is expensive and can cost anywhere from 44% to 133% more than a normal policy. View High Risk Driver Rates

More mature drivers with a clean driving record and higher comprehensive and collision deductibles could pay as little as $1,600 every 12 months on average, or $133 per month, for full coverage. Prices are much higher for drivers in their teens, 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 choose to live also has a big influence on BMW M3 insurance rates. A middle-age driver might find prices as low as $1,170 a year in states like Iowa, Maine, and Idaho, or be forced to pay as much as $2,520 on average in New York, Louisiana, and Michigan.

View Chart as Image

Using high physical damage deductibles can reduce prices by up to $810 each year, whereas increasing liability limits will push prices upward. Going from a 50/100 bodily injury protection limit to a 250/500 limit will cost up to $358 more per year. View Rates by Deductible or Liability Limit

With such a large range in prices, the only way to know who has the cheapest car insurance prices is to do a rate comparison from as many companies as possible. Every auto insurance company uses a different method to calculate prices, so the prices will be substantially 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 More Affordable BMW M3 Insurance

Finding better rates on BMW M3 insurance consists of having a decent driving record, having above-average credit, not filing small claims, and maximizing policy discounts. Compare prices at every policy renewal by getting quotes from direct carriers, and also from insurance agencies where you live.

The following items are a summary of the data presented in the illustrations above.

• Drivers who purchase additional liability coverage will pay an extra $440 each year to raise from 30/60 bodily injury limits to the 250/500 level
• Drivers can save around $220 per year simply by quoting online in advance
• Increasing policy deductibles can save approximately $800 each year
• 16 to 18-year-old drivers are expensive to insure, as much as $532 per month if full coverage is included