BMW M3 Insurance Rates

Average insurance rates for a BMW M3 are $1,766 a year with full coverage. Comprehensive insurance costs approximately $406, collision costs $804, and liability is estimated at $398. A liability-only policy costs approximately $460 a year, with high-risk insurance costing $3,842 or more. Teenage drivers receive the highest rates at $6,388 a year or more.

Average premium for full coverage: $1,766

Rate estimates by individual coverage type:

Rate estimates include $500 physical damage deductibles, minimum liability limits, and includes uninsured motorist and medical coverage. Rates are averaged for all U.S. states and for different M3 trim levels.

Price Range by Coverage and Risk

Price Range by Location

Living in a larger city can make a big difference on the price of insurance. Rural locations tend to have a lower frequency of collision claims than densely populated cities.

The price range example below illustrates how location impacts auto insurance prices.

These examples demonstrate why anyone shopping for car insurance should get quotes using their specific location and risk profile, instead of making a decision based on average rates.

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

Additional Rate Information

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

• The best discount rate is $988
• Choosing higher $1,000 deductibles can save $272 annually
• The average rate for a 40-year-old driver who chooses $500 deductibles is $1,766
• Using more expensive low deductibles for comp and collision coverage will cost an extra $538 annually
• Higher-risk drivers who are prone to accidents and violations could pay around $3,842 or more
• The cost for full coverage for a 16-year-old driver with full coverage can cost $6,388 each year

View Chart as Image

Insurance rates for a BMW M3 can also vary considerably based on your driver profile, the trim level and model year, and physical damage deductibles and liability limits.

An older driver with a clean driving record and high deductibles may pay as low as $1,600 annually on average for full coverage. Rates are much higher for teen drivers, where even good drivers can expect to pay in the ballpark of $6,300 a year. View Rates by Age

Where you live plays a big part in determining prices for BMW M3 insurance prices. A good driver about age 40 could pay as low as $1,270 a year in states like Utah, Ohio, and New Hampshire, or be forced to pay as much as $2,390 on average in New York, Michigan, and Florida.

View Chart as Image

Using high physical damage deductibles can save as much as $810 annually, while increasing your policy's liability limits will push rates upward. Moving from a 50/100 limit to a 250/500 limit will cost as much as $358 more per year. View Rates by Deductible or Liability Limit

If you like to drive fast or tend to cause accidents, you may be forking out anywhere from $2,100 to $2,800 extra per year, depending on your age. High-risk driver insurance ranges from 44% to 133% more than a normal policy. View High Risk Driver Rates

With so much variability in rates, the best way to find out who has the cheapest auto insurance rates is to compare rates from multiple companies. Each auto insurer uses a different method to calculate rates, so the rates can be significantly different from one company to the next.

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 Best BMW M3 Insurance

Saving money on insurance for a BMW M3 takes being a safe and courteous driver, maintaining good credit, eliminating unnecessary coverage, and maximizing policy discounts. Spend time shopping around every couple of years by obtaining price quotes from direct companies like GEICO and Progressive, and also from several local insurance agents.

Below is a brief recap of the material that was touched on above.

• Insureds who purchase higher levels of liability will pay an extra $440 every year to raise limits from a minimum limit to 250/500 limits
• Teenage drivers are expensive to insure, with premiums as much as $532 per month for full coverage
• Drivers considered higher risk who tend to receive serious violations pay on average $2,080 more per year for auto insurance
• Increasing deductibles can save around $800 each year