BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year for full coverage. Comprehensive costs around $394 a year, collision costs $784, and liability coverage costs around $416. A liability-only policy costs as low as $474 a year, with high-risk insurance costing around $3,814. Teenage drivers cost the most to insure at $6,376 a year or more.

Average premium for full coverage: $1,752

Policy rates for type of insurance:

Rate estimates include $500 comprehensive and collision deductibles, 30/60 liability limits, and includes medical/PIP and uninsured motorist coverage. Prices are averaged for all states and M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Where you live has a large influence on auto insurance rates. Areas with sparse population are shown to have lower incidents of accident claims than densely populated cities.

The diagram below illustrates how rural and urban location affects auto insurance rates.

The examples above show why it is important to compare prices for a specific zip code, rather than using average rates.

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

Additional Charts and Tables

The chart below shows estimated BMW M3 insurance rates for additional coverage choices and driver risks.

• The best discount rate is $979
• Using higher $1,000 deductibles will save about $1,484 a year
• The estimated price for a good driver age 40 using $500 deductibles is $1,752
• Using low $100 deductibles for physical damage coverage bumps up the cost to $2,272
• Higher-risk drivers who are prone to accidents and violations could pay at least $3,814 or more
• Policy cost that insures a teenage driver can be $6,376 or more

View Chart as Image

Car insurance rates for a BMW M3 also range considerably based on the trim level of your M3, how you drive, and deductibles and policy limits.

If you have a few points on your driving record or you caused an accident, you could be paying at least $2,100 to $2,800 extra every year, depending on your age. A high-risk auto insurance policy can be around 44% to 134% more than a normal policy. View High Risk Driver Rates

Older drivers with no driving violations and higher comprehensive and collision deductibles may only pay around $1,600 a year, or $133 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records will be charged as much as $6,300 a year. View Rates by Age

Your home state has a huge impact on BMW M3 insurance rates. A driver around age 40 might see rates as low as $1,150 a year in states like Idaho, Maine, and Iowa, or be forced to pay as much as $2,500 on average in Michigan, Louisiana, and New York.

View Chart as Image

Using high physical damage deductibles could cut rates by as much as $790 a year, while buying higher liability limits will increase rates. Going from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $375 extra every 12 months. View Rates by Deductible or Liability Limit

Because rates have so much variability, the only way to know your exact price is to get quotes and see how they stack up. Each insurance company uses a different method to calculate rates, so rate quotes 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 the Best BMW M3 Insurance

Finding cheaper rates on auto insurance requires avoiding accidents and violations, having a positive credit history, avoid buying unnecessary coverage, and qualifying for all possible discounts. Compare prices at every policy renewal by getting quotes from direct carriers, and also from several local insurance agents.

The list below is a brief recap of the data raised in the charts and tables above.

• Consumers who may need higher liability limits will pay an extra $460 each year to increase from a 30/60 limit to the 250/500 level
• Drivers can save up to $220 per year simply by quoting early and online
• Increasing comprehensive and collision deductibles can save approximately $800 each year
• Teenagers are the costliest to insure, costing up to $531 each month if full coverage is purchased