BMW M3 Insurance Rates

U.S. average insurance rates for a BMW M3 are $1,752 a year for full coverage. Comprehensive insurance costs approximately $394 a year, collision costs $784, and liability costs $416. Buying just liability costs as little as $474 a year, with insurance for high-risk drivers costing $3,814 or more. Teenage drivers pay the highest rates at $6,376 a year or more.

Average premium for full coverage: $1,752

Price estimates by individual coverage:

Prices are based on $500 deductible amounts, minimum liability limits, and includes both medical and uninsured motorist insurance. Estimates are averaged for all states and M3 trim levels.

Price Range from Low to High

Geographic Price Range

Your location can make a big difference on car insurance rates. Rural locations have lower incidents of accident claims than densely populated cities.

The diagram below illustrates the effect of geographic area on auto insurance prices.

The ranges above show why it is important to compare rates using their specific location, instead of making a decision based on average rates.

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

Additional Rate Details

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

• The best discount rate is $979
• Drivers who choose higher $1,000 deductibles will pay $1,484 a year
• The estimated price for the average middle-age driver who chooses $500 deductibles is $1,752
• Using low $100 deductibles for comprehensive and collision insurance will cost an additional $520 annually
• Drivers who are prone to accidents and violations could pay around $3,814 or more
• The price that insures a 16-year-old driver can cost $6,376 a year

View Chart as Image

Insurance prices for a BMW M3 are also quite variable based on the trim level of your M3, how you drive, and physical damage deductibles and liability limits.

If you have some driving violations or you caused an accident, you could be paying anywhere from $2,100 to $2,800 additional each year, depending on your age. A high-risk auto insurance policy can cost from 44% to 134% more than a normal policy. View High Risk Driver Rates

Older drivers with no violations or accidents and higher comprehensive and collision deductibles may pay as low as $1,600 per year on average for full coverage. Prices are much higher for teenage drivers, since even teens with perfect driving records should be prepared to pay in the ballpark of $6,300 a year. View Rates by Age

The state you live in makes a big difference in BMW M3 insurance prices. A 40-year-old driver could pay as low as $1,150 a year in states like Iowa, Maine, and Idaho, or be forced to pay as much as $2,500 on average in New York, Louisiana, and Michigan.

View Chart as Image

Using high physical damage deductibles could save up to $790 annually, while buying higher liability limits will push prices upward. Going from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $375 more each year. View Rates by Deductible or Liability Limit

Since prices can be so different, the only way to know who has the cheapest car insurance prices is to get quotes from multiple companies. Every company uses a different method to calculate prices, and prices may be quite 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 Affordable BMW M3 Insurance

Getting lower rates on insurance for a BMW M3 not only requires having a good driving record, but also having a good credit score, eliminating unnecessary coverage, and qualifying for all possible discounts. Compare prices every couple of years by getting quotes from direct carriers, and also from insurance agencies where you live.

The next list is a brief review of the material that was covered in the above illustrations.

• Insureds who purchase increased levels of liability coverage will pay an extra $460 each year to go from a low limit to the 250/500 level
• Drivers age 20 and younger are the costliest to insure, with premiums as much as $531 a month if comprehensive and collision insurance is included
• Drivers considered higher risk with DUI or reckless driving convictions could be forced to pay on average $2,060 more per year to buy BMW M3 insurance
• Increasing physical damage deductibles can save approximately $800 each year