BMW M3 Insurance Rates

The average insurance prices for a BMW M3 are $1,766 every 12 months for full coverage. Comprehensive insurance costs an estimated $406, collision insurance costs $804, and liability coverage costs $398. Liability-only coverage costs as little as $460 a year, and high-risk coverage costs $3,842 or more. Teenage drivers cost the most to insure at up to $6,388 a year.

Average premium for full coverage: $1,766

Policy rates broken down by type of insurance:

Estimates include $500 comprehensive and collision deductibles, minimum liability limits, and includes uninsured/under-insured motorist coverage. Prices are averaged for all states and for different M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Your location has a large influence on insurance rates. More rural locations are shown to have more infrequent accident claims than densely populated cities. The price range example below illustrates the difference location can make on insurance prices.

The examples above show why anyone shopping for car insurance should compare rates for a targeted area and their own driving history, rather than using average rates.

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

More Rate Information

The chart below shows average BMW M3 insurance rates for other coverage scenarios.

• The best discount rate is $988
• Drivers who choose higher $1,000 deductibles will pay approximately $272 a year
• The average price for a good driver age 40 who has $500 deductibles is $1,766
• Using more expensive low deductibles for comprehensive and collision insurance costs an extra $538 each year
• High-risk insureds who are prone to accidents and violations could pay up to $3,842
• Policy cost to insure a teenage driver with full coverage can cost as much as $6,388 a year

View Chart as Image

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

Using high physical damage deductibles could save up to $810 a year, while increasing your policy's liability limits will increase premiums. Going from a 50/100 liability limit to a 250/500 limit will raise rates by up to $358 more each year. View Rates by Deductible or Liability Limit

An older driver with no violations or accidents and higher deductibles may only pay around $1,600 per year on average, or $133 per month, for full coverage. Rates are much higher for teenagers, since even excellent drivers should be prepared to pay at least $6,300 a year. View Rates by Age

If you have a few points on your driving record or you were responsible for an accident, you could be paying $2,100 to $2,800 additional every year, depending on your age. High-risk driver insurance can cost around 44% to 133% more than a normal policy. View High Risk Driver Rates

Your home state makes a big difference in BMW M3 insurance rates. A 40-year-old driver could pay 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

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 Shop for Low Cost BMW M3 Insurance

Finding cheaper rates on auto insurance not only requires having a decent driving record, but also having above-average credit, avoid buying unnecessary coverage, and possibly raising deductibles. Make time to compare rates every couple of years by obtaining price quotes from direct carriers, and also from several local insurance agents.

The following items are a review of the material that was touched on in this article.

• Consumers who want additional liability coverage will pay an extra $440 each year to go from a 30/60 limit to a 250/500 level
• 16 to 18-year-old drivers are expensive to insure, costing up to $532 each month if full coverage is included
• Drivers who have several accidents or serious violations pay on average $2,080 more annually than a driver with a clean driving record
• Increasing comprehensive and collision deductibles could save as much as $800 each year