BMW M3 Insurance Rates

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

Average premium for full coverage: $1,766

Premium estimates broken down by type of coverage:

Full coverage includes $500 comprehensive and collision deductibles, minimum liability limits, and includes uninsured motorist and medical coverage. Rates include averaging for all 50 states and M3 models.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Choosing to live in a large city can have significant affects on the price of insurance. More rural locations are statistically proven to have a lower frequency of physical damage claims than densely populated cities.

The graphic below illustrates how location impacts insurance prices.

These rate differences illustrate why all drivers should compare rates quotes for a targeted area and risk profile, instead of using average rates.

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

Additional Rate Information

The chart below illustrates estimated BMW M3 insurance rates for other coverage scenarios.

• The best discount rate is $988
• Raising to $1,000 deductibles will save approximately $272 each year
• The average rate for a 40-year-old good driver who has $500 deductibles is $1,766
• Using low deductibles will increase the cost to $2,304
• At-risk drivers who are prone to accidents and violations could pay up to $3,842 or more
• An auto insurance policy for full coverage for a teen driver can cost as much as $6,388

View Chart as Image

Auto insurance prices for a BMW M3 also have a wide range based on your driving characteristics, the model year and trim level, and liability limits and deductibles.

More mature drivers with a good driving record and high deductibles may 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, where even good drivers will have to pay at least $6,300 a year. View Rates by Age

Where you choose to live also has a big influence on BMW M3 insurance prices. A middle-age driver might find prices as low as $1,160 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,390 on average in Florida, New York, and Michigan.

View Chart as Image

Using high physical damage deductibles can reduce prices by up to $810 every year, whereas increasing liability limits will increase premiums. Switching from a 50/100 limit to a 250/500 limit will cost up to $358 extra every year. View Rates by Deductible or Liability Limit

If you have a few violations or tend to cause accidents, you are probably paying $2,100 to $2,800 in extra premium annually, depending on your age. Insurance for high-risk drivers is expensive and can cost as much as 44% to 133% more than a normal policy. View High Risk Driver Rates

With such a large range in prices, the only way to figure out which insurance company is cheapest is to do a rate comparison and see which company has the best price. Every auto insurance company uses a different method to calculate prices, and quoted prices will be substantially 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 More Affordable BMW M3 Insurance

Finding better rates on car insurance consists of having a decent driving record, having good credit, paying for small claims out-of-pocket, and qualifying for all possible discounts. Spend time shopping around every couple of years by obtaining price quotes from direct insurance companies like Progressive, GEICO, and Esurance, and also from several local insurance agents.

The following items are a summary of the material that was touched on above.

• Policyholders who want additional liability coverage will pay an extra $440 annually to raise from 30/60 bodily injury limits to 250/500 limits
• 16 to 18-year-old drivers are the costliest to insure, with premiums being up to $532 per month if they have full coverage
• Higher risk drivers who have multiple accidents or major violations pay on average $2,080 more annually than a driver with a clean driving record
• Increasing policy deductibles can save around $800 each year