BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,766 a year for full coverage. Comprehensive insurance costs approximately $406, collision insurance costs $804, and liability coverage is estimated at $398. Buying just liability costs approximately $460 a year, and insurance for high-risk drivers 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 by type of insurance:

Price estimates include $500 policy deductibles, 30/60 liability limits, and includes UM/UIM and medical coverage. Prices are averaged for all states and for all M3 models.

Price Range Variability

Urban vs. Rural Price Range

Living in a larger city has a large influence on car insurance rates. Rural locations are shown to have lower incidents of accident claims than densely populated cities. The example below illustrates how location impacts auto insurance prices.

The examples above show why everyone should get quotes using their specific location, rather than using average rates.

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

Rates by State, City, and Model

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

• The best discount rate is $988
• Choosing higher $1,000 deductibles can save $272 a year
• The estimated price for a good driver age 40 who chooses $500 deductibles is $1,766
• Using pricier low deductibles for comp and collision coverage will cost an additional $538 each year
• Drivers who are prone to accidents and violations could pay around $3,842
• Policy cost that insures a teenage driver for full coverage can cost $6,388 each year

View Chart as Image

Insurance rates for a BMW M3 also range considerably based on the model of your M3, how you drive, and physical damage deductibles and liability limits.

If you have a few points on your driving record or you caused an accident, you could be paying anywhere from $2,100 to $2,800 extra every year, depending on your age. BMW M3 insurance for high-risk drivers ranges around 44% to 133% more than a normal policy. View High Risk Driver Rates

A more mature driver with a clean driving record and higher comprehensive and collision deductibles may only pay around $1,600 annually on average, or $133 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records can expect to pay in the ballpark of $6,300 a year. View Rates by Age

Your home state plays a big part in determining prices for BMW M3 insurance rates. A good driver about age 40 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

Using high physical damage deductibles can save as much as $810 a year, whereas buying more liability protection will push rates upward. Going from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $358 more per year. View Rates by Deductible or Liability Limit

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 Cheaper BMW M3 Insurance

Finding cheaper rates on auto insurance takes being safe and accident-free, having above-average credit, avoid buying unnecessary coverage, and possibly raising deductibles. Compare prices at every policy renewal by requesting quotes from direct carriers, and also from insurance agencies where you live.

Below you'll find a condensed summary of the data touched on above.

• Consumers who purchase more liability protection will pay an extra $440 each year to raise limits from a 30/60 limit to the 250/500 level
• Drivers can save around $220 per year just by quoting online well ahead of the renewal date
• Increasing comprehensive and collision deductibles can save approximately $800 each year
• Youthful drivers are expensive to insure, costing up to $532 each month if full coverage is included