BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,766 a year for full coverage insurance. Comprehensive costs approximately $406, collision costs $804, and liability coverage costs around $398. Buying just liability costs as low as $460 a year, with insurance for high-risk drivers costing around $3,842. 16-year-old drivers cost the most to insure at $6,388 a year or more.

Average premium for full coverage: $1,766

Policy rates by type of insurance:

Includes $500 comprehensive and collision deductibles, 30/60 liability limits, and includes medical and uninsured motorist coverage. Prices are averaged for all 50 states and for all M3 models.

Price Range Variability

Urban vs. Rural Price Range

Where you live has a large influence on the price of auto insurance. Rural locations are shown to have lower incidents of physical damage claims than congested cities.

The example below illustrates the difference location can make on auto insurance prices.

The examples above illustrate why everyone should compare prices using their specific location, rather than using rate averages.

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

Detailed Rate Analysis

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

• The best full coverage rate is $988
• Using higher $1,000 deductibles will save $272 each year
• The estimated price for a good driver age 40 who chooses $500 deductibles is $1,766
• Buying pricier low deductibles for physical damage coverage bumps up the cost to $2,304
• Higher-risk drivers with multiple tickets or accidents could pay around $3,842 or more
• Policy cost that insures a teenage driver for full coverage can cost $6,388 or more

View Chart as Image

Insurance rates for a BMW M3 also range considerably based on the model of your M3, your age and driving record, and physical damage deductibles and liability limits.

If you have a few points on your driving record or you caused an accident, you are probably paying anywhere from $2,100 to $2,800 extra every year, depending on your age. BMW M3 insurance for high-risk drivers can be around 44% to 133% more than the average rate. 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 a year, or $133 per month, for full coverage. Rates are highest 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 has a huge impact on BMW M3 insurance rates. A driver around age 40 might see rates as low as $1,160 a year in states like North Carolina, Wisconsin, and Vermont, or at least $2,390 on average in Florida, New York, and Michigan.

View Chart as Image

Opting for high physical damage deductibles could cut rates by as much as $810 a year, whereas buying more liability protection will push rates upward. Switching 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

Because rates have so much variability, the only way to figure out who has the best car insurance rates is to regularly compare rates and see how they stack up. Each insurance company utilizes a different rate formula, so the rates 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 Cheapest BMW M3 Insurance

Finding cheaper rates on auto insurance requires having a decent driving record, having above-average credit, being claim-free, and maximizing policy discounts. Comparison shop at every policy renewal by requesting quotes from direct insurance companies, and also from your local car insurance providers.

The following items are a recap of the data touched on in this article.

• Consumers who purchase additional liability coverage will pay around $440 annually to increase from a 30/60 limit to the 250/500 level
• It is possible to save around $220 per year simply by quoting online well ahead of the renewal date
• Increasing comprehensive and collision deductibles can save approximately $800 each year
• 16 to 18-year-old drivers are expensive to insure, possibly costing $532 each month if full coverage is included