BMW M3 Insurance Rates

Average insurance prices for a BMW M3 are $1,752 every 12 months for full coverage insurance. Comprehensive insurance costs an estimated $394, collision costs $784, and liability is estimated at $416. Buying just liability costs approximately $474 a year, with insurance for high-risk drivers costing $3,814 or more. Teenage drivers receive the highest rates at $6,376 a year or more.

Average premium for full coverage: $1,752

Rate estimates broken down by individual coverage type:

These estimates include $500 physical damage insurance deductibles, liability limits of 30/60, and includes UM/UIM and medical coverage. Rates are averaged for all 50 states and for different M3 trim levels.

Price Range by Coverage and Risk

Price Range by Location

Living in a larger city can make a big difference on the price of insurance. More rural locations tend to have more infrequent physical damage claims than densely populated cities.

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

These examples illustrate why anyone shopping for car insurance should get quotes for a targeted area and their own driving history, instead of making a decision based on average rates.

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

Rates by State, City, and Model

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

• The best discount rate is $979
• Choosing higher $1,000 deductibles can save approximately $268 each year
• The average price for a 40-year-old driver who has $500 deductibles is $1,752
• Using more expensive low deductibles for comp and collision coverage costs an extra $520 annually
• Higher-risk drivers who are prone to accidents and violations could pay up to $3,814 or more
• The cost to insure a 16-year-old driver with full coverage can cost as much as $6,376 each year

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Auto insurance rates for a BMW M3 can also vary considerably based on policy deductibles and limits, your risk profile, and the model year and trim level.

Using high physical damage deductibles can save as much as $790 annually, while increasing your policy's liability limits will increase premiums. Switching from a 50/100 liability limit to a 250/500 limit will cost as much as $375 extra every year. View Rates by Deductible or Liability Limit

An older driver with a good driving record and higher deductibles may pay as low as $1,600 annually on average for full coverage. Rates are much higher for teen drivers, since even excellent drivers will have to pay at least $6,300 a year. View Rates by Age

If you like to drive fast or you were responsible for an accident, you are probably paying $2,100 to $2,800 in extra premium per year, depending on your age. High-risk driver insurance ranges from 44% to 134% more than a normal policy. View High Risk Driver Rates

Where you live plays a big part in determining prices for BMW M3 insurance prices. A good driver about age 40 could pay as low as $1,140 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,360 on average in Florida, New York, and Michigan.

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With so much variability in rates, the only way to figure out which company is cheapest is to compare rates from multiple companies. Each auto insurer uses a different method to calculate rates, and quoted rates can be significantly 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 Shop for Cheap BMW M3 Insurance

Saving money on insurance for a BMW M3 takes being a low-risk driver, having a good credit score, avoid buying unnecessary coverage, and qualifying for all possible discounts. Make time to compare rates once a year by requesting quotes from direct insurance companies like GEICO, Progressive, and Esurance, and also from insurance agencies where you live.

The items below are a brief summary of the data that was touched on in this article.

• It is possible to save approximately $220 per year simply by shopping early and online
• Insureds who want more liability coverage will pay an extra $460 annually to raise limits from a minimum limit to a 250/500 level
• Teen drivers are the costliest to insure, costing up to $531 per month if comprehensive and collision insurance is included
• Drivers considered higher risk that tend to have accidents or serious violations could be forced to pay on average $2,060 more annually to insure their M3