BMW M3 Insurance Rates

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UPDATED: May 4, 2024

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The average insurance rates for a BMW M3 are $1,766 a year for full coverage. Comprehensive insurance costs around $406, collision costs $804, and liability is estimated at $398. Buying just liability costs approximately $460 a year, with insurance for high-risk drivers costing $3,842 or more. 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 for type of insurance:

Comprehensive $406
Collision $804
Liability $398

These estimates include $500 comprehensive and collision deductibles, 30/60 split liability limits, and includes additional medical/uninsured motorist coverage. Prices are averaged for all states and for all M3 models.

Price Range Variability

For the average driver, BMW M3 insurance rates go from as low as $460 for just the minimum liability insurance to the much higher price of $3,842 for a high-risk insurance policy.

Liability Only $460
Full Coverage $1,766
High Risk $3,842

Urban vs. Rural Price Range

Living in a larger city can have significant affects on auto insurance rates. Areas with sparse population are shown to have a lower frequency of accident claims than congested cities.

The example below illustrates how location impacts auto insurance rates.

Rural Areas $1,325
Small Cities $1,854
Large Cities $2,384

The examples above show why everyone should get quotes for a specific zip code and risk profile, instead of using rate averages.

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

Enter your zip code below to view companies based on your location that have cheap auto insurance rates.

Additional Rate Analysis

The chart below shows estimated BMW M3 insurance rates for additional coverage choices and driver risks.

  • The best full coverage rate is $988
  • Choosing higher $1,000 deductibles can save about $272 a year
  • The average rate for a good driver age 40 using $500 deductibles is $1,766
  • Buying pricier low deductibles for comp and collision coverage will cost an extra $538 every year
  • Unlucky drivers with multiple tickets or accidents could pay at least $3,842 or more
  • Policy cost for full coverage for a teen driver for full coverage can be $6,388 each year

View Chart as Image

BMW M3 insurance cost comparison chart
Column chart showing full coverage BMW M3 insurance prices range from $988 to $6,388

Insurance rates for a BMW M3 also range considerably based on your risk profile, the trim level of your M3, and deductibles and policy limits.

A more mature driver with a clean driving record and high deductibles may pay as little as $1,600 annually on average, or $133 per month, for full coverage. Rates are highest for teenagers, where even good drivers can expect to pay as much as $6,300 a year. View Rates by Age

Your home state plays a big part in determining prices for BMW M3 insurance prices. A good driver about age 40 could pay as low as $1,170 a year in states like Idaho, Maine, and Iowa, or at least $2,520 on average in Michigan, Louisiana, and New York.

BMW M3 Insurance Rates by State
State Premium Compared to U.S. Avg Percent Difference
Alabama $1,598 -$168 -9.5%
Alaska $1,356 -$410 -23.2%
Arizona $1,468 -$298 -16.9%
Arkansas $1,766 -$0 0.0%
California $2,014 $248 14.0%
Colorado $1,688 -$78 -4.4%
Connecticut $1,818 $52 2.9%
Delaware $2,000 $234 13.3%
Florida $2,210 $444 25.1%
Georgia $1,632 -$134 -7.6%
Hawaii $1,270 -$496 -28.1%
Idaho $1,196 -$570 -32.3%
Illinois $1,320 -$446 -25.3%
Indiana $1,330 -$436 -24.7%
Iowa $1,194 -$572 -32.4%
Kansas $1,680 -$86 -4.9%
Kentucky $2,412 $646 36.6%
Louisiana $2,616 $850 48.1%
Maine $1,092 -$674 -38.2%
Maryland $1,458 -$308 -17.4%
Massachusetts $1,414 -$352 -19.9%
Michigan $3,070 $1,304 73.8%
Minnesota $1,480 -$286 -16.2%
Mississippi $2,120 $354 20.0%
Missouri $1,570 -$196 -11.1%
Montana $1,900 $134 7.6%
Nebraska $1,394 -$372 -21.1%
Nevada $2,120 $354 20.0%
New Hampshire $1,276 -$490 -27.7%
New Jersey $1,976 $210 11.9%
New Mexico $1,566 -$200 -11.3%
New York $1,862 $96 5.4%
North Carolina $1,018 -$748 -42.4%
North Dakota $1,448 -$318 -18.0%
Ohio $1,220 -$546 -30.9%
Oklahoma $1,818 $52 2.9%
Oregon $1,618 -$148 -8.4%
Pennsylvania $1,686 -$80 -4.5%
Rhode Island $2,358 $592 33.5%
South Carolina $1,602 -$164 -9.3%
South Dakota $1,492 -$274 -15.5%
Tennessee $1,548 -$218 -12.3%
Texas $2,130 $364 20.6%
Utah $1,308 -$458 -25.9%
Vermont $1,210 -$556 -31.5%
Virginia $1,058 -$708 -40.1%
Washington $1,366 -$400 -22.7%
West Virginia $1,622 -$144 -8.2%
Wisconsin $1,224 -$542 -30.7%
Wyoming $1,574 -$192 -10.9%

View Chart as Image

BMW M3 insurance rates by U.S. city

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

If you have a few points on your driving record or tend to cause accidents, you could be paying at least $2,100 to $2,800 extra every year, depending on your age. BMW M3 insurance for high-risk drivers ranges as much as 44% to 133% more than the average rate. View High Risk Driver Rates

Because rates have so much variability, the only way to know your exact price is to regularly compare rates and see which company has the best rate. Each auto insurer utilizes a different rate formula, so the rates will be varied from one company to the next.

Insurance Rates by Trim Level and Model Year

BMW M3 Insurance Rates by Model and Trim Level
Model and Trim Annual Premium Monthly Premium
BMW M3 4-Dr Sedan $1,682 $140
BMW M3 CI 2-Dr Coupe $1,810 $151
BMW M3 2-Dr Convertible $1,810 $151

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.

BMW M3 Insurance Rates by Model Year
Model Year Comprehensive Collision Liability Total Premium
2024 BMW M3 $424 $810 $390 $1,782
2023 BMW M3 $406 $804 $398 $1,766
2022 BMW M3 $394 $784 $416 $1,752
2021 BMW M3 $380 $752 $430 $1,720
2020 BMW M3 $358 $726 $442 $1,684
2019 BMW M3 $344 $674 $452 $1,628
2018 BMW M3 $332 $634 $456 $1,580
2017 BMW M3 $318 $568 $460 $1,504
2016 BMW M3 $296 $522 $460 $1,436
2015 BMW M3 $286 $490 $464 $1,398
2013 BMW M3 $258 $424 $474 $1,314
2012 BMW M3 $252 $386 $478 $1,274
2011 BMW M3 $234 $354 $474 $1,220
2010 BMW M3 $220 $320 $474 $1,172
2009 BMW M3 $214 $288 $468 $1,128
2008 BMW M3 $210 $282 $460 $1,110
2006 BMW M3 $190 $254 $446 $1,048
2005 BMW M3 $182 $242 $442 $1,024

Rates are averaged for all BMW M3 models and trim levels. Rates assume a 40-year-old male driver, full coverage with $500 deductibles, and a clean driving record.

How to Find Cheap BMW M3 Insurance

Finding cheaper rates on car insurance takes having a decent driving record, maintaining good credit, avoid buying unnecessary coverage, and insuring your home and auto with the same company. Spend time shopping around at least every other year by getting quotes from direct carriers like GEICO, Progressive, and Esurance, and also from local insurance agents.

The following items are a brief summary of the car insurance concepts touched on above.

  • Higher risk drivers that tend to have accidents or serious violations may be required to pay an average of $2,080 more every year than a driver with a clean driving record
  • Drivers can save up to $220 per year simply by quoting online well ahead of the renewal date
  • Increasing comprehensive and collision deductibles can save around $800 each year
  • Policyholders who may need additional liability coverage will pay around $440 each year to raise limits from a 30/60 limit to 250/500 limits

Rates by Driver Age

BMW M3 Insurance Rates by Driver Age
Driver Age Premium
16 $6,388
20 $4,104
30 $1,864
40 $1,766
50 $1,610
60 $1,580

Full coverage, $500 deductibles

Rates by Deductible

BMW M3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,304
$250 $2,054
$500 $1,766
$1,000 $1,494

Full coverage, driver age 40

Rates by Liability Limit

BMW M3 Insurance Rates with Different Liability Limits
Liability Limit Premium
30/60 $1,766
50/100 $1,890
100/300 $1,989
250/500 $2,248
100 CSL $1,929
300 CSL $2,148
500 CSL $2,308

Full coverage, driver age 40

Rates for High Risk Drivers

BMW M3 Insurance Rates for High Risk Drivers
Age Premium
16 $9,180
20 $6,530
30 $3,952
40 $3,842
50 $3,666
60 $3,636

Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident

If a financial responsibility filing is required, the additional charge below may also apply.

SR-22 Surcharge $253

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

Discount Savings
Multi-policy $96
Multi-vehicle $92
Homeowner $24
5-yr Accident Free $141
5-yr Claim Free $116
Paid in Full/EFT $88
Advance Quote $92
Online Quote $129
Total Discounts $778
Rate after discounts $988

Discounts are estimated and may not be available from every company or in every state.

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