BMW M3 Insurance Rates

The average insurance prices for a BMW M3 are $1,752 every 12 months with full coverage. Comprehensive insurance costs approximately $394 a year, collision costs $784, and liability costs around $416. Liability-only coverage costs as low as $474 a year, with high-risk coverage costing $3,814 or more. Teen drivers cost the most to insure at $6,376 a year or more.

Average premium for full coverage: $1,752

Policy rates by type of insurance:

Rates are based on $500 policy deductibles, liability coverage up to 30/60, and includes both medical and uninsured motorist insurance. Prices are averaged for all U.S. states and M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Where you live can make a big difference on the price of insurance. Rural locations are shown to have more infrequent collision claims than larger metro areas.

The diagram below illustrates how where you live affects auto insurance prices.

The examples above demonstrate why it is important to compare prices using their specific location and their own driving history, instead of making a decision based on price averages.

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

Additional Rate Details

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

• The lowest rate with discounts is $979
• Using higher $1,000 deductibles will save $1,484 annually
• The average price for a good driver age 40 who chooses $500 deductibles is $1,752
• Choosing low $100 deductibles for physical damage coverage costs an extra $520 annually
• High-risk insureds with multiple violations and an at-fault accident could pay around $3,814 or more
• Policy cost to insure a 16-year-old driver can cost $6,376 or more

View Chart as Image

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

Choosing high deductibles could cut rates by as much as $790 annually, while buying higher liability limits will push rates upward. Moving from a 50/100 liability limit to a 250/500 limit will raise rates by up to $375 more each year. View Rates by Deductible or Liability Limit

Older drivers with no violations or accidents and higher deductibles may pay as low as $1,600 a year, or $133 per month, for full coverage. Rates are highest for teenagers, since even excellent drivers should be prepared to pay in the ballpark of $6,300 a year. View Rates by Age

If you have a few points on your driving record or you were responsible for an accident, you may be forking out anywhere from $2,100 to $2,800 additional every year, depending on your age. A high-risk auto insurance policy can be from 44% to 134% more than average. View High Risk Driver Rates

Your home state has a huge impact on BMW M3 insurance prices. A driver around age 40 might see rates as low as $1,260 a year in states like Utah, Ohio, and New Hampshire, or as much as $2,360 on average in New York, Michigan, and Florida.

View Chart as Image

Because rates have so much variability, the best way to find out who has the cheapest auto insurance rates is to get quotes from multiple companies. Each insurance company uses a different rate calculation, and 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 Shop for the Best Cheap BMW M3 Insurance

Finding cheaper rates on insurance for a BMW M3 requires being safe and accident-free, having above-average credit, not filing small claims, and qualifying for all possible discounts. Take the time to comparison shop every time your policy renews by getting quotes from direct companies, and also from insurance agencies where you live.

Below you'll find a quick review of the information touched on in the above illustrations.

• You may be able to save around $220 per year simply by quoting early and online
• Youthful drivers are the costliest to insure, as much as $531 each month if full coverage is included
• Increasing comprehensive and collision deductibles could save as much as $800 each year
• Drivers considered higher risk with a DUI or reckless driving violation could be forced to pay on average $2,060 more per year than a low-risk driver
• Insureds who purchase more liability protection will pay about $460 every year to increase from a 30/60 limit to a 250/500 level