BMW M3 Insurance Rates

Average auto insurance rates for a BMW M3 are $1,766 annually with full coverage. Comprehensive costs an estimated $406 each year, collision costs $804, and liability is estimated at $398. Buying just liability costs approximately $460 a year, with insurance for high-risk drivers costing around $3,842. Teenage drivers receive the highest rates at $6,388 a year or more.

Average premium for full coverage: $1,766

Rate estimates broken down by individual coverage type:

Rate estimates include $500 comprehensive and collision deductibles, liability coverage up to 30/60, and includes medical and uninsured motorist coverage. Rates are averaged for all U.S. states and M3 models.

Price Range by Coverage and Risk

Price Range by Location

Living in a larger city can make a big difference on car insurance rates. More rural locations tend to have fewer collision claims than densely populated cities.

The graphic below illustrates how location helps determine insurance prices.

These examples demonstrate why all drivers should get quotes for a targeted area and their own personal driving habits, instead of making a decision based on average rates.

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

Detailed Rate Analysis

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

• The best discount rate is $988
• Choosing higher $1,000 deductibles can save approximately $272 annually
• The estimated rate for a 40-year-old driver who has $500 deductibles is $1,766
• Using low deductibles for comp and collision coverage will cost $2,304
• Higher-risk drivers who are prone to accidents and violations could pay up to $3,842 or more
• The cost with full coverage for a 16-year-old driver can cost as much as $6,388 each year

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Auto insurance rates for a BMW M3 can also vary considerably based on the trim level of your M3, your driving record, and liability limits and deductibles.

More mature drivers with a good driving record and high physical damage deductibles may pay as low as $1,600 annually on average for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they will have to pay at least $6,300 a year. View Rates by Age

If you like to drive fast or you caused a few accidents, you may be forking out $2,100 to $2,800 in extra premium per year, depending on your age. Insurance for high-risk drivers ranges from 44% to 133% more than a normal policy. View High Risk Driver Rates

Using high physical damage deductibles can save as much as $810 annually, whereas increasing liability limits will increase premiums. Moving from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $358 extra every year. View Rates by Deductible or Liability Limit

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 $1,270 a year in states like Utah, Ohio, and New Hampshire, or be forced to pay as much as $2,390 on average in New York, Michigan, and Florida.

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With so much variability in rates, the best way to find out which company is cheapest is to do a rate comparison from multiple companies. Each auto insurer uses a different method to calculate rates, and quoted rates can be significantly different between companies.

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 Buy the Best BMW M3 Insurance

Saving money on insurance for a BMW M3 takes avoiding accidents and violations, having above-average credit, eliminating unnecessary coverage, and qualifying for all possible discounts. Invest time comparing rates every time your policy renews by obtaining price quotes from direct companies like Progressive and GEICO, and also from several local insurance agents.

The list below is a brief recap of the information covered in the charts and tables above.

• You may be able to save approximately $220 per year simply by quoting online in advance
• Teenagers are the costliest to insure, with premiums as much as $532 per month if full coverage is included
• Increasing deductibles could save up to $800 each year
• Drivers considered higher risk who tend to receive serious violations pay on average $2,080 more annually for car insurance
• Insureds who want higher liability limits will pay an extra $440 every year to raise limits from a minimum limit to higher 250/500 limits