BMW M3 Insurance Rates

U.S. average insurance rates for a BMW M3 are $1,766 a year with full coverage. Comprehensive insurance 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 $3,842 or more. Teen drivers pay the highest rates at $6,388 a year or more.

Average premium for full coverage: $1,766

Price estimates by individual coverage:

Prices are based on $500 deductible amounts, liability coverage up to 30/60, and includes both medical and UM/UIM coverage. Estimates are averaged for all U.S. states and for different M3 trim levels.

Price Range from Low to High

Geographic Price Range

Where you live has a large influence on the price of insurance. Rural locations have a lower frequency of collision claims than larger metro areas.

The price range example below illustrates how rural and urban location affects auto insurance prices.

The ranges above demonstrate why anyone shopping for car insurance should compare prices using their specific location and risk profile, rather than using price averages.

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

Rate Comparisons

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

• The lowest rate with discounts is $988
• Using higher $1,000 deductibles will save $272 annually
• The average rate for the average middle-age driver who chooses $500 deductibles is $1,766
• Choosing more expensive low deductibles for physical damage coverage will cost an extra $538 each year
• Higher-risk drivers with multiple violations and an at-fault accident could pay around $3,842 or more
• The price for full coverage for a teenage driver with full coverage can cost $6,388 or more

View Chart as Image

Insurance prices for a BMW M3 are also quite variable based on your driving record, the trim level and model year, and physical damage deductibles and liability limits.

An older driver with no violations or accidents and high deductibles may only pay around $1,600 a year for full coverage. Prices are highest for teenage drivers, where even good drivers should be prepared to pay in the ballpark of $6,300 a year. View Rates by Age

The state you live in has a huge impact on BMW M3 insurance rates. A driver around age 40 might see prices as low as $1,270 a year in states like Utah, Ohio, and New Hampshire, or as much as $2,390 on average in New York, Michigan, and Florida.

View Chart as Image

Choosing high deductibles could cut prices by as much as $810 a year, while increasing your policy's liability limits will push prices upward. Moving from a 50/100 limit to a 250/500 limit will increase prices by as much as $358 more each year. View Rates by Deductible or Liability Limit

If you have some driving violations or tend to cause accidents, you may be forking out anywhere from $2,100 to $2,800 additional each year, depending on your age. High-risk driver insurance can be around 44% to 133% more than average. View High Risk Driver Rates

Since prices can be so different, the best way to find out who has the cheapest auto insurance prices is to compare prices and see how they stack up. Each insurance company uses a different rate calculation, and prices may be quite different from one company to the next.

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 Affordable BMW M3 Insurance

Getting lower rates on auto insurance requires having a good driving record, having a good credit history, avoid buying unnecessary coverage, and qualifying for all possible discounts. Set aside time to shop around every time your policy renews by requesting quotes from direct companies like Progressive and GEICO, and also from several local insurance agents.

The next list is a brief review of the information raised in the charts and tables above.

• You may be able to save around $220 per year simply by shopping early and online
• Drivers age 20 and younger are the costliest to insure, costing up to $532 a month including comprehensive and collision insurance
• Increasing physical damage deductibles can save around $800 each year
• Drivers with DUI or reckless driving convictions pay on average $2,080 more per year to buy BMW M3 insurance
• Consumers who purchase increased levels of liability coverage will pay about $440 every year to increase from a low limit to 250/500 limits