BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year including full coverage. Comprehensive costs approximately $394 a year, collision costs $784, and liability coverage costs $416. Liability-only insurance costs as little as $474 a year, with high-risk driver insurance costing around $3,814. Teenage 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:

Rate estimates include $500 policy deductibles, liability limits of 30/60, and includes both medical and UM/UIM coverage. Prices are averaged for all 50 U.S. states and M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Your location has a large influence on car insurance prices. Rural locations are shown to have a lower frequency of comprehensive and collision claims than densely populated cities.

The diagram below illustrates how geographic area affects auto insurance prices.

The examples above highlight why it is important to compare rates using their specific location and risk profile, rather than using average rates.

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

Rate Comparisons

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

• The best discount rate is $979
• Drivers who choose higher $1,000 deductibles will pay $1,484 every year
• The average rate for a good driver age 40 who chooses $500 deductibles is $1,752
• Using low $100 deductibles for comprehensive and collision insurance will increase the cost to $2,272
• High-risk insureds who are prone to accidents and violations could pay around $3,814 or more
• Policy cost for full coverage for a teenage driver can cost $6,376 a year

View Chart as Image

Auto insurance rates for a BMW M3 also range considerably based on your risk profile, the model of your M3, and physical damage deductibles and liability limits.

Older drivers with a good driving record and high deductibles may only pay around $1,600 per year on average, or $133 per month, for full coverage. Rates are much higher for teenagers, where even good drivers will have to pay in the ballpark of $6,300 a year. View Rates by Age

Your home state makes a big difference in BMW M3 insurance rates. A 40-year-old driver could pay as low as $1,340 a year in states like Vermont, New Hampshire, and Missouri, or be forced to pay as much as $2,500 on average in Louisiana, New York, and Michigan.

View Chart as Image

Using high physical damage deductibles could save up to $790 a year, while buying higher liability limits will push rates upward. Changing from a 50/100 limit to a 250/500 limit will raise rates by up to $375 extra every year. View Rates by Deductible or Liability Limit

If you have a few points on your driving record or tend to cause accidents, you are likely paying anywhere from $2,100 to $2,800 in extra premium every year, depending on your age. A high-risk auto insurance policy can cost around 44% to 134% more than a normal policy. View High Risk Driver Rates

Because rates have so much variability, the best way to figure out who has the best auto insurance rates is to get quotes and see how they stack up. Every company uses a different method to calculate rates, and quoted rates will be varied 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 the Best BMW M3 Insurance

Finding cheaper rates on auto insurance not only requires being a good driver, but also having good credit, paying for small claims out-of-pocket, and not having any coverage lapses. Invest the time to compare rates once a year by obtaining price quotes from direct car insurance companies like GEICO, Progressive, and Esurance, and also from insurance agencies where you live.

The following list is a brief recap of the data that was presented in the illustrations above.

• You may be able to save around $220 per year simply by quoting early and online
• Consumers who purchase an increased level of liability coverage will pay an extra $460 per year to go from a 30/60 limit to 250/500 limits
• Drivers age 16 to 20 have the highest car insurance rates, with premiums being up to $531 each month if they have full coverage
• Drivers who tend to receive serious violations could be forced to pay on average $2,060 more per year than a safer driver