BMW M3 Insurance Rates

Average insurance rates for a BMW M3 are $1,752 a year including full coverage. Comprehensive insurance costs an estimated $394, collision costs $784, and liability is estimated at $416. Buying just liability costs approximately $474 a year, with insurance for high-risk drivers costing $3,814 or more. Teenage drivers receive the highest rates at $6,376 a year or more.

Average premium for full coverage: $1,752

Rate estimates broken down by individual coverage type:

These estimates include $500 deductible amounts, minimum liability limits, and includes additional medical/uninsured motorist coverage. Rates are averaged for all 50 U.S. states and for different M3 trim levels.

Price Range by Coverage and Risk

Price Range by Location

Living in a larger city can make a big difference on the price of auto insurance. More rural locations tend to have lower incidents of comprehensive and collision claims than densely populated cities.

The price range example below illustrates how where you live affects insurance prices.

These examples highlight why anyone shopping for car insurance should get quotes for a targeted area, instead of making a decision based on average rates.

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

Additional Rate Analysis

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

• The best discount rate is $979
• Choosing higher $1,000 deductibles can save approximately $268 every year
• The estimated price for a 40-year-old driver who has $500 deductibles is $1,752
• Using more expensive low deductibles for comp and collision coverage will cost an additional $520 annually
• Higher-risk drivers who are prone to accidents and violations could pay up to $3,814 or more
• The cost that insures a 16-year-old driver with full coverage can cost as much as $6,376 each year

View Chart as Image

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

If you like to drive fast or you caused an accident, you are likely paying $2,100 to $2,800 in extra premium per year, depending on your age. High-risk driver insurance ranges from 44% to 134% more than a normal policy. View High Risk Driver Rates

An older driver with a good driving record and higher comprehensive and collision deductibles may pay as low as $1,600 annually on average for full coverage. Rates are much higher for teen drivers, since even teens with perfect driving records will have to pay at least $6,300 a year. View Rates by Age

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 $1,340 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 can save as much as $790 annually, while increasing your policy's liability limits will increase premiums. Changing from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $375 extra every year. View Rates by Deductible or Liability Limit

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

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 Cheap BMW M3 Insurance

Saving money on insurance for a BMW M3 takes having a good driving record, maintaining a good credit score, not filing small claims, and qualifying for all possible discounts. Compare prices every couple of years by requesting quotes from direct car insurance companies like Progressive, GEICO, and Esurance, and also from your local car insurance providers.

The next list is a brief summary of the material that was touched on in the above illustrations.

• Insureds who want increased levels of liability coverage will pay an extra $460 per year to raise limits from a minimum limit to the 250/500 level
• Drivers age 20 and younger are the costliest to insure, as much as $531 per month if the policy includes full coverage
• Drivers considered higher risk that tend to have accidents or serious violations could be charged and average of $2,060 more annually to buy BMW M3 insurance
• Increasing deductibles can save approximately $800 each year