BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,766 a year for full coverage. Comprehensive costs on average $406 each year, collision costs $804, and liability insurance is $398. Liability-only coverage costs around $460 a year, with high-risk coverage costing around $3,842. Teenage drivers cost the most to insure at $6,388 a year or more.

Average premium for full coverage: $1,766

Policy rates by type of insurance:

Rate estimates include $500 physical damage insurance deductibles, minimum liability limits, and includes medical and uninsured motorist coverage. Prices are averaged for all states and M3 models.

Price Range Variability

Urban vs. Rural Price Range

Choosing to live in a large city has a significant impact on car insurance rates. Rural areas are shown to have lower incidents of accident claims than densely populated cities.

The graphic below illustrates how location impacts car insurance rates.

The examples above show why all drivers should compare rates quotes based on a specific location, rather than relying on average rates.

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

Detailed Rate Analysis

The chart below shows estimated BMW M3 insurance rates for different risk profiles and scenarios.

• The best discount rate is $988
• Raising to $1,000 deductibles will save around $272 a year
• The estimated price for a good driver age 40 with $500 deductibles is $1,766
• Using low deductibles bumps up the cost to $2,304
• Higher-risk drivers who are prone to accidents and violations could pay upwards of $3,842 or more
• Policy cost that insures a teen driver may cost $6,388

View Chart as Image

Insurance rates for a BMW M3 also range considerably based on the trim level and model year, how you drive, and policy deductibles and limits.

If you have a few points on your driving record or you caused an accident, you could be paying at a minimum $2,100 to $2,800 additional every year, depending on your age. Insurance for high-risk drivers is expensive and can cost anywhere from 44% to 133% more than a normal policy. View High Risk Driver Rates

More mature drivers with no violations or accidents and higher comprehensive and collision deductibles could pay as little as $1,600 every 12 months on average, or $133 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records should be prepared to pay upwards of $6,300 a year. View Rates by Age

Your home state also has a big influence on BMW M3 insurance rates. A middle-age driver might find rates as low as $1,170 a year in states like Idaho, Maine, and Iowa, or be forced to pay as much as $2,520 on average in Michigan, Louisiana, and New York.

View Chart as Image

Using high physical damage deductibles can reduce rates by up to $810 each year, whereas increasing liability limits will cost you more. Going from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $358 more each year. View Rates by Deductible or Liability Limit

Because rates have so much variability, the only way to know exactly what you will pay is to do a rate comparison from as many companies as possible. Every auto insurance company uses a different method to calculate rates, 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 Find the Best BMW M3 Insurance

Finding cheaper rates on BMW M3 insurance consists of being a low-risk driver, having a good credit score, avoid buying unnecessary coverage, and insuring your home and auto with the same company. Compare prices every couple of years by quoting rates from direct carriers, and also from local exclusive and independent agents.

The items below are a brief recap of the material that was touched on above.

• Drivers who require more liability coverage will pay an extra $440 each year to raise from a 30/60 limit to the 250/500 level
• Teen drivers pay higher rates, costing up to $532 each month if comprehensive and collision insurance is included
• High-risk drivers who tend to receive serious violations may pay on average $2,080 more each year to insure their M3
• Increasing comprehensive and collision deductibles can save approximately $800 each year