BMW M3 Insurance Rates

The average auto insurance rates for a BMW M3 are $1,766 annually for full coverage insurance. Comprehensive insurance costs approximately $406, collision costs $804, and liability costs $398. Buying just liability costs as little as $460 a year, with insurance for high-risk drivers costing $3,842 or more. Teen 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:

Price estimates include $500 comprehensive and collision deductibles, 30/60 liability coverage, and includes uninsured motorist and medical coverage. Prices are averaged for all 50 states and for all M3 models.

Price Range Variability

Urban vs. Rural Price Range

Your location can make a big difference on the price of auto insurance. Rural locations are shown to have fewer physical damage claims than larger metro areas.

The example below illustrates the difference between rural and urban areas on auto insurance prices.

The examples above illustrate why everyone should compare rates using their specific location and their own personal driving habits, instead of making a decision based on price averages.

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

Additional Rate Information

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

• The lowest rate with discounts is $988
• Drivers who choose higher $1,000 deductibles will pay $272 each year
• The estimated rate for a good driver age 40 who chooses $500 deductibles is $1,766
• Choosing pricier low deductibles for comprehensive and collision insurance costs an additional $538 annually
• Drivers with multiple violations and an at-fault accident could pay around $3,842 or more
• Policy cost with full coverage for a 16-year-old driver for full coverage can cost $6,388 a year

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Insurance rates for a BMW M3 also range considerably based on the model year and trim level, your risk profile, and physical damage deductibles and liability limits.

A more mature driver with a clean driving record and high physical damage deductibles may pay as low as $1,600 per year on average, or $133 per month, for full coverage. Rates are highest for teenagers, where even without any violations or accidents they can expect to pay in the ballpark of $6,300 a year. View Rates by Age

If you have a few points on your driving record or you caused a few accidents, you are probably paying anywhere from $2,100 to $2,800 extra every year, depending on your age. BMW M3 insurance for high-risk drivers can cost from 44% to 133% more than average. View High Risk Driver Rates

Choosing high deductibles could save up to $810 annually, whereas buying more liability protection will push rates upward. Switching from a 50/100 bodily injury limit to a 250/500 limit will raise rates by up to $358 more per year. View Rates by Deductible or Liability Limit

Your home state makes a big difference in BMW M3 insurance prices. A 40-year-old driver could pay as low as $1,160 a year in states like North Carolina, Wisconsin, and Vermont, or as much as $2,390 on average in Florida, New York, and Michigan.

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Because rates have so much variability, the only way to figure out who has the best car insurance rates is to regularly compare rates from multiple companies. Every company uses a different rate calculation, so the rates will be varied 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 Cheaper BMW M3 Insurance

Finding cheaper rates on insurance for a BMW M3 not only requires avoiding accidents and violations, but also having a good credit history, being claim-free, and maximizing policy discounts. Set aside time to compare rates every year by requesting quotes from direct insurance companies like Progressive, GEICO, and Esurance, and also from insurance agencies where you live.

The list below is a condensed summary of the coverage data covered above.

• It is possible to save around $220 per year simply by quoting online well ahead of the renewal date
• Increasing comprehensive and collision deductibles could save up to $800 each year
• Teenagers are expensive to insure, possibly costing $532 each month including comprehensive and collision insurance
• Drivers considered higher risk with multiple at-fault accidents could be forced to pay on average $2,080 more per year for car insurance