BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year for full coverage insurance. Comprehensive costs an estimated $394, collision costs $784, and liability costs $416. Liability-only coverage costs as little as $474 a year, with high-risk coverage costing around $3,814. 16-year-old drivers cost the most to insure at $6,376 a year or more.

Average premium for full coverage: $1,752

Policy rates broken down by type of insurance:

These estimates include $500 comprehensive and collision deductibles, bodily injury liability limits of 30/60, and includes uninsured motorist and medical coverage. Prices are averaged for all 50 states and for different M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Your location can make a big difference on the price of insurance. More rural locations are shown to have lower incidents of physical damage claims than congested cities.

The price range example below illustrates how location helps determine insurance prices.

The examples above illustrate why anyone shopping for car insurance should compare rates for a targeted area, instead of making a decision based on rate 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 other coverage scenarios.

• The best full coverage rate is $979
• Drivers who choose higher $1,000 deductibles will pay approximately $268 each year
• The estimated price for a good driver age 40 who has $500 deductibles is $1,752
• Buying more expensive low deductibles for comprehensive and collision insurance bumps up the cost to $2,272
• Drivers with multiple tickets or accidents could pay up to $3,814 or more
• Policy cost that insures a 16-year-old driver with full coverage can cost as much as $6,376 a year

View Chart as Image

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

If you have a few points on your driving record or you caused an accident, you are probably paying $2,100 to $2,800 additional every year, depending on your age. High-risk driver insurance can cost from 44% to 134% more than the average rate. View High Risk Driver Rates

An older driver with no violations or accidents and higher comprehensive and collision deductibles may pay as low as $1,600 per year on average, or $133 per month, for full coverage. Rates are highest for teenagers, since even teens with perfect driving records should be prepared to pay at least $6,300 a year. View Rates by Age

Your home state makes a big difference in BMW M3 insurance prices. A 40-year-old driver could pay as low as $1,140 a year in states like North Carolina, Wisconsin, and Vermont, or at least $2,360 on average in Florida, New York, and Michigan.

View Chart as Image

Opting for high physical damage deductibles could save up to $790 annually, while increasing your policy's liability limits will increase premiums. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $375 more each year. View Rates by Deductible or Liability Limit

Because rates have so much variability, the only way to figure out which auto insurance is cheapest is to compare rates from multiple companies. Every company utilizes a different rate formula, 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 Cheap BMW M3 Insurance

Finding cheaper rates on insurance for a BMW M3 not only requires having a decent driving record, but also having a good credit score, being claim-free, and maximizing policy discounts. Comparison shop every other policy renewal by obtaining price quotes from direct insurance companies, and also from local insurance agencies.

The following items are a brief summary of the ideas that were covered in the charts and tables above.

• 16 to 18-year-old drivers are expensive to insure, possibly costing $531 each month if comprehensive and collision insurance is included
• Drivers considered higher risk that tend to have accidents or serious violations may have to pay on average $2,060 more annually than a driver with a clean driving record
• Increasing comprehensive and collision deductibles can save approximately $800 each year
• It is possible to save approximately $220 per year simply by shopping early and online