BMW M3 Insurance Rates

The average insurance rates for a BMW M3 are $1,752 a year for full coverage insurance. Comprehensive costs approximately $394 a year, collision costs $784, and liability is estimated at $416. Liability-only coverage costs approximately $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 by type of insurance:

Includes $500 physical damage deductibles, split liability limits of 30/60, and includes uninsured motorist and medical coverage. Prices are averaged for all 50 states and M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Living in a larger city can have significant affects on the price of auto insurance. Rural locations are shown to have lower incidents of physical damage claims than congested cities.

The diagram below illustrates how location helps determine auto insurance prices.

The examples above illustrate why it is important to get quotes using their specific location, instead of using 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 additional coverage and risk scenarios.

• The best full coverage rate is $979
• Choosing higher $1,000 deductibles can save $1,484 each year
• The estimated price for a good driver age 40 who chooses $500 deductibles is $1,752
• Buying low $100 deductibles for comp and collision coverage bumps up the cost to $2,272
• Unlucky drivers with multiple tickets or accidents could pay around $3,814 or more
• Policy cost that insures a teen driver can cost $6,376 each year

View Chart as Image

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

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

Older drivers with no violations or accidents and higher comprehensive and collision deductibles may pay as little as $1,600 annually 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 in the ballpark of $6,300 a year. View Rates by Age

Your home state plays a big part in determining prices for BMW M3 insurance prices. A good driver about age 40 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 can save as much as $790 every year, while buying higher liability limits will push rates upward. 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 who has the best car insurance rates is to get quotes and see which company has the best rate. Each auto insurer 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 the Cheapest BMW M3 Insurance

Finding cheaper rates on car insurance takes being a safe and courteous driver, having a good credit score, being claim-free, and qualifying for all possible discounts. Comparison shop at least once a year by getting quotes from direct insurance companies, and also from your local car insurance providers.

Below is a recap of the primary concepts that were covered in the charts and tables above.

• It is possible to save around $220 per year simply by quoting early and online
• Higher risk drivers that have major violations or accidents could be charged and average of $2,060 more per year for auto insurance
• Increasing comprehensive and collision deductibles can save approximately $800 each year
• Teenage drivers are the costliest to insure, possibly costing $531 each month if comprehensive and collision insurance is included