BMW M3 Insurance Rates

Estimated auto insurance rates for a BMW M3 are $1,766 annually including full coverage. Comprehensive insurance costs on average $406 each year, collision costs $804, and liability costs around $398. Liability-only insurance costs as low as $460 a year, with high-risk driver insurance costing $3,842 or more. Teenage drivers pay the most at $6,388 a year or more.

Average premium for full coverage: $1,766

Premium estimates by type of coverage:

Rates are based on $500 policy deductibles, minimum liability limits, and includes both medical and UM/UIM coverage. Rates include averaging for all 50 U.S. states and M3 models.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Where you live can have significant affects on car insurance rates. Rural areas are statistically proven to have fewer comprehensive and collision claims than densely populated cities.

The graphic below illustrates the difference between rural and urban areas on car insurance rates.

These rate differences highlight why all drivers should compare prices based on a specific location and their own personal driving habits, instead of using average rates.

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

Rate Comparisons

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

• The best discount rate is $988
• Using higher $1,000 deductibles will save around $272 every year
• The estimated rate for a 40-year-old good driver with $500 deductibles is $1,766
• Using low deductibles for physical damage coverage costs an additional $538 every year
• Drivers who are prone to accidents and violations could pay upwards of $3,842 or more
• An auto insurance policy with full coverage for a teen driver may cost $6,388 or more

View Chart as Image

Insurance prices for a BMW M3 also have a wide range based on the model of your M3, your driving characteristics, and policy deductibles and limits.

More mature drivers with no violations or accidents and high physical damage deductibles may pay as little as $1,600 a year, or $133 per month, for full coverage. Prices are much higher for drivers in their teens, where even without any violations or accidents they should be prepared to pay upwards of $6,300 a year. View Rates by Age

If you have a few violations or you caused a few accidents, you are likely paying at a minimum $2,100 to $2,800 additional annually, depending on your age. Insurance for high-risk drivers can be as much as 44% to 133% more than a normal policy. View High Risk Driver Rates

Using high physical damage deductibles could cut prices by as much as $810 every year, whereas increasing liability limits will cost you more. Changing from a 50/100 bodily injury limit to a 250/500 limit will cost up to $358 more each year. View Rates by Deductible or Liability Limit

Where you choose to live has a huge impact on BMW M3 insurance prices. A driver around age 40 might see prices as low as $1,360 a year in states like Missouri, New Hampshire, and Vermont, or be forced to pay as much as $2,520 on average in Michigan, New York, and Louisiana.

View Chart as Image

With such a large range in prices, the best way to figure out exactly what you will pay is to do a rate comparison and see which company has the best price. Each insurance company uses a different method to calculate prices, and prices will be substantially different 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 the Best Cheap BMW M3 Insurance

Finding better rates on car insurance requires avoiding accidents and claims, having good credit, refrain from filing small claims, and insuring your home and auto with the same company. Set aside time to compare rates every couple of years by quoting rates from direct car insurance companies, and also from several local insurance agents.

The points below are a quick review of the material that was covered above.

• Policyholders who require increased liability limits will pay an extra $440 per year to increase from 30/60 bodily injury limits to higher 250/500 limits
• Drivers under the age of 20 pay higher prices, with the cost nearing $532 per month if they have full coverage
• Higher risk drivers with a DUI or reckless driving violation pay on average $2,080 more each year to insure a BMW M3
• Increasing policy deductibles could save up to $800 each year