BMW M3 Insurance Rates

U.S. average insurance rates for a BMW M3 are $1,752 a year for full coverage insurance. Comprehensive insurance costs approximately $394, collision costs $784, and liability coverage is estimated at $416. Buying just liability costs approximately $474 a year, with insurance for high-risk drivers costing $3,814 or more. 16-year-old drivers pay the highest rates at $6,376 a year or more.

Average premium for full coverage: $1,752

Price estimates by individual coverage:

Includes $500 comprehensive and collision deductibles, minimum liability limits, and includes medical and uninsured motorist coverage. Estimates are averaged for all 50 states and for different M3 trim levels.

Price Range from Low to High

Geographic Price Range

Living in a larger city has a large influence on the price of auto insurance. Rural locations have lower incidents of physical damage claims than congested cities.

The price range example below illustrates how rural and urban location affects auto insurance prices.

The ranges above illustrate why anyone shopping for car insurance should get quotes using their specific location, rather than using rate averages.

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

Detailed Rate Analysis

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 $268 each year
• The estimated price for the average middle-age driver who chooses $500 deductibles is $1,752
• Buying more expensive low deductibles for comp and collision coverage will cost an additional $520 each year
• Drivers with multiple tickets or accidents could pay around $3,814 or more
• The price that insures a teenage driver with full coverage can cost $6,376 each year

View Chart as Image

Insurance prices for a BMW M3 are also quite variable based on the model year and trim level, your age and driving record, and physical damage deductibles and liability limits.

If you have some driving violations or you caused an accident, you are probably paying anywhere from $2,100 to $2,800 additional each year, depending on your age. High-risk driver insurance ranges around 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 only pay around $1,600 annually on average for full coverage. Prices are highest for teenage drivers, since even teens with perfect driving records should be prepared to pay in the ballpark of $6,300 a year. View Rates by Age

The state you live in plays a big part in determining prices for BMW M3 insurance rates. 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 a year, while increasing your policy's liability limits will push prices upward. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $375 more each year. View Rates by Deductible or Liability Limit

Since prices can be so different, the only way to figure out who has the best car insurance prices is to compare prices and see how they stack up. Each auto insurer utilizes a different rate formula, and prices may be quite different.

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

Getting lower rates on auto insurance takes having a decent driving record, having a good credit score, not filing small claims, and qualifying for all possible discounts. Comparison shop every couple of years by requesting quotes from direct insurance companies, and also from your local car insurance providers.

The following items are a recap of the material that was raised in the charts and tables above.

• Consumers who purchase additional liability coverage will pay around $460 annually to raise limits from a low limit to the 250/500 level
• 16 to 18-year-old drivers are the costliest to insure, as much as $531 a month if comprehensive and collision insurance is included
• Drivers that have major violations or accidents could be charged and average of $2,060 more per year than a driver with a clean driving record
• Increasing physical damage deductibles can save approximately $800 each year