BMW M3 Insurance Rates

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How Much Does 2024 BMW M3 Insurance Cost?

Trying to find low cost Driverscar insurance is always challenging for people not familiar with online rate comparisons. Because there are so many insurers to choose from, it can quickly become a real hassle to locate the lowest price. It's a great practice to shop coverage around before your policy renews due to the fact that insurance prices change quite often. If you had the best price on M3 in...

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UPDATED: May 4, 2024

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U.S. average auto insurance rates for a BMW M3 are $1,766 annually including full coverage. Comprehensive costs on average $406 a year, collision costs $804, and liability insurance is $398. A policy with just liability insurance costs around $460 a year, with coverage for high-risk drivers costing around $3,842. Teenage drivers pay the highest rates at $6,388 a year or more.

Average premium for full coverage: $1,766

Price estimates by individual coverage:

Comprehensive $406
Collision $804
Liability $398

Price estimates include $500 deductibles, split liability limits of 30/60, and includes UM/UIM and medical coverage. Estimates are averaged for all 50 U.S. states and M3 trim levels.

Price Range from Low to High

For the average driver, BMW M3 insurance prices go from as cheap as $460 for a discount liability-only rate to a high of $3,842 for coverage for higher-risk drivers.

Liability Only $460
Full Coverage $1,766
High Risk $3,842

Geographic Price Range

Choosing to live in a large city has a significant impact on car insurance rates. Rural areas have fewer comprehensive and collision claims than densely populated cities.

The diagram below illustrates how location impacts car insurance rates.

Rural Areas $1,325
Small Cities $1,854
Large Cities $2,384

The ranges above highlight why it is important to compare rates quotes based on a specific location and their own personal driving habits, rather than relying on average rates.

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

Enter your zip code below to view companies based on your location that have cheap auto insurance rates.

Rates by State, City, and Model

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

  • The best discount rate is $988
  • Raising to $1,000 deductibles will save around $1,494 every year
  • The estimated rate for the average middle-age driver with $500 deductibles is $1,766
  • Using low $100 deductibles will cost $2,304
  • Higher-risk drivers who are prone to accidents and violations could pay upwards of $3,842 or more
  • The price with full coverage for a teen driver may cost $6,388

View Chart as Image

BMW M3 insurance cost comparison chart
Column chart showing full coverage BMW M3 insurance rates range from $988 to $6,388

Insurance prices for a BMW M3 are also quite variable based on the trim level and model year, your driving characteristics, and policy deductibles and limits.

Older drivers with a clean driving record and high physical damage deductibles could pay as little as $1,600 every 12 months on average for full coverage. Prices are much higher for teenage drivers, where even without any violations or accidents they can expect to pay upwards of $6,300 a year. View Rates by Age

If you have some driving violations or you caused a few accidents, you are likely paying at a minimum $2,100 to $2,800 extra each year, depending on your age. A high-risk auto insurance policy is expensive and can cost anywhere from 44% to 133% more than a normal policy. View High Risk Driver Rates

Using high physical damage deductibles can reduce prices by up to $810 each year, while buying higher liability limits will cost you more. Changing from a 50/100 bodily injury limit to a 250/500 limit will increase prices by as much as $358 more per year. View Rates by Deductible or Liability Limit

The state you live in also has a big influence on BMW M3 insurance rates. A middle-age driver might find 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.

BMW M3 Insurance Rates by State
State Premium Compared to U.S. Avg Percent Difference
Alabama $1,598 -$168 -9.5%
Alaska $1,356 -$410 -23.2%
Arizona $1,468 -$298 -16.9%
Arkansas $1,766 -$0 0.0%
California $2,014 $248 14.0%
Colorado $1,688 -$78 -4.4%
Connecticut $1,818 $52 2.9%
Delaware $2,000 $234 13.3%
Florida $2,210 $444 25.1%
Georgia $1,632 -$134 -7.6%
Hawaii $1,270 -$496 -28.1%
Idaho $1,196 -$570 -32.3%
Illinois $1,320 -$446 -25.3%
Indiana $1,330 -$436 -24.7%
Iowa $1,194 -$572 -32.4%
Kansas $1,680 -$86 -4.9%
Kentucky $2,412 $646 36.6%
Louisiana $2,616 $850 48.1%
Maine $1,092 -$674 -38.2%
Maryland $1,458 -$308 -17.4%
Massachusetts $1,414 -$352 -19.9%
Michigan $3,070 $1,304 73.8%
Minnesota $1,480 -$286 -16.2%
Mississippi $2,120 $354 20.0%
Missouri $1,570 -$196 -11.1%
Montana $1,900 $134 7.6%
Nebraska $1,394 -$372 -21.1%
Nevada $2,120 $354 20.0%
New Hampshire $1,276 -$490 -27.7%
New Jersey $1,976 $210 11.9%
New Mexico $1,566 -$200 -11.3%
New York $1,862 $96 5.4%
North Carolina $1,018 -$748 -42.4%
North Dakota $1,448 -$318 -18.0%
Ohio $1,220 -$546 -30.9%
Oklahoma $1,818 $52 2.9%
Oregon $1,618 -$148 -8.4%
Pennsylvania $1,686 -$80 -4.5%
Rhode Island $2,358 $592 33.5%
South Carolina $1,602 -$164 -9.3%
South Dakota $1,492 -$274 -15.5%
Tennessee $1,548 -$218 -12.3%
Texas $2,130 $364 20.6%
Utah $1,308 -$458 -25.9%
Vermont $1,210 -$556 -31.5%
Virginia $1,058 -$708 -40.1%
Washington $1,366 -$400 -22.7%
West Virginia $1,622 -$144 -8.2%
Wisconsin $1,224 -$542 -30.7%
Wyoming $1,574 -$192 -10.9%

View Chart as Image

BMW M3 insurance rates by U.S. city

Since prices can be so different, the best way to figure out exactly what you will pay is to get quotes from as many companies as possible. Every auto insurance company uses a different method to calculate prices, so the prices may be quite different between companies.

Insurance Rates by Trim Level and Model Year

BMW M3 Insurance Rates by Model and Trim Level
Model and Trim Annual Premium Monthly Premium
BMW M3 4-Dr Sedan $1,682 $140
BMW M3 CI 2-Dr Coupe $1,810 $151
BMW M3 2-Dr Convertible $1,810 $151

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.

BMW M3 Insurance Rates by Model Year
Model Year Comprehensive Collision Liability Total Premium
2024 BMW M3 $424 $810 $390 $1,782
2023 BMW M3 $406 $804 $398 $1,766
2022 BMW M3 $394 $784 $416 $1,752
2021 BMW M3 $380 $752 $430 $1,720
2020 BMW M3 $358 $726 $442 $1,684
2019 BMW M3 $344 $674 $452 $1,628
2018 BMW M3 $332 $634 $456 $1,580
2017 BMW M3 $318 $568 $460 $1,504
2016 BMW M3 $296 $522 $460 $1,436
2015 BMW M3 $286 $490 $464 $1,398
2013 BMW M3 $258 $424 $474 $1,314
2012 BMW M3 $252 $386 $478 $1,274
2011 BMW M3 $234 $354 $474 $1,220
2010 BMW M3 $220 $320 $474 $1,172
2009 BMW M3 $214 $288 $468 $1,128
2008 BMW M3 $210 $282 $460 $1,110
2006 BMW M3 $190 $254 $446 $1,048
2005 BMW M3 $182 $242 $442 $1,024

Rates are averaged for all BMW M3 models and trim levels. Rates assume a 40-year-old male driver, full coverage with $500 deductibles, and a clean driving record.

How to Buy Cheaper BMW M3 Insurance

Getting lower rates on BMW M3 insurance consists of not taking risks behind the wheel, having a good credit history, being claim-free, and bundling your home and auto policies. Spend time shopping around at least once a year by getting price quotes from direct car insurance companies like GEICO, Progressive, and Esurance, and also from several local insurance agents.

The following is a condensed summary of the primary concepts that were touched on above.

  • You may be able to save as much as $220 per year simply by quoting early and online
  • High-risk drivers with multiple at-fault accidents pay on average $2,080 more each year for M3 insurance
  • Increasing physical damage deductibles could save up to $800 each year
  • Teens pay the highest prices, possibly costing $532 a month including comprehensive and collision insurance

Rates by Driver Age

BMW M3 Insurance Rates by Driver Age
Driver Age Premium
16 $6,388
20 $4,104
30 $1,864
40 $1,766
50 $1,610
60 $1,580

Full coverage, $500 deductibles

Rates by Deductible

BMW M3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,304
$250 $2,054
$500 $1,766
$1,000 $1,494

Full coverage, driver age 40

Rates by Liability Limit

BMW M3 Insurance Rates with Different Liability Limits
Liability Limit Premium
30/60 $1,766
50/100 $1,890
100/300 $1,989
250/500 $2,248
100 CSL $1,929
300 CSL $2,148
500 CSL $2,308

Full coverage, driver age 40

Rates for High Risk Drivers

BMW M3 Insurance Rates for High Risk Drivers
Age Premium
16 $9,180
20 $6,530
30 $3,952
40 $3,842
50 $3,666
60 $3,636

Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident

If a financial responsibility filing is required, the additional charge below may also apply.

SR-22 Surcharge $253

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

Discount Savings
Multi-policy $96
Multi-vehicle $92
Homeowner $24
5-yr Accident Free $141
5-yr Claim Free $116
Paid in Full/EFT $88
Advance Quote $92
Online Quote $129
Total Discounts $778
Rate after discounts $988

Discounts are estimated and may not be available from every company or in every state.

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