BMW M3 Insurance Rates

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: May 4, 2024

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Average auto insurance rates for a BMW M3 are $1,766 annually including full coverage. Comprehensive insurance costs around $406 a year, collision costs $804, and liability costs around $398. A policy with just liability insurance costs as low as $460 a year, with coverage for high-risk drivers costing $3,842 or more. 16-year-old drivers receive the highest rates at $6,388 a year or more.

Average premium for full coverage: $1,766

Rate estimates for individual coverage type:

Comprehensive $406
Collision $804
Liability $398

Includes $500 deductibles, bodily injury liability limits of 30/60, and includes medical and UM/UIM coverage. Rates are averaged for all 50 U.S. states and M3 trim levels.

Price Range by Coverage and Risk

For a driver around age 40, prices range go from as cheap as $460 for just liability insurance to a high of $3,842 for a driver who has had serious violations or accidents.

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

Price Range by Location

Where you live can make a big difference on the price of insurance. Areas with sparse population tend to have fewer comprehensive and collision claims than congested cities.

The diagram below illustrates the difference between rural and urban areas on auto insurance rates.

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

These examples highlight why it is important to compare prices for a specific zip code and their own personal driving habits, instead of making a decision based on rate averages.

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.

More Rate Details

The chart below breaks down estimated BMW M3 insurance rates for additional coverage choices and driver risks.

  • The best full coverage rate is $988
  • Using higher $1,000 deductibles will save about $1,494 every year
  • The estimated rate for a 40-year-old driver using $500 deductibles is $1,766
  • Buying low $100 deductibles for physical damage coverage costs an additional $538 annually
  • High-risk insureds with multiple tickets or accidents could pay at least $3,842 or more
  • The cost with full coverage for a 16-year-old driver can be $6,388 or more

View Chart as Image

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

Insurance rates for a BMW M3 can also vary considerably based on the trim level of your M3, your driving characteristics, and deductibles and policy limits.

Older drivers with no violations or accidents and high physical damage deductibles may pay as low as $1,600 a year for full coverage. Rates are highest for teen drivers, where even without any violations or accidents they should be prepared to pay as much as $6,300 a year. View Rates by Age

If you like to drive fast or you caused a few accidents, you are likely paying at least $2,100 to $2,800 additional per year, depending on your age. A high-risk auto insurance policy can be from 44% to 133% more than the average rate. View High Risk Driver Rates

Opting for high physical damage deductibles could cut rates by as much as $810 annually, while buying higher liability limits will increase rates. Changing from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $358 more each year. View Rates by Deductible or Liability Limit

Where you live has a huge impact on BMW M3 insurance prices. A driver around age 40 might see rates as low as $1,360 a year in states like Missouri, New Hampshire, and Vermont, or at least $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

With so much variability in rates, the best way to figure out your exact price is to get quotes from multiple companies. Each insurance company utilizes a different rate formula, and rates can be significantly 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 the Cheapest BMW M3 Insurance

Saving money on insurance for a BMW M3 requires not taking risks behind the wheel, having good credit, not filing small claims, and taking advantage of discounts. Set aside time to compare rates every other policy renewal by quoting rates from direct car insurance companies like Progressive and GEICO, and also from your local independent and exclusive agents.

The following is a recap of the ideas that were covered above.

  • Teens are charged the highest rates, as much as $532 per month if they have full coverage
  • Drivers considered higher risk that have major violations or accidents may pay on average $2,080 more every year for M3 insurance
  • Increasing deductibles could save up to $800 each year
  • You may be able to save up to $220 per year simply by quoting early and online

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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