BMW M3 Insurance Rates

The average insurance prices for a BMW M3 are $1,766 every 12 months including full coverage. Comprehensive insurance costs around $406, collision costs $804, and liability insurance is $398. Liability-only coverage costs around $460 a year, with high-risk coverage costing $3,842 or more. Teenage drivers cost the most to insure at $6,388 a year or more.

Average premium for full coverage: $1,766

Policy rates for type of insurance:

Full coverage includes $500 policy deductibles, liability coverage up to 30/60, and includes medical/PIP and uninsured motorist coverage. Prices are averaged for all 50 U.S. states and for different M3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Choosing to live in a large city has a significant impact on the price of insurance. Areas with sparse population are shown to have more infrequent comprehensive and collision claims than densely populated cities.

The price range example below illustrates how where you live affects auto insurance rates.

The examples above highlight why anyone shopping for car insurance should compare rates quotes for a specific zip code and their own driving history, rather than relying on average rates.

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

Additional Charts and Tables

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

• The best discount rate is $988
• Raising to $1,000 deductibles will save about $272 every year
• The average price for a good driver age 40 using $500 deductibles is $1,766
• Using more expensive low deductibles costs an extra $538 a year
• Higher-risk drivers who are prone to accidents and violations could pay at least $3,842 or more
• Policy cost to insure a teen driver with full coverage can be $6,388

View Chart as Image

Insurance rates for a BMW M3 also range considerably based on liability limits and deductibles, your driving characteristics, and the trim level and model year.

Using high physical damage deductibles can reduce rates by up to $810 each year, while increasing your policy's liability limits will increase rates. Changing from a 50/100 liability limit to a 250/500 limit will raise rates by up to $358 more each year. View Rates by Deductible or Liability Limit

An older driver with no violations or accidents and higher deductibles could pay as little as $1,600 every 12 months on average, or $133 per month, for full coverage. Rates are much higher for teenagers, since even excellent drivers should be prepared to pay as much as $6,300 a year. View Rates by Age

If you have a few points on your driving record or you were responsible for an accident, you are likely paying at least $2,100 to $2,800 additional every year, depending on your age. High-risk driver insurance is expensive and can cost anywhere from 44% to 133% more than a normal policy. View High Risk Driver Rates

Your home state also has a big influence on BMW M3 insurance rates. A middle-age driver might find rates 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

Because rates have so much variability, the best way to figure out your exact price is to compare rates from as many companies as possible. Every auto insurance company uses a different method to calculate rates, 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 Shop for More Affordable BMW M3 Insurance

Finding cheaper rates on BMW M3 insurance consists of being safe and accident-free, having above-average credit, paying for small claims out-of-pocket, and taking advantage of discounts. Take the time to comparison shop every time your policy renews by getting quotes from direct car insurance companies, and also from insurance agencies where you live.

Below you'll find a summary of the information touched on in the above illustrations.

• You may be able to save up to $220 per year simply by shopping early and online
• Youthful drivers are charged the highest rates, with premiums being up to $532 each month if full coverage is included
• Increasing comprehensive and collision deductibles could save as much as $800 each year
• High-risk drivers who have multiple accidents or major violations could be forced to pay on average $2,080 more every year than a low-risk driver
• Drivers who may need more liability protection will pay an extra $440 per year to raise from a 30/60 limit to a 250/500 level