- A BMW M3 is more expensive to insure than the average car.
- Full coverage for a M3 generally averages about $243 a month, while liability only insurance rates run around $83 monthly.
- Workmens provides the cheapest average premiums for a M3 with liability only coverage offered for as cheap as $42 per month.
In This Article
Based on reviewing thousands of auto insurance quotes from Compare.com, we've found that BMW M3 insurance prices run about $271 monthly, on average. But how does that stack up to other similar vehicles out there on the market?
|Current Base Price||$72,800|
|Trim Levels||COMPETITION, M3|
|Average Insurance Premium||$271/mo.|
|Cheapest Insurance Company||Workmens|
How Much is Car Insurance for a BMW M3?
|Vehicle||Liability Only||Full Coverage|
|All BMW Models||$84||$199|
|Average Insurance Premium||$81||$169|
In the table above, you'll find that when you compare the BMW M3 to other vehicles, insurance premiums are above average. M3 drivers can expect to pay around $83 a month for liability insurance, and about $243 per month for full coverage, which has comprehensive and collision coverages in addition to liability (our guide, "State Minimum vs. Full Coverage", can provide more details on these different types of insurance).
When you compare it to other BMW models, the M3 is more expensive, with prices around 22% higher than the rest of the manufacturer's vehicle offerings. Compared to offerings from other brands, car insurance for a M3 is more expensive than average, with full coverage insurance rates coming in at $66 higher than other cars and liability insurance premiums averaging exactly the same rates.
When compared to all vehicles, regardless of make, body style, or model, the M3 follows a similar pattern of having above average auto insurance rates.
Who has the Cheapest Car Insurance for a BMW M3?
|Insurance Company||Average Monthly Premium|
If you're searching for a new auto insurance policy for your BMW M3, you're likely wondering which company offers the lowest premiums. Although there will never be one carrier that offers the lowest rates for everyone, the lowest average rates for liability only insurance are sometimes just $39 a month from SafeAuto. With car insurance as low as just $42 a month, Workmens is the next most affordable car insurance company.
Rounding out the list are Clearcover, Hugo, and Mercury. That being said, just because these five carriers offer the cheapest average rates doesn't necessarily mean they'll give you the best rates for your BMW M3.
Insurance companies take a bunch of different factors into consideration when offering you rates. By pulling quotes from multiple insurance carriers at once, you can rest easy knowing that you're finding the cheapest rate.
What Factors Affect Car Insurance Rates for a BMW M3?
As we mentioned above, there are numerous variables that auto insurance companies consider to determine how much they charge for car insurance -- and each carrier weighs certain attributes more than others, so there's not one company that's the most affordable for everyone.
Here are just a few of the things car insurers will look at, with individual breakdowns of how each one affects your rates:
|Vehicle Age||Average Monthly Premium|
|Less than 1 Year||$85|
|15 Years or Older||$77|
The BMW M3 has been around for a while -- that means vehicle age will likely play a big role in what you end up paying for insurance. Normally, newer cars are going to cost more to insure because they're worth more, however, as time goes on and M3s begin to depreciate, insurance costs will gradually go down.
As you can see in the table above, the BMW M3 follows this trend, as the cheapest models to insure are those that are 4 to 5 years old, while the most expensive models are M3s that are 2 to 3 years old, on average.
|Age||Average Monthly Premium|
How old you are makes a significant difference in how much you pay for auto insurance. In the table above, you'll see that teenage M3 drivers pay more expensive prices compared to drivers who have more experience. In this case, drivers under 18 pay more than twice as much as those 25 or older.
Car insurance prices continue to go lower as you get older, with the cheapest age group being 55-64 for M3 drivers.
|Gender||Average Monthly Premium|
You may not know, but insurance is normally more expensive for men than for women. This is because men are more likely to get speeding tickets and get into collisions, which increases the chances of an insurance claim. When it comes to M3 drivers specifically, women pay about $20 less than men monthly for car insurance.
Where You Live
|State||Average Monthly Premium|
You were probably already aware that factors like what vehicle you drive and how old you are play a role in your insurance premiums, but you may not realize that where you live can be just as important. Because auto insurance is regulated on the state level rather than nationally, prices fluctuate quite a bit depending on what state you live in.
For example, the average BMW M3 driver in New York pays around $238 a month for liability coverage, while on average, the same owner from California will pay less than half of that price. The table referenced above shows average premiums for the top 10 most populous states, just to give you a good idea of how much rates can change between states.
BMW M3 Car Insurance Discounts
No matter how old you are, what car you drive, or what state you call home, it's always in your best interest to take advantage of as many car insurance discounts as possible when shopping around for a new policy.
Not every auto insurance carrier will offer the same discounts, but there are a few that are relatively universal. These include things like:
- Pay-in-full discounts for drivers who agree to pay their entire policy rate at once, rather than by monthly payments
- Multi-policy discounts for getting both your home and auto policies from the same company
- Multi-vehicle discounts for having several cars on your auto policy
- Defensive driving discounts for drivers who take a defensive driving class through a certified school or institution
While these are just a few of the discounts insurance carriers offer, there are countless other ways to save money on you monthly insurance bill. Some of the best ways to save are just by having a good driving record and positive insurance profile.
Even though you can't control every factor car insurance companies look at to calculate premiums (like some of the ones mentioned above), you can influence some of them. Below are just a few of the ones you can use in your favor in order to save on insurance:
Your Driving Record
|Infractions||Average Monthly Premium|
You've no doubt noticed ads from car insurance carriers promoting big savings for safe drivers. And you probably wouldn't be surprised that your auto insurance prices will increase if you get cited for speeding or get into an accident. But how much will they cost you?
As you can see from the table above, accidents will usually cost M3 drivers more than tickets, but both will cause a significant increase in rates. BMW M3 drivers with a single accident on their record pay about $106 each month (up $23 from the $83/mo. overall average), while drivers with one ticket will pay an average of $99 monthly. Those with more than one of either violation will end up paying even more.
How Much You Drive
|Annual Mileage||Average Monthly Premium|
Another variable that affects your car insurance rates is the total distance you drive annually. Drivers who are on the roads less are more likely to go accident-free, so they'll typically be offered cheaper premiums. In the above table, you can see that BMW M3 owners who drive 10,000 miles or more pay $84 for insurance, while those who drive fewer than 2,500 miles a year pay an average of $64 per month.
But if you don't drive much because you work from home or have a second vehicle, it may be worth learning about usage-based or pay-per-mile auto insurance. With these plans, you pay a small base rate each month, with your final monthly bill being calculated based on how many miles you drove.
How Do BMW M3s Compare to Other Vehicles?
If you're thinking about purchasing a BMW M3, it can pay off to do your homework. Auto insurance is just one cost that comes with a new car purchase, but it's certainly one that's worth taking into consideration.
Visit the table below to see how the BMW M3 stacks up:
|BMW M3||National Average|
|Full Coverage Insurance||$565||$169|
|Average Annual Mileage||10,553||11,617|
Liability insurance for a BMW M3 is about $18 per month less than average, while full coverage is over $50 more a month.
However, it is worth noting that the M3 drivers tend to use their cars less than the average American driver, with only 10,553 annual miles for the average owner.
BMW M3 Car Insurance Costs by Model Year
We've walked through many of the things that can have an impact on how much the average driver pays to insure a BMW M3. But if you're in thinking about buying a new car, truck, or SUV and the M3 is on your wishlist, knowing how much your vehicle will likely cost is extremely valuable as you weigh your choices.
2022 BMW M3 Car Insurance
|Liability Only Avg. Premium||$63|
|Full Coverage Avg. Premium||$565|
|Cheapest Insurance Company||Hugo - $63/mo.|
|Available Trims||COMPETITION, M3|
When it comes to insuring a M3, the average 2022 BMW M3 usually costs around $63 per month to insure for liability only and $565 monthly for full coverage. And if you want the lowest insurance possible, Hugo offers liability only policies for as little as just $63 a month.
While it's great to know the average price drivers pay for insurance, you'll never know exactly how much you'll pay without getting a personalized quote. With Compare.com, you can gather lots of quotes at once, all for free. Simply enter your ZIP code below, answer a few questions, and unlock your best rates in minutes.
2018 BMW M3 Car Insurance
|Liability Only Avg. Premium||$196|
|Full Coverage Avg. Premium||$325|
|Cheapest Insurance Company||SafeAuto - $32/mo.|
It costs about $196 per month for liability or $325 for a full coverage policy for the 2018 BMW M3.
With prices as little as $32 monthly, SafeAuto offered the cheapest policy we found for the 2018 BMW M3.
Want to know exactly what your auto insurance price will be? Enter your ZIP code below to get a variety of free customized quotes.
2017 BMW M3 Car Insurance
|Liability Only Avg. Premium||$74|
|Full Coverage Avg. Premium||$252|
|Cheapest Insurance Company||Mercury - $34/mo.|
On average, drivers who own a 2017 M3 can expect to pay $74 to $252 a month for liability only and full coverage insurance, respectively.
We found Mercury offered the lowest policy, with rates as cheap as just $34 monthly.
If you want to know exactly how much you can expect to pay for your M3, just enter your ZIP code below and get several free quotes in minutes.
2016 BMW M3 Car Insurance
|Liability Only Avg. Premium||$112|
|Full Coverage Avg. Premium||$277|
|Cheapest Insurance Company||MetLife - $20/mo.|
You can expect full coverage for a 2016 BMW M3 to run around $277 per month, while liability only coverage will average about $112 monthly.
MetLife has premiums sometimes as little as $20 a month for the 2016 BMW M3.
If you want to find the best prices for car insurance for a 2016 BMW M3, enter your ZIP code below and compare many personalized quotes in just a few minutes.
2015 BMW M3 Car Insurance
|Liability Only Avg. Premium||$79|
|Full Coverage Avg. Premium||$237|
|Cheapest Insurance Company||SafeAuto - $32/mo.|
2015 M3 drivers can expect to pay an average of $79 per month for liability or $237 for full coverage.
With rates as low as $32 a month, SafeAuto offered the most affordable policy we found.
Interested in what your insurance rate will be? Enter your ZIP code below to get multiple personalized quotes for free.
2013 BMW M3 Car Insurance
|Liability Only Avg. Premium||$99|
|Full Coverage Avg. Premium||$243|
|Cheapest Insurance Company||MetLife - $27/mo.|
The average cost to insure a 2013 BMW M3 with liability only coverage is $99 monthly, while full coverage runs around $243 per month.
If you're looking for the cheapest possible 2013 BMW M3 insurance policy, MetLife offered the lowest policy we found, with rates sometimes as low as $27 monthly.
While these are good estimates of what the average driver might pay to insure a 2013 BMW M3, these premiums might differ based on your driver profile. Get free personalized quotes in minutes by just entering your ZIP code below.
2012 BMW M3 Car Insurance
|Liability Only Avg. Premium||$103|
|Full Coverage Avg. Premium||$269|
|Cheapest Insurance Company||Workmens - $31/mo.|
You can expect full coverage for a 2012 M3 to run about $269 per month, while liability only coverage will average around $103 a month.
Looking for the most affordable policy? Workmens offered liability only coverage for sometimes as cheap as $31 per month.
If you want to know just how much your price will be, just enter your ZIP code below and get free quotes in minutes.
2011 BMW M3 Car Insurance
|Liability Only Avg. Premium||$86|
|Full Coverage Avg. Premium||$251|
|Cheapest Insurance Company||Mercury - $22/mo.|
The average cost to insure a 2011 BMW M3 with liability only coverage is $86 monthly, while full coverage runs about $251 a month.
Mercury offered the cheapest policy we found, with rates as low as just $22 per month.
If you want to find the best rates for auto insurance for a 2011 BMW M3, enter your ZIP code below and compare multiple personalized quotes in just a few minutes.
2010 BMW M3 Car Insurance
|Liability Only Avg. Premium||$48|
|Full Coverage Avg. Premium||$209|
|Cheapest Insurance Company||Workmens - $20/mo.|
It costs around $48 a month for liability or $209 for a full coverage policy for the 2010 M3.
Looking for the lowest policy? Workmens offered liability only coverage for sometimes as low as $20 monthly.
If you want more accurate quotes of how much you can expect to pay, just enter your ZIP code below and get free quotes in minutes.
BMW M3 Insurance FAQs
Is a BMW M3 expensive to insure?
Compared to the national average of all vehicles, prices come in on the more expensive end of the spectrum. Liability insurance runs an average of $83 per month, while full coverage will cost you around $243.
How can I get the best price on car insurance for my BMW M3?
The only way to confirm you're getting the cheapest price on car insurance is to regularly shop around and compare quotes from a bunch of companies. A good rule of thumb is to get quotes every 6 months or so. Luckily, sites like Compare.com let you compare rates from a wide array of carriers at once, meaning you can find the most affordable rates (or guarantee you already have the best deal) in just a few minutes.
Does the color of my BMW M3 affect my insurance prices?
You've probably heard that it is more expensive to insure red cars that silver or white vehicles, but that's actually not true. Even though there are several variables auto insurance companies think about when they offer premiums, your vehicle's color isn't one of them.
Do I need to have insurance before I buy a BMW M3?
You'll need to have valid insurance for your car before you can legally drive your it off the dealership lot. Some dealerships may offer you an insurance policy as part of the car-buying process, but the best thing to do when buying a an car is to let your auto insurance company know ahead of time.
What car insurance discounts can I get for my BMW M3?
There are a variety of discounts out there when it comes to insurance. Many of them (like "safe driver discounts" and "multi-vehicle discounts") are more based on you than the M3 you drive, but if your M3 has safety features like anti-theft systems, anti-lock brakes, airbags, and other features, it may qualify for certain discounts. To find out which discounts you might receive, talk with your insurance agent and ask about their discounts, since they change quite a bit from company to company.