Why BMW M3 Insurance Costs So Much and What You Can Do

• Average BMW M3 insurance cost is $2,906 per year, or $242 per month for full coverage.
• When compared to other sports cars, the BMW M3 is one of the more expensive sports cars to insure, costing $248 more per year on average.

How much does BMW M3 insurance cost?

BMW M3 car insurance averages around $2,906 yearly, or $242 monthly. Overall, expect to pay about $248 more per year to insure a BMW M3 when compared to the average rate for all sports cars, and $630 more per year than the all-vehicle national average of $2,276.

The chart below shows how BMW M3 auto insurance rates can differ depending on driver age and comprehensive and collision deductibles. The prices shown are for an annual policy, and vary from the cheapest rate of $2,024 per year for a driver age 60 with a $1,000 policy deductible to the highest cost estimate of $6,862 per year for a 20-year-old driver with low policy deductibles.

The rate table below breaks down average insurance rates for a BMW M3 for the 2013 to 2018 model years and for different driver ages.

More rate data and insights

Additional car insurance rates and policy discounts as they relate to insurance costs on a BMW M3 include:

• The higher deductible you choose, the lower the policy cost. Raising your physical damage coverage deductibles from $500 to $1,000 could save around $476 per year for a 40-year-old driver and $932 per year for a 20-year-old driver.
• Low deductibles make insurance more expensive. Decreasing your deductibles from $500 to $250 could cost an additional $494 per year for a 40-year-old driver and $988 per year for a 20-year-old driver.
• Tickets and violations can cost a lot. If you want the cheapest BMW M3 car insurance, it’s necessary to obey traffic laws. Just a couple of traffic violations have the consequence of raising insurance costs by as much as $776 per year.
• Fewer accidents save money. Having a few at-fault accidents can really raise rates, potentially as much as $4,174 per year for a 20-year-old driver and as much as $868 per year for a 50-year-old driver.
• Prepare for sticker shock for high-risk insurance. For a 30-year-old driver, the need to buy a high-risk policy can cause a rate increase of $3,592 or more per year.
• Getting older pays dividends in cheaper insurance. The difference in 2018 BMW M3 insurance cost between a 60-year-old driver ($2,406 per year) and a 30-year-old driver ($3,104 per year) is $698, or a savings of 25.3%.
• Young males pay a lot more for insurance. For a 2018 BMW M3, a 20-year-old man pays an average rate of $5,874 per year, while a 20-year-old female driver will pay $4,204, a difference of $1,670 per year. The females get the cheaper rate by far. But by age 50, the rate for men is $2,568 and the rate for females is $2,506, a difference of only $62.

How do BMW M3 car insurance rates rank?

The BMW M3 ranks 16^th out of 21 total vehicles in the sports car segment for most affordable car insurance prices. The M3 costs an average of $2,906 per year for insurance and the class median rate is $2,658 per year, a difference of $248 per year.

When compared side-by-side to other vehicles in the sports car segment, auto insurance rates for a BMW M3 cost $792 more than the Subaru WRX, $578 more than the Ford Mustang, $304 more than the Dodge Challenger, and $444 more than the Chevrolet Corvette.

The next chart shows how well BMW M3 insurance rates fare against the best-selling sports cars. A table is also added following the chart that illustrates insurance rate comparisons for all 21 models in the sports car category.