BMW M3 car insurance: cost and quotes

How much does it cost to insure an M3?

Owning a BMW M3 means you're driving one of the most iconic performance sedans on the road — but with that power and precision often comes a steeper price tag for insurance. According to data from Quadrant Information Services, the average cost to insure a BMW M3 is $4,681. That’s 75 percent more than the national average for full coverage, which makes sense when you consider the M3’s high-performance engine, premium parts and repair costs and the kind of spirited driving it's known to inspire.

Of course, your rate isn’t just about the badge on the grille. Insurers weigh factors like the cost of replacement parts, the vehicle’s safety features and crash-test ratings and even theft risk when setting premiums. With a car like the M3, expect rates to reflect the blend of speed, luxury and engineering packed into every mile.

Cheapest car insurance companies for an M3

If you're insuring a BMW M3, shopping around could really pay off. Premiums for this high-performance luxury sedan can swing widely between carriers — and the difference could mean hundreds saved each year. To jumpstart your insurance shopping process, Bankrate analyzed average rates from top insurers to find companies offering the most competitive pricing for this model. These picks manage to keep premiums lower than the M3 average while still offering strong coverage choices, helpful discounts, solid customer service and financial reliability.

How much does it cost to insure my M3?

If you’re behind the wheel of a BMW M3, knowing what to expect for insurance costs can help you budget wisely. Rates can vary by provider, but the chart below highlights average premiums from major insurers to give you a solid starting point.

2023 M3 car insurance premium by carrier

Other car insurance coverage for an M3

When you’re insuring a high-performance vehicle, meeting just the state minimums probably won’t cut it. With a car built for speed, precision and luxury, protecting your investment means thinking beyond the basics. Even if you’re aiming to keep premiums manageable, it’s smart to build a policy that reflects the value — and potential risks — of a car like this.

Here are a few additional coverage options worth considering for M3 drivers:

• Collision insurance: With the M3’s power and agility, even skilled drivers aren’t immune to accidents. Collision coverage helps pay for repairs after a crash, no matter who’s at fault.
• Comprehensive insurance: Covers non-collision damage — think theft, vandalism or severe weather. Given the M3’s high profile, this protection could be essential.
• Gap insurance: If your M3 is financed or leased, gap coverage can help cover the difference between what you owe and what it’s worth if the car is totaled.
• OEM parts coverage: To preserve performance and value, original BMW parts are key. Some insurers offer this add-on to ensure replacements match factory specs.
• Roadside assistance and towing: Useful for performance cars that may not always respond well to extreme conditions — or the occasional flat tire or dead battery.

How to get an M3 car insurance quote

You can get an insurance quote for your car online, over the phone or in person, depending on the insurer. If you're in the market for a new vehicle, comparing quotes before you sign on the dotted line can help you determine how different models would fit into your budget. Here’s a step-by-step guide to gathering and comparing quotes:

• Gather personal details: You’ll likely be asked to provide your name, address, date of birth and driver’s license number, as well as the make, model and year of your car — and potentially the vehicle identification number (VIN). If you haven't purchased a car yet, you may be able to get sample quotes by providing an agent with the make and model. 
• Use online quote tools: To expedite the process of shopping around, you might consider using comparison websites or apps that allow you to get quotes from multiple insurers at once. Alternatively, go directly to insurance company websites and use their online quote tools to receive personalized quotes.
• Provide driver details and mileage: You could be asked for specific details about your vehicle, including add-on features or modifications. You might also need to provide your average annual mileage and how the vehicle is primarily used (e.g., for business purposes or personal use). Additionally, you’ll need to provide accurate information about all drivers who will be covered by the policy, including their driving history, age and relationship to you.
• Review quotes: Compare the quotes you receive, paying attention to coverage options, limits, deductibles and overall cost. Insurance experts also recommend reviewing customer service scores, financial strength ratings, digital tools and customer reviews to get a holistic view of how a carrier will meet your needs. 
• Select carrier and apply: Choose the insurance policy that best fits your needs and budget. Complete the application process by providing any additional required information and making your first premium payment.

Compare M3 with other similar cars

If you're shopping for a BMW M3, chances are you're also looking at other luxury performance sedans that blend high horsepower with refined comfort. Two popular competitors worth comparing are the Audi S5 and the Mercedes C-300. All three models offer bold styling, sharp handling and the kind of specs that get driving enthusiasts excited — but insurance costs, safety ratings and sticker prices can vary quite a bit.

Frequently asked questions

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. These are sample rates and should only be used for comparative purposes. Your quotes will differ.

If otherwise specified, the base profile has been modified with the following driver characteristics: