The Cheapest Car Insurance for a BMW M3

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Drivers of the most recent BMW M3 model pay an average of $2,316 per year for car insurance, but you might find cheaper coverage if you shop around.

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Nerdy takeaways
  • The cheapest insurance company for a 2022 BMW M3 is Erie at $1,757 per year, on average.

  • The BMW M3 costs an average of $2,316 per year to insure.

  • That works out to a car insurance rate of $193 per month.

Why you can trust NerdWallet

Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analyses. You can trust the prices we show you because our data analysts take rigorous measures to eliminate outliers and inaccuracies in pricing data, which include rates from every ZIP code in the country where coverage is offered and data is available. Read our methodology.

Jump to your Model Year

The vehicle you drive plays a big role in determining how much you pay for auto insurance. Insurers set rates based on factors like how expensive a vehicle’s repair costs are, how often a car is broken into or stolen, and even the likelihood of a vehicle getting into an accident. The cheapest cars to insure usually don’t cost as much to repair after a claim, while those with higher repair costs — like luxury vehicles and sporty models — tend to be more expensive to insure.

Auto insurance rates vary by company, so shopping around and comparing quotes from multiple insurers is the best way to find cheap car insurance.

How much does BMW M3 insurance cost?

The average cost for BMW M3 insurance in 2022 is $193 per month, according to NerdWallet’s most recent analysis of full coverage insurance rates. But each model year will likely have different insurance costs. Check out the table below to see the average insurance cost by model year.

Year
Cost
2022$2,316
2021$2,250
2020$1,489
2019$2,273
2018$2,236
2017$2,115
2016$2,059
2015$1,962
2014$1,898
2013$1,856

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Cheapest insurance for a 2022 BMW M3

The average cost of car insurance for BMW M3 is $2,316 per year, but you may be able to find cheaper rates if you shop around and compare quotes from multiple insurance companies.

Here are the cheapest car insurance companies for a 2022 BMW M3.

Company
Cost
NerdWallet Rating
Erie$1,757
NerdWallet rating 

4.0

/5
USAA$1,827
NerdWallet rating 

4.0

/5
Travelers$1,941
NerdWallet rating 

5.0

/5
Auto-Owners Insurance$2,174
NerdWallet rating 

5.0

/5
Geico$2,177
NerdWallet rating 

4.5

/5

>> MORE: Estimate car insurance

Cheapest insurance for a 2021 BMW M3

Our analysis found that the average auto insurance cost for a BMW M3 is $2,250 per year, which is 2.97% less to insure than the 2022 model. But shopping around and comparing quotes from multiple insurers may help you get an even lower rate.

Here are the cheapest insurance companies for a 2021 BMW M3.

Company
Cost
NerdWallet Rating
Erie$1,693
NerdWallet rating 

4.0

/5
USAA$1,815
NerdWallet rating 

4.0

/5
Travelers$1,935
NerdWallet rating 

5.0

/5
American Family$2,044
NerdWallet rating 

5.0

/5
Nationwide$2,052
NerdWallet rating 

4.5

/5

>> MORE: Types of car insurance

Cheapest insurance for a 2020 BMW M3

The average car insurance rate for a 2020 BMW M3 is $1,489 per year, but you might find even cheaper rates by shopping around and comparing quotes from multiple insurance companies.

Here are the cheapest insurers for a 2020 BMW M3.

Company
Cost
NerdWallet Rating
State Farm$814
NerdWallet rating 

5.0

/5
Travelers$950
NerdWallet rating 

5.0

/5
American Family$1,123
NerdWallet rating 

5.0

/5
Geico$1,317
NerdWallet rating 

4.5

/5
Progressive$1,379
NerdWallet rating 

5.0

/5

>> MORE: Car insurance quotes: How to shop and compare online

Cheapest insurance for a 2019 BMW M3

NerdWallet’s analysis found that the average cost of insurance for a 2019 BMW M3 is $2,273. But you can typically find cheaper rates by shopping around and comparing quotes from multiple companies.

Here are the cheapest car insurance companies for a 2019 BMW M3.

Company
Cost
NerdWallet Rating
USAA$1,788
NerdWallet rating 

4.0

/5
Erie$1,906
NerdWallet rating 

4.0

/5
Geico$2,066
NerdWallet rating 

4.5

/5
Auto-Owners Insurance$2,127
NerdWallet rating 

5.0

/5
Nationwide$2,160
NerdWallet rating 

4.5

/5

>> MORE: The average cost of car insurance

Cheapest insurance for a 2018 BMW M3

The average cost to insure a 2018 BMW M3 is $2,236. But you might find even cheaper rates if you compare car insurance quotes from multiple companies.

Here are the cheapest insurers for a 2018 BMW M3.

Company
Cost
NerdWallet Rating
USAA$1,715
NerdWallet rating 

4.0

/5
Erie$1,837
NerdWallet rating 

4.0

/5
Geico$2,006
NerdWallet rating 

4.5

/5
Auto-Owners Insurance$2,044
NerdWallet rating 

5.0

/5
State Farm$2,129
NerdWallet rating 

5.0

/5

>> MORE: The cheapest full coverage car insurance

Cheapest insurance for a 2017 BMW M3

Nerdwallet’s analysis found that the average cost to insure a 2017 BMW M3 is $2,115. But you can likely get even cheaper rates if you compare quotes from a few different insurance companies.

Here are the cheapest insurers for a 2017 BMW M3.

Company
Cost
NerdWallet Rating
Erie$1,634
NerdWallet rating 

4.0

/5
USAA$1,732
NerdWallet rating 

4.0

/5
Auto-Owners Insurance$1,822
NerdWallet rating 

5.0

/5
American Family$1,877
NerdWallet rating 

5.0

/5
Geico$1,934
NerdWallet rating 

4.5

/5

>> MORE: The best cheap car insurance

Cheapest insurance for a 2016 BMW M3

A 2016 BMW M3 costs an average of $2,059 to insure, per year. But you might find cheaper rates by shopping around and comparing quotes from multiple companies.

Here are the cheapest insurers for a 2016 BMW M3.

Company
Cost
NerdWallet Rating
Erie$1,540
NerdWallet rating 

4.0

/5
USAA$1,602
NerdWallet rating 

4.0

/5
Auto-Owners Insurance$1,714
NerdWallet rating 

5.0

/5
American Family$1,833
NerdWallet rating 

5.0

/5
Travelers$1,920
NerdWallet rating 

5.0

/5

>> MORE: Cheap car insurance companies

Cheapest insurance for a 2015 BMW M3

Our analysis found that a 2015 BMW M3 will cost an average of $1,962. But shopping around and comparing quotes from multiple insurers may get you an even lower rate.

Here are the cheapest companies for a 2015 BMW M3.

Company
Cost
NerdWallet Rating
Erie$1,275
NerdWallet rating 

4.0

/5
USAA$1,390
NerdWallet rating 

4.0

/5
Auto-Owners Insurance$1,614
NerdWallet rating 

5.0

/5
American Family$1,730
NerdWallet rating 

5.0

/5
State Farm$1,844
NerdWallet rating 

5.0

/5

>> MORE: Your guide to car insurance discounts

Cheapest insurance for a 2014 BMW M3

Our analysis found that a 2014 BMW M3 costs an average rate of $1,898 per year to insure. But you could find even cheaper insurance if you shop around to compare quotes from multiple insurers.

Here are the cheapest car insurance companies for a 2014 BMW M3.

Company
Cost
NerdWallet Rating
Erie$1,185
NerdWallet rating 

4.0

/5
USAA$1,384
NerdWallet rating 

4.0

/5
State Farm$1,448
NerdWallet rating 

5.0

/5
Nationwide$1,492
NerdWallet rating 

4.5

/5
Auto-Owners Insurance$1,613
NerdWallet rating 

5.0

/5

>> MORE: How to save on car insurance

Cheapest insurance for a 2013 BMW M3

Our analysis found that a 2013 BMW M3 costs 24.77% less than a 2022 model, with an average rate of $1,856. But you can typically find even cheaper rates by comparing quotes from multiple insurance companies.

Here are the cheapest auto insurers for a 2013 BMW M3.

Company
Cost
NerdWallet Rating
Erie$1,143
NerdWallet rating 

4.0

/5
USAA$1,332
NerdWallet rating 

4.0

/5
State Farm$1,405
NerdWallet rating 

5.0

/5
Nationwide$1,458
NerdWallet rating 

4.5

/5
Auto-Owners Insurance$1,540
NerdWallet rating 

5.0

/5

>> MORE: The best cheap auto insurance

Other BMW models

Methodology

NerdWallet averaged insurance estimates for this vehicle in all ZIP codes in any of the 50 states and Washington, D.C., where rates are available. Our sample profile is a 35-year-old driver with good credit and no tickets or violations. Our “good” and “poor” credit rates are based on credit score approximations and do not account for proprietary scoring criteria used by insurance providers.

We averaged rates between male and female drivers and assumed 12,000 annual miles driven. These are average rates, and your rate will vary based on your personal details, state and insurance provider.

For full coverage policies, we used the following coverage limits:

  • $100,000 bodily injury liability per person.

  • $300,000 bodily injury liability per accident.

  • $50,000 property damage liability per accident.

  • $100,000 uninsured motorist coverage per person.

  • $300,000 uninsured motorist coverage per accident.

  • Collision coverage with a $1,000 deductible.

  • Comprehensive coverage with a $1,000 deductible.

Where required by law, minimum additional coverages were added. Some policies include additional coverages at the insurer’s discretion.

The analysis included the largest insurance companies in each state; smaller insurers were also included when rates were available. Although it’s one of the largest insurers in the country, Liberty Mutual is not included in our rates analysis due to a lack of publicly available information.

These are rates generated through Quadrant Information Services. Your own rates will be different.