BMW Car Insurance

Bayerische Motoren Werke AG, also known as BMW, is a German multinational car manufacturing company founded in 1916. Initially, it used to produce aircraft engines until 1918 and again from 1933 to 1945. Eventually, it became the world’s fourteenth-largest manufacturer by introducing luxury vehicles and motorcycles. It produced around 22 lakh vehicles as of 2017.

The company also has a remarkable history in motorsport events like Formula One, Isle of Man TT etc. Owing to BMW car’s top-notch features, the company sold around 21 lakh units till 2019 as per BMW’s annual reports.

Additionally, Indian buyers can have a BMW driving experience thanks to its sales subsidiary established in 2006. The manufacturing plant of BMW’s Indian subsidiary produces models like BMW 3 Series, BMW 5 Series, BMW 6 Series, BMW 7 Series, and more. Starting from 2012 till 2020, it sold around 90,000 units across India.

If you still drive a BMW model or plan to purchase one, you should obtain proper BMW car insurance. Like other vehicles, your BMW car is susceptible to risks and damages resulting from an accident. In such a case, repairing the damaged parts can be an expensive affair. To avoid paying out of your pockets, you can get valid BMW car insurance online.

Several insurers in India provide both third-party and comprehensive insurance for BMW cars. You should consider obtaining at least a third-party insurance plan in order to avoid penalties as the Motor Vehicles Act, 1988, mandates it. Moreover, you can get a comprehensive insurance plan to avail of overall coverage for your BMW car.

When choosing car insurance for BMW, you should factor in a number of pointers that will fetch maximum benefits. Some of the factors include policy premium, network garages, claim procedure etc. To make an informed decision, you should compare various plans from different providers online.

In this regard, you can choose insurance providers like Digit due to its affordable BMW car insurance price and other service benefits.

Following are the Add-ons for BMW Car Insurance:

• Zero Depreciation Cover
• Return to Invoice Cover
• Tyre Protect Cover
• Breakdown Assistance
• Consumable Cover
• Engine and Gear-box Protection Cover
• Daily Conveyance Benefit
• Key and Lock Protect
• Loss of Personal belongings
• Pay as you drive Cover
• EV Shield Add-on Cover

Not very old but having completed more than a decade of its operations, BMW has made a strong foothold in the growing auto sector in India. Keeping in mind the huge market segment, this German car manufacturer started its operations in the year 2006 with the manufacturing plant in Chennai. BMW is a renowned brand across the globe for its high-quality engineering. They introduced their cars to satisfy the demands of luxury cars by the rich and affluent. Made for the elite class, the price will not surprise anyone. It is a complete value for money with the latest features, design, and safety.

At present, BMW pleases its Indian customers with its exquisite 13 car models. Out of these, you have five SUV/MUV lines, six in the Sedan category, one in the Coupe Category, and one in Convertible line. The range of the BMW cars starts from Rs.35.19 lakhs and for the top-line models, it starts from Rs.1.55 crores.

BMW assures the Indian buyers for its high-quality performance cars. It has brought the brand a lot of praise and accolades. Recently, in the Tech and Auto Awards 2019, BMW X7 has been awarded as the winner of the “Luxury Car of the Year Award”. BMW X7 was launched last year replacing X5.

Buying such an expensive car takes it all from you. The cost of maintenance and service can tax your pockets heavily. When you know of incurring such costs anytime, it is better to think of getting car insurance for BMW. But before that, you should consider some valid points to even buy BMW.

Top Reasons to Choose BMW Cars?

When you are thinking of buying a premier segment car, BMW would top the list of choices. Let us look at the reasons to buy BMW cars.

• Extreme Driving Pleasure: BMW cars are made with unrivalled innovations. Each model is manufactured with automotive brilliance which offers sheer driving pleasure.
  
• Fuel-Efficient: A BMW car may be expensive but each comes with the Efficient-Dynamic packages. It is to improve the fuel efficiency of the car thereby making it environmentally friendly.
  
• Technology Driven: BMW is powered by ConnectedDrive that offers information on traffic and helps you stream music endlessly. All the cars from BMW are all-wheels-driven which takes you easy on hilly terrain also.
  
• Luxury Defined: BMW makers have offered 13 models in the Indian market. Considering your need you can choose from the Sedan type to the latest X7 SUV, luxury is guaranteed with every model.
  

The exorbitant price of BMW cars can take too much of your savings. Though the car is completely worth it. But you should also think about the regular service which the car will demand. It will be an additional cost incurred. Damage other than this may be disturbing. Hence, buying insurance will be useful. The car insurance policy is important because:

• Makes you Legally Compliant: The Third-party Car Insurance policy has been made mandatory as per the Motor Vehicle Act. Failing to do so, the owner or driver will be liable to pay a penalty of ₹2000/-.
  
• Helps You Recover Own Damage Expenses: The Car Insurance Policy is a complete saviour at the time of distress. If your BMW suffers from any kind of damage due to accident, natural calamities, fire, and theft, the comprehensive policy will pay for the repairs. In the absence of the policy, you will have to bear the cost.
  
• Pays for Your Third-Party Legal Liabilities: If you hurt a third party and damage their property by your BMW, you will be liable to pay for losses. The Car Insurance Policy will pay for such losses on your behalf. 
  
• Enables You to Buy Add-on Covers: Losses caused from reasons other than an accident, natural calamity, fire, and theft such as damages to the tyres in non-accidental situations are not covered under a Car Insurance Policy. You can choose to buy add-ons to avail the extended coverage.
  

Factors that Affect BMW Car Insurance Premium

Some factors that affect the premium for you BMW Car Insurance include:

• Geographical Location: If you buy your BMW in a metropolitan area then your premium will be higher. It is because the number of cars is more in bigger cities which increases the probability of a mishap.
  
• Manufacturing and Registration Dates: For a new BMW, you would look for a greater extent of coverage. It is because if the new car gets damaged, the cost of repairs will be high. Instead, for an older vehicle, the cost of replacement of the parts and repairs can get cheaper with time. Hence, the age of the vehicle governs the car insurance premium. 
  
• Types of Insurance Plans: For a Comprehensive Cover, the premium will be more as it will include coverage for Own Damage and Third-Party Legal Liability. On the other hand, for a standalone Third-Party Liability Cover, the premium will be comparatively less.
  
• No Claim Bonus: If in the first year you do not file any claim for your BMW, then at the time of renewal you will earn a No Claim Bonus. NCB is a benefit offered by the insurance company. It helps to reduce the premium by some percentage like for first-year you get an NCB of 20%.
  
• Age of the Car: With the passage of time, the depreciation value on your car increases. So,  the IDV of the car also will decrease with time. This may lead to a drop in the premium amount.
  
• Add-On Covers: Add-on covers come with some additional payment. If you buy these covers, then the premium will increase slightly.
  
• Voluntary Deductible: Choosing a deductible under your BMW Car Insurance means you agree to bear a part of the cost of repairs if there arises any. Higher voluntary deductible means a lower premium.
  
• Engine Capacity: Car Insurance Premium is affected by the Engine Capacity of the Car. Third-Party component of the Premium is dependent on the cubic capacity. Higher the Engine CC, higher will be the premium. 
  

You should choose Digit Insurance over other insurance companies in the market. Here is why:

• Choice of Insurance Covers: Digit Insurance offers both Comprehensive Car Insurance as well as Third-Party Liability Policy. The former protects the insured for unexpected financial expenses that arise for Own Damage or Third-Party Liability. Whereas a Standalone Third-Party Cover only pays for bodily injury or property damage to third party liability. The personal accident policy is also made mandatory.
  
• Online Procedure: From buying to filing a claim, all procedures are online in Digit Insurance. This insurance company allows its customers to easily buy the insurance policy of their choice and upload claim documents online at their end. It has, in turn, made the insurance process faster and convenient.
  
• Widen the Policy with Add-on Covers: Digit Insurance allows you to buy some additional covers paying minimal extra premium. The basic car insurance policy protects your car from losses that may arise due to accidental happenings or natural events that are out of control. As BMWs are expensive, the Return to Invoice add-on is a must, because with this add-on Digit will pay you the on-road price of the car in case of theft or damage beyond repair. For BMW, you can buy a Zero Depreciation Cover. It will aid you in saving the cost of repair for spare parts made of rubber, fibre, and glass. In the absence of this add-on, you will have to bear the cost of depreciation from your pocket. Other than these add-on covers you can consider choosing Engine and Gearbox Protection Cover, Passenger Cover, Breakdown Assistance Cover, Tyre Protect Cover, and Return-to-Invoice Cover.
  
• Customizable IDV: The online portal of Digit Insurance allows you to choose the IDV from the available limit. For a lower IDV lower you will pay a lesser premium.
  
• Super-Fast Claim Process: The claims are processed within minutes. The process is smartphone-enabled and based on self-inspection.
  
• Excellent After Sales Service: At the time of any claim of a car insured with Digit Insurance, you will realize the claim and associated services are very convenient with a large network of cashless garages. Door-step pick-up and drop are added advantages.
  

Looking to reduce the premium paid towards your BMW’s insurance? 

Following are a few ways to do so! 

• Choose a Higher Deductible: With your BMW insurance, you will be required to pay a compulsory deductible as per IRADAI directives. Alongside this, you can choose to pay voluntary deductibles during a claim, by virtue of which you can reduce the premium paid towards the policy. 

• Avoid Making Small Claims: If you make claims for small damages, you miss your NCB and consequently do not enjoy any discounts on your premium. Therefore, if your car’s repair is not costing you much, it is better to avoid making claims. 

• Compare Premiums: Make sure you conduct proper research and choose the most affordable policy in the market. In this respect, Digit’s BMW insurance policy (starting at Rs.2702) is cost-effective and offers maximum benefits.  

These are, thus, a few ways through which you can lower the premium for your BMW insurance purchase or renewal. 

However, make sure you do not compromise on your policy benefits while seeking lower premiums payable! 

Happy driving!