BMW Car Insurance

Bayerische Motoren Werke AG, or BMW, is a German-based luxury automobile company. In India, BMW car prices are in the range of ₹ 47.25 Lakhs- ₹ 2.49 Crore. With the 2022 BMW X1, X3 and 3 Series vehicles earning 5-Star Overall Safety Ratings in the NHTSA Crash Test, BMW cars are a dream car for many Indians. But when it comes to driving high-end vehicles, Indian roads certainly do not comply. Hence, it is best to buy BMW insurance to protect your vehicle financially in case of accidents, theft, or loss due to man-made or natural disasters.

Here is a list of some of the most popular BMW cars and the BMW insurance cost in India:

Here are the steps you can follow to buy new car insurance for your luxurious BMW vehicle:

1. Visit the ‘Car Insurance Premium Calculator’ page on Bajaj Markets.

2. Fill in the necessary details like your mobile number and your BMW car’s registration number.

3. Provide all the details about your car.

4. Pick the BMW insurance based on your needs.

5. Pay the car insurance premium online.

 

Upon successful payment, your BMW car insurance policy will be sent to your email address.

To continue reaping the benefits of your BMW insurance, you must renew the policy. Just follow the steps given below:

 

1. Visit the ‘Car Insurance’ section on your insurance provider’s official website.

2. Enter your car’s registration number and mobile number and details of your previous policy

3. Check your BMW insurance renewal premium.

4. Make the payment online.

5. Download the policy copy.

BMW cars are a symbol of luxury and comfort. The cost of BMW car maintenance is extremely high, and any damage due to an unfortunate incident can burn a hole in your pocket. For example, it will cost you anywhere between ₹1.5 Lakh to ₹2 Lakhs to replace the headlights assembly for a BMW 3 series car. Buying a BMW insurance policy will protect your finances by paying for a major part of your repair costs. Moreover, it is mandatory to have a car insurance plan to legally drive on Indian roads.

In India, you can opt for a third-party car insurance plan or a comprehensive car insurance plan for your BMW vehicle.

• Third-Party Car Insurance

A third party car insurance is mandatory by law under the Motor Vehicles Act, 1988. However, the policy is known to cover third-party liabilities only. Hence, the premium charges are easy on the pocket. The coverage protection of such policies is not extended to you or your BMW car in any unfortunate event. If you are looking to buy an extensive cover for your vehicle, it is recommended to buy a comprehensive car insurance policy.

• Comprehensive Car Insurance

A comprehensive car insurance plan for BMW cars will cover third-party liabilities as well as damages to your own vehicle, and that’s why the premium for such policies is higher as compared to third-party car insurance. You can extend the scope of your comprehensive car insurance policy with add-on benefits. Having comprehensive BMW insurance ensures your vehicle is protected against any unfortunate event at all times.

Third-party car insurance covers any damages to a third party that is caused by your insured BMW vehicle. These include physical injuries, damages to property, damages to the vehicle, and death. On the other hand, comprehensive car insurance policies include damages caused to your insured vehicle, third-party liabilities, repair and replacement expenses, etc.

When buying a comprehensive BMW insurance, you can purchase add-on covers that can extend the scope of insurance protection for your vehicle. These add-ons are optional, and you can choose the ones that are most needed.

Here are some of the add-on covers available under comprehensive BMW car insurance:

• Zero Depreciation

With a zero-depreciation car insurance add-on cover, depreciation is not factored in during claim settlement. However, without this cover, the compensation paid is as per the current market value of the BMW car. With the zero depreciation cover, you can get the complete amount in compensation.

• Return to Invoice

This add-on cover will ensure you receive the complete invoice value of your BMW vehicle in case it is stolen or lost. The insurer will compensate you for the actual value of the vehicle along with the registration charges and road tax.

• No-Claim Bonus Cover

Whenever you file a claim, you lose the NCB that you earned on your car insurance plan. However, with the NCB protection cover, the NCB stays applicable even after making a claim.

• Consumable Expenses Cover

This covers the costs incurred for the repair or replacement of consumables in your BMW car that are used for the proper functioning of the vehicle’s engine and other parts. These items include engine oil, gearbox oil, nuts and bolts, screws, distilled water, grease, brake oil, oil filter, bearings, washers, AC gas, etc.

• Engine and Tyre Secure

With this cover, you are adding safety to your engine and tyres. So, in case of replacement/repair, the insurer will compensate you for the expenses incurred. Also, any damage to the internal parts, such as the engine, gearbox, and transmission, is covered.

BMW insurance ensures all-around protection in case of unfortunate accidents or car theft. While getting BMW insurance is the first step to security, the next crucial step is understanding how claims are registered.

 

Typically, we have two types of BMW car insurance claims:

• Claim Cashless Car Insurance for BMW Cars

Cashless claim in car insurance under which you can get your car with accidental damages repaired at the nearest network garage. The expenses for these repairs will be taken care of by the insurer directly with the garage.

• Claim Reimbursement for BMW Cars

In case of reimbursement claims, you can get your BMW car fixed at your preferred garage, pay the expenses, and raise a claim against your policy. Upon claim approval, the settlement amount is transferred to your bank account (after subtracting deductibles, if applicable).

 

The documents that you need for claiming your BMW insurance:

 

• BMW car insurance policy document

• BMW car details

• Insurer details

• Details of the incident

• FIR copy in case of theft

• Original bills and receipts of vehicle repair

Here are some tips and tricks you can use to reduce the insurance cost for your BMW:

• Install Anti-Theft Devices in Your BMW Car

You can lower your car insurance premium by installing anti-theft devices authorised by the Automotive Research Association of India (ARAI). These devices include gear locks, anti-theft alarms and steering locks, etc.

• Compare Insurance Premiums

You must compare the premium quotes for the car insurance policies offered by various insurance companies to get the best plan that suits your needs!

• Use No Claim Bonus Rewards

Earn No Claim Bonus (NCB) rewards and get a cost-effective renewal premium on your car insurance policy by making zero claims throughout the policy tenor.

• Don’t Claim Small Sums

Avoid raising claims for inexpensive repairs to secure your No Claim Bonus (NCB) reward.

• Maintain Your BMW Car

The car insurance premium amount also depends on the condition of your vehicle. Hence, make sure that you maintain your car in good condition and get it serviced regularly.

In the event of an unfortunate accident, a car insurance policy for your BMW car acts as your financial cushion. So, if you are looking to get car insurance for your BMW car, check out the car insurance plans Available at Bajaj Markets now! You can also use the car insurance calculator to check the BMW car insurance price in India for policies available on Bajaj Markets. The tool helps you determine the premiums and compare the BMW car insurance price of plans offered by other insurers as well. That way, you will be able to make an informed decision.