BMW Car Insurance

Buy car insurance policy for your BMW car online. Check BMW car insurance plans, coverage details, and steps to buy online.
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Check BMW Car Insurance Plans
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3 min
24-April-2024

BMW is the epitome of luxury and performance in the automotive world. Renowned for its iconic design, innovative technology, and exhilarating driving experience, BMW cars represent the pinnacle of automotive engineering and craftsmanship. An adequate car insurance coverage is essential to protect your BMW cars from unexpected mishaps on the road. This article will provide you with comprehensive information regarding car insurance policies for your BMW cars that safeguard your vehicle and peace of mind.

BMW car models and insurance prices

For an estimated third-party premium cost on your BMW car insurance, check the table below. Premiums differ based on the chosen variant of the vehicle. The own damage insurance premium is determined by the insurer, considering factors like cubic capacity (CC), make, model, variant, fuel type, RTO location, claim history, and various other factors.

BMW car Variant

Third-Party Premium Rates (FY 23-24)

 

BMW X1

Rs. 7,897*

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BMW 7 Series

Rs. 7,897*

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BMW M4 Competition

Rs. 7,897*

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BMW M340i

Rs. 7,897*

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BMW X7

Rs. 7,897*

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BMW 2 Series Gran Coupe

Rs. 7,897*

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BMW Z4

Rs. 7,897*

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BMW 3 Series Gran Limousine

Rs. 7,897*

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BMW XM

Rs. 7,897*

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BMW X5

Rs. 7,897*

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BMW M8

Rs. 7,897*

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BMW 6 Series GT

Rs. 7,897*

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BMW M2

Rs. 7,897*

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BMW X3

Rs. 7,897*

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BMW X4 M40i

Rs. 7,897*

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BMW i4

Rs. 7,897*

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BMW i7

Rs. 7,897*

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BMW iX1

Rs. 7,897*

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BMW X3 M40i

Rs. 7,897*

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BMW iX

Rs. 7,897*

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Disclaimer: The above information is for Third-party premiums only. The Own Damage premium rates will depend on the specific model, variant, fuel type, place, the year of registration, IDV, add-on covers and various other factors.

Key inclusions of car insurance

Here are some of the key components included in car insurance policies:

  • Accidents: Car insurance provides coverage for damages incurred by unforeseen accidents involving your BMW car.
  • Theft: If your car is stolen, insurance coverage extends up to the insured declared value mentioned in the policy.
  • Natural and man-made disasters: Your car insurance offers protection against both natural calamities such as fire and earthquakes, as well as man-made incidents like vandalism or acts of terrorism.
  • Personal accident: Coverage of up to Rs. 15 lakh is provided for the death or disability of the owner-driver resulting from an accident.
  • Third-party liabilities: Insurance provides protection for third parties in case of injury, disability, or death caused by your vehicle.

Key exclusions of car insurance

Here are some of the main exclusions of car insurance policies:

  • Normal wear and tear as well as vehicle depreciation are not covered.
  • Damages resulting from mechanical or electrical breakdown are excluded.
  • Any damages caused while driving under the influence of drugs or alcohol are not covered.
  • Damages incurred while driving without a valid driving license are excluded.
  • Damages occurring outside the geographical limits specified in the policy are not covered.

Car insurance add-ons you can consider

Additional coverage options, known as add-ons, can be purchased alongside a comprehensive car insurance policy for your BMW vehicle. Here are some available add-ons:

Zero Depreciation Cover: Ensures full reimbursement without factoring in depreciation during claim settlements.

Engine protection cover: Provides coverage for repair or replacement of the engine in case of damages due to accidents or water ingress.

Roadside assistance: Offers aid in emergencies like breakdowns, flat tires, fuel shortages, or towing services.

Return to invoice: Guarantees reimbursement of the invoice value of your car in case of theft or total loss.

Personal accident cover: Extends coverage to passengers, providing financial protection in accidents resulting in death or disability.

No-Claim Bonus protection: Safeguards your accumulated no-claim bonus, retaining the discount on your premium even after making a claim.

Consumables cover: Covers the cost of consumable items like engine oil, coolant, nuts, bolts, during repairs.

Key replacement cover: Provides coverage for the replacement cost of lost or stolen car keys, including locksmith charges.

Invoice price cover: Ensures reimbursement of the invoice price of your car in case of total loss or theft, including registration and road tax.

How to buy/renew BMW car insurance through Bajaj Finance Insurance Mall

Bajaj Finance Insurance Mall offers a convenient platform for you to buy or renew car insurance plans for your BMW car. Choose from plans offered by leading insurance partners and buy the policy in just a few clicks. Here’s how:

Step 1

Click on 'Get Quote' to open the online application form.

Step 2

Enter the vehicle type, car registration number, mobile number, and residential PIN code. Check the terms and conditions and click on the 'Get Quote' button below.

Step 3

Choose the IDV, NCB value, add-on covers, and plan type to get a list of relevant car insurance policies. You need to update your current policy expiry date here.

Step 4

Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on ‘Next’ to proceed.

Step 5

Confirm the vehicle registration date and the previous policy type (comprehensive/third-party). Click on 'Proceed'.

Step 6

Enter the vehicle owner's name, date of birth, residential address, and contact number. Also, enter the vehicle engine and chassis number (as mentioned in RC) and previous policy details.

Step 7

Recheck your previously filled details and make the payment through your preferred online payment mode. You can use net banking, UPI, or credit/debit card to complete the application process.

Step 8

That’s it. You have successfully secured your BMW car with a car insurance policy.

Car insurance claim process

Cashless claim process:

The cashless claim process simplifies the repair of your BMW car without the need for upfront payments at a network garage. Here's a step-by-step guide:

  • Notify your insurance company via phone, website, or mobile app about the accident or incident.
  • Provide all relevant incident details to the authorities and file an FIR if necessary.
  • Take photographs of the damages and any injuries sustained immediately after the incident for evidence.
  • Visit the nearest network garage for cashless repairs or contact your insurer for towing assistance if your vehicle is immobile.
  • At the garage, a surveyor from your insurer will assess the damage, so ensure you have all required documents such as your car registration certificate and driving license.
  • The surveyor will evaluate the claim amount and prepare a report for submission to your insurer.
  • Upon approval, the garage will commence repairs, and your insurer will settle the bills directly once the repairs are completed.

Reimbursement claim process

The reimbursement claim process requires you to initially pay for the repair bills and later seek reimbursement from your insurer. Below is the reimbursement car insurance claim process for your car:

  • Inform your insurance company about the incident and register your claim.
  • Take your car to a workshop or garage of your choice for repairs.
  • A surveyor appointed by your insurer will assess the damages at the garage.
  • The surveyor will prepare and submit a claim report to your insurer.
  • The garage will repair your car and provide you with a bill, which you will need to pay.
  • Submit the original repair bills along with a claim form to your insurance company.
  • Your insurer will review the repair bills and claim form and reimburse your repair costs accordingly.

Documents required in the claims process

Here is the list of documents you may need while filing a claim for your car insurance policy:

  • Copy of the registration certificate (RC) of your vehicle
  • Copy of your driving licence
  • Policy document
  • Description of the incident and photographs of the vehicle (if possible)
  • First Information Report (FIR) in case of theft, injuries to any third party or damage to their property
  • The original keys to the vehicle
  • RTO transfer papers duly signed with Form 28, Form 29 and Form 30
  • No Trace Report from the police in cases of theft of the vehicle
  • The original bills for the repairs of the car to claim the four-wheeler insurance policy

Note: Check with your insurer in case you require more documents depending on the nature of the claim.

Frequently asked questions

What factors affect the BMW car insurance premium amount?

Several factors affect the insurance premium for your BMW car. These include car model, age, cubic capacity, fuel type, RTO location, Insured Declared Value (IDV), and claim history.

How can I reduce my BMW car insurance premium?

To reduce your BMW car insurance premium, consider these strategies:

  • Choose higher deductibles to lower your premium amount.
  • Install safety features like anti-theft devices and airbags to qualify for discounts.
  • Maintain a clean driving record by avoiding accidents and traffic violations.
  • Take advantage of no claim bonuses offered by insurers for claim-free years.
  • Compare insurance quotes from different providers to find the most competitive rates.

Will the insurer inspect my BMW car before renewal?

This depends on insurer policies, claim history, and car age. Some may require inspection, while others offer hassle-free renewals.

Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.