BMW Car Insurance in India

BMW car insurance is a must-have if you own the luxurious car. A third-party plan will limit its coverage to the losses incurred by a third party. What about your own four-wheeler? While every BMW car is like a beast on wheels, it must be handled with care. Repairing or replacing any parts of the vehicle can be a pricey affair. Hence, it's best that you opt for a more extensive cover. Continue reading to understand the types of BMW car insurance in India and their features.

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About BMW 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.

Popular BMW Models with Car Insurance Price

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

BMW Car Model

Ex-Showroom Price*

Fuel Type

Minimum Estimated Third-party Premium~
FY 2022-23

 

(effective 1st April, 2022)

 

BMW X1

₹39.84 Lakh - ₹43.45 Lakh

Diesel/Petrol

₹ 7,897

BMW X3

₹59.90 Lakh - ₹65.90 Lakh

Diesel/Petrol

₹ 7,897

BMW X5

₹76.50 Lakh - ₹92.90 Lakh

Diesel/Petrol

₹ 7,897

BMW X7

₹1.07 Crore - ₹1.74 Crore

Diesel/Petrol

₹ 7,897

BMW 3 Series

₹ 45.36 Lakh - ₹64.89 Lakh

Diesel/Petrol

₹ 7,897

BMW 5 Series

₹63.90Lakh - ₹74.00 Lakh

Diesel/Petrol

₹ 7,897

How to Buy BMW Insurance Online

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.

 

How to Renew BMW Insurance Online

 

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.

Read More: Car Insurance Renewal

 

Why Does Your BMW Car Require Insurance?

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.

Which BMW Insurance Plan Should You Go for?

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.

 

What Does Your BMW Insurance Cover?

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.

 

What is Not Covered in Your BMW Insurance?

Some of the expenses that are excluded from your BMW car insurance are damages caused due to overspeeding or driving under the influence of intoxicants, malicious activities, damages incurred outside the stated geographical region, etc.

 

Upgrade Your BMW Car Insurance with Add-on Covers

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.

Read more: Add-on Covers in Car Insurance

 

All You Need to Know to File a Claim for Your BMW Car Insurance

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

A cashless claim is nothing but the facility 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

Read more: Car Insurance Claim Process

 

Tips to Reduce the BMW Car Insurance Cost

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.


Conclusion

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.

Check Out Car Insurance Plans Available at Bajaj MARKETS

FAQs on BMW Insurance

  • ✔️How can I buy car insurance for my new BMW car?

     The BMW car dealer will help you buy car insurance for your new vehicle. However, you can also directly approach any insurance company and buy it yourself.  

  • ✔️Is it compulsory to buy car insurance for my BMW car?

     Yes, a car insurance policy is mandatory by law to legally drive on Indian roads.

  • ✔️Can I get BMW car insurance for less than a year?

    No. BMW insurance plans on Bajaj MARKETS provide at least one year of coverage.

  • ✔️What will happen if I do not have BMW car insurance for my new BMW car?

     You will be charged a traffic challan if you do not have valid BMW insurance for your BMW car. According to the New Motor Vehicles Act, 2019, the penalty for driving your BMW car without a valid BMW car insurance is ₹2,000 and/or imprisonment up to three months for the first offence. For subsequent offences, the penalty is ₹4,000 and/or imprisonment of up to three months.   

  • ✔️Is BMW car insurance cost in India expensive?

     No, the BMW car insurance price in India may not be very expensive. However, you can use a car insurance premium calculator to determine the BMW insurance price based on the coverage and add-on covers you want.

  • ✔️What is IDV in BMW car insurance?

     IDV stands for Insured Declared Value. It is the market value of your BMW car that is agreed upon by the insurance company and you (the policyholder). Due to depreciation, IDV lowers with the age of your BMW car.

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