BMW M5 Car Insurance

The BMW M5 is an executive sport sedan of the BMW M sub-brand from the stables of the German automobile manufacturer, BMW. It is a premium car that is an amalgamation of a luxurious ride and a sporty performance. It is available in India with a 4395 cc petrol engine. The BMW M5 price is marked at Rs.1.73 crores.

 

The BMW M5 is iconic in terms of performance in its category. As such, it is a high performing, powered up variant of BMW's 5 series, one of the best-selling lines from this brand. Furthermore, the 5 series has been awarded a complete 5-star safety rating by Euro NCAP. Therefore, the BMW M5 features several advanced safety components as well, making it one of the safest cars in its category.

 

This premium sedan also features a dynamic exterior design and lush, comfortable interiors. This makes the car a beautiful vehicle in addition to its superior performance. Therefore, buying a BMW M5 insurance policy is vital to protect your car from accidental loss or damage. Read on to learn more about buying motor insurance for your BMW and stay reassured with complete protection.

BMW M5 VARIANTS	EX-SHOWROOM PRICES	Fuel Type	Proposed Third-Party Premium Rates FY 2022-23   (effective 1* June, 2022)
BMW M5	Rs. 79 Lakhs	Petrol	Rs. 7,897
BMW M5 4.4L	Rs. 1.1 Crores	Petrol	Rs. 7,897
BMW M5 Individual	Rs. 79 Lakhs	Petrol	Rs. 7,897

*All the information is relevant for existing as well as discontinued (if any) variants. Also, you can go to the Bajaj Markets online platform to find a suitable policy that meets your budget.

Buying an insurance policy for your BMW M5 is quite simple. You can buy it online by following the steps below:

 

Step 1: Visit Bajaj Markets’ website and go to the ‘car insurance premium calculator’ section.

 

Step 2: Provide necessary details like car registration number, fuel type, make and model of the car etc.

 

Step 3: On getting redirected to the page reflecting different policy quotes. Choose the one that best suits your needs and is affordable.

 

Step 4: Now initiate online payment for the plan you want to avail.

 

You will receive a copy of the insurance policy for your BMW from your insurer via email. Check the document to verify your purchase.

Like buying a new policy, you can also conveniently renew your BMW M5 insurance policy online. Here are the steps you have to follow:

 

Step 1: Go to the official website of your insurance provider and visit the car insurance renewal section.

 

Step 2: Enter your BMW M5 details and details of your on-going policy.

 

Step 3: Select the insurance coverage you want in your renewed policy.

 

Step 4: Pay the premium amount for policy renewal online.

 

The insurance provider will share the renewal documents with you via email. Check the document thoroughly to verify your renewal.

The BMW M5 is a premium executive sedan with an expensive price tag. Therefore, it is vital to protect your investment from damages or loss caused by unfortunate events with an insurance policy. Some of the several benefits of purchasing a motor insurance policy for your BMW M5 are:

 

• According to the Motor Vehicles Act, 1988, third-party motor insurance is compulsory for all vehicles in India. Therefore buying a third-party insurance policy is compulsory if you want to drive on the Indian roads.

• Third-party insurance plans provide financial protection against liabilities to a third person in case of an accident.

• A motor insurance policy provides coverage for damage or loss to your BMW caused due to an accident.

• A car insurance policy also covers damage or loss caused by fire and natural disasters.

• Comprehensive insurance policy add-ons also cover injury, death, or disability of the driver in case of an untoward incident.

• You can also get emergency roadside assistance if your BMW breaks down with motor insurance policy add-ons.

• The network garage facility helps you to service and repair your car without any upfront expenses.

Insurance policies differ primarily according to the extent of coverage and the premium amount. If you are looking to purchase a BMW M5 insurance policy, there are three types of policies that you can buy. These are-

• Third-party insurance policy

It is legally mandatory to buy a third-party car insurance policy for all cars sold in India as mandated by the Motor Vehicles Act. The third-party insurance covers financial liabilities in case of damage to the property or person of a third party involved in an accident with your BMW.

• Comprehensive insurance policy

As the name suggests, a comprehensive car insurance policy provides complete coverage for loss or damage to your car and those of a third party in one plan. Therefore, it provides more extensive coverage for a relatively higher BMW M5 insurance price. In addition, you can further extend the policy coverage with various add-ons to the basic plan.

 

Go through different insurance policies from various insurance providers to select the best policy for your BMW M5. Visit Bajaj Markets to see and compare a multitude of plans on offer on one platform.

Your BMW M5 insurance policy will include coverage for the following:

 

• Accidental loss or damage to your BMW M5

• Financial loss due to vehicle theft

• Loss or damage of your BMW in case of fire and natural disasters like storms, floods, etc.

• Financial coverage against damages to a third person’s life or property

Your BMW M5 insurance policy cover will not include the following:

 

• Car’s wear and tear due to regular use

• Mechanical or electrical breakdown

• Damages caused due to driving while intoxicated

• Driving without a valid driver’s licence

• Damage or loss due to malicious intent

• Loss or damage due to war, riots, nuclear disasters, etc.

Insurance providers offer several add-ons to comprehensive insurance policies to improve coverage. There will only be a minor increase in the BMW M5 insurance rate if you opt for add-ons. Some of these extensions are:

 

• Roadside Assistance cover

Roadside assistance is a popular add-on to comprehensive motor insurance policies. This cover provides financial protection if your BMW breaks down in the middle of the road. 

 

• Zero Depreciation cover

The zero depreciation cover protects the depreciating value of your BMW M5 with time. Since depreciating value also reduces your car's insurance amount and resale value, the zero depreciation cover is a highly sought add-on.

 

• Lock and Key Replacement cover

If you are accidentally locked out of your car because you lost the keys, this add-on will be useful. It covers the cost of replacing the locks and keys of your BMW if you lose the keys.

 

• Engine Protection cover

Engine damages are expensive to repair or replace. Moreover, this is not covered in basic insurance policies. The Engine replacement add-on will cover the cost of repairing or replacing your engine if damaged.

 

• NCB Protection cover

If you do not make a claim during a policy year, you are eligible for a no-claim bonus discount on your renewal premium for the next year. The NCB protection prevents your NCB from lapsing by covering for a fixed number of claims during a year.

 

• Personal Accident cover

This add-on provides financial protection in case of injury, death, or disablement of the BMW driver involved in an unfortunate incident.

There are two ways to claim your insurance in case your BMW is involved in an accident. You can go for a cashless claim or reimbursement claim. The claim procedures for both are detailed below:

• Cashless claim

If you get your BMW repaired at a network garage, you can opt for a cashless insurance claim. The claim process for this is as follows:

 

Step 1: Inform the insurer immediately of any event that has caused damage or loss to your BMW M5. You can do this on the official website or by calling their toll-free number.

 

Step 2: Visit the nearest network garage and complete the necessary repairs.

 

Step 3: Submit all the relevant documents, including the insurance policy and garage bills.

 

Step 4: After document verification, the insurer settles all the bills directly with the network garage.

• Reimbursement claim

If you have not opted for a cashless insurance policy or have had to make repairs at a non-network garage, you can file a reimbursement claim. The procedure for this is detailed below:

 

Step 1: Inform the insurance provider immediately after any damage or loss of your BMW.

 

Step 2: File an FIR with the police in case of accident or theft.

 

Step 3: Visit the nearest convenient garage and get your BMW repaired.

 

Step 4: Submit all the relevant claim documents to your insurer, namely the policy document, original bills, payment receipts, and FIR copy.

 

Step 5: After successful document verification, the insurance provider will reimburse your BMW M5 service cost.

Whichever way you file an insurance claim, you must have certain documents handy. These include:

 

• Copy of the policy document

• Personal details

• Your BMW M5 details

• Details of the loss or damage, including the exact date, time, and location of the event.

• FIR copy in case of car theft or damage due to third-party

• Original repair bills

• Original payment receipts during reimbursement claim

The insurance cover for your BMW will protect you from financial stress in case of damage or loss. However, there are a few basic everyday steps that you can take to reduce the chances of damage or loss and insurance costs. These steps include:

• Regular maintenance

The BMW M5 is a premium executive sports car. The expensive price tag comes with high maintenance charges. However, regular maintenance is far less costly in the long term compared to damage or loss caused due to lack of it.

• No-Claim Bonus

You can get a reduction in the insurance renewal amount if you make no claims during a policy year.

• Paying for small repairs

Minor repairs are relatively inexpensive, and you can pay for this out-of-your pocket. This will save your insurance for the more extensive damage or loss. It will also protect your NCB.

• Anti-theft devices

Insurance providers offer a significant reduction in BMW M5 insurance premium amounts if you install anti-theft security measures in your car.

• Efficient driving

Follow best practices while driving to reduce the chances of an accident and reduce the wear and tear of your car.

 

With the information above, you are now ready to purchase an insurance policy for your BMW M5. Different policies have different premium costs and coverage extent. To pick the most suitable BMW M5 car insurance for you, visit Bajaj Markets and compare the plans offered by different insurance providers on the platform.

Here are a few of the tips that you must follow to maintain your BMW M5:

 

• On completing 15,000 miles, replace the car cabin’s air filter and regularly change the car’s oil and filter.

• After mileage coverage of 25,000 to 37,000, replace the brake pads and service the batteries and cables. Also, opt for spark plug replacement.

• Go for gear oil/ differential replacement and transmission fluid service on completing around 90,000 mileage.

• Within the mileage coverage of 96,000 to 1,50,000, make sure to replace brake pads and oxygen sensor.

• Clean your car’s inside and outside from time to time and also get it waxed regularly.

• Avoid reckless driving by driving safely and maintaining all traffic rules and regulations.

The table below represents the average BMW M5 service cost:

*Note that these figures are indicative, and the actual maintenance/ service cost may differ. Individuals can also visit network garages to avail cashless benefits.

The list below mentions the components that require frequent servicing:

1. Replace cabin air filter, brake pads, oil and filter of your BMW M5 after 25,000 miles.

2. On covering 45,000 to 50,000 miles replace the differential/ gear oil, spark plugs, and brake pads. Also, service the transmission fluid.

3. Service the batteries and replace the oxygen sensor after completing 1,00,000 miles.

4. Service batteries, cables, brake pads, oil and filter on covering 1,50,000 miles and above.

Knowing about the BMW M5 insurance price in India and what it offers is imperative. It helps current and prospective buyers of this particular vehicle to get an estimation of the additional cost they need to bear to make their vehicle ply with the Indian regulations. Therefore, you can visit Bajaj Markets and compare the policies provided by various insurers and purchase a car insurance plan online.