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About BMW

Bavarian Motor Works, famously known as BMW, is a German-based luxury automobile company. The organization manufactures premium cars, bikes, and engines. It was founded in the year 1916 and initially designed aircraft-engines only. BMW later moved on to produce premium bikes in 1923, followed by car production in 1928-1929.  

The BMW India operation was set up in 2006 in Gurugram, Haryana. The manufacturing unit was set up in the year 2007 in Chennai. BMW India has a wide range of premium cars and offers one of the most potent M series for sports enthusiasts.

In total, BMW has about 21 dealerships across 14 different cities in India. The list of cars sold across the country includes 7 sedan cars, 7 SUV cars, 3 coupe cars, and 1 convertible car. Some of the top-performing BMW cars in India are BMW i8, BMW X1, BMW 3 Series, and so on.

Most Popular BMW Car Models

  • BMW X1

  • BMW X5

  • BMW X7

  • BMW 3 Series

  • BMW 5 Series

Why is it Important to Insure Your BMW Automobile?

Bayerische Motoren Werke AG, more commonly known as BMW, is a German luxury car manufacturer. The quality of these German-made automobiles is such that it is 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 car insurance from a reliable and trustworthy insurer.

With BMW insurance, you can protect your precious vehicle financially in case of accidents, theft, or loss due to man-made or natural disasters. Moreover, it is mandatory to have a car insurance plan to legally drive on Indian roads.

So, if you want to enjoy long drives in your new BMW car, make sure that you have an active car insurance plan to your name.

Types of BMW Car Insurance Plans

Any BMW insurance is of two types:

  • Third-Party BMW Car Insurance Plan

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 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 BMW Car Insurance Plan

A comprehensive car insurance plan for BMW cars will cover third-party liabilities and damage to their own vehicle. A comprehensive BMW car insurance plan has a relatively higher premium as compared to third-party car insurance. However, you can extend the scope of your comprehensive car insurance policy with add-on benefits. Having comprehensive BMW insurance ensures that your vehicle is protected against any unfortunate event at all times.

BMW Car Insurance Price for Popular BMW Car Models

BMW Insurance Cost

Sr No.

BMW Car Model

Engine cc

Third-Party Premium Cost

(Without GST)

Third-Party Premium Cost

(GST Included)

1

BMW X1

1,995

₹ 7,890

₹ 9310

2

BMW X5

2,998

₹ 7,890

₹ 9310

3

BMW X7

2,993

₹ 7,890

₹ 9310

4

BMW 3 Series

2,998

₹ 7,890

₹ 9310

5

BMW 5 Series

2,993

₹ 7,890

₹ 9310

Why Choose Finserv MARKETS For BMW Car Insurance?

Apart from the mandatory third-party coverage, car insurance offers the following benefits –

  • Cashless Claim Settlements – Don’t have enough cash? Well, don’t worry. With comprehensive insurance, you can seek cashless servicing at any of the network garages and claim cashless settlements.

  • 24x7 Assistance – You get 24x7 car roadside assistance which includes services like emergency repairs, towing facilities, and storage facilities

  • Easy Online Renewal – You can buy and renew car insurance online. The renewal process is quick, and you will receive the policy in no time.

  • Insurance Premium in Instalments - Pay your car insurance premiums on a monthly basis with the Bajaj EMI Card. Enjoy the protection of Car Insurance in easy instalments.

To check the car insurance premiums for policies available on Finserv MARKETS, use the car insurance calculator. The tool helps you determine the premiums and compare the prices of car insurance plans offered by other insurers as well. That way, you will be able to make an informed decision. 

Inclusions in BMW Car Insurance Policy

Car insurance plans will cover the expenses that arise due to

  • Natural or human-made disasters

  • Third-party liabilities

  • Repair and replacement

  • Terrorism

  • Strikes and riots

Exclusions in BMW Car Insurance

Our car insurance plans will not cover the expenses that arise when the –

  • Damage or loss incurred outside the stated geographical region

  • Damage is due to speeding or under the influence of intoxicants

  • An accident is caused due to nuclear exposure

  • Damage is due to war-like situations

  • Malicious activities

Add-On Covers for Your BMW Car

When buying comprehensive car insurance for your BMW car, you can purchase additional covers that provide extensive protection to your vehicle. These add-ons are optional, and you can choose the ones that are most needed.

Let us take a look at different 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. Zero depreciation cover allows you to receive the full amount in compensation.

  • Return To Invoice

Return to Invoice will ensure that you receive the invoice value of your BMW car in case it is lost/stolen. The invoice value is nothing but the amount you paid at the time of purchasing the car. The insurer will compensate you for the actual value of the vehicle along with the registration charges and road tax.

  • No-Claim Bonus Protection Cover

Every time you make a claim, you lose the NCB earned on your insurance plan. However, with the NCB protection cover, the NCB earned stays applicable even after making a claim.

  • Consumable Expenses

Consumables include items used for the proper functioning of a 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.

How to Apply For BMW Car Insurance?

Applying for BMW Car Insurance with us is quite simple. Just follow these steps –

  • Apply for car insurance on our platform

  • Fill and submit the online application form

  • You will be given a quote for approval

  • Upload the requested documents for verification and proceed to pay online

  • Upon successful payment, you will receive the BMW Car Insurance in no time

How to Renew BMW Car Insurance?

To continue reaping the benefits of your BMW insurance, renew the policy with us on Finserv MARKETS. Just follow the steps given below:

  • Visit the ‘Car Insurance’ section on our website.

  • Enter your registration number and contact details.

  • Check your BMW car insurance renewal premium.

  • Make the payment online.

  • Download the policy copy

Do not forget to avail the No-Claim Bonus (NCB) discount at the time of BMW insurance renewal. However, note that NCB is earned on a claim-free policy term.

BMW Car Insurance Claim Process

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’ve two types of BMW car insurance claims:

  • Claim Cashless Car Insurance for BMW Cars

Cashless claim is nothing but the facility under which you can get your car with accidental damages repaired at the nearest network garage. However, the catch is that the expenses 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).

Steps to Claim BMW Car Insurance Online

The claim settlement process for BMW cars at Finserv MARKETS is easy. Just follow the steps below:

Process for Filing Cashless Claims for BMW Cars

  1. Register the claim & inform the insurer. You may do so by calling their toll-free number or by visiting their website.

  2. Get your BMW car repaired at the nearest network garage.

  3. Submit all the required documents.

  4. Once the documents are verified, your insurer will settle the claim directly with the network garage.

Process for Filing Reimbursement Claims for BMW Cars

  1. Inform the insurer about the incident.

  2. File an FIR in case of vehicle damage due to third-party or theft and submit a copy along with other documents.

  3. Get your BMW car repaired at any nearest garage at your expense.

  4. Submit the original bills and payment receipt to the insurer.

  5. Once the documents are verified, the insurer will reimburse your claim.

Documents Required for BMW Car Insurance Claim

Take a look at the important 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

Check Out Car Insurance Plans Available at Finserv MARKETS

FAQs on BMW Insurance

  • ✔️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 Finserv 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 expensive?

    No. However, you can use a car insurance premium calculator to determine the cost of the policy based on the coverage and add-on covers you want.  

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