BMW Car Insurance– What it is and How It Works
BMW car insurance is an insurance product exclusively meant to protect your BMW car from unprecedented events like accidental damages and losses caused by natural calamities and human-made perils. Your BMW car insurance policy is an agreement, wherein your insurer covers your legal and financial liabilities and compensates you for your losses caused by various, specific insured events.
Different Types of BMW Insurance Plans
At Reliance General Insurance, we offer the following car Insurance plans for your BMW car:
Third-party Limited Liability Policy
The Motor Vehicles Act, 1988 mandates that all vehicle owners must get third-party liability insurance (at minimum) to legally drive vehicles in India. With thusplan, you can fulfil third-party liabilities. Thus, if your BMW car impacts a third-party, their vehicle or property, this insurance plan helps to compensate them for their losses, damages, bodily injuries, and even third-party's demise.
Own Damage Insurance Plan
Besides third-parties, an accident can also cause significant damages to your car. The costs for the same are not covered under third-party plans. If you want coverage for yourself and your vehicle, you should choose an own damage plan that covers you and your BMW car against accidental damages, and damages/losses caused by natural calamities and human-made incidents, including theft.
Comprehensive Car Insurance Plan
If you want the benefits of an insurance plan that merges third-party liabilities and own damage coverage, then you must choose a comprehensive car insurance plan. This single policy covers you against a range of road-side incidents and mishaps. What makes this insurance offering even better is that you have the option to customise it to your liking with various additional riders.
If you are looking for cost-effective auto insurance plans offering great value for money, consider
Two-Wheeler Insurance policies from Reliance General Insurance.
Coverage in BMW Car Insurance
Below is the scope of coverage for your BMW car insurance policy from Reliance General Insurance.
What is Covered?
Damage/Loss Caused to Third-party
Suppose your BMW car collides with another person's car or property, there are several possible repercussions. Their car or property might incur severe damages and they might also get physically injured if they are driving the car. You become legally liable to compensate them for such damages and losses. BMW four-wheeler insurance helps you manage these liabilities.
Accidents are common occurrences on and off road. You might collide with objects or other vehicles if you lose balance while driving. Besides, extreme weather conditions may cause a tree to fall on your BMW car while it is parked. You never know when such instances can occur and cause hefty damages. If those incidents come under the insured event, you can expect BMW insurance coverage.
Acts of Godlike floods, earthquakes, cyclones, heavy rainfalls, thunderstorms, and the like may be beyond your control but their impact can be catastrophic. If your BMW car gets impacted due to such natural disasters, you may have to incur hefty charges to restore the damages. To relieve you from the financial burden, insurers cover you for the damages endured by your car due to natural calamities.
If there is anything worse than nature's wrath, it is human-induced incidents. Imagine getting your BMW car stuck in the middle of a riot. During the commotion, your car might get damaged significantly. Such situations are also taken into consideration under BMW auto insurance coverage plans. Hence, you can raise a claim for damages or losses incurred due to human-made incidents.
BMW is a revered brand. For something as valuable and premium as BMW, there is always a possibility of theft from burglars looking to make a quick buck. You can never be safe enough even if you are cautious. If unfortunately, your BMW car gets stolen, you stand to incur a hefty cost to replace it. Insurers understand this and offer coverage against theft under the BMW insurance policy.
Damages caused due to fire can be drastic. They can result in heavy losses or high repair costs,both of which, can be financially draining. So, if your BMW car gets impacted by accidental fire, lightning, or explosion, you can rest assured knowing that the car insurance policy will cover you. Insurers pay for the damages resulting from such incidents and compensate you based on policy terms.
When you move to another city, along with other valuables, you might also take your BMW along. While doing so, if you are use a carrier to transport the car via waterways, airways, roadways, or railways, there is a possibility of damage during transit due to improper handling. Regardless of the repercussion, you can get coverage for transit-related damages if your policy includes it.
What is Not Covered?
War-related attacks happen on a large scale. They include dangerous actions like radiation leaks, nuclear bomb blasts, gunfire, etc. If you are driving in an area where such attacks are taking place, the implications can be drastic. Offering coverage against the same is out of the scope of insurance companies. Hence, damages due to war-related attacks are excluded from car insurance coverage.
If you own a car, any car, you can expect normal wear and tear to happen. Over time, due to usage, your car will not perform as well as it originally did. As it is not a sudden or unexpected event causing damage to your car, wear and tear-related expenses are not covered. So, when you incur repair costs to fix issues due to regular usage, you cannot claim auto insurance coverage.
BMW carsare luxurious automobiles designed to give you a smooth riding experience when you commute. It is not a car meant for commercial purposes like transporting goods or carrying passengers, at least on Indian roads. So, if you are insuring your BMW car, you only get covered for damages or losses incurred during its private use. If you use it for commercial purposes, you cannot claim coverage.
Driving under the influence of alcohol or drugs, driving without a license, speeding, and breaking traffic rules are all considered negligent driving practices. They are the common causes of accidents on road. Hence, if your BMW car gets into an accident and you are found to be engaged in such practices, your insurer will not cover the cost of compensating third parties or repairing your car.
Sometimes, due to regular wear and tear, your BMW car might breakdown without warning. The electrical components in the car or the mechanical features may malfunction. The damages resulting from such electrical or mechanical failure are not the effect of an unexpected mishap but rather a servicing issue. Hence, they are not covered under four-wheeler insurance.
Note: The exact scope of coverage depends on the type of policy you choose. While, third-party and own damage policies offer limited coverage, comprehensive plans offer all-encompassing coverage.
If you plan to go overseas in your India-registered car, you can do so. Just remember to get a
Travel Insurance plan from Reliance General Insurance before commencing your trip.
Things to Consider While Buying BMW Insurance
Some crucial factors worth considering while buying auto insurance for your BMW car are:
Your needs are crucial in deciding the kind of coverage that suits you, which in turn impacts the premium. Hence, before comparing insurance policies for your BMW car or getting an insurance quote, you should identify your protection needs. Are you satisfied with liability-only coverage or do you want to protect your BMW as well? Answering this question is important to get the best-suited policy.
Besides your needs, considering your budget also helps in selecting the coverage based on the premium you can afford. If you want to keep the insurance cost low, a liability-only policy is your best bet. But if you want the coverage extended to your vehicle, you can invest in a comprehensive policy. If your budget allows, you can also include add-on riders for addressing your specific needs.
Suppose you find an attractive BMW insurance quote, but the insurer is an unknown company. In such cases, there is no guarantee that your claim will get settled when the need arises. To avoid uncertainty, it is better to consider the insurer's reputation. You can check their years of operation and customer reviews to evaluate the insurer's reputation and make an informed buying decision.
Quality of Customer Support
Having help at hand is always good for getting through any issues you may face while buying, renewing, or filing a claim under the BMW car insurance plan. Whether you have queries, or complaints, or want to get your grievances addressed, quality customer support makes all the difference. Hence, you should check this aspect while comparing car insurance policies.
The claim settlement ratio is the percentage of claims an insurance company settles against the claim requests it receives. When you check the claim settlement ratio, you can judge the claim processing efficiency of an insurer and set your expectations accordingly. Hence, it is an important factor of comparison you should consider while buying a BMW auto insurance policy.
Insurers have different policy terms based on what they are willing to offer. Studying the policy terms helps you understand the coverage you will receive and the premium you will have to pay. Also, you get clarity on the limitations to avoid surprises later. Hence, while buying four-wheeler insurance, you should go through the policy terms carefully for making an informed selection.
Why Choose Reliance General Insurance for BMW Car Insurance?
Opting for a BMW insurance policy from Reliance General Insurance enables you to enjoy the following benefits:
Wide Network of Cashless Garages
Accessibility of garages matters when you need to get your car or the thirdparty's vehicle repaired after a mishap. If the garage is too far, you might struggle to get the repairs done on time, which causes undue stress and delays the claim settlement process. With Reliance General Insurance's wide network of 8,500+ cashless garages, you never have to worry about finding a cashless garage nearby.
Most insurers have competitive BMW car insurance prices. But you also need discounts to lower the premium. Hence, Reliance General Insurance offers multiple discounts with BMW auto insurance. You can enjoy a discount if you choose a higher deductible, become a member of the Automobile Association of India (AAI), install anti-theft devices, and complete a claim-free policy period.
The way the insurance company settles your claims determines how efficiently you get past the unexpected mishap. You want to ensure it is a smooth experience without any hiccups. To that end, Reliance General Insurance assures you of easy claim filing through the Reliance Self-i app where you can upload a self-inspection video and locate the cashless nearest cashless garage with a few clicks.
Managing paperwork while buying insurance can be a hassle. Often, documentation takes up a lot of time and is the main reason for the delay in processing your buying request. Thankfully, you need not worry about paperwork when you buy auto insurance from Reliance General Insurance. The paperwork only involves online KYC documentation, which you can upload on the Reliance Self-i app.
Whether you opt for extensive coverage or not, having the choice is always good. For instance, initially, when your BMW car is new, you might want only basic insurance protection. But as you use it for a while, you might change your mind. When that happens, you get a wide coverage that you can customise the way you like when you choose Reliance General Insurance.
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Step-by-Step Process to Renew Reliance BMW Insurance
You can renew BMW car insurance with these easy-to-follow steps:
Step 1: Find the Renewal Option
To start the renewal process, you can visit the Reliance General Insurance Home page. On the page, you can select 'Car Insurance' from the menu. When the link opens, you can specify that you have an existing car insurance policy, and the renewal option will be visible.
Step 2: Enter Required Details
For renewing your policy, you must first provide your registered mobile number or policy number and click on the 'Renew My Policy' button. Next, provide details about your policy, updated contact details (if applicable), and other required information.
Step 3: Review and Modify
Once you submit the details, you will find a summary of your renewed policy on the redirected page. You can review the updated policy and make changes as you desire. For example, if you have comprehensive BMW car insurance, you can select or remove add-on riders from your coverage.
Step 4: Check the Policy Terms
Post reviewing the terms and making your desired modifications, you will get a final preview of your renewed policy statement. You can check the policy terms at this stage of the renewal process. If you need clarity on certain terms, you can contact customer care and gets your doubts resolved.
Step 5: Make Premium Payment
The last step in the renewal process includes paying the renewed premium amount. You can make the payment via net banking,debit/credit card, UPI wallets, etc. After the successful processing of your payment, you will receive an e-copy of the renewed policy document at your registered email address.
Factors Determining the BMW Car Insurance Price
Some of the crucial factors impacting the premium on BMW auto insurance are:
While BMW as a reputed brand is known for its premium manufacturing and quality assurance, every model from the brand is built differently. The make and model of each BMW car influences how it performs and how it withstands damage. Hence, insurers analyse the make and model of your BMW car to determine the premium.
As your BMW car ages, its value depreciates. With every passing year, it value reduces further. As the car's market value depreciates, its Insured Declared Value (IDV) also decreases, as does the premium. On the other hand, a brand new BMW car will incur a higher IDV, which in turn leads to a higher premium due to the significant cost of repairing and replacing new parts.
Insurers take the attention you pay to safety as an owner of a BMW car positively. The higher the safety precautions you take, the better your chances of getting lower premium quotes. E.g., if you install safety devices and anti-theft systems, you can expect lower insurance prices. Such modifications help avoid the possibility of your car being burgled, thus reducing the insurer's risks.
A deductible is afixed amount or percentage of the claim amount that you must pay out of your pockets before the car insurance coverage for your BMW car kicks in. Insurers include it as a clause in the policy statement. You can either select a voluntary deductible or you may have to pay a compulsory deductible. In both cases, a higher deductible results in a lower premium and vice versa.
The coverage level you choose plays a significant role in influencing the BMW car insurance quote. If you only want to fulfil the minimum requirement and get basic coverage to fulfil third-party liabilities, you will incur a standard premium. On the other hand, enhancing your coverage with comprehensive or own damage cover, and including add-on riders will increase the insurance quote.
Car Registration Location
Imagine driving in an area with heavy traffic versus one with limited cars on the road. An area with heavy traffic increases your chances of colliding with other vehicles, especially during rush hours. Contrarily, an area with fewer cars makes for a smooth driving experience. Hence, the location where you register and drive your BMW car affects the risk levels and thereby the insurance premium.
While determining the BMW insurance cost, besides the car specifications and policy terms, insurers also look into your personal factors. They consider your age and driving history to determine if you are a responsible driver. The older you are, the more driving experience you have. Hence, you are in a better position to avoid accidents. The same applies when you have a clean driving record.
Methods to File a Claim for BMW Insurance
In case of accidents or vehicle thefts, you must first file a First Information Report (FIR) at your nearest police station. Next, you must inform your insurer (within 24-48 hours)about your intention to file a claim. You can choose your preferred claim-filing method, between reimbursement claims or cashless claim settlement. Depending on your chosen claim-filing method, here's what you need to do:
1. Settlement Through Reimbursement
In this method, insurers reimburse you for the expenses incurred for the damages endured by your vehicle. After filing the FIR and informing the insurer, you can fill out the claim form and submit all original car repair bills, along with other documents listed in the claim-filing form. The insurer reviews your claim and typically reimburses you (up to the sum insured) within 21 working days.
2. Cashless Claim Settlement
The cashless method of claim settlement allows you to get your car repaired without making any upfront payments. You simply need to take your car to your nearest cashless garage for repairs. Once your car is repaired, your insurer directly compensates the garage mechanic for the repair costs (up to the sum insured). You simply need to fill the claim form and provide the required documents.
No more waiting around for claim approvals! Get a Car Insurance policy from Reliance General Insurance and experience stress-free claim application and settlement processes.