Newbie questions about insurance for a brand BMW

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BMW is a costly brand of vehicle but this should not be a deterrent for new car buyers if they only know about the added benefits that can be derived from it. When you buy a car as expensive as BMW you are well aware that you are investing in a machine that boasts of power and luxury. Luxury has a price of its own and you should be ready to pay for it. At the same time, the cost of buying a high end car is also associated with high costs of insurance. You have to shell out a decent sum of money every year on insurance to protect the prized possession from any damages. The questions that arise in the minds of a new BMW Owner have been answered in this article.

What type of insurance do you need?

In order to work out the cost of insurance you need to know what type of insurance you will need. The most basic insurance cover that is mandatory by law is the Third party liability insurance cover. No licensed vehicle is allowed to be driven without this insurance cover. The insurance can be provided by the dealer who sells the car to you or you can buy it separately from any insurance company or its agent. The cost of Third party insurance does not vary much between companies.

Do you need additional insurance policies?

After having the most basic and mandatory insurance policy, you may like to know if you need to take additional policies? The Third party policy does not protect your vehicle or life but it provides protection to other lives and property that can be damaged by you. In case of any damages, the insurance company pays on your behalf.

If you want to protect your car from damages and theft then you have to take [comprehensive insurance policy]( Policy Summary V20070524 v200810v1.pdf) in addition to the third party insurance. Comprehensive insurance is sold in different packages and can cover theft, fire damage and many other types of damages.

How much to pay?

The cost of insurance will depend on the extent of coverage that you seek. The more is the cover the higher is the price. Insurance cost is also impacted by some other factors like your age and driving history besides the place where you live and your driving pattern. While these are constant for any brand of car that you buy, if you are buying a BMW then be ready to shell out something more than the average insurance rates.

As one of the most reputable car companies, BMW cars are also very safe to drive. BMW sedans are considered as highly safe vehicles that are loaded with safety features that complement the luxury elements. With less chances of damage during collisions and accidents, the possibilities of injuries to passengers and drivers are consequently low. This aspect is factored by the insurance companies when they offer quotes which are likely to lower the insurance rates. However, overall insurance rates for BMW are higher than comparable brands.