The cost of owning a BMW is beyond the price tag you see in the store; the insurance costs must be considered. Buying a brand-new BMW can be very exciting, but the cost of insurance may not be, and as mentioned in this article, some personal factors impact the insurance cost for the better or worse.
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BMW car insurance review
About BMW
Bayerische Motoren Werke AG, commonly known as BMW, is a German multinational corporate manufacturer of luxury vehicles and motorcycles founded in 1916 and headquartered in Munich, Bavaria, Germany. The corporation initially manufactured aircraft engines. It has more than 20 car models.
Most popular BMW models
The top BMW vehicles are the BMW 5 Series with 167,069 units sold, four series midsized sedan, coupe, and convertible have been this brand’s best-selling models.
What is the average insurance rate for a BMW in the U.S.?
Auto insurance for a BMW cost about $1,788 per year, or $149 a month. BMW owners pay 25% more than the U.S. average because BMW insurance is a luxury and expensive vehicle; you can benefit a lot from shopping around for the best policy at an affordable price.
What is the average insurance rate for a BMW in the U.K.?
BMW owners pay the highest car insurance premiums in the U.K. Car insurance companies in the United Kingdom charge BMW over £3,500 per year.
How insurance rates are calculated
There are some personal criteria that affect your premium; they include:
1-Age
Insurer always charges drivers under 25 with higher premiums because they are inexperienced and more likely to get into a collision than a 30-year-old.
2-Driving History
Having a staller driving record with good driving behaviors not only lowers your rates but will get you discounts.
3-Vehicle
Generally, your car model impacts your rate considerably, things like your vehicle’s age, size, and value of your car.
4-Annual Mileage
If you use your car often, the risk of getting in an accident increases, and as a result, you’ll have to pay more for insurance.
5-Gender
Statistically, women have fewer severe accidents than men, and insurers charge women more petite for car insurance than men.
6-Location
Your postal code impacts your insurance rates; for example, in an urban area risk of accident or theft is higher, so you have to pay a higher premium.
7-Garaged vs. Parking in the street
The risk of anything happening to your vehicle in a garage is low rather than parking in the street. If you garage your car, you can be qualified for a discount.
8-Marital Status
Statistics shows married people tend to be safe drivers.
How to save money on BMW car insurance
There are a few ways to save money on your BMW insurance premium:
- Always remember to shop around and use online quotes to find the best rate for you. Even if your current premium is about to expire.
- Bundle your BMW car insurance with homeowners’ insurance and get a discount from your insurer.
- If you raise the deductible, you can save money on collision and comprehensive insurance.
- Paying in full will help you save some money on BMW insurance.
- For getting an online quote and finalizing the deal, you can get a discount.
- If you own more than one vehicle, insuring them on one policy will get you the multi-car discount.
- If you don’t use your vehicle often, you should consider an insurer that offers you a pay-per-mile driving program. It can save you a lot of money.
BMW Ultimate Protection Program
Consider signing up for BMW’s Ultimate Protection Program. This program gives you access to:
- BMW extended service contract covers your vehicle up to 7 years or, 100000 miles. You can choose between the3 three levels of coverage offered. And, BMW guarantees all repairs completed with 100% Original BMW parts and at an authorized repair facility by a professional.
- BMW protection products. Protect your BMW’s Tire & Wheel from road hazards, your windshield from cracks or breaks, and your paint job from dings and dents, and with BMW Key Protection, you’ll get a kickback to replace your key and 24-hour vehicle lock-out assistance for as much as five years.
- Guaranteed auto protection, commonly known as gap insurance, comes in handy in a total loss due to an accident, natural disaster, or theft. This coverage waives some (or all) of the difference between the determined market value from your primary insurer and the remaining balance on your loan.
- Lease protection must be purchased when the new vehicle is delivered. It covers up to $3,750 in billed excess wear and tear charges.
BMW Flex Car Insurance
BMW Flex Car Insurance is a top-notch insurance policy designed by BMW Insurance Solutions. You can be sure this policy protects your car fully because it was designed by somebody who understands BMW. With BMW Flex Insurance, you will benefit from:
- You can use a courtesy car while your car is being repaired.
- In the event of an accident
- You will have a 24-hour recovery in the event of an accident.
- The option to take your vehicle to a guaranteed BMW Approved Body shop repair in the U.K.
- Roof Box covers up to £750.
- Child car seat replacement in the event of an accident
- The replacement or repair of your sole glass will not affect your No Claims Bonus.
- Personal Accidents involving the car are covered up to £20,000 per person, and Medical Expenses associated with the car accident are covered up to, £500.
- You can enjoy 90 days of full policy cover in 12 months when you visit the E.U.
- Replacement vehicle keys and locks are covered up to £1,000.
- Car contents and personal belongings cover up to £1,000.
BMW 7 days free car insurance
When you are buying a BMW vehicle from a dealership, you can get a 7 days free insurance. It will allow you to bring your car home as soon as purchased and be sure you are cover until you find a long-term insurance. But as soon as you register to another insurance company, the seven days free car insurance will expire.
To get these 7 days free insurance, you must:
- Only applicable when you buy a new or Approved Used BMW from a BMW Retailer in the UK.
- Driver age must not be more than 85 years old.
- You must pass an identity check at your address.
- Applicable to only people that are living in the UK.
After you checked out if you are eligible, you should have details about:
- Your vehicle registration
- Your BMW retailer Number
- Your renewal dates
- Your new BMW collection date
Website guide step by step:
- Go on their dedicated website, “BMW 7 Day Complimentary Car Insurance”.
- Click on “Activate” on the website page.
- Quote details about your vehicle.
- You will be given a quote for your seven days of free insurance and a full year.
Or you can get this perk by dialing: 0330 058 4088.
Please note, This perk is only available in the United Kingdom.
BMW insurance review in U.S.
The cost of insurance for a BMW in the United States heavily depends on the model, and so does customer satisfaction. Some don’t have a problem paying a lot of money to own a BMW, but some may think it’s not worth it.
Here’s a list of insurance providers you can get cheap rates for your BMW:
- GEICO (GEICO car insurance reviews)
- Liberty Mutual (liberty mutual auto & car insurance reviews)
- Progressive (Progressive car & auto insurance reviews)
- *USAA (USAA car insurance reviews)
*USAA is only available to military members.
BMW insurance review in U.K.
The same goes in the U.K. some people love owning a BMW so much they may even pay a lot of money, but some others instead of settle with a less expensive vehicle.
Here’s a list of insurers in the U.K. that you can get cheaper rates from:
1-Allianz
Allianz S.E. is a German multinational financial services company founded in 1890, and it’s headquartered in Munich, Germany. The original company has over 131 years of service, but Allianz plc in Ireland was established in 1902 and has employed more than 1700 people.
2- Aviva
Aviva is a U.K. based company and was founded in 1999. It’s one of the largest insurance companies in the U.K., and its headquarters is located in London, England, UK.
3- Royal London
Royal London Mutual Insurance Society Limited is the largest mutual insurer in the United Kingdom. It was founded in 1861 and headquartered in London, England, UK.
4- RSA
RSA Insurance Group Limited is a UK-based multinational general insurance company headquartered in London, England, and its primary operations are in the United Kingdom, Ireland, Scandinavia & Canada. This company is the second-largest insurer in the United Kingdom after Royal London. It has provided its customers with excellent service for 25 years, since 1996.
RSA Group received a rating of four stars altogether from J.D. Power Study, and their customers gave high rates to RSA’s customer service, financial strength, discounts, and optional coverages.
You can read more bout different models of BMW such as BMW X1 insurance, BMW X3 insurance, BMW X5 insurance, BMW 3 Series insurance, and BMW 5 Series insurance.
