BMW Car Insurance

If you’re about to hop behind the wheel of your very own BMW, it’s essential that you consider taking out car insurance protection before you hit the road. The good news is that there are car insurance policies designed with you in mind. BMW Prestige Motor Vehicle Insurance is underwritten by Allianz and is available as Comprehensive Cover or Third Party Property Damage Cover Only. Both policies offer a long list of benefits to help get you back on the road when your car is damaged, stolen or involved in an accident

Policies you can choose from with BMW

BMW Prestige Motor Vehicle Insurance offers two policy options to Australian drivers:

• Comprehensive Cover. Comprehensive Cover is designed to offer protection for a wide range of driving risks. It covers accidental loss or damage to your vehicle, including new vehicle replacement on cars less than three years old. Towing costs, emergency repairs and a rental vehicle following theft are all covered, while $20 million legal liability cover is included when you cause damage to other people’s property or bodily injury to someone else.
• Third Party Property Damage Cover Only. If you’re involved in an accident that is partly or fully your fault, and if that accident causes loss or damage to someone else’s property, Third Party Property Damage Cover provides $20 million of protection for your legal liability. Cover is also included for death or bodily injury arising out of the use of your vehicle, while $4,000 cover is provided for loss or damage resulting from a collision with an uninsured motorist.

Policy features in detail

• Comprehensive Cover
• Third Party Property Damage Cover Only

• General exclusions applied to BMW car insurance

  Your BMW Prestige Motor Vehicle Insurance claim will not be paid if:

  • Your vehicle was being driven by an unlicensed driver.
  • Your vehicle was being driven by someone specified in the insurance schedule as a declined driver.
  • Your car was being driven by someone under 25 years of age and you have selected the restricted driver option.
  • Your car was being driven by someone under the influence of drugs or alcohol.
  • Your vehicle was being used to carry a number of passengers or tow a load greater than that for which it was constructed.
  • Your car was being driven in an unsafe or unroadworthy condition.
  • Your car was being used to carry passengers for fare, hire or reward.
  • Your car was being used in relation to motor sports of any kind.
  • Your car was being used in connection with the motor trade for experiments, tests, trials or demonstrations.
  • Your claim arises due to a deliberate, intentional, malicious or criminal act by you or someone acting with your consent.
  • It is for any loss of use of your vehicle.
  • It is for depreciation or wear and tear to your vehicle.
  • It is for mechanical or electrical breakdown, failure or breakage.
  • It is for tyre damage caused by application of the brakes or by road punctures, cuts or bursts.
  • It arises due to the lawful seizure of your vehicle.
  • It arises because you do not take reasonable steps to safeguard your vehicle against loss or damage.
  • It arises due to the failure of a computer or similar equipment.
  • Your car has been modified from the manufacturer’s specifications without the insurer’s written consent.

BMW car insurance excess charges

The excess is the amount you must contribute to the cost of a claim. Paying an excess helps to reduce the number of small claims insurers must pay, resulting in cheaper premiums. The following excesses may apply to cover, so check your insurance documents for details:

• Basic excess. This is the first excess you will need to pay towards each claim. It includes the minimum basic excess, the voluntary excess (if you choose a higher excess for lower premiums), and the imposed excess (which may be added due to underwriting criteria).
• Age excess. This excess is payable when you make a claim following an accident where your vehicle was being driven by someone under the age of 25.
• Undeclared young driver excess. You’ll need to pay this excess if you make a claim after your vehicle was driven by an under-25 driver not listed in your insurance schedule.
• Inexperienced driver excess. This excess must be paid if your car was being driven by someone over the age of 25 who had not held a licence for at least two years.
• Theft excess. The theft excess applies when you make a claim for loss or damage arising from the theft or attempted theft of your vehicle.
• Driver excess. This excess may be applied to specific drivers listed on your policy.
• Unnamed driver excess. This excess is payable when the named driver option applies, but you make a claim after your car was being driven by someone not listed in your schedule as a nominated driver.

Steps to save on BMW car insurance

There are several ways you can reduce the cost of your BMW Car Insurance premium, including:

• Choosing a higher excess. You have the flexibility to select a higher excess in return for cheaper premiums.
• Choosing a lower level of cover. Third Party Property Damage Cover Only is more affordable than Comprehensive Cover.
• Restricting the number of options. Another way to keep your premium down is to reduce the number of extra-cost options you select.
• Choosing the restricted drivers option. You can save on your premium if you choose to limit your cover to drivers over the age of 25 only.
• Be a safe driver. This will allow you to access no-claim bonus discounts.

How to claim

In order for your BMW Prestige Motor Vehicle Insurance claim to be accepted, you must not admit any liability or guilt following an incident. You must also take all reasonable steps to prevent any further loss, damage or liability from occurring, and contact the police following an accident.

Next, make sure you contact the insurer as soon as possible after any incident which may lead to a claim. You’ll need to provide details of the loss, damage or liability in the manner requested by the insurer, which could be verbally or online, and immediately forward on any correspondence you receive regarding the incident.

Some final questions you might have

• Is there a cooling-off period?

  Yes, a 14-day cooling-off period applies to BMW Prestige Motor Vehicle Insurance. This means you can cancel your cover within the first 14 days and receive a full premium refund.

• Who underwrites BMW Car Insurance?

  BMW Prestige Motor Vehicle insurance is underwritten by Allianz Australia Insurance Limited.

• Will BMW Car Insurance replace my car with a new vehicle if it is a total loss?

  Yes. A new replacement vehicle is covered if your vehicle was purchased new or as a demonstrator model and becomes a total loss within three years of the original registration.

• Are there any options available with BMW Comprehensive Car Insurance Cover?

  Yes, the following options can be added to your policy:

  • Rental or loan car following an accident
  • Removal of basic excess for windscreen claims
  • Protected no-claim bonus
  • Cover for accidental loss or damage to tools of trade, trade stock and materials
  • Named driver option to reduce your premiums
  • Up to $2,500 personal effects cover

• What parts will be used to repair my vehicle?

  If the insurer accepts a claim for accidental loss or damage to your vehicle, any damaged part of your vehicle will be replaced with genuine BMW parts, subject to local availability.