BMW Car Insurance Review April 2021 | finder.com.au
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BMW Car Insurance

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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

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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

  • Covers accidental loss or damage to your vehicle
  • Theft cover included
  • New vehicle replacement for cars less than three years old that are a total loss
  • $20 million legal liability cover for damage to other people’s property
  • Legal liability for death or bodily injury also covered
  • Rental vehicle following theft
  • Towing costs
  • Caravan and trailer cover
  • $500 emergency repairs cover
  • $500 personal effects cover
  • Transportation and emergency accommodation costs
  • Re-keying and re-coding if your vehicle’s keys are stolen
  • Your choice of repairer
  • Genuine BMW parts used to repair your vehicle
  • $20 million legal liability cover for damage to other people’s property
  • Legal liability for death or bodily injury also covered
  • Cover still applies while you are using a substitute vehicle
  • $4,000 cover for uninsured motorist damage

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

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2 Responses

    Default Gravatar
    sinnathambyAugust 11, 2017

    How can I put a complaint regarding my accident claim?

    Reply
      Default Gravatar
      LiezlAugust 11, 2017

      Hi Sinnathamby,

      Thanks for your question.

      If you’ve already made a formal complaint to the insurance company and you didn’t receive a response in a reasonable time or you’re unhappy with their response, you can contact the Financial Ombudsman Service (FOS) for a resolution. You might find our guide on how to seek support from FOS helpful.

      Cheers,
      Liezl

      Reply
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