Insurance for BMW 5-series

krazyking · 5th August 2011, 15:39

Hi all,

Had some questions that I needed advice on.

So I own a BMW 5 series, and for the past 2 years I've been using TATA AIG Secure insurance for the car, which has a very high premium. Last year I paid about 84k for it.

However, the situation is that the car is barely used, 4 months at max throughout the whole year and I don't see the point in having such an expensive insurance policy. Furthermore, the vehicle has scratches on the front bumper of the car which can be claimed through insurance but my dad doesn't want to do it because it will push our premium up. So I don't see the point in having such a hefty insurance policy where we don't even make any claims, unless it'll be an accident.

I'm welcome to any suggestions or advice for the same. Thanks.

SushilBajpai · 5th August 2011, 15:47

Quote:

Originally Posted by krazyking

Hi all,

Had some questions that I needed advice on.

So I own a BMW 5 series, and for the past 2 years I've been using TATA AIG Secure insurance for the car, which has a very high premium. Last year I paid about 84k for it.

However, the situation is that the car is barely used, 4 months at max throughout the whole year and I don't see the point in having such an expensive insurance policy. Furthermore, the vehicle has scratches on the front bumper of the car which can be claimed through insurance but my dad doesn't want to do it because it will push our premium up. So I don't see the point in having such a hefty insurance policy where we don't even make any claims, unless it'll be an accident.

I'm welcome to any suggestions or advice for the same. Thanks.

You haven't mentioned what kind of insurance is this. Is it a no depreciation insurance? In which case it is not at all expensive for your car.

BMWs are expensive to buy and maintain - even more so to get repaired in the event of an accident. Generally speaking it is a good idea to take a comprehensive insurance cover for at least first 3-4 years of cars life. After that the depreciation is so high that many people transfer the old policy to a new car, and downscale the insurance to minimum mandatory.

Sn1p3r · 5th August 2011, 21:28

^excuse me but I thought BMW forayed into insurance sector. I am stupid

I would suggest you continue with the Zero depreciation insurance but use the car more often after all its a BMW. It takes a fraction of second to make you realize that you did the right thing in taking the right insurance so its good that you never had to test it.

I agree with SushilBajpai's statement. Enjoy!

5th August 2011, 15:39	#1
krazyking BHPian Join Date: Feb 2009 Location: Mumbai/Hong Kong Posts: 329 Thanked: 5 Times View My Garage	Insurance for BMW 5-series Hi all, Had some questions that I needed advice on. So I own a BMW 5 series, and for the past 2 years I've been using TATA AIG Secure insurance for the car, which has a very high premium. Last year I paid about 84k for it. However, the situation is that the car is barely used, 4 months at max throughout the whole year and I don't see the point in having such an expensive insurance policy. Furthermore, the vehicle has scratches on the front bumper of the car which can be claimed through insurance but my dad doesn't want to do it because it will push our premium up. So I don't see the point in having such a hefty insurance policy where we don't even make any claims, unless it'll be an accident. I'm welcome to any suggestions or advice for the same. Thanks.
	() Thanks

5th August 2011, 21:28	#3
Sn1p3r Senior - BHPian Join Date: Jul 2009 Location: Germany Posts: 1,022 Thanked: 231 Times View My Garage	re: Insurance for BMW 5-series ^excuse me but I thought BMW forayed into insurance sector. I am stupid I would suggest you continue with the Zero depreciation insurance but use the car more often after all its a BMW. It takes a fraction of second to make you realize that you did the right thing in taking the right insurance so its good that you never had to test it. I agree with SushilBajpai's statement. Enjoy!
	() Thanks