Have a BMW? Car Insurance Policies to Consider

January 27, 2012

If you are searching for BMW car insurance for your BMW vehicle, you should know that there are plenty of coverage options available. In fact, coverage types are as abundant as they are for any other type of vehicle on the road. BMW car insurance is available through virtually all car insurance companies in America and there are generally no special requirements for purchasing a BMW car insurance policy. Here is some basic information on BMW car insurance policies.

Types of BMW Car Insurance Coverage

Coverage types for BMW car insurance range from liability only insurance to full coverage or comprehensive and collision coverage. If you have paid off your BMW vehicle, you'll be able to purchase the minimum amount of insurance required in your state in the form of a liability only policy. This type of policy does not pay for damages to your BMW vehicle or your medical expenses; however, it will pay the cost to repair vehicles of other parties or medical costs for other people injured in an accident where you found to be at fault.

If you want complete coverage for your BMW car, you should consider purchasing a comprehensive and collision policy. This type of policy provides protection in most circumstances where your BMW vehicle is involved in an accident, damaged by inclement weather or even stolen. Comprehensive and collision coverage will pay the cost to repair your vehicle and your medical expenses even if you're found to be at fault.

BMW Insurance Companies

Virtually all American car insurance companies will insure a BMW vehicle. However, as with many other types of expensive luxury vehicles, companies like AIG, Allstate and Geico are reported to usually have the best policy premium rates for BMW vehicles. All three of these companies offer better rates for more expensive vehicles to the most qualified drivers. In order to receive the best rates for BMW car insurance coverage, drivers must have a very good driving history and usually have a good to excellent credit score.

BMW Car Insurance Vehicle Ratings

The State Farm Insurance Company’s car insurance rating system puts most BMW vehicles in a premium rate category that requires premium payments that are slightly lower than standard averages to considerably lower than standard premium rates. The State Farm liability rating Index and damage and theft Index place most BMW vehicles in category A or B which results in lower premium rates. The exceptions to this are the BMW M3, X5 and X6 which are all in the class C category which provides for standard premium rates. Insurance vehicle ratings from most other companies and organizations place BMW vehicles in similar type categories.

BMW Policy Liability Considerations

Because most BMW cars are considered to be luxury vehicles, owners of BMWs should consider purchasing policies with higher policy limits to avoid potential liability. Drivers of luxury vehicles like BMW cars are subject to more lawsuits and litigation because luxury cars are usually associated with car owners that have more money or are considered wealthier than average drivers.