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The BMW M340i xDrive is an absolute beast on the road with its powerful engine, sharp handling and exhilarating acceleration. Zipping down an empty stretch of road behind its wheel makes you feel like you're flying. However, before you get to experience the unbridled thrill of driving this premium sports sedan, it is crucial that you have a comprehensive BMW M340i car insurance policy in place. Let's learn about the important aspects of buying or renewing BMW M340i car insurance.
Having a valid car insurance online policy is not just recommended, but is mandated by law. Driving without insurance can attract heavy penalties and even imprisonment. Here are some key reasons why buying insurance is critical:
As per the Motor Vehicles Act, it is illegal to drive any motor vehicle on Indian roads without a valid insurance policy. Even if you plan to just take your new M340i from the showroom to your home, you need to have the basic third party cover active. Driving without this mandatory cover can result in fines, confiscation of your driving license or even imprisonment.
The BMW M340i is a highly advanced performance sedan with loads of power under the hood. It is packed with cutting-edge features and technology. Being a luxury car, it also commands a premium price tag. In case of any mishaps like accidents, theft or natural disasters, the repair and replacement costs of such an expensive car would be massive. A comprehensive policy adequately covers these expenses so you don't have to bear the huge financial burden.
According to Indian laws, you are liable to pay compensation if your car is involved in an accident that causes injury or property damage to a third party.
There are mainly two types of motor insurance policies that you can consider buying for your BMW M340i:
This is the basic, legally mandatory cover that insures you against any injury or damage caused by your car to a third party. However, it does not cover any damages suffered by your own car. It is a very basic cover meant only to meet legal needs.
This is the most comprehensive and popular insurance policy opted by most car owners. Under this, you get extensive coverage against third-party liabilities as well as coverage for your own damage cover caused due to accidents, theft, natural disasters etc. It covers the insured vehicle, occupants as well as third parties.
What is Covered
What is Not Covered
A comprehensive car insurance policy will generally provide coverage against the following:
Any legal liability arising out of injury or property damage caused to third parties
Damage to own car due to man-made causes such as accidents, collisions, theft, fire, malicious acts etc.
Damage to your own car due to natural disasters like floods, earthquakes, storms, lightning etc.
Loss or damage to accessories fitted in the car like music system, GPS device, seat covers etc.
Personal accident cover provides financial help if the owner-driver suffers injuries or dies in an accident.
Medical expenses incurred to treat third party injuries due to accidents involving insured cars.
While the coverage provided by a comprehensive motor policy is extensive, it is important to be aware of the major exclusions and limitations:
Any damage to the car while it is being used under the influence of drugs or alcohol is not payable as per regulations.
Losses arising from war, mutiny, nuclear explosions or radiation are excluded from the scope of general insurance.
Wear and tear of consumables like tyres and brakes along with negligence of the driver are not covered.
The car is not covered if driven outside the geographical boundaries of India, unless international cover is opted for.
Intentional losses where damage is caused deliberately by the insured are excluded.
Damage occurring when the car is driven by a person without a valid driving license is not payable.
Depreciation is applied to parts like battery, engine etc. when computing claim settlements.
Here are some of the most useful add-ons you can opt for to enhance your BMW M340i's insurance coverage:
Zero Depreciation Cover - This waives off any deductions towards depreciation of parts during claim processing. This is useful for new cars.
NCB Protection Cover - Your No Claim Bonus will remain unaffected even if you make a claim during the policy period. This add-on ensures your NCB keeps getting accumulated.
Engine Protection Cover - Pays for repair/replacement if damage is caused to the engine due to leakage of lubricating oil or damage by ingress of water.
Key Replacement Cover - If your car keys are lost, misplaced or stolen, this cover pays the high costs of replacing the sophisticated keys of high-end cars.
Consumable Cover - Covers expenses incurred on consumables like engine oil, gearbox oil, lubricants etc. during repair.
Here are some of the major benefits offered by ACKO that make it an ideal insurance provider for a car like the BMW M340i:
Extremely quick and simple car insurance purchase process completely online. No physical paperwork involved.
You can customize your car's insurance policy with optional add-on covers based on your specific requirements.
Hassle-free cashless claims across a huge network of authorized garages across India.
Claim processing and settlement is very quick due to use of latest technology and minimal paperwork.
Personal support from dedicated experts for any kind of policy-related queries or assistance. Prompt resolution.
You get easy access to a long list of garages/service centers to pick from for seamless servicing and repairs.
Renewals are also very convenient and can be done instantly via phone call or the company's website.
Follow these simple steps to buy or renew BMW M340i Insurance from ACKO:
Visit the ACKO website or download the app on your phone.
Enter your car's registration number on the portal and click on "Check Prices".
Choose the type of policy you want, compare plans, and select suitable add-ons to customize your coverage.
Proceed to payment after ensuring coverage details and premium are satisfactory.
The insurance policy is instantly emailed to your registered ID on successful payment.
For renewal, provide your existing policy details and make the payment. Renewed policy is instantly emailed.
ACKO makes the entire claim process smooth and hassle-free:
Intimate the claim by calling ACKO's helpline or via the mobile app. You need to provide preliminary details.
Upload clear photos of the damaged car and required documents like FIR, claim form etc.
ACKO will appoint a surveyor to inspect your BMW M340i and assess the damage.
After verification of documents and vehicle inspection, the claim is approved and settlement payment is transferred.
Considering the BMW M340i's powerful performance, premium category and high price, buying a comprehensive insurance policy is crucial to protect from heavy financial losses. ACKO, with its stress-free purchase process, cashless garage network and speedy digital claims makes it the ideal insurance provider for your prized BMW possession.
The IDV is calculated as the manufacturer's listed selling price of the car (ex-showroom price) minus depreciation based on the age of the car. Higher IDV means higher coverage and premium.
Yes, even accessories fitted by the dealer/owner will be covered if expressly declared at the time of policy purchase.
Yes, the policy can be cancelled anytime during the tenure with a pro-rata refund of the premium after deducting the cancellation charge.
No, you can transfer and use the accrued NCB on your new car if insured within 90 days from selling the old car as the NCB is linked to the policyholder, and not the car.
Yes, ACKO provides pick up and drop facility from your home for cashless repairs within city limits - in select cities.
The claim amount will be the cost of repair or replacement minus depreciation and/or deductibles as applicable under the policy terms.