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Car Insurance Facts for Luxury Cars
Auto insurance for high-end, or luxury cars, is generally more expensive than standard car insurance. The sticker price of the vehicle will impact your insurance rates - they say, on average, it’s about 20% higher to insure a luxury car.
It’s no secret that expensive cars are more costly to replace, repair and maintain. Import cars are more complex to fix and certain models are only manufactured in limited numbers, which can also increase the price of parts. High-value cars are also commonly targeted for theft, which also increases the rate you pay.
If you own a car worth over $100K, you should have luxury car insurance to protect your investment and Surex can help with that. You don’t want to have a standard auto insurance policy. Talk to an advisor today to get your set up and ready to hit the road!
About BMW
BMW is one of the largest, most recognized car brands in the world. The German manufacturer is headquartered in Munch, Bavaria, Germany. BMW was originally a company that manufactured airplane engines and worked under the name - Bayerische Flugzeuqwerke (or BFW). They made some key advancements in the industry before turning to the auto industry.
In 1917 when they made the switch to the auto industry, they changed their name to BMW (Bayerische Motoren Werke AG). The iconic logo represents the blue and white pattern on the flag of Bavaria, where the company was born.
BMW vehicles are known for their luxury, high-level performance, and reliability, as well as being highly regarded for their technological innovation. They have been making luxury cars since 1928 and offer a range of models from sport coupes and convertibles, to family sedans and sport utility vehicles. Known as a luxury manufacturer, their vehicles are expensive to buy, repair and insure. But that’s where Surex comes in. We can help you find the right insurance for your car!
FAQ’s about BMW car insurance
Yes, BMW cars generally cost more to insure. It’s hard to put an exact number of what you will pay for your insurance because it largely depends on the type of vehicle you drive. Insurance providers look at the year and the model you choose to buy, your driving history, the number of kilometers you drive each year, and where you live.
The average cost of car insurance for BMW is $1,498 in Canada, approximately $124 per month. But, everyone has a unique situation so the cost can differ. Talk to an insurance advisor to find out what coverage you need and what it will cost you to get insurance for your car.
German-manufactured automobiles are known to have specific parts, they can be harder to get and take longer to become available and, as a luxury car the repairs can be more expensive
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