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In order to legally drive your vehicle, you need to have a car insurance policy. Car insurance aids in covering costs incurred from accidents, legal liabilities, and theft. While car insurance generally covers the same risks and perils, the cost will naturally vary from driver to driver based on independent factors. A main factor that determines your insurance cost is the more likely you are to file a claim; the higher your insurance will be. A second factor is what type of car you drive – BMW drivers generally pay more in insurance than the average driver.  

What impacts BMW car insurance? 

1. Car Value  

Most BMWs have a higher MSRP value than other vehicles. In the case of a bad accident, insurance replacement costs will be just as high. Generally, BMWs retail for anywhere between $50,000 and $100,000.  

2. Theft     

Because the BMW brand is luxurious, it tends to be a target for car theft. The theft levels are much higher for BMW vehicles than some of the other brands on the market. When it comes to the most stolen vehicles in Ontario, BMW models frequently appear at the top of the list. 

3. Expensive maintenance 

Maintenance is unavoidable when it comes to your car, and a BMW will likely cost you more than say, a Honda Civic. Replacement parts and specialized work cost a pretty penny to keep your BMW running smoothly.  

4. Great safety features 

While BMWs are expensive, they have quite a few safety features. Features include blind-spot detection, automatic breaks, surrounding vehicle alerts, and top-quality seatbelts, to name a few. It is these particular safety features that keep insurance costs lower than they typically would be. These specialty, anti-crash features reduce the risk of you making a claim, which is beneficial when it comes to your insurance. 

How to reduce your BMW car insurance cost 

There are two main ways you can reduce your BMW insurance rate. The first is to minimize your claims risks. You can add additional security measures to your vehicle, which means it is less likely to be stolen. You can also aim to drive it less often, which means there’s less chance of you getting into an accident. The second way you can reduce your insurance costs is by changing your insurance policy. Speak to an isure broker about increasing your deductible or bundling your home and auto insurance together. One thing you can be certain of is that isure will be able to search through all the rates and find the best policy for you at the lowest rate. 

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