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Latest News
BMW Insurance Premiums Increase - the Facts
BMW Financial Services has recently increased its insurance premiums.
This decision was not taken lightly and was done so in light of high claims on GS products over an extended period of time.
Despite the change in cost, BMW believes that the specified insurance remains good value for money, and has set out to clarify the matter:
Key points
The change is effective from 1 March 2007.
BMW Insurance has not changed rates on the GS Motorcycles portfolio since 2004.
Increasing claims have arisen over the past year on GS product which has resulted in some companies either opting out of GS insurance cover or increasing prices.
It is key that BMW Insurance support the GS product, but it has to be done in a commercially viable way, hence the decision to increase rates.
Increases have impacted customers in different ways:
- 12% of customers received an increase of between 1% and 10%
- 47% of customers received an increase of 10% and 20%
- 18% of customers received an increase of over 30%
- The overall average increase in price is approximately 22%
Here's a brief reminder of some of the accompanying benefits:
We cover customers for business and private use at no additional cost
We will replace your motorcycle with a brand new motorcycle if it is written off or stolen within the 1st year of registration of the vehicle
After 12 months, we will replace your motorcycle with a similar approved used motorcycle (subject to availability)
We only replace with brand new BMW parts, irrespective of the age of the bike
You only pay R21 per month for your Trace-Tec monitoring fee, BMW Insurance pay the balance.
We replace (not repair) safety critical items
To ensure the highest of standard of repair we insist that BMW motorcycles are repaired at a BMW Approved Repair Centre
BMW Insurance has a higher than industry average success rate on third party claims which helps protect customer excesses and no claim bonuses
Claims are settled quickly by using professional independent assessors.
Customers who still have queries about the matter are encouraged to contact their local BMW Financial Services representative for further details.
Latest News
BMW Insurance Premiums Increase - the Facts
BMW Financial Services has recently increased its insurance premiums.
This decision was not taken lightly and was done so in light of high claims on GS products over an extended period of time.
Despite the change in cost, BMW believes that the specified insurance remains good value for money, and has set out to clarify the matter:
Key points
The change is effective from 1 March 2007.
BMW Insurance has not changed rates on the GS Motorcycles portfolio since 2004.
Increasing claims have arisen over the past year on GS product which has resulted in some companies either opting out of GS insurance cover or increasing prices.
It is key that BMW Insurance support the GS product, but it has to be done in a commercially viable way, hence the decision to increase rates.
Increases have impacted customers in different ways:
- 12% of customers received an increase of between 1% and 10%
- 47% of customers received an increase of 10% and 20%
- 18% of customers received an increase of over 30%
- The overall average increase in price is approximately 22%
Here's a brief reminder of some of the accompanying benefits:
We cover customers for business and private use at no additional cost
We will replace your motorcycle with a brand new motorcycle if it is written off or stolen within the 1st year of registration of the vehicle
After 12 months, we will replace your motorcycle with a similar approved used motorcycle (subject to availability)
We only replace with brand new BMW parts, irrespective of the age of the bike
You only pay R21 per month for your Trace-Tec monitoring fee, BMW Insurance pay the balance.
We replace (not repair) safety critical items
To ensure the highest of standard of repair we insist that BMW motorcycles are repaired at a BMW Approved Repair Centre
BMW Insurance has a higher than industry average success rate on third party claims which helps protect customer excesses and no claim bonuses
Claims are settled quickly by using professional independent assessors.
Customers who still have queries about the matter are encouraged to contact their local BMW Financial Services representative for further details.
