BMW and Eagle Star break new ground in the Irish insurance market

BMW Group Ireland has announced the launch of insurance schemes developed in conjunction with Eagle Star, part of the Zurich Financial Services Group. The range of schemes includes three product lines that have been specifically tailored to the needs of BMW, MINI and BMW Motorrad owners.

This is good news for the consumer as it offers more choice in the area of insurance. This one-stop shop approach allows BMW and MINI owners a greater choice and a simple buying process. The range includes: motor insurance, complementary insurance and shortfall insurance.

1. Motor Insurance

The range starts with motor insurance. For car drivers, BMW Insurance and MINI Cover offer several important key features. For example, all repairs under these policies will be carried out by BMW or MINI approved bodyshops, which only use genuine manufacturer's parts and their paint system. This, together with the bodyshop staff who are trained to BMW's exacting standards, ensures that a car is restored to 'as new' condition following any damage. It also means that the manufacturer's warranty is unaffected, which may not be the case with non-approved repairs. Insurance cover for both BMW and MINI owners will be available online and via a dedicated customer phone line as part of this new arrangement with Eagle Star.

For riders of BMW motorcycles, an exciting development is the launch of BMW Motorrad Insurance, which brings a much needed additional entrant to the market. This has been designed to meet the needs of BMW riders, and recognises the importance of the safety and security features commonly fitted to the BMW range, such as anti-lock brakes and factory-fitted electronic immobilisers. The scheme also recognises that BMW Motorrad Dealers can restrict certain models in the range to 25 kW to adhere to licensing restrictions for new riders. This is an important feature that could reduce insurance costs for riders whilst allowing them to avail of the safety features on a BMW without being penalised for starting off on a larger capacity bike.

2. Complimentary Motor Insurance

Also being launched are BMW Complimentary Insurance and MINI Complimentary Cover, which give the opportunity for seven days' worth of free car insurance to customers buying a new or used BMW or MINI from an authorised dealer. The great benefit of these products is that it allows customers the opportunity to immediately 'drive away' once they have chosen their car without the hassle of having to sort out their own insurance. This facility should be particularly attractive to purchasers who are looking to buy under the BMW Approved Used Car and MINI Cherished schemes, who can't wait to take delivery once they've chosen their car.

3. Shortfall Insurance

The third group of products in the line-up is BMW Shortfall and MINI Shortfall. In the event of a total loss write off, shortfall insurance is there to help bridge the difference between what the customer's comprehensive motor insurance policy will pay out (normally based on the car's current market value) and the cost of replacing their car on a 'new for old' basis.

Under the new BMW schemes, the customer is able to choose at the outset the maximum benefit that their shortfall policy will pay out (€10,000, €30,000 or €50,000), and the period that they will be covered for (two, three or four years). Like the seven days' complimentary insurance products, shortfall is available to car buyers who are purchasing a new or used BMW or MINI from an authorised dealer. Although they must have a comprehensive motor insurance policy in place to avail of shortfall insurance, this doesn't have to be from the manufacturer's own scheme.

Speaking about the new products Sean Green, Managing Director of BMW Group Ireland, commented, "These innovative new products are designed to meet the exacting needs of our customers, and further expand the range of ancillary products we can offer them. I am particularly excited about BMW Motorrad Insurance, which should bring some much needed extra choice to the buyers of our motorcycles".

Robert Rheel, CEO, Eagle Star Insurance added, "This initiative is a great example of how quality companies can combine their expertise and provide tailored customer solutions. This is a real win-win for both Eagle Star and BMW. "

The new product range will be available on the market in early December 2006.