Monthly Archives: January 2021

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BMW Ramps up Its Sustainability Efforts

Did you know the transportation sector accounts for 28% of greenhouse gas emissions in America? That’s the largest contributor by about 1 percentage point. Car manufacturers need to adopt sustainable initiatives to help the planet — we might not have a shot otherwise.

BMW has emerged as a recent leader in the charge against climate change. They’ve taken various steps to ensure their processes and products are eco-friendly. As a result, it’s become more common for other automobile manufacturers to follow suit.

Keep reading to learn more about how BMW and other automakers are crafting sustainable efforts.

1. Electric Vehicle Options

Electric cars aren’t new. However, they’ve become slightly more popular over the past few years, as companies like Tesla make them more advanced and trendy. BMW has joined the pack. By 2021, it plans to have 1 million electric vehicles on the road.

There are currently two fully electric models: the i3 and i8. You can also buy hybrid BMWs, which use both electricity and gasoline for fuel. These options include the X3, X5, 3, 5 and 7. The most recent style is the 2020 iX3 — but U.S. customers won’t be able to purchase it. BMW plans to expand its global electric and hybrid vehicle selection to 25 models in the next two to three years.

It’s easy to see that BMW understands electricity’s importance regarding auto manufacturing. If you take a look at other car companies, BMW seems much more forward-thinking. It’s not the only one taking action — but it’s undoubtedly a leader.

2. Carbon Dioxide Emission Reduction

Cars aren’t the only contributors to climate change. Take a second to consider what it takes to produce and transport vehicles around the world. There’s a lot of energy involved throughout this process. As a result, BMW and other car brands need to reduce their greenhouse gas output.

That’s a central goal for companies that are becoming more eco-friendly, like BMW. It has already decreased its emissions by 40% over the past two decades. In 2021, BMW hopes to reduce those numbers by another 20%. That effort should help the automaker match Europe’s ambitious standards.

This goal requires a few different approaches. BMW has already gotten close to sourcing 100% of its energy from renewable sources. It also wants to get the word out regarding electric vehicles. There will always be people who prefer traditional cars — but businesses like BMW need to make electric options more accessible.

3. Renewable Car Parts

There’s also the issue of reducing, reusing and recycling. The average automobile company sources endless materials, from glass to rubber, to build their products. Brands need to be transparent about where and how they conduct their supply chains.

BMW has a goal to meet these points. It aims to use more recycled materials in the next 10 years to ensure sustainability. The company plans to make 95% of its vehicles with these supplies.

This process will help the automaker achieve a circular economy — which promotes a genuinely eco-friendly economic model. The point is to create no waste by making, using, reusing, remaking and recycling. That cycle utilizes materials in a way that avoids disposing and polluting.

What Are Other Automotive Brands Doing?

It’s key to point out that BMW isn’t alone. It’s becoming a sustainable leader — but other automakers are walking a similar path, as well. We should recognize these car companies for their efforts, too.

Take Chevrolet as an example. The brand owned by General Motors has taken several steps to make processes and products more sustainable. Chevrolet’s C8 Corvette will be only one of a few electric sports cars when it’s released in the next couple of years. Chevrolet also has other electric vehicles — and General Motors takes steps to use renewable energy and recycled materials to manufacture its cars.

Other companies, including Audi and Toyota, are proven to be eco-friendly, too. That’s great news for consumers. It’s always important to have options when buying something. If you have a chance to choose between more than one electric car, it’s clear we’re on the right path.

There’s a Light at the End of the Tunnel Thanks to BMW

It’s not too late to reverse or slow climate change as a global community. We need to do a lot of work — but the right moves will make a difference.

Companies like BMW recognize that they need to change to achieve these goals. If BMW and other automakers continue to make these efforts, they can spark a little hope for the future.

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Finding Car Insurance for Your Classic or Luxury BMW

Do you own a rare, luxury, or high-value BMW? If so, you’ll definitely need to get it insured to protect it from the eventualities of life. All cars need to be insured to keep them (and you) safe, but if you own a classic or luxury vehicle, you will need to opt for a specialized insurance plan. 

Standard vehicle insurance companies are not equipped to provide the right coverage for your high-class vehicle, which could leave worrisome gaps in your insurance plan. 

Once you have a proper understanding of your BMW’s unique insurance needs, you’ll be able to choose the right provider, and the right plan to keep you covered every day.

Your BMW’s Special Insurance Needs

Your luxury or classic BMW’s insurance needs differ to an average vehicle’s. The more valuable your car is, the more it will cost you to have it insured. 

With that said, it’s not that simple. 

There are some unforeseen insurance needs on the cards that are unique to expensive cars. You should always bear these in mind when choosing your provider.

The make, model and year of your car will largely determine how much your insurance premiums will be, but there are other factors to consider too. If your vehicle’s engine is large and particularly powerful, it may warrant custom coverage. 

Sporty cars tend to be considered high risk when it comes to accidents, and you’ll likely foot the bill for this risk. If your insurance company needs to source rare or pricey parts to repair your car, your premiums may increase accordingly too.

Another factor to remember is the risk of vandalism and theft. Expensive and rare cars are obviously at higher risk of theft, and the exact risk will depend on your BMW’s make and value. Most insurance companies work according to theft statistics to determine how risky it is to cover your vehicle. If it’s a high-risk car, you’ll pay higher premiums as a result.

How Your Premiums are Calculated

Your insurer will calculate your BMW’s premiums according to several factors. These factors include:

  • Your unique driving and accident history
  • Your personal credit score
  • Your average driving distance
  • Your hometown or city and your zip code
  • Your occupation and income
  • The security of the space where you park or store your vehicle when not in use

On average, monthly insurance for luxury and classic vehicles costs more than standard vehicles. However, you can offset this price difference in a number of ways. 

First, take care to drive cautiously and to keep your driving history in good standing. Even if you have a fast car, any history of accidents and claims can drive up your premiums significantly.

Second, don’t let teenagers drive your BMW. Teens are considered high risk, and even if you list them as secondary drivers on your insurance plan, you might pay more as a result. 

Third, ask about low mileage driving plans if you don’t use your luxury car often. Many insurance providers offer special rates for drivers who don’t do much mileage in their vehicles. You can opt for several deductibles to keep your monthly charges low.

Why Standard Insurers Fall Short

Standard car insurers, also known as captive carriers, tend to fall short when covering luxury BMWs. At the end of the day, these companies are only really equipped to cover everyday vehicles, and will not know enough about your car to insure it adequately. 

Traditional providers tend to focus their efforts on getting you the lowest insurance premiums possible. This sounds appealing on paper, but if your car is classic or high-end in nature, this isn’t necessarily what you want. Cheap premiums are best suited to older and common car makes and models.

Opting for cheaper insurance can leave you and your vehicle open to problematic gaps in coverage. This could leave you in the lurch during emergencies. Additionally, standard insurance agents may battle to give you the correct information about covering your luxury BMW as they’re not likely to have dealt with such cases in the past.

Better Choices for Luxury BMWs

So, now you know that a captive insurance carrier is not your best bet when it comes to covering your car. We recommend choosing a high net worth carrier instead. 

These providers are skilled and trained in insuring high-end vehicles, and have extensive experience in offering specialized, comprehensive insurance plans. Their agents will know exactly what you need to keep your car safe. They’ll base your plan on its unique model and custom features, your driving habits, and other important factors.

If you do ever need to file a claim, these companies will be more adept at handling it without long waiting periods. Net worth carriers deal with expensive BMWs and other cars every day, and know exactly how to handle accidents or unexpected situations with ease. They generally offer appealing benefits that other carriers may not be able to, which ensures that you get the best value for your monthly payments.

Luxury BMW Insurance in a Nutshell

Keeping your greatest asset safe and secure is easy when you know which insurance plan will offer the best coverage. Steer clear of run-of-the-mill insurers who rarely have the right know-how to meet your needs as a high-end car driver.

Protect your BMW by always opting for high net worth carriers, and ask your provider to tailor your plan to your individual vehicle. By asking for a custom plan, you’ll ensure there are no gaps in your coverage that could prove problematic later down the line. You’ll also be dealing with an experienced agent who knows exactly how to cover your vehicle to bring you security and peace of mind, no matter where or how you drive.