Mercedes EQS Sedan vs BMW M8: Insurance Cost Comparison (2026)

This page sets the insurance figures for the Mercedes EQS Sedan and the BMW M8 side by side. Both sit in the above Rs 1 crore insured-value band. IRDAI prices third-party cover for electric cars by motor power in kilowatts, and for petrol, diesel and CNG cars by engine capacity. The Mercedes EQS Sedan has a 385kW electric motor, placing it in the slab exceeding 65kW (Rs 6,712); the BMW M8 has a 4395cc Petrol engine, in the slab exceeding 1500cc (Rs 7,897). The two fall in different IRDAI slabs, so the mandatory third-party component differs before own-damage cover is added. All figures below are indicative first-year estimates on new vehicles; your own premium depends on variant, city, add-ons and No Claim Bonus.

Insurance cost comparison at a glance

Figures are indicative first-year estimates. Own-damage premium is calculated at an illustrative rate applied to insured value; each insurer files its own rate with IRDAI, so actual quotes vary.

How the third-party component is set

Third-party cover is mandatory for both cars under Section 146 of the Motor Vehicles Act 1988. Its price is not set by the insurer – IRDAI notifies a single national rate for each slab, and every insurer in India charges exactly that amount. For FY2024-25 the petrol, diesel and CNG slabs are Rs 2,094 up to 1000cc, Rs 3,416 for 1001cc to 1500cc and Rs 7,897 above 1500cc; electric cars are rated by motor power at Rs 1,780 up to 30kW, Rs 2,904 for 30kW to 65kW and Rs 6,712 above 65kW. The Mercedes EQS Sedan pays Rs 6,712 on this component and the BMW M8 pays Rs 7,897.

How the own-damage component is set

Own-damage cover is the optional part, and it is priced off Insured Declared Value. IDV starts from ex-showroom price and falls each year on the IRDAI depreciation grid – 5% below six months, 15% from six to twelve months, then 20%, 30%, 40% and 50% through year five. On these first-year figures the Mercedes EQS Sedan carries an IDV of Rs 22,249,000 and the BMW M8 carries Rs 23,275,000. The gap in total first-year outlay between the two cars works out to about Rs 143,149, almost entirely from this own-damage side.

Factors that change both numbers

• No Claim Bonus: 20% off own-damage after one claim-free year, rising to 50% after five. This applies identically to either car.
• Registration zone: IRDAI Zone A covers Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune; Zone B covers the rest of India at marginally lower own-damage rates.
• Add-ons: Zero Depreciation, Engine Protect, Roadside Assistance and NCB Protect each add premium and each changes what a claim pays out.
• Voluntary deductible: Choosing a higher deductible reduces own-damage premium and raises your share of every claim.
• Variant: Higher trims carry higher ex-showroom prices, so IDV and own-damage premium rise within the same model.

Add-on cover costs, side by side

Add-ons sit on top of the own-damage premium. The figures below are illustrative estimates based on each car's year-1 own-damage cost; actual add-on pricing depends on variant, city and the provider.

How the insured value falls over five years

Insured Declared Value (IDV) drops each renewal under the IRDAI standard depreciation schedule (20% in year 2, then 30%, 40% and 50% of the listed price). A lower IDV means a lower own-damage premium, and a lower payout if the car is written off. These are indicative figures for both cars.

What raises or lowers these premiums

Both cars' totals move with the same levers. The mandatory third-party slab is fixed by IRDAI; everything else is in your control.

• Your city and RTO zone. Metro RTO zones (Zone A) carry higher own-damage rates than smaller-town zones.
• No Claim Bonus. A claim-free year earns 20% off, rising to 50% after five claim-free years.
• Voluntary deductible. Agreeing to pay a fixed first slice of any claim lowers the own-damage premium.
• How you drive. Pay-how-you-drive plans price the premium off your actual driving score.
• Add-ons you pick. Each add-on above raises the premium; drop the ones you do not need.

Frequently Asked Questions