Sports cars are in a different league. Their charm is unmatched. They receive high marks on both the comfort scale and the style scale. But all of this has a cost, a very high one at that. Your bank account may take a significant hit from sports cars. This is not just true at the time of purchase; maintaining a sports car can also be expensive. One example of this is purchasing sports car insurance which is now a straightforward business. Continue reading to familiarise yourself with the specifics of sports car insurance.
Six Essential Details About Sports Car Insurance:
The top six things to be aware of when insuring your sports car are outlined in the list below:
1. Compulsion To Buy
The law does not change for anyone. A sports car owner must purchase car insurance, just like everyone else. According to The Motor Vehicles Act of 1988, you must buy at least a Third-party car insurance plan to insure your vehicle. For comprehensive coverage, it is advised to choose a comprehensive car insurance plan.*
2. More Costly Than Usual
There is no more straightforward way to put it: The cost of sports car insurance is high! This results from the sports car having a higher value than an ordinary car. The sports car’s Insured Declared Value (IDV) is technically higher than average. Because of this, its insurance premium is also higher than usual.*
3. The Onus On Coverage
Insurance is a great way to safeguard your finances. This is particularly true for a sports car. Consider a situation where your sports car is flood-damaged, and you don’t have Comprehensive insurance or Own-damage coverage. The cost of the repairs will be your responsibility to cover. However, the insurer will provide financial support in such difficult situations. *
For comprehensive coverage, you should also think about purchasing appropriate Add-on covers for your sports car, such as Zero Depreciation, Return to Invoice cover, etc. Claims are subject to terms and conditions set forth under the car insurance policy.*
4. Indirect Buying:
Not all insurance providers will provide Comprehensive coverage for your sports car. The ideal way to find a policy is to browse the website of the insurance provider of your choice. They likely need to provide this cover during the website’s checkout process.
5. Anti-Theft Devices:
Utilise certified anti-theft devices from the Automotive Research Association of India (ARAI) to secure your sports car. They’ll keep your car safe and help you save money on your car insurance. ##
6. Comparison Of Car Insurance:
Compare different providers when buying new car insurance or renewing your current policy. You can speak with both old and new car insurance companies and compare car insurance policies manually if you cannot find options on aggregator websites. You can use a car insurance premium calculator to check the amount of coverage needed based on your requirements.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.