Buying a sports car is a dream of almost every individual. The charm of sports cars is non-comparable. They score high not only on the style quotient but on the comfort meter as well. But all of this comes at a high price. Not only purchasing but also maintaining a sports car can leave a big dent on your bank balance. The spare parts and basic servicing of a sports car are costly. The sports car comes with a high cost that you just have to incur while buying it. Today we are going to talk about one such cost – car insurance.
Yes, buying online these days has become easier than ever. But that might not be true in case of a sports car, as insuring a sports car is more complicated than insuring regular SUVs or hatchback. Given below are the things that you should know before buying insurance for your sports car:
Car insurance Is Mandatory To Buy
According to the Motor Vehicle (Amendment) Act, 2019, it is necessary for a car owner to at least have third-party insurance, despite what car they own. However, it is advisable to go for a Comprehensive Plan for all-round coverage.
Not only buying, but renewing it on time is equally important. A lapsed policy will not offer you any sort of coverage.
Car Insurance For Sports Car Can Be Expensive
Motor Insurance for a sports car comes with a higher premium than usual because the sports car’s value is higher as compared to an average car. Sports car’s Insured Declared Value (IDV) is on the higher side, so the premium is more than average. Just like one can’t compare the performance of sports cars with other cars, you cannot compare car insurance premiums for both vehicles as well.
Add-Ons To Enhance Coverage
Insuring your sports car will not only protect your beloved car but will also secure your finances by providing you coverage in unfortunate circumstances. However, you can enhance your insurance coverage by buying suitable Add-on covers such as Return to Invoice cover, Zero Depreciation, etc.
Yes, these Add-ons will increase the insurance premium, and that’s why it is advisable to pick only those Add-ons that will prove beneficial to you. For instance, buying a passenger cover for someone who travels alone is not worth.
Secure Your Sports Car With Anti-Theft Devices
You can reduce the premium by securing your sports car with Automotive Research Association of India (ARAI) certified anti-theft devices. These preventive measures lower the probability of your sports car getting stolen, so no theft claim will be raised. This works in favour of an insurance company and they offer discounts on premiums.
Compare Car insurance Offered By Various Insurance Companies
You should compare
car insurance by various insurance providers while purchasing new policy or renewing your old one. This will help you get the best plan for your sports car. Feel free to clear your doubts and concerns regarding terms and conditions, and inclusions and exclusions of the policy.