How to Insurance Your Luxury Car with Specialist Car Insurance?
The one thing that Danny really wanted in his life was comfort. He has a good home and now he has recently bought a very luxurious car. His car scores quite high on the style quotient and has worked out great for him.
For Danny, buying his first luxurious car is a big thing. Beyond the car being a status symbol, it is a sign for Danny that he has achieved one of his goals in his life. This is why he wants to protect himself and his luxury car as much as possible.
One way in which Danny can do that is by purchasing a specialist car insurance policy. A classic car insurance plan will ensure that Danny does not have to foot the bill for massive repairs, maintenance, or any problem arising out of a misfortune event.
Have you also purchased a luxury car recently? If yes, then you are in the right place. Today, we are going to talk about how Danny and you can get a modified car insurance policy for your luxury cars.
Why Insure the Luxury Car?
Whether buying a luxury car was a goal in your life or if you have always been able to afford a car like that, the fact remains that the maintenance and repair of these cars can be very heavy. This is because luxury cars are inherently made of expensive parts.
This means that damage to any single part could have you shelling out thousands of bucks. One can easily avoid this financial constraint if that person has bought classic car insurance. Beyond this, you should also note that it is mandatory for vehicles in India to get car insurance. This is because of the Motor Vehicles Act.
The Motor Vehicles Act demands that all cars on the road should be insured with a basic vehicle insurance policy. This is why even if you don’t want to buy a comprehensive insurance plan, then you should at least get a third-party liability policy.
Factors Affecting the Cost of Luxury Car Insurance
There are several factors that will affect the cost of your classic car insurance premium. These factors are:
- Manufacturer of car
- Model of car
- Age of vehicle
- The geographical location where the car is being driven
- Previous claim history
- No Claim Bonus cover
- Additional covers selected
- Insurance provider selected
- Classic car insurance policy selected
Things to Know Regarding Your Luxury Car Insurance
Before investing in classic car insurance, there are some things that you should be aware of. These things are:
- Selecting Appropriate Additional Covers
There are several add-on benefits provided with a classic car insurance policy. These add-on benefits will provide more protection to your car and yourself. You will also be required to pay an additional cost over your basic premium value. This is why you must only choose the extra covers that are essential to you.
- Comparing Classic Car Insurance Policies
There are many classic car insurance policies online and offline. This is why you must take your time and search for the insurance plan that is best suited for you. Consider several factors like coverage, premium rate, and tenure before making a final decision.
- Save Money and Protect Your Luxury Car
The premium for a classic car insurance plan can be quite high. However, there are some things that you can do to get an additional discount.
For example, many insurance providers give a discount to individuals who have installed a certified anti-theft device to protect their luxury car from theft. A larger margin of discount is offered for installing anti-theft devices that are certified by the Automotive Research Association of India.
- Cover for Engine Protection
The engine is the heart and soul of your luxury car. And if the engine of your car is damaged, then you would have to shell out a lot of money. This is why it makes good sense to get an engine protection cover with a classic car insurance policy.
- Roadside Assistance
Life is unpredictable and you don’t know when you might be thrown into a difficult situation. And what if one of those difficult situations is that you are stuck in the middle of nowhere and you need mechanical assistance? In these cases, the roadside assistance cover comes for your rescue. Danny was stuck in one such situation recently and he is very sure that he will get this additional cover when getting his classic car insurance plan.
- Return to Invoice Cover
It goes without saying that luxury cars have a high invoice value. This means that in case of a total loss, you would have to bear the entire amount on your own. But this does not have to be the case if you have the return to invoice cover.
In case of the total loss of a vehicle, the insurance provider often settles the claim according to the Insured Declared Value (IDV). IDV is less than the invoice value as it does not include the prices of taxes and extra charges.
- No Claim Bonus Protection Cover
If you want a discount every time you renew your classic car insurance policy, then getting a no-claim bonus protection cover is the obvious choice. This benefit is only provided to the individual if no claims have been made during the entire year.
- Liability Cover
It is necessary and legally compulsory for all individuals to insure their car with third-party liability coverage. Any failure to do this will result in a large fine. It can also lead to imprisonment.
How Can I Select the Best Luxury Car Insurance Provider?
Danny understands all that he needs to look at while purchasing classic car insurance. But the one thing he is still not very sure about is how he can find the best luxury car insurance provider.
This is quite a tricky question if you have not been in the insurance market for long. However, you and Danny don’t have to be confused. At the end of the day, the coverage provided by the policy is more important than finding a specific insurance provider.
Danny is clear about a lot of things now. He knows what he has to do and what he has to look for in a luxury car insurance policy. Are you as sure as Danny in your search? Or have you already invested in an excellent luxury car insurance policy?