How expensive is it to insure a sports car compared to a regular car?
If you are a car enthusiast, then buying a sports car is a dream that you have always fantasized about living. Jay also had the same dream which has not turned into reality for him. He loves his new and expensive sports car and has made a commitment with himself to keep the car as safe as possible. A big part of this includes getting a car insurance policy for his sports car.
Buying the right sports car insurance can be tough as the needs of every car would differ and you must only get a suitable cover. On top of this, there is also the concern of maintenance. Jay has spent a fortune on his car but he wants to avoid spending on the maintenance of the car as much as possible.
This means that Jay has to go through several four-wheeler insurance plans and find the right motor insurance policy for him. We will help Jay achieve that aim today. And if you are facing the same problem, then you should carefully go through what we have mentioned here in the article.
Why Should You Get Sports Car Insurance?
We have mentioned that a motor insurance policy provides protection for your sports car. But what exactly does that mean? Let’s explore that for a bit before moving on to the finer details of a car insurance policy.
Sports cars perform extremely well with accelerated power and torque. The biggest thrill of driving a sports car lies in the experience of driving the car at a particular speed. This is why there is a risk associated with those cases.
If some unfortunate scenario does occur, whether it be big or small, the repair cost will be in a few lakhs. A good car insurance policy would provide financial coverage to the individual in this case.
It should also be noted that sports cars are considered high-risk vehicles. This means that insurance providers also charge quite a high premium for these vehicles. Some of the top insurance providers that give sports car insurance policies to their customers are Bajaj Allianz and HDFC ERGO.
Insurance plans are also provided according to the type of sports car. Hence, the car that you buy will also have a lot of effect on the premium amount and the type of benefits that are provided with the insurance policy.
Also, as a general rule, the higher the cost of the car, the higher the coverage and cost of a car insurance policy. This means that car model manufacturers like Ferrari, Porsche, Mercedes, and Lamborghini will have car insurance policies with an expensive premium.
Ideally, the coverage that you seek in a sports can insurance plan should include:
- Personal damage accident
- Third-party liabilities
- Natural calamities
- Engine protection cover
- Zero depreciation cover
- Return to invoice cover
- No Claim Bonus cover
- Personal accident cover
- Key replacement cover
- Roadside assistance cover
Important Covers Provided with Sports Car Insurance
There were several covers mentioned in this article. Jay cannot afford a policy with all of those benefits. This is why he wants to understand the most important benefits and covers that should be included in a sports car insurance plan. Let’s help Jay with that now.
- Zero Depreciation Cover
A depreciation value is applicable for all machines. This is specifically true for a sports car. And it is vital for you to protect your vehicle from this particular aspect. Zero depreciation is usually an additional cover that would save your vehicle on depreciation value by completely omitting this at the time of the claim process.
This also comes in handy at the time of making any claims. Generally, when a policyholder makes a claim for repair or replacement of parts, the claim settlement amount is calculated after the deduction of depreciation value. But this won’t happen if one has opted for a zero depreciation cover.
- Engine Protection Cover
The engine is the main feature of a sports car. It is also the brain and heart of your car. This is why if there is any problem in the future with the engine of your car, then that would cost at least 1/4th of the value of the car.
If one has an engine repair and replacement cover, then the costs will be borne by the insurer. This will be done up to the limit specified in the policy. Repairs like engine break down and oil leakage is covered within the same cover.
- Return to Invoice Cover
There is also a great risk of being stolen that is associated with sports cars. In some of these cases, the car can also be damaged beyond repair. In both of these cases, it is often the owner who has to suffer from the loss. But this doesn’t have to be that way if one has the return to invoice cover.
If the car is stolen, one must file an FIR at the nearest police station. This should be done as soon as possible. After a significant amount of time, if the car is not traceable, then the policy will issue a certificate for the same.
Similarly, if the car cannot be repaired, then the manufacturer will also issue a certificate for the same. If one has the return to invoice cover, then the insurer will either pay the complete on-road price or the ex-showroom price of the car. This value excludes things like road tax and registration charges.
- Personal Accident Cover
Even if you drive your sports car with the maximum amount of safety, there is still no guarantee that you won’t get into an accident. This is why it is always a good idea for an individual to get personal accident cover. This cover will provide the owner-driver with a mediclaim that is suited to the needs of the policyholder.
- Key Replacement Cover
The key to Jay’s sports car is electronic. This means that the key is operated through signals that are designed through computer codes. Because of this, if Jay loses his key, then it will cost him more than INR 10,000 to just replace that key once. However, if Jay has the key replacement cover, then he wouldn’t have to pay these extra charges.
Jay finally has a very good idea of what he should look for in a sports car insurance policy. He also understands why sports car insurance policies are more expensive in comparison to regular cars.
Were you able to arrive at the same level of understanding? Are you now closer to investing in the best sports car insurance for your car?