Sports cars are an altogether different category. The style, the performance, the quality, the comfort and its engineering are a class apart. This makes each sports car model unique and distinct from its counterparts.
Not only these cars have hefty price tags, but also maintenance and its upkeep take a hit on your bank account. Thus, buying a sports car is a trade-off. You can drive around the town in your engineering marvel but also have to pay the price for it. But what if you could purchase a safety net by using sports car insurance policy
Buying car insurance online is simple, a few clicks and you have your policy in your mailbox. While this may seem simple, there are certain considerations to keep in mind when buying a performance car insurance cover.
Let us have a look at some of the must-knows when buying high performance car insurance for sports cars -
#1 Mandatory by law
Everyone is equal in the eyes of the law, whether you drive a supercar or ordinary hatchback. The Motor Vehicles Act, 1988, specifies that every vehicle must have at least third party car insurance
cover. However, for all-round protection, you can upgrade to a comprehensive plan. Similarly, purchasing a sports car insurance with comprehensive policy coverage can help prevent expensive repairs or replacements that are required.
#2 Performance car insurance is more expensive than ordinary plans
As gently as we may try to put this, it is clear that a sports car insurance is undoubtedly expensive. The insured declared value or IDV of your car is among the key factors in deciding your premium amount. Since these sports cars are expensive, the IDV is naturally high. It impacts the premium to be higher than an average sedan or hatchback. Like you can’t compare the performance of an ordinary car to your sports car, focus on getting a broader comprehensive coverage using sports car insurance.
#3 Can help to secure your finances
Apart from being mandatory, car insurance can help you to protect your savings. It is especially true when you have a high-performance car. These cars have expensive spares; some even require to be imported into the country. If your car is damaged in an accident, the cost of repairs may be high enough to be a significant value of its purchase price. However, using a sports car insurance plan, you can cover the cost of these damages.
Moreover, you can also opt for essential add-ons like zero-depreciation add-on, return to invoice cover and more to ensure maximum protection for your car. Keep in mind that these add-ons are available at an additional price, but its benefits are unfathomable. To keep your premiums in check, you should avoid selecting unnecessary add-ons. Thus, make sure you analyse your needs and then purchase the right insurance policy.
#4 Indirect buying
Not all insurance companies offer a comprehensive policy for a sports car. You need to check with your preferred insurance company by browsing the website or visiting the insurer’s office in person. In some cases, your insurance company might not list your car on its website. At such times, you can call them and enquire for its coverage. They will carry on inspection to ensure the right premium is levied for your sports car insurance plan.
#5 Don’t forget to compare
Lastly, do not forget to compare car insurance
plans from different insurance companies. You must evaluate your high-performance car insurance at each renewal date too. Comparing across different insurers will get you the best deals for a reasonable price.
To conclude, while purchasing a sports car insurance plan, ensure you select necessary coverage options. Being an expensive investment, it is essential you make a careful choice in choosing the best possible coverage for your engineering marvel.