Who doesn’t like speed? Owning a sports car is not just a status symbol, but also a fast and comfortable way of transportation. Most people dream of buying sports cars but are unaware of the financial burden they can become. Along with the high price tags on these fast machines, the cost for their maintenance is also high. Every spare part, every service and every additional expense on these cars can become a big load on your finances.
This is where purchasing a good car insurance policy comes in handy. With a good insurance policy, you do not need to worry about your car’s well-being becoming a burden on your finances. You can enjoy the three things every sports car owner wants- speed, thrill and comfort.
Things to Know About Insuring Your Sports Car
- It is compulsory- Having insurance coverage for your sports car is very important. You can look at it like an investment for the well-being and protection of your car. As per the Motor Vehicles Act 1988, it is mandatory for every car owner to have a Third Party (TP) Insurance cover for their cars when they drive it out of the showroom. You should also make sure that you keep renewing your insurance policy regularly. It is best if you opt for comprehensive insurance which covers your own damage, accident, third-party liabilities, natural calamities, riots, etc. So that your car is protected properly.
- It is more expensive than insurance for regular cars- Owning a sports car usually means that you have a penchant for speed. This also means that the risk that runs with owning these mean machines is high. The cost for their upkeep and maintenance usually goes in 6-digits. The cost of the car and its insurance premium are directly related i.e. the higher the IDV (Insured Declared Value) of your car, the higher the insurance premium.
- Indirect buying is an option- The most effective way of purchasing an insurance policy for your sports car is to go on the internet and browse through multiple options. The reason for this is that not every company offers insurance for your vehicle. Calling and reaching out to a specific insurance company is also a way to get to know their insurance policies better, if you are unable to find one on their website. Most insurance companies inspect your sports car before selling their insurance policies so that they can ascertain the best insurance premium.
- The onus of coverage is on you- Insurance is a great way to avoid financial obligations while getting your vehicle repaired. When you are insured, the insurer takes over the financial burden while you just focus on getting your vehicle fixed. The amount your insurer pays depends on the insurance policy you choose and the add-ons you buy with it. While choosing your add-ons for your insurance policy, you should be very careful and only choose the add-ons which are beneficial and applicable to you. A comprehensive insurance policy has multiple options when it comes to add-on covers like Zero-Depreciation, Return to Invoice, Engine & Gearbox Protection, Passenger Cover, etc. All these add-ons come at a price and it is best to limit these to your needs and requirements.
- You can get anti-theft devices to reduce the premium- Installing anti-theft and safety devices like immobilisers and alarms in your sports car does help in reducing the insurance premium that you pay. You can only install anti-theft devices from ARAI (Automobile Research Association of India) approved brands. Installing these devices is looked at as a responsible measure by insurance companies. Anti-theft devices help reduce instances of vehicle theft which in turn reduce the number of claims that the insurance companies have to honour. Essentially, getting an anti-theft device does not only protect your car, but also makes your car less of a liability to the car insurance company. Therefore, you are bound to get a discounted rate on your premiums from the insurer.
