Sports Car Insurance: Key Factors to Consider Before Buying

Insuring a sports car involves a significantly higher premium amount than a regular one. It is mainly due to their high performance, costly spare parts, and increased risks, which lead to their higher IDV (Insured Declared Value). This article highlights the essential factors you should consider before buying a sports car insurance policy.Read more

Important Factors to Keep in Mind When Buying Sports Car Insurance

The below-mentioned factors will help you make an informed decision when buying insurance for your favourite sports car:

1. Mandatory Third Party Insurance

   It is important to buy a car insurance policy in India for every car owner. Even if you own a sports car you must buy third-party car insurance as per the Motor Vehicles Act 1988. However, due to its limited protection. i.e. third-party liability coverage, it is advisable to go for a comprehensive car insurance plan. A comprehensive car insurance plan provides coverage for both third-party damage and own damage.

   Also, remember that a car insurance plan is time-bound. This means it has an expiry date that is why it is your responsibility as a car owner to renew car insurance before the expiry date. You need to understand the importance of the policy because a lapsed policy will be of no use to you.

2. Higher Premium Prices

   Buying a car insurance policy for a sports car is expensive. The reason is the sports car costs higher than an average car. Also, because of the same reason, The Insured Declared Value is higher. These 2 factors make the premium for sports car insurance expensive. Remember that a sports car comes with excellent performance and comfort as compared to an average car- the maintenance for the same will be higher in comparison.

3. The Right Way of Buying

   It is better if you search for the available insurance providers online instead of any offline method. You can take help from third-party broker websites like Policybazaar* to search about the insurers as well as the plans made especially for the sports car.

   In case you are unable to find the plan for your sports car, you can contact the insurance provider and ask for the customization for your car.

   At the time of purchase, the insurer will do the inspection of your sports car to determine the IDV and the premium rate.

4. Anti-theft Devices

   A sports car comes with the devices and accessories that make it an expensive sports car. You must secure your car with ARAI (Automotive Research Association of India) certified anti-theft devices. This will lead to a lesser premium amount as the insurance providers perceive it as an act of safety measure to prevent car theft without the policy.

5. Car Insurance Comparison

   Just as buying a car is important for you, customizing the cover seats and interior is important for you - buying car insurance should also be important to you. You cannot just go out and within few clicks get a car insurance plan without a comparison. It will be a foolish act as a car owner.

   You must compare car insurance online before buying a new plan or at the time of renewal. The dynamic comparison online will let you make an informed decision based on your needs and future requirements.

How to Insure a Sports Car?

To insure a sports car in India, you can contact the insurer directly or visit Policybazaar.com to compare multiple plans online and then choose the policy. Here are the simple steps to secure sports car insurance online with ease:

• Provide Vehicle Details: Visit the 'Car Insurance' page on Policybazaar.com and provide your car's make & model, variant, registration year, etc., to view quotes.
• Select a Policy: Compare plans from multiple insurers and choose a policy that fits your sports car needs.
• Choose Add-ons: Opt for the necessary add-on covers, such as zero depreciation, return to invoice, roadside assistance, etc., to enhance your coverage.
• Premium Payment: Pay the policy premium payment online via cards, UPI or net banking.
• Policy Document: Upon successful payment, you will receive your sports car insurance policy copy via email.

The Final Word

Just because you own a sports car does not mean you can break the traffic rules. Yes, it does sound amazing to break rules sometimes but remember you are a responsible citizen before becoming an owner of the sports car. Also, you wouldn't want to incur losses due to the damage to your sports car that is why it is a must to buy the right car insurance to insure your car.