Factors to Consider Before Buying Sports Car Insurance

Owning a sports car is a dream for many people. People drool over the amazing looks and excellent performance of a sports car and only a few make it to buy one. If you're one of the fancy sports car owners, you must consider the following factors before buying car insurance.

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As much as a sports car offer style and comfort- its greatness comes at a price. After spending crores on a car, you can anticipate that even a dent or scratch on your car will cost you lakhs. You can protect your car against any unforeseen damage by purchasing a comprehensive car insurance plan

Factors to Consider Before Buying Sports Car Insurance

The below-mentioned factors will help you make an informed decision and help you have a smooth ride on the road in your favourite sports car:

1. Mandatory Car 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 your 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. Premium is Expensive 

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 Correct 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. Comparison of Car Insurance Plan

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.

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 best car insurance to insure your car.

Written By: PolicyBazaar - Updated: 01 October 2021
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