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.

Read more


Compare & Save upto 85%* on Car Insurance
Processing
Get Car Insurance starting
@ only 2094/year#
  • Renew Policy In2 Minutes

  • 20+ Insurers To Choose From

  • 51 Lakh+ Vehicles Insured

#TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

Car Insurance Premium Price

New India Assurance

Cashless Garages

253

Plan type

Comprehensive

Starting from

₹ 2,727

Check premium
Claim Advantage
  • Self-Video Claims
  • Reimbursement Within 7 Working Days For Non-Cashless

National Insurance

Cashless Garages

268

Plan type

Comprehensive

Starting from

₹ 2,757

Check premium
Claim Advantage
  • Self-Video Claims
  • Reimbursement Within 7 Working Days For Non-Cashless

Bajaj Allianz

Cashless Garages

1024

Plan type

Comprehensive

Starting from

₹ 2,868

Check premium
Claim Advantage
  • Spot Claims Upto Rs. 30,000
  • Repair service at select cashless garages

DIGIT

Cashless Garages

Repair Anywhere

Plan type

Comprehensive

Starting from

₹ 2,962

Check premium
Claim Advantage
  • 6-Month Repair Warranty
  • Advance claim payment
  • Free Pick-up & Drop

Oriental Insurance

Cashless Garages

258

Plan type

Comprehensive

Starting from

₹ 3,005

Check premium
Claim Advantage
  • Self-Video Claims
  • Reimbursement Within 7 Working Days For Non-Cashless

DIGIT

Cashless Garages

Repair Anywhere

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person

Bajaj Allianz

Cashless Garages

1024

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person

Oriental Insurance

Cashless Garages

258

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person

National Insurance

Cashless Garages

268

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person

New India Assurance

Cashless Garages

253

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person
See more plans

Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

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
You May Also Like
  • Transferring Car Insurance from One Person to Another

    Transferring Car Insurance from One Person to Another An integral part of selling a car, for both the buyer and the seller, is ensuring a successful car insurance transfer to the new owner. But sadly, most people have...

    read more
  • 9 Secrets That Your Motor Insurance Provider Won’t Tell You

    9 Secrets That Your Motor Insurance Provider Won’t Tell You Due to the dangerous driving conditions, it is compulsory to have third party insurance for every vehicle plying on Indian roads. It ensures the overall saf...

    read more
  • Money Saving Advice for All Car Owners

    Money Saving Advice for All Car Owners After a dream home, a dream car is your second-largest purchase that you make in your lifetime. But the expense does not cease when you drive off the car dealer's lot. Read mor...

    read more
  • Difference Between Comprehensive Insurance and Third Party Insurance

    Difference Between Comprehensive Insurance and Third Party Insurance Comprehensive insurance is insurance coverage that pays for the repair or replacement of vehicle damages resulting from an incident. Comprehensive ca...

    read more
  • Types of Motor Insurance

    Types of Motor Insurance The word Motor broadly covers a lot of classes of vehicles plying on the roads. These may be two-wheelers like scooters and motorbikes, three-wheelers or four wheelers like private cars, jeeps, ...

    read more

Find similar car insurance quotes by body type

Hatchback Sedan SUV MUV
insurance-ka-superhero
Search
Car insurance save up to 85
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Calculate your car IDV
IDV of your vehicle
Calculate IDV
Calculate Again

Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.

Policybazaar lets you compare premium prices from 20+ Insurers!
Compare Prices

Why buy from Policybazaar?

  • 24x7 Claims Assistance
    NEW
  • Cashless Assurance
  • 3-Day Repair Assurance
  • Free Pickup & Drop
  • Self Video Claims
  • Windshield Claims At Home
View Plans

Car insurance articles

Recent Articles
Popular Articles
Is Suspension Covered Under Car Insurance?

29 Jun 2022

A car's suspension helps to maximise the friction between the...
Read more
Know All About Vintage Car Registration Process

28 Jun 2022

No car can beat the beauty of a classic vintage car cruising on...
Read more
How to Save Your Car During Monsoon with Add-On Insurance Covers?

24 Jun 2022

Rains in India are mostly witnessed during the monsoon season. The...
Read more
Know About NCB Certificate in a Car Insurance

21 Jun 2022

With your car insurance policy, you get an additional benefit of a...
Read more
Know Everything About Endorsements in Car Insurance Policy

20 Jun 2022

When you buy a car insurance policy from an insurer, your policy...
Read more
Getting Your Duplicate Car Insurance Policy is Easy-Here’s How!
Losing important documents, such as your car insurance documents, can be daunting. In such a state of affairs, the...
Read more
Multiple Ways To Check Your Car Insurance Status Online
All insurance companies in India now have a digital presence. It not only makes it easier to buy insurance online...
Read more
Transferring Car Insurance from One Person to Another
An integral part of selling a car, for both the buyer and the seller, is ensuring a successful car insurance...
Read more
Check Car Insurance Status Online on Parivahan Sewa/ RTO?
In India, buying car insurance is a compulsion for every car owner. It doesn’t matter if you are an excellent...
Read more
Car Depreciation Calculator
If you are looking to purchase a new car or planning to sell your existing one, it is important to know how...
Read more