All You Need to Know About Getting Your Ferrari Insured in the UAE
When we hear Ferrari, all that comes in our mind is the performance, power, speed, and above all, sophistication. It is not just another car but is an exemplary car having a history, which goes back seven decades.
Because of its amazing value and performance, your Ferrari can get exposed to great risks. Hence, it requires a high insurance cover. If you wish to look for car insurance online that will safeguard your supercar completely from all possible damages, it is necessary to be aware of all aspects of your auto insurance policy. Having knowledge about the same helps you in getting the most out of it. It gives you a sense of satisfaction that your vehicle is in safe hands.
Here are some important questions that you need to seek answers for while looking for a suitable car insurance policy for your beloved Ferrari.
What Shall I Be Looking for in the Insurance Plan?
If you have the luxury of owning a Ferrari, then it may be safe to consider that you must not really be worried about the high or expensive premiums that are attracted to such supercars. Hence, you may want a policy that guarantees the coverage of your car completely; making sure it is not underinsured.
The maintenance itself of the Ferrari is very expensive because it needs special parts and a specific repair protocol that is to be followed. Therefore, what you really need for your supercar is an insurance policy that is all-inclusive. This means that the policy not just fully covers the car, but offers add-ons too.
These add-ons on your car insurance online UAE may include cover against natural calamities, agency repairs, windscreen damage cover, car replacement, roadside assistance, and much more.
What Would Be the Cost of Getting the Ferrari Insured in the UAE?
According to new laws introduced by the UAE Insurance Authority, a motor insurance policy must not exceed 5 percent of the value of the vehicle.
The insurance providers in the UAE offer all-inclusive covers for high-end cars at a certain percentage of the value of the car which is lesser than 5 percent. However, the cost of third-party insurance in the UAE is almost equal to that of any other regular car in the UAE.
How Can You Calculate the Car Insurance Premium?
There are a lot of factors that together constitute the insurance premium on your Ferrari. The first and the foremost thing any insurance provider would take into consideration before offering car insurance online is the age of the car and its present value.
Other than that, the factors considered are nationality and age of the driver, history of previous claims, car accessories, safety features, various fancy features, and if the vehicle is used regularly or not. Anything and everything that exposes your precious Ferrari to a larger risk will add significantly to its premium.
How Should You Choose Your Car Insurance Provider for Your Ferrari?
The car insurance policies for a premium or high-end luxury vehicles are designed for covering such cars properly and adequately. Many small insurance providers may not offer coverage for cars that are equal in value with Ferrari.
But, there is a way:
You can simply approach big insurance companies, which have specially dedicated departments that are concerned only with the premium or luxury vehicles.
Prior to making a choice or deciding on which insurance policy to opt for, the appropriate thing to do is compare all the available options for car insurance online UAE throughout multiple car insurance providers.
What is the Cost of Basic Third-Party Insurance?
It is compulsory for you to have at least third-party car insurance in the UAE; no matter you have luxury cars or a normal one at that. Third party car insurance policy for Ferrari or any other supercar is in no way more expensive than third party vehicle insurance for a normal car.
However, for a car like Ferrari, third party insurance is not sufficient at all. Each and every part of the car and every repair that it goes through are expensive enough to cost a fortune. Hence, you need to opt for comprehensive car insurance online along with all the necessary add-ons.
To Sum Up!
In its seventy year old history of sophistication and power, this prancing horse has made its place amongst the best supercars in the world. This high performance of Ferrari along with its high value increases the risk factor for the car, therefore making it costly to insure. While buying suitable car insurance for this exemplary car, it is essential that you gain complete knowledge of all the facets of the insurance policy so as to enjoy more benefits and hence a more peace of mind.