Does your Sports Car Need Insurance?
If you are a speedster with ample money at your disposal, possessing an exotic car would make perfect sense. Is there any feeling better than cruising in an extremely powerful race car, taking the highways of the UAE by a storm? Your V12, 750 horsepower sports car is not just any car and as a proud owner, you should treat it accordingly. Thank goodness, there’s car insurance in Dubai that can ensure the safety and security of your one of the most cherished possessions. In this article, we give you a brief low-down on why your expensive car is the most vulnerable without insurance.
Sports car insurance is designed particularly with a high-end car in mind. You can consider it as a contract between the two parties i.e. you and your insurer, who will help safeguard you against unforeseen occurrences. Insurance companies take several factors into account when considering a sports car for insurance. Even though some factors are common, insurers will assess the case on an individual basis.
What Parameters are used to Define a High-End Car?
- The insurers will take note of the ins and outs of the car including the way it goes full throttle and its brand value.
- By considering technicalities like horsepower and the total number of cylinders, the insurer can judge the level of risks associated with these cars.
- Taking the sports car price into account, it is assumed that pricey cars will cost more to repair/replace and will be charged much higher rates.
- The external dimensions like the weight and height of a sports car also help in determining car
Whether you own a Porsche, Ferrari or Lamborghini or another prestigious brand, it is essential that you do ample comparative research even if you plan to buy car insurance online in Dubai. It goes without saying that sports car are more than just about their retail costs, in fact as long as you own this expensive machine, an insurer keeps charging a premium on an annual recurring basis. You must have to pay a higher-than-usual price to ensure the protection of your luxury cars if are not well informed about the available options.
If you want to procure the right car insurance in Dubai, you need to be shrewd in your dealings with the service providers. But the question that first strikes our mind is why are sports car insurance usually more expensive?
When it comes to the high insurance premium, sports car and SUVs are perhaps the most expensive. These vehicles are highly valued and extremely powerful, which is why the cost of repairs is also hefty in case of an accident. These vehicles are more often than not at higher risks of theft. Ideally, high-end cars require special insurance to keep unforeseen occurrences at bay.
How comprehensive and Third-Party Insurance Policies Work for Sports Cars?
Even though it’s a matter of subjective preference, but customers need to ask themselves if they would like to make do with a third party cover or opt for a comprehensive cover, which is more expensive. There is no point denying that taking your preferences into account can help you grab the best car insurance in Dubai.
Comprehensive Car Insurance: It’s inclusive coverage beautifully covers all the aspects of an unforeseen event.
Third-Party Car Insurance: In general terms, it’s a partial coverage plan that contributes towards third-party property damage, medical expenses, and other similar expenses rather than safeguarding you. However, it is worth noting that purchasing insurance for a sports car is way different than buying it for a standard car.
Customers generally ignore the fact that it makes more sense to choose a comprehensive insurance coverage when it’s a new car. But it all boils down to the fact that your individual needs govern the type of coverage you should opt for- the frequency of car usage, its upkeep to name a few. An individual’s specific needs will dictate which car insurance in Dubai should he/she go for. Similarly, if a customer owns a slightly older sports car model of decreased value then a third party insurance policy might be worth considering.
But here are some important points worth considering in the case of a sports car insurance premium
When it comes to upkeep your high-end car, ensure that you are taking special care by having it repaired in top-notch garages that help it restore back to its original form. With that being said, you must know that standard insurance policies do not give the liberty of choosing your own garage at the time of making a claim. So, keep in mind that your insurance policy should either have a provision for agency repair or a facility of sending it back for the original factory in case there is a scarcity of agency services in the region.
When you are planning to buy car insurance online in Dubai it’s not a wise idea to go for the cheapest insurance cover. For the simple reason, that underinsurance may result in substantial losses to the policyholder; it is advised to choose a fairly expensive policy that offers robust protection than its counterpart. Insuring sports car is a costly affair because the claims can be more expensive than standard car insurance considering the fact a high-end car is costlier to replace than a usual car.
Good to Know Info
Sports car owners can install safety and security devices in their mean machines to get reductions in the premium and saving money on the insurance. It is worth considering that paying higher excess would translate into a lower car insurance cost.
When it comes to comparing the two high-end car variants (such as BMW 5-Series vs Porsche Boxster), there will be a noticeable difference in premium cost. As a matter of fact, insuring a top-end Lamborghini can be up to 50% more expensive than insuring a Rolls Royce.
Just like standard car insurance, sports car insurance will safeguard the insured against collision and other liabilities. More often than not, you will find that sports car insurance will come either in a combination with the listed-below points or not:
- Liability Coverage: This protection cover safeguards someone else against bodily injury and property/vehicle damage in case of an accident.
- Crash Coverage: This type of coverage is provided to the insured person in case of any damage incurred to the vehicle during an accident.
- Comprehensive Protection: This type of coverage implies that an insured person need not worry about other external factors that could cause damage to his/her vehicle- theft, vandalism, and miscreant acts to name a few.
While this is what car insurance companies generally offer, there are plenty of different types of coverage that can be considered too. The more add-on covers you choose the more likely you'll get an enhanced coverage without risking your budget.
In a Nutshell
Having read the article above you should decide whether sports car insurance in Dubai is needed or not. If you have made your decision, make sure that your insurance plan offers inclusive coverage and do not skip out important aspects of coverage. Furthermore, you can ask for quotes from different service providers and then choose the best product. Also, bear in mind that if you buy your new plans from exactly the same company from where you have made a past purchase, the chance is high that you will get a good discount. A sports car is are not something that you buy on a whim, so you should be very particular about the car insurance you need.