Getting the Right Insurance Cover for your Precious Ferrari
Do you own a Ferrari?
If yes, then being a member of the exclusive club for Ferrari owners, your auto insurance must be a critical aspect for your consideration.
Having this elite, expensive, and luxury car at stake, making sure you obtain an appropriate level of insurance cover is the key.
This article summarizes for you the best options for obtaining a suitable insurance cover as amazing as your ride. You will have to compare car insurance in Dubai, for getting the best offer.
In its seven decades-long history of impeccable engineering, this prancing horse has become a synonym for speed, sophistication, class, and power.
Since Ferrari is a combination of high value and high performance, it has a high-risk profile, and hence making its insurance expensive. While buying insurance for this supercar, it is important for you to have knowledge of every facet of the policy so as to enjoy more benefits and total peace of mind.
Here we have acknowledged a few important doubts associated with obtaining an auto insurance plan, which can match up to the iconic ride you own.
What Must the Ferrari Owners Be Looking for in a Car Insurance Plan?
Someone who can own a Ferrari can easily afford high premiums on insurance. Therefore, you would not want to make any compromises on your insurance plan, making sure you do not remain under-insured. You can compare car insurance in Dubai before deciding on the most suitable insurance for your supercar.
The maintenance of a Ferrari without the all-inclusive coverage can be really expensive as it needs special repairs and parts. It is advised that you go for comprehensive insurance coverage with the best standards including the premium add-ons such as agency repairs, car replacement, coverage from a natural disaster as well as the compulsory third-party insurance.
What is the Amount of Expenses involved in Insuring your Ferrari within the UAE?
As per the standards determined by the Insurance Authority of the UAE, your comprehensive car insurance policy should not be more than five percent of the value of the vehicle.
The insurance providers in the UAE usually offer comprehensive coverage for supercars between 0.5 percent to three percent of the worth of the vehicle. Simplifying it, these figures are worth an estimate of 10,500 dirhams for Ferrari 458 and an estimate of 20,000 dirhams for Ferrari California yearly.
When compared to an average car, these figures may seem to be relatively high; however, this is a great value as compared to the value of the car. It can be considered to be the best car insurance Dubai for your precious Ferrari.
You should note that the third-party insurance for a supercar like Ferrari is equal to the value of such insurance for a regular car.
How do you Calculate the Insurance Cost?
There are various factors, the combination of which determines the insurance premium cost for your beloved Ferrari. The insurance providers take into consideration the recent age as well as worth of the car, its maintenance frequency, projected costs on repairs, medical inflation and many other aspects of this sort.
This premium cost will also keep falling and rising based on the age and nationality of the driver, frills, safety add-ons, previous claims, accessories, and on the situation whether the car is used as a supplemental car to be driven occasionally or is being used regularly.
The aspects that push your already expensive Ferrari into the category of greater risk require considerably higher premiums.
Where to Look for A Car Insurance Company for the Ferrari?
The insurance plans for luxury and high-end cars are offered to the car owners as unique plans, customized specifically for their cars & models.
The small insurance companies usually resist getting involved in the business of supercars like your Ferrari. The most reputed providers, otherwise, have a special division for high-end vehicles. For special coverage, exploring different options from various insurance providers is worth it.
In a Nutshell!
The insurance plan for luxury vehicles is customized to sufficiently provide coverage to your car. A majority of the small insurance providers would not offer coverage for vehicles as expensive as you Ferrari.
You can, however, look for an insurance plan with large insurance providers who have proper dedicated departments for insuring premium vehicles.
Before making a choice, the best deal would be to compare car insurance in Dubai across various insurance companies.