Luxury vehicles entail higher repair or replacement costs with their inherently expensive components. Insurance provides coverage for damages, ensuring security if policy conditions are met. The Motor Vehicles Act mandates third-party car insurance for cars on public roads, making it crucial to insure your luxury vehicle with at least a Third-party Liability policy.
What Distinguishes Standard Car Insurance From Luxury Car Insurance?
The Insured Declared Value (IDV) is a crucial factor in determining the cost of a vehicle insurance policy. It represents the vehicle’s market price, distinct from its resale value. IDV is the maximum amount the insurance company pays in case of total loss due to theft or irreparable damage. When buying car insurance online, luxury cars have a higher IDV than regular ones, leading to a more expensive premium for luxury car insurance than standard cars. You can use an IDV calculator to check the IDV value.
How Much Does Insurance For Exotic Cars Cost?
The premium for your luxury vehicle insurance will vary depending on the following main factors:
- Age of Vehicle
- The place where the vehicle is being driven
- History of claims
- No Claim Bonus (If Applicable) *
Rates For Luxury Car Insurance
Use the premium calculator on your car insurance policy to find rates for premium cars. A car insurance premium calculator is available on the websites of digital insurers, and it can be used to obtain free quotes for luxury car insurance.
Exotic Car Insurance
It takes a lot of work to locate exotic cars. Exotic car insurance coverage is, therefore, hard to come by. For example, a website run by an insurance company may not list an exotic car among the insured vehicles. If you contact the insurance company directly by phone or email, they may insure your exotic or luxury vehicle. After inspecting your car the insurance provider may provide a quote for your car insurance cost.
Important Information About Insurance For Your Luxury Vehicle:
Choose the Right Add-Ons:
Add-ons offer additional coverage but come at a higher cost. Identify your coverage needs and opt for necessary add-ons like engine protection, zero depreciation, and 24/7 spot assistance, especially for high-end vehicles. *
Online Car Insurance Comparison:
Compare policies online with necessary coverage as the main factor. Digital-first insurers often provide quality coverage at affordable prices, ensuring you get the ideal value for your luxury car insurance.
Determine Your Car Insurance Premium:
Use a car insurance premium calculator to assess the cost of luxury vehicles. Adjust coverage to see instant impacts on the premium. For instance, eliminating unnecessary add-ons can reduce the cost.
Engine Cover Protection:
Essential for high-end vehicles, engine protection cover handles expensive repairs, especially for damages like flooding. It ensures thorough coverage of such incidents.
This add-on assists if your luxury vehicle breaks down, offering towing services if repairs can’t be done on-site. It eliminates the hassle of finding mechanics and towing services.
Protection Coverage for No Claim Bonus:
Even after filing a claim, a No Claim Bonus Protection Cover allows you to avail concessions when you renew car insurance if you still need to make claims. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.