All You Need to Know About Insurance for Sports Cars

Posted on: Dec 21, 2022 | | Written by:

All You Need to Know About Insurance for Sports Cars

Published on December 21, 2022. EST READ TIME: 4 minutes

Who doesn’t love sports cars? The low slug seats are inspired by race cars, advanced level of aerodynamics and a screaming engine to top it all. There is hardly anything to not like about sports cars. Petrol heads droll over sports cars and will not miss a chance to buy one, should the opportunity present itself. Before you take the plunge, it is important to know a few things, including a car insurance policy Since sports cars do not come cheap.

The best sports cars that you can buy right now

There are some stunning sports cars to buy as long as you do not have a budget restriction. Here are the top sports cars that your money can buy in India.

1. Ferrari 812

This Italian beauty comes with a scorching V12 that is naturally aspirated and makes 789 bhp and 712 Nm of torque. The car can achieve 0-100 in just 2.9 seconds thanks to its active and passive aerodynamic systems.

2. Lamborghini Aventador

The Aventador LP780-4 ultimate is one of the most stunning sports cars that you can buy. The 6.4 litre V12 engine produces 770 bhp and 720 Nm of torque. And the car can achieve a top speed of 335 kmph.

3. Porsche 911 Turbo

Porsche uses a 3.4 litre engine, which is smaller than Ferrari and Lamborghini but has two turbos. The car makes 641 bhp and a mouth-watering 800 Nm of torque. The car can reach 100 kmph in 2.8 seconds and has a top speed of 330 kmph.

4. Aston Martin DBS

The Aston Martin DBS is intoxicating to look at. The British manufacturer uses a 5.2 litre V12 that makes 715 bhp and an enormous 900 Nm of torque. DBS makes for one of the best touring cars.

The need for an Insurance for sports cars

As per the law, all cars must have valid insurance on them to be driven on public roads. And the same holds good for sports cars as well. The law mandates all vehicles to have third party car insurance at the minimum. The high performance sports cars are expensive and thus need excellent coverage and third party cover might not be enough.

Thus, you would need a large plan to offer better coverage for a sports car. There are several groups of cars for which insurance providers offer plans. Hatchbacks, sedans, sports cars, SUVs, etc. are some of these categories. Sports cars usually feature at the top of the list when it comes to car insurance plans. Thus, you will not find any difficulty in finding the right plan for your car.

Factors that impact the insurance premium of sports cars

The factors that decide the premium of a sports car remain the same as other cars. Here are some of them.

1. IDV

The IDV or insured declared value of a car plays the most important role in deciding the premium of car insurance. IDV is the maximum value that an insurance provider will compensate you with, in the event of total loss. If the car meets with an accident and the car is declared as a total loss or it is stolen, the insurance provider will pay you the IDV.

Since sports cars are high performance cars, they have a higher risk associated with them. As a result, the IDV of sports cars is higher.

2. Usage of the car

The more you drive a car, the higher the chances of any incidents. And it is even more in the case of a sports car. If you are someone who plans to use their sports car frequently, you might end up paying a higher amount as a policy premium.

3. Spare parts

The parts used in sports cars are performance oriented and usually made out of expensive materials. Consequently, the repair bills are a bit higher as well. This is another reason for the premiums of sports cars being high. Given the higher costs associated with buying and owning a sports car, third party car insurance is not enough.

4. Higher chances of theft

It is no secret that sports cars are extremely appealing and drool worthy. Thus, the chances of car theft increase by a few notches. Especially if you live in a place that is prone to car theft or park your car in the open. In such cases, one must be prepared to pay a higher premium for the policy.

5. Add-ons

Given the higher price tag and emotional connection with sports cars, it is highly likely that comprehensive car insurance might not be enough. You will end up opting for add-ons. By paying a small premium over a standard cover, you can boost the policy coverage.

One of the first add-ons that you would want to pick is a zero-depreciation cover. It ensures that you do not have to bear the cost of depreciation and the claims will cover the entire amount.

Since the engine is the heart of a sports car, you would want to get a cover for the naturally aspirated screamer. Engine protection cover is another add-on that you would want to choose.

Return to invoice is another add-on that you might want to consider for your exclusive sports car. In the unfortunate event of a major incident, the insurance provider will compensate you with the price mentioned in the invoice.

Depending on the add-ons that you choose, the policy premium will increase.

Things to know before proceeding to buy insurance for sports cars

Before you click on the submit button, here are some of the things that you should keep in mind, while buying a car insurance policy for your sports cars.

● Search for quotes online to get a good deal on your car insurance policy.

● If you do not find your car in the list of cars on the website, you can reach out to an insurer directly. And ask them for a plan that offers adequate coverage for your car.

● Make sure that the plan that you choose offers adequate coverage for all possible contingencies.

● It might be a good idea to renew comprehensive car insurance from the same insurance provider. You can discuss loyalty bonuses to reduce the policy premium.

● Since sports cars are expensive, make sure that you choose a money-back plan for your car. This will be helpful in the event your car gets stolen.

Conclusion

Cars have a special place and value for petrolheads. And they take pride in maintaining their cars. Choosing the right car insurance policy is an integral part of maintaining a car. Above is all the information related to buying a car insurance policy for a sports car. As is the case with any insurance plan, ensure that you opt for adequate coverage for the car. Even if it means opting for a slightly more expensive insurance plan.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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