Insurance for your Luxury Car – 7 Things you must know!

Owning a luxury car is a lifelong dream for many people. They work tremendously hard towards reaching a certain position in their professional careers to be able to afford a luxury car. On the other hand, some are lucky to be born into a family that is wealthy enough to own such cars. Irrespective of the scenario, luxury cars are a style statement and they need to be constantly looked after. From proper maintenance to appropriate insurance, you need to take care of your luxury car to keep it in prime condition.

Insurance for your Luxury Car – 7 Things you must know! - Acko

7 Important Things Regarding Insurance for your Luxury Car:

  1. Stay on the right side of the law

Whether you own a luxury car or a basic four-wheeler, it is mandatory to insure your car if you want to drive legally on Indian roads. The Motor Vehicles Act, 1988 makes it mandatory for car owners to purchase a Third-party Liability cover. You can purchase third-party car insurance online easily. Researching for third-party car insurance online is easy and purchasing it is even easier.

  1. Get an extensive cover

Luxury cars should have an extensive cover. A basic third-party cover won’t suffice. A Comprehensive plan will cover your luxury car against major risks. Note that it includes the mandatory Third-party cover.

  1. Select appropriate Add-ons

Your Comprehensive plan can be strengthened with the help of Add-ons such as Zero Depreciation cover, Roadside Assistance cover, etc. Chances are bright that you might travel in your luxury car with expensive gadgets. In such a scenario, you can get an Accessories cover. Choose appropriate Add-ons for all-round coverage.

  1. Compare car insurance online

As luxury cars are expensive, the cost of insuring them is also high. Premium of insuring a luxury car is higher than the premium of other cars in the market. However, you can save money while insuring your car if you compare car insurance online. Remember to first decide on the desired coverage and then compare car insurance online based on the premium charged.   

  1. Calculate Car Insurance Premium

You can get to know car insurance quotes online by visiting a web aggregator’s website or visiting individual insurer’s website. Mostly, web aggregators will display a quote directly. However, you can have some sort of control over the quote when you visit an insurer’s website. You can calculate car insurance premium with the help of a calculator or a widget that is often incorporated in the online purchase journey. Factors such as Type of plan, Add-ons, etc. can be changed and its effect can be seen instantly on the car insurance quote when you use the car insurance premium calculator online.

  1. Contact your insurer

All insurers might not list your luxury car on their website. This means, you might not be able to insure your luxury car directly from their website. In such cases, you can get in touch with the insurer on call or via email to show your interest in getting your luxury car insurance from them and they shall take things forward.

  1. Protect your luxury car

Insurance protects you from financial losses due to car theft. However, installing an anti-theft device might protect you from car theft itself! You will also get a discount on insurance premium on installing certified anti-theft devices.

Keep the policy active

Make an informed choice by understanding the terms and conditions of the policy before purchasing it. You need to renew the policy before the expiry date to keep it active.

A luxury car is precious, choose an insurance plan that will cover major risks and minimize your financial losses in case of a mishap.

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