A luxury car is a sign of class and status for the car owner. These cars are designed with the utmost precision and detail. They are made to enhance the passenger’s driving experience and give the car owners a taste of what a well-designed car from a luxury brand feels like. These cars are built with the most efficient and ergonomically designed parts and are quite expensive. Hence, any damage to these luxury cars can lead to quite hefty bills. However, you can stay ahead of the damage bills by getting luxury car insurance.

The Importance of Insuring your Luxury Car

Luxury cars are called so for a reason; they are made of expensive parts by highly acclaimed brands. Hence, the damages to these parts will mean you have to spend a lot on replacing these parts or getting them repaired. With luxury car insurance, you can be at peace, knowing that the car’s damages will be taken care of by the insurance company. 

Apart from this, under the Motor Vehicles Act, every car on the road must have valid car insurance. Hence, if you own a luxury car, you must get it insured with an appropriate car insurance policy. 

Difference between Standard car Insurance and Luxury Car Insurance

The price of a car insurance policy will depend on the Insured Declared Value (IDV). The IDV is basically the current market value of the insured car. You must understand that it is different from the vehicle’s resale value. The IDV is the upper limit of the amount an insurance company provides in the event of a total loss. In case of theft or if the damage is beyond repair, the car will be treated as a total loss. 

If you decide to purchase motor insurance online, you get the option of deciding your vehicle’s IDV from a range when buying the car insurance policy. Since a luxury car costs more than a normal car, their IDV is also quite high. Consequently, the car’s insurance policy’s premium amount is also high compared to a normal car’s insurance policy. You can also get the car insurance renewal done online with just a few clicks.   

Cost of a Luxury Car Insurance Policy

The specific price of a luxury car’s insurance policy depends on the following factors-

• Make and Model 
• Manufacturer
• Vehicle’s age
• Claim history
• NCB (No-claim bonus)
• The geographical location of the car

Apart from the factors mentioned above, the cost also depends on the type of policy chosen and the insurer you have chosen for the policy purchase. 

Car Insurance Rates for Luxury Cars

An easy way to check the rates of luxury car’s insurance is by using a car insurance calculator. With this calculator’s help, you can get free luxury car insurance quotes. Many car insurance companies provide these calculators on their website to help potential customers. If you wish to use the calculator efficiently, you will need to fill in the basic information related to your car and the policy to understand its premium cost. 

Things to know about luxury car insurance policies

• Compare different policies:

The insurance policy costs for luxury car policies differ at different insurance policies. However, you will need to ensure to compare the different policies keeping the cover in mind. Some insurance plans may probably come at lower prices but with reduced coverage. Hence, if you decide to buy motor insurance online, you can easily compare different plans and make an informed decision after getting relevant information. 

• Get an estimate on the premium:

It would help if you knew about the premium costs before purchasing the policy. You can calculate the policy’s premium amount through the insurance calculator. Through the calculator, you can also modify the information you provide to understand how different factors affect the premium cost. It will help you select an optimal plan for you. 

• Choose the correct set of add-ons:

A car insurance add-on is an extra coverage you can get through an insurance policy. Including an add-on to your insurance policy will lead to an increase in the premium amount. These add-ons will help you take care of different situations like zero depreciation, roadside assistance and engine protection. 

• Safeguard your luxury car:

Generally, luxury cars have a high chance of being stolen. Hence it would help if you improve the safety measures for the car. Installing safety devices on the car will help you reduce the premium amount as it will assure the insurer that you have taken measures to increase the car’s protection. 

• Roadside assistance:

Through the roadside assistance add-on, the insurer will help you out in emergent situations. For instance, if your luxury car breaks down in the middle of nowhere, the roadside assistance rider will provide the required assistance. Your car may be fixed at the spot or taken to the nearest garage. 

• Engine protection cover:

Any damage to a luxury car’s engine results in a heavy repair bill. For instance, if the luxury car was stranded in a flood, the water can severely damage the engine. The damage repair can be quite expensive. You can manage these damages easily through this protection cover.  

Conclusion

Getting insurance for your luxury car in today’s time is easy as most insurance providers enable you to get online insurance for your four-wheeler. It is, however, necessary to ensure that you choose the Insured Declared Value (IDV) correctly as damages to an expensive luxury car should be properly compensated. Since these cars are massive financial purchases, you must purchase the insurance for them accordingly.