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Secure Your Luxurious Cars With A Perfect Car Insurance Plan

A Luxury Car purchase is not just the process of getting a car but for most people, a lifelong dream come true. When anybody spends such a large amount of their hard-earned money into a possession such as a luxury car – you know it is something that makes them feel happy and acts as a culmination of a life goal.

Like any expensive belonging –which is liable to get damaged during use – cars especially the Luxury Cars need to be insured. Car insurance is no longer an option and the Motor Vehicles Act has made Third-party Car Insurance mandatory for all vehicle owners.

Is third party car Insurance sufficient cover for my Luxury Car?

The answer is no. The third-party claims cover only the third parties injured or caused damage to in the event of an accident and not the vehicle owner themselves.
While the mandatory Third Party Insurance may be enough for owners of older cars or cars that are not high end – Luxury Cars need to be more adequately covered.

Is Comprehensive Insurance Cover enough for my car?

Comprehensive car insurance works well for most cars. A Luxury Car is an expensive purchase and hence any sort of repair is correspondingly expensive. The parts used in the car are expensive as well – and it would be best to take a policy which can cover all of these costs, in the event of an accident.      Comprehensive car insurance covers the car in case of damage done by natural or man-made disasters, theft and damage due to fire or explosions. It also includes - personal accident cover and damage towards own vehicle.

The Comprehensive Car Insurance Policy offered by insurers can cover all damages arising from an accident with some exclusion – so is this the perfect car insurance plan for your luxury car?

 

Better than Comprehensive Insurance - How to plan for the Kind of Insurance needed for Luxury Car:

It is a good idea to take add-on covers to your comprehensive policy. This is because - there is one important thing to know about the Comprehensive Insurance – it pays the sum assured after deducting the depreciation rates set out by the IRDAI on different parts for the car.

For example depreciation rates for rubber, nylon, plastic parts and battery if 50%. If the vehicle has sustained total damage – and the IDV – Insured Declared Value comprises of 1 lakh as the value of such parts. Your insurer would have to pay you only 50% of the damage that is 50,000/- – due to the depreciation allowed.

Zero-Depreciation Add-on helps you solve this problem. By adding on the zero depreciation cover, the Insurance Company in exchange for a higher premium will may any payouts that may be needed to be done on the insured value and not the depreciated value. Return to Invoice cover add-on allows the insured to know that any pay-outs would be done on the invoiced value of the car and not the market value. The Engine & Circuit Protect Cover protects the engine and its related circuits.

For most people - comprehensive insurance with the Zero depreciation add on cover is considered a perfect plan to secure their luxurious cars.

Next Step:

After you have decided on the add-on features most suitable to your luxury car and your peace of mind, you can go to individual websites of insurance companies. Here you can punch in the details and add-ons you would like. This will give you a clear idea about what each add-on feature is costing you and make a decision that is a perfect plan for you.

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