Why It Is Essential To Buy Luxury Car Insurance? | RenewBuy | Renewbuy

Why It Is Essential To Buy Luxury Car Insurance? | RenewBuy

A luxury car is not just a personal mode of transportation. It’s a symbol of a person’s aspirations and success. Owning a luxury car is not just a matter of comfort but also of prestige and stature of a person in the society. In recent years, the world’s leading car makers have rolled out many successful luxury cars that have performed exceptionally well in the Indian car market. With their super cool designs, enchanting looks and attention-grabbing features, luxury cars promise to provide an exhilarating car driving experience. However, like all luxurious things, a luxury car doesn’t come cheap. Even for people who belong to the upper echelons of society, buying a luxury car is a big financial investment. This is the reason why it is essential to buy luxury car insurance.

A luxury car is not just expensive to buy but also costly to maintain. Even a small damage can force you to shell out a huge sum of money. And without a luxury car insurance policy, things can get pretty bad in case of a major damage to the vehicle. Also, it would be wrong to presume that all luxury car owners can afford the high cost of repairs.

Here is why it is essential to buy luxury car insurance -

The High Cost of Repairs

Did you know how much is the average claim size of luxury car owners? Around Rs. 50,000! You may argue that it’s not that big amount and most luxury car owners can afford it. But that is not the case. Thanks to a burgeoning second-hand luxury car market, many of the luxury car owners come from a not-so-rich background. For them, it’s not feasible to spend so much money on car repairs. And even for those who can afford it, it makes a lot of sense to purchase a luxury car insurance policy that provides a comprehensive cover.

Specialized Service

Even in big cities, roadside garages are often ill-equipped to service luxury cars. In case your treasured vehicle breaks down in the middle of the road, it can become difficult for you to find a good mechanic who can provide the right service to your vehicle. This is where buy luxury car insurance can be very useful. Many of the car insurance policies for luxury cars come with roadside assistance rider that enables the car owners to get specialized help even if the car breaks down in a remote area.

Peace of Mind

A luxury car insurance policy does more than providing a financial cover. It ensures complete peace of mind that makes the life of a luxury car owner a whole lot easier. Buying a comprehensive life insurance cover means you have one less thing to worry about. It makes the whole process of owning and maintaining a luxury car less burdensome.

So now that you know why it is essential to buy luxury car insurance, you need to understand how you can choose the right cover for your luxury car. While the third- party cover provides the basic protection, it’s always advisable to opt for a comprehensive policy as it covers all repair costs. Moreover, there are several add-ons that you can opt for. These add-ons can prove to be a godsend in case your vehicle needs repairs.

Do you need all the add-ons?

As a smart luxury car owner, it is important not to get swayed by the add-ons promoted by car insurance companies. It is important to do some basic research to find out which add-ons you truly need. In addition to the road-side assistance mentioned above, engine cover and depreciation reimbursement are two of the most useful add-ons that every luxury car owner should consider buying along with a comprehensive cover. The engine cover is important as the cost of repairing the engine is very high. Depreciation reimbursement, on the other hand, ensures that a luxury car owner gets full claim and there is no deduction for depreciation on the value of parts replaced. There are many other add-ons that you can choose depending on your requirements.

 

A luxury car is one of your most cherished possession. With the right luxury car insurance cover, you can make your luxury car driving experience all the more enjoyable.