Swivel Seats, night vision, high horsepower. We all know that when it is embedded in vehicles, we are talking about luxury. Every day, Indians are buying cars that are more luxurious than ever before. According to a report, the Indian luxury car market was valued at USD 1.06 billion in 2021, and the demand is expected to rise.
When buying these luxury cars, your basic motor insurance plan is not enough. A luxury car is a high-maintenance car with a cost, and minor repair work costs tons more than other cars. However, luxury car insurance, a comprehensive plan, offers full coverage from insurance companies for such vehicles. Let us understand it in more detail.
How does Luxury car insurance work?
When buying car insurance online, you have the choice of selecting the IDV of your vehicle. A luxury car's IDV is higher because it costs more than a standard car does. When compared to an insurance policy for a standard car, the insurance premium for a luxury car is also more expensive because its IDV is higher.
It works the same way as the basic insurance plan. However, the amount premium is relatively higher. As a result, luxury car insurance offers excellent engine protection and higher claims.
Tips to Reduce Premiums for Luxury Car Insurance
Motor insurance in India is mandatory for driving a vehicle on the road. So, it becomes extremely important to have an insurance policy, especially if you have an exotic car. Here are some tips to reduce your premium.
- One way to lower your car insurance premium is by opting for a higher deductible.
- Exotic cars come with a flavour. Accessories, Nappa Leather seats, etc are all high-maintenance. So, it is wise to buy the car for less than its value and let the motor insurance company pay the bill.
- Buying Car insurance online will help you compare and, thus, helps you find the best vehicle insurance policy with a lower premium.
- Reduce car modifications. Any high-end modification can lead to a higher premium.
- By avoiding unnecessary add-ons, you can lower your premiums. For example, there is not much need to get a tyre cover if your car is old.
Luxury Car Insurance Rates
To check the insurance rates, you can visit the insurers' websites and click on the car insurance premium calculator to get the best quote for your exotic car. You can find out the approximate premium cost of your car insurance policy by simply entering basic information about your vehicle. You can also visit RenewBuy to get motor insurance quotes instantly.
You need to consider all the points we have covered to ensure the best luxury car insurance with comprehensive coverage. When choosing a luxury car insurance policy, we must consider the benefits, requirements, and costs. We can then choose to purchase one that is within our price range.
Q. How to check which insurance provider offers luxury car insurance?
A. The easiest way is to check online car insurance. This way, you can easily compare different insurers and get the best luxury car insurance.
Q. Which car insurance policy is the best for luxury cars?
A. A comprehensive car insurance plan with value-added features is the best as it offers complete coverage. Although, you can compare car insurance online to get the best plan for yourself.
Q. Do we get add-ons with the luxury car insurance?
A. You can opt for add-ons as per your needs when buying luxury car insurance. The add-ons ensure that you get complete coverage.