The Ultimate Guide to Buying Insurance for a Sports Car in

India

Who doesn’t like Sports cars? They are not only a fantasy for car enthusiasts but a dream
vehicle for every individual.

From high-performance engines that roar to life at the press of a button, neck-breaking
acceleration with thrilling top speeds, to a beautifully crafted, streamlined design language
paired with plush hand-made interiors that showcase bespoke craftsmanship - sports cars
are one of the finest man-made beauties.

With such luxury offered, everyone knows that they become an extremely expensive buy,
but the real cost of ownership of a sports car doesn’t stop even after it has been taken out of
the showroom.

The most prominent cost of ownership, in this case, comes out to be comprehensive
insurance & it becomes important to know about it before spending a large amount of money
buying one. This article will give you an in-depth guide so that you can buy the best car
insurance for your dream sports vehicle.

So, buckle up!

Is Buying Insurance for a Sports Car Mandatory in India?

As per the Motor Vehicles Act, 1988, buying car insurance for a vehicle is mandatory in
India, & things stay the same for a sports car as well.

According to the act, it is mandatory to opt for a third-party car policy at the least, however,
please be noted that although it is not necessary to buy one, comprehensive insurance will
be the best fit for a sports car because of the premium benefits & comprehensive cover it
comes along with.

Sports Car Insurance is Quite Expensive Compared to an Everyday Car’s

Insurance

Car insurance premium for a vehicle varies with the selling price of the vehicle. Higher priced
cars carry a higher premium as compared to low to average priced vehicles.

Similarly, a sports car, with its incredibly high buying cost, also carries a painstakingly high
insurance cost as its Insured Declared Value(IDV) becomes naturally high, which is a key
factor for premium calculation.

Another important factor to keep in mind here is that the risk involved in a sports car is
generally on the higher end as the real thrill of a sports car comes at high speeds, which
makes the owner extremely prone to road accidents. Such kind of risk becomes a big factor
in the IDV for premium calculation.
Insurance will Secure you Financially from Uncertain Damages to your
Sports car

For a moment, let’s just assume that you drive responsibly, well under the speed limit,
following all the traffic rules as well as making sure that you are considerate of all other
vehicles & pedestrians on the road.

However, your sports car remains prone to uncertain incidents that can badly damage the
car externally or even internally. For instance, natural/man-made disasters are unavoidable
situations. In addition to this, a sports car repair will not be easy, damaged parts will have to
be imported & repair bills will cost a huge unplanned toll on your finances.

Given the high possibility of such situations arising, we advise you to be much better
planned and buy comprehensive car insurance, making sure it is renewed periodically.

Most Important Add-Ons to Buy for your Sports Car to Enhance the
Cover

Apart from the minimum insurance requirement for a vehicle, which is third-party insurance,
you can take additional steps to ensure that you are financially protected from unforeseen
circumstances that can potentially damage your beloved sports car.

This includes opting for a comprehensive insurance cover or even considering buying add-
ons to enhance the cover. Following is a list of add-ons you should consider opting for if you
are planning to spend an extravagant amount of money on your dream car:

● Roadside Assistance Cover: This cover helps you to call for mechanical help
wherever you are as the chances of your sports car having a mechanical breakdown
are not zero despite its meticulous build. You can avail of this assistance 24/7 by
simply calling your insurance company & providing details of your insurance.
● Engine Protection Cover: The most important aspect of a sports car is its engine,
without this, it is just a body without a heart as well as a brain. The engines are
extremely high powered and any damage to them can lead to a repair cost of almost
a quarter of your sports car’s original cost. This add-on will ensure you financially
against any damage to the engine of the car.
● Zero Depreciation Cover: As we all know that vehicles are depreciating assets,
whenever a policyholder will claim the repair of their vehicle, the final settlement
amount will be calculated after deducting the value of depreciation entitled to the car.
This cover helps you save on the omitted value of depreciation at the time of claiming
cover for your car.
● Return to Invoice Cover: Sports cars are probably the biggest attraction on the
road. A high-end sports vehicle is capable of attracting attention simply by the virtue
of being parked on one corner of the road. Such attention also carries a high risk of
theft. If you have this cover & your sports car gets stolen, you can file an FIR in the
nearest police station & if the car is nowhere to be found, a certificate will be issued
 which can be used to claim the complete on-road/ex-showroom price of the stolen
car including the registration charges & road tax.

Make Sure that you Compare Car Insurance Policies Before Buying

It is very important to compare car insurance policies from multiple insurance companies so
that you buy the best car insurance for your dream sports vehicle.

The best way is to evaluate & compare every time you are renewing the insurance cover,
this will ensure that you buy the best car insurance every time.

To Conclude

A sports car’s insurance plan is an expensive investment, hence a lot of factors need to be
carefully evaluated before arriving at a buying decision. This will immensely help you as
sports cars are premium vehicles and deserve premium coverage. Feel free to clear your
doubts with our insurance agents, who are always ready to guide you to choose the best car
insurance for your sports vehicle.

Lastly, always remember to drive responsibly even if you have chosen the best car
insurance that provides a comprehensive cover. Insurance provides cover only when an
accident occurs and nothing is better than preventive care.