prpri Does your luxury car need an insurance policy? Does your luxury car need an insurance policy?

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Owning a luxury car is a dream come true for many. The elegant and high class look, high performance, luxurious interiors and superior ride feel – all of these matter. But your journey with the car doesn’t stop with enjoying the comfort, security, and affluence it offers; maintaining this also holds equal importance. For such expensive cars, one cannot settle for substandard servicing or unbranded spare parts. But it is not just the price of a luxury car that’s high; its maintenance is equally expensive. It is advisable to opt for a four-wheeler insurance plan that will cover all your needs and more to enjoy a stress-free ride at all times. Understand your car and its requirements and get it insured at an affordable price with comprehensive coverage to protect it from unforeseen events. Following are some of the critical factors to be kept in mind while choosing your car’s protection.

Does your luxury car need an insurance policy

Appropriate Add-ons

Add-ons provide extra coverage for your car over and above the insurance cover. While choosing an insurance policy, make sure to select the apt add-ons that are usually beneficial for exceptional circumstances but still provide a sense of security. Some well-known and recommended add-ons for a luxury car include Roadside Assistance, Engine Protection Cover, Zero Depreciation Cover, etc. The roadside assistance cover helps you avoid the anxiety of finding a mechanic or garage while being stranded by ensuring proper care in a difficult situation. The engine protection cover helps manage any damages to your vehicle’s engine exhaustively.

Safeguard your car

To minimise the chances of theft and get reduced premium amounts in your insurance, ensure installing proficient anti-theft devices while purchasing your car to safeguard your vehicle at all times best.

Online Insurance Comparison

While picking out an insurance policy for your luxury car, make sure to compare quotes from different insurers while keeping the necessary cover as a common factor. Avoid making hasty decisions and select a policy that provides the most suitable premium amount and add-ons.

As per the Motor Vehicles Act 2019, it is also mandatory to have insurance for a vehicle. Typically, the cost of repair and damages for luxury cars can be as high as 30%-40% of the car’s actual price, as mentioned before. Even something as small as getting a bashed side mirror fixed is more expensive than normal cars. To steer clear from such expenses and unforeseen circumstances, getting a car insurance plan is always a wise decision. Cholamandalam MS offers its four-wheeler insurance to provide the protection and peace you need at all times for your dream car.

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Disclaimer: The contents of this article are for information purposes only and do not constitute an advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up.  The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof.

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