Sports Car vs Normal Car - Decoding Car Insurance

If you want to buy a sports car and trying to work out the costs involved in having one, you need to understand how much car insurance will cost you, as you cannot drive your car without one. It has already been established that sports car insurance is more expensive than normal insurance. First, however, you need to understand why this happens. With this in mind, let us consider why the insurance cost for sports cars is higher than the normal cars.

Higher IDV

The cost of sports car insurance is high! This results from the sports car having a higher value than an ordinary car. The sports car's Insured Declared Value (IDV) is technically higher than average. Because of this, its insurance price is also greater than usual. Therefore, the cost of insurance for four-wheelers for the two vehicles cannot be compared, just as it is impossible to compare a sports car's capabilities to that of a regular car.

Spare Parts

What makes a sports car such a high-performing vehicle? It is the sum of the parts it is made of. The parts that go into the making of a sports car are more specialised than that of normal cars, and thus, these parts are even more expensive to buy or replace. Consider if you face an accident and need to have your car repaired. If you have a normal car, the bill will be much less than a sports car. Your insurance provider knows this, and since the onus of repairs will fall on them, they will have the shoulder the higher costs. This is one of the reasons your insurance for high-performance cars is more expensive than that of a normal car. It is also a reason why insurance providers do not like to take on customers with sports cars.

Anti-Theft Devices

Utilise authorised anti-theft gadgets from the Automotive Research Association of India (ARAI) to safeguard your sports car. They secure your vehicle and help minimise the car insurance rate. Insurance companies see this device as an extra measure taken by you to protect your car, making you more reliable to them. In the end, if a vehicle is never stolen, the need for a theft claim is negated, which benefits the insurance provider.

To motivate car owners to secure their vehicles, they, therefore, provide a price reduction on the best insurance for sports cars they have for cars with anti-theft devices. Since normal cars cost less than sports cars and are purchased mostly for rough use, many people who have normal cars do not purchase them. This gives people with a sports car a greater advantage over those with normal cars.

The driver/owner ‘s driving habit and insurance history

There is a popular assumption that those who drive sports cars are speed enthusiasts and risky drivers. Also, sports cars are believed to be involved in more accidents than normal cars. Thus, the onus falls on you to prove to the insurance provider that you are a safe driver and deserve a lower insurance premium.

Only your insurance claim record can prove that you are a safe driver and have been driving safely with all your previous cars. If you have a previous claim record, and it proves that the accident wasn’t your fault, you may get lower insurance premiums. This is not a concern with normal cars, which do not go to such speeds. Also, remember, if you have an additional normal car which you use more regularly than your sports car, your premiums could be lesser.

These are the factors that influence sports car insurance costs. If you are planning to get a sports car, try to get a discount from the insurer, and keeping the points in mind can help you get one. However, even if you do not get a discount, you should always consider comprehensive insurance for your sports car over less pricey third-party liability insurance.

Getting car insurance for a sports car can often be more difficult than getting insurance for a normal car. However, you must have your insurance in place to be clear in the eyes of the law. So you need to go the extra mile to show you that you are a worthy investment for an insurance provider. And if you are looking for the best insurance for sports cars, look no further than Tata AIG!