Sports Car vs Normal Car

Sports Car vs Normal Car

Revealed on March 10, 2021. EST READ TIME: three MIN

Sports Car vs Normal Car - Decoding Car Insurance

Proudly owning a automotive is a dream, particularly if it’s a fashionable and crowd pleasing sports activities automotive. The fashionable car is fantastic to drive and excellent for a clean and cozy journey. Nevertheless, a sports activities automotive prices far more than an everyday one, thanks
to its make and mannequin, excessive output engine and high-performance elements. So, it actually doesn’t come as a shock that you’ll have to pay the next automotive insurance coverage premium for a sports activities automotive due to its larger worth and
the higher danger concerned. In case you are planning to purchase a sports activities automotive, right here’s some vital details about the elements affecting automotive insurance coverage value or premium.

Elements affecting automotive insurance coverage value or premium

Right here’s why you need to pay the next premium for sports activities vehicles:

  • Insured declared worth of the automotive: IDV or insured declared worth is a vital issue that determines the insurance coverage premium of a automotive. A sports activities automotive is dearer when in comparison with a standard automotive. Therefore, its
    IDV can also be larger and so is the insurance coverage premium.

  • Costly automotive elements: These high-performance vehicles have costly elements. In case your sports activities automotive meets with an accident, the substitute elements will price far more than these of a standard automotive. Usually, the substitute
    elements of sports activities vehicles should not simply obtainable attributable to their restricted manufacturing. Therefore, they’re dearer to restore than a standard automotive.

  • Threat of an accident: If you end up driving a automotive with 400+ horsepower, the probabilities of assembly with an accident are excessive. Therefore, the insurance coverage firm covers this danger by charging the next premium for a sports activities

  • Threat of theft: Sports activities vehicles are at the next danger of theft. In case the automotive will get stolen, it is going to price extra to switch it when in comparison with a standard automotive.

  • Automotive utilization: The extra you drive your sports activities automotive, the upper are the probabilities of assembly with an accident. Therefore, the premium can even be excessive. Nevertheless, if you might have a number of regular vehicles already and can use
    your sports activities automotive for infrequent pleasure rides, you might need to pay a decrease premium.

Different elements affecting automotive insurance coverage premium are:

  • Age: The age and driving file of a automotive proprietor is taken under consideration whereas calculating the premium quantity. In case you are above 25, you’ll have to pay a decrease premium quantity, when in comparison with much less skilled and
    teenage drivers.

  • Driving file: You probably have been in a number of automotive accidents up to now, you’ll have to pay the next premium. A historical past of visitors violations can even enhance the premium quantity.

  • Geographical location: Should you reside in an city space, the probabilities of automotive accidents and theft are larger. Therefore, your automotive insurance coverage premium will probably be larger than for these residing in rural areas or suburbs.

Sorts of automotive insurance coverage

The three major sorts of automotive insurance coverage are:

  • Third-party cowl: This insurance coverage covers third-party liabilities, resembling third-party harm, injury to a third-party car or property, and private accident cowl.

  • Personal injury cowl: If you have already got a third-party cowl, you may also take an personal injury cowl for higher protection. This plan saves you from monetary losses in case your automotive suffers any injury. Personal injury
    cowl contains accidents, pure calamities, fireplace, and theft. You may as well take add-on covers for extra safety.

  • Complete cowl: A complete automotive insurance coverage coverage gives in depth protection and is a most popular choice. It covers third-party automotive and property injury, injury to your individual automotive, automotive theft, fireplace and
    vandalism. You may as well customise your complete automotive insurance coverage coverage with the fitting add-on covers.

Automotive insurance coverage add-on covers:

  • Zero depreciation cowl

  • No-claim bonus safety

  • Engine and gearbox safety

  • Emergency help cowl

  • Return to bill

  • Downtime safety

Though third-party insurance coverage prices much less, a complete cowl is a greater choice for sports activities and regular vehicles. It gives all-round protection and guarantees higher safety of your priced car and funds.


Sports activities vehicles are good, stylish and a favorite amongst these in search of high-speed and high-performance automobiles for pleasure rides. So, in terms of sports activities automotive insurance coverage, one has to pay the next premium
to guard their fancy four-wheeler towards accidents and different uncertainties. Nevertheless, as acknowledged above, your automotive insurance coverage value will rely on a number of elements. Should you want extra steering, get assist
from an insurance coverage skilled to decide on the fitting protection in your automotive.

Disclaimer: The above info is for illustrative function solely. For extra particulars, please confer with coverage wordings and prospectus earlier than concluding the gross sales.

This weblog has been written by 

S. Gopalakrishnan | Motor Insurance coverage Skilled | 40+ years of expertise in insurance coverage trade

A veteran in insurance coverage trade. S. Gopalakrishnan is a reputation to reckon with within the subject of reinsurance, he has headed the Reinsurance division and has wealthy expertise in different fields of motor insurance coverage. He likes to share his opinion
on newest matters within the insurance coverage trade and the way he may also help folks in safeguarding their belongings utilizing insurance coverage merchandise.

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