Of course luxury cars offer a lot of social prestige which is sought after by many, unique performance, fantastic exterior and interior designs, and many other features.
However, all these characteristics aren’t for free. Besides the cars’ hefty fees, there are a lot of other additional expenses that must be sustained by luxury cars owners and must be put into consideration like maintenance and insurance.
Car insurance became indispensable especially these days in the shadow of the volatile security situation taking place in many countries and the hike of car accidents rate.
Fees could represent the only obstacle preventing car owners from purchasing insurance policies.
Car insurance cost
As a matter of fact, car insurance costs are directly related with vehicle prices. The annual installment of a luxury car could cost around 6% of its price, while the annual installment of a middle-tier car could vary from 3% to 4% of its price.
It’s worth mentioning that the cost of insuring on sleek sports cars like “Lamborghini”, “Ferrari”, or other similar cars is more expensive than insuring on other high-end brands like “Rolls Royce” or “Bentley”.
That’s because sports car are more subjected to dangers due to their high speed and strong engines.
If you found that the insurance cost of the vehicle you are opting for is beyond your financial capabilities, go for a used model.
Insurance on resale cars is bit cheaper than new cars. It’s better to find a 2-year or a 3-year old car.
Important tips
There are some important tips to be put into consideration before buying an insurance for your luxury car, here are some of these tips.
- In case of buying a used car, check its maintenance history. Make sure the old owner made all check-ups on time.
- Do not go away, the best maintenance services, especially for luxury cars, are offered at the accredited car agencies.
Sleek cars contain sensitive devices and censors that must be dealt with in a very scientific and cautious manner.
Most major agencies in Qatar and GCC region have the needed capability to deal with luxury cars.
- Most manufacturing companies offer a guarantee system that expires after 3 years or 100,000 kms.
After the warranty period, it’s better to find an insurance company that offers advanced maintenance services suitable for your luxury car.
- Before signing with an insurance company, make sure it’s well accredited by the international credit rating agencies. Being rated means that the company can settle large total loss claims.
Type of insurance
Many car owners prefer the primary insurance programs (third-party liability insurance) because they are less costly.
People think they don’t need comprehensive insurance programs assuming they are good drivers or that roads are safe.
That’s totally wrong; car accidents rates are hiking everywhere, and accidents have nothing to do with drivers’ experience or skills.
Others think that they don’t need to insure their sleek cars because they are supplementary and will be driven only occasionally.
That’s wrong too, by finding out that repairing the smallest scratch is going to cost a fortune, you will wish you had an insurance.
It’s better to register in comprehensive insurance programs. They could be expensive, but they offer total contentment and peace of mind.