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CAR INSURANCE

If You Own a Lamborghini, Here's How to Insure It

Meeta Sabnis Meeta Sabnis 15 February 2016
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Auto insurance can be quite challenging by itself for most of us. If you add the element of high-value, classic cars such as a Lamborghini or Bugatti to the entire equation, it is enough to turn most knees to jelly. Fear not—here is how to insure your precious beauties.

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At the spectacular 2014 Geneva International Auto Show, the world breathed heavily at being introduced to four brand new super cars. Lamborghini launched its new Huracan, Ferrari its California, McLaren rolled out its 650S, while Porsche brought its 918 Spyder. That exhibition was a crystal-clear indication that the market for expensive sports cars or super cars that had tanked in 2009, following the global economic crash, had recovered by early 2014 with astonishing speed.

Premium or Super Cars – A Burgeoning Market

According to a forecast by the IHS agency, purchase of super cars across the world will peak by 14 percent by 2018. The aggressive flogging of newer super car models at auto shows will be partly responsible for the rush.

The auto giant that is Fiat, owning the brands Alfa-Romeo, Ferrari, and Maserati, will corner a sizable chunk of the pie, as will Volkswagen with its Lamborghini, Bugatti, and Porsche brands. In 2013, word (courtesy The New York Times) was that Lamborghini had built 700 Huracans and all have been spoken for2.

Premium Insurance for Premium Cars, oops, Super Cars

Whether you take your Lamborghini (or any other luxury super car) for an occasional spin or you fire its magnificent engine on a regular basis, what is non-negotiable is having a fitting, specialist, high value premium car insurance for the beauty. While being mandated by the law, remember that every motor insurance cover is not the same. Insurance for specialist vehicles like these prestigious, high performance brands definitely requires high value auto insurance.

Along with a reasonable car insurance premium quote for a luxury super car (quite an oxymoron!), the requisite expertise and depth of knowledge on the part of the insurance service providers is also called for. What you need are exotic car insurance experts who are equipped to advise you. Or else you may end up being overcharged in terms of insurance premium, especially for a cover that eventually lets you down.

High value car insurance is a specialist market. So, other than checking the antecedents of the specialist insurance service provider, do also check that

  • The high value auto insurance program is tailor-made for the make and model of your choice of car. Most of these high ticket insurance plans are underwritten on a personal, case to case basis. Fight for a good deal. Don’t forget to read the fine print discussing the range of mileage plans, liability protections and both proposed amount or suggested value exotic car insurance protection.

  • You shop around a bit to compare and get competitive quotes on the market. Before signing the documents and paying the premium, be sure that you have zeroed in on the best value Lamborghini car insurance in the market with a well-known insurance provider. That way you get a great quote for your luxury set of wheels that, while saving you money, offers adequate coverage.

You should also:

  1. Aim to get the best possible insurance quote for your vehicle and situation,

  2. Avail of privilege discounts such as No Claim Bonus, based on your driving record, where ever possible,

  3. Secure other valuable discounts on your high value car insurance,

  4. Secure your luxury super car through multiple policy ownership as standard comprehensive policy may just not offer enough coverage. A wise decision is to opt for Bumper to Bumper Cover, and

  5. Have selected a feasible level of deductible.

Super car is a privilege, enjoy it. And while you are at it protect it as best as possible.

Citations:

  1. IHS
  2. The New York Times
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Meeta Sabnis
Written by Meeta Sabnis
Her mantra in life is to dream, and dream until you turn them into reality. A neurotic Kajol fan, Meeta loves spending time with her gorgeous twins, ensuring a childhood they’ll be proud of. Bargain hunting, crazy dancing and romancing alphabets are some of her other cravings. She’s currently a Content Writer at Coverfox.