Is buying an imported sports car or a vintage car your dream? Are you still pondering whether you can take utmost care of your dream car while driving on Indian roads? Well, we at Kotak General Insurance have got your imported car covered with our comprehensive car insurance plan. Read on to know more about the car insurance of imported cars.
What Is Car Insurance for Imported Cars?
While there isn’t any specific car insurance for imported cars, insurers may find repairing or replacing parts of an imported car expensive as the car is not manufactured in India, which results in a higher insurance cost. Here, you may require to have insurance that agrees to cover a particular value rather than the market value of the car.
What Does Car Insurance for Imported Cars Cover?
Like any other car in India, having a third-party liability for your imported car is mandatory. But to secure your car from damages, you would require a comprehensive car insurance plan. While it is advisable to choose a broader comprehensive plan with add-ons, your basic comprehensive car insurance will still cover the following damages.
• Loss of car due to theft
• Damage to your car due to accident
• Damage to the car due to a natural calamity like storm, earthquake etc.
• Damage to your car due to any man-made calamity like riots, vandalism etc.
• Loss of car beyond damage
• Any other loss if covered under your specific add-on
What is the difference between imported car insurance and normal car insurance?
Like any other insurance, the insurance cost is decided based on the IDV (Insured declared value irrespective of whether your car is domestic or imported. But the actual cost of the imported cars becomes more as it includes custom duties, import charges, transportation costs etc. these charges are not included while calculating the insurance of the vehicle. So, in the case of an imported vehicle, the insurance cost solely depends on the IDV and not on the car’s market value or acquisition cost.
Tips to reduce your car insurance for imported cars:
Purchase policy online: You can buy your car insurance online from Kotak General Insurance. As all the transactions occur online, the operational charges decrease, reducing your overall cost.
Add extra security to your car:You can secure your car with an anti-theft device and show it to your insurer to get a discount on the premium price.
Be realistic:It is necessary to consider the car insurance cost when you purchase an expensive imported car as you will have to face the burden of bearing higher insurance costs. You may choose a less expensive imported car to make your insurance more affordable.
Few tips to follow before purchasing insurance for your imported car
• Choose a comprehensive policy for wholesome coverage and get both third-party damage cover as well as own damage cover.
• You must include add-ons to increase the coverage for your car, as replacing and repairing parts can be costly for an imported vehicle
• Choose a digital insurer like Kotak General Insurance, where you can buy and renew your policy online instantly. You can also raise your claims online without any hassle.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.