| 4 minutes read

Luxury Car Insurance Criteria in Dubai

Written by Huma

For luxury car insurance many individuals are encouraged to have full-comprehensive coverage to protect its brand value and progressive specifications.

Dubai is a city where the trend of driving high-end cars become quite popular among the general audience.

There is always a curiosity and longing involved whenever we see movies like fast and furious.

The thrill and excitement of these car speedster spinning and igniting engines is always an eye-catching moment

But if you are living in Dubai then you can live with this rush. As today luxury cars are promoting the ticket for the advanced standard of living.

And cars like Ferrari, Mustang, BMW, etc. that were only seen in movies or in dreams are now becoming reality.

Unlike in Europe, the UAE is considered to be the most accommodating nation to these high-end vehicles.

But don’t turn your dream car into a nightmare situation.

As we all know how the UAE government has obligated the car owners to get auto insurance as soon as possible.

Many factors have been involved in this obligation but the most common one was the increased number of road accidents by these luxury cars.

It’s a must move from your side to get your high-end
cars insured in order to safeguard yourself from long term damages and loss.

Since the value and features of luxurious cars very fancy and expensive, therefore basic third-party car coverage will not suit its needs.

Many car insurance providers give over the top packages for high-end clients with value-added benefits.

We have listed the essential pointers to get an informative and logical way to understand the concept behind luxury car insurance in a lucrative manner.

Luxury Cars Can need more Protection

Car owners of sports cars and other hybrid cars can understand
the sensitivity of their car repair and maintenance.

  1. These vehicles are powerful internally and have high brand value in the market.

Therefore, in the scene of unforeseen accidental situations they damage cost is way too much for your budget.

2. Even a signal scratch can cost you a lot of money.

3. Similarly, these cars are more exposed to dangers like theft and accidents.

Hence such prestige cars should have special insurance
and should have full coverage incentives in the insurance packages to get financial
stability protections.

Evaluating
Third Party and Comprehensive Insurance for Luxury Cars

Coverage
plans are one part of auto insurance that always entices the client the most.

In most of our discussion regarding coverage plans of insurance two significant criteria were identified to get the best deals.

  1. Comprehensive
    coverages-
    that give full coverage to the car for an instant

Protection
from theft fire and vandalism

Collision Coverage

Medical Coverage

Premium Comprehensive cover

And other essential
packages,

  • Third-party coverage- that covers the basic requirement of car specs in time unforeseen events.

  1. The provider will only cover the damaged expense you cause to another driver whom your car had a crash.

Now if you are the owner of expensive SUV or any
luxury cars you know what’s the best deal store for you and evidently its comprehensive
coverage plans.

Other factors like your driving skills, the number of time car is used and older model of a prestige car, etc. can also determine the type of coverage you need.

Luxury
Car Insurance Premium

The dimension of judging a car premium of any vehicle is based on the following factors:

  1. Car
    Model
  2. Car
    Features
  3. Car
    Usage Rate
  4. Driver
    driving history & Age
  5. Claim
    refunds

Other factors can be involved too but above mentioned are the most followed ones.

The individual who has a standard car then has a premium is quite low as compare to the luxury car.

The insurance premium of a luxury car is based on the high risk of damages and repair/replacement cost it can bear.

Many clients prone to make a mistake of getting basic third-party
insurance on their brand-new car in order to save money on their premium

But they don’t know in case of an accident they have to bear much more expensive than high premium.

Therefore, insurance provider understanding the local mindset of the luxury car owners have formulated a different set of appealing packages in order to promote auto insurance culture.

Reasonable
Converge Add On:

The insurance companies have started to introduce reasonable add-ons and coverage plans for their luxury car clients.

These covers are providing maximum protection to the
car minor to major requirement areas.

  1. Umbrella Policy:

Under this policy, it is stated if you are the owner of multiple vehicles and you have been loyal to your car insurance provider then you eligible to get discounts and savings offers in your cars.

2. Car Replacement & Depreciation Offers:

Depending upon the provider to provider there are some companies who are facilitating their prestige car owners with waiving off depreciation on the cars up to 6 to 24 months and also giving replacement offers to those cars that are beyond repair.

3. Natural Setbacks:

In natural setbacks/disaster like rains, typhoons, hurricanes, and earthquakes.

Whatever the car damage you had, would be covered by the insurance company.

This add-on is mostly available on comprehensive coverage

4. Vintage Cars Covers:

Unlike standard cars, there are some vintage cars that hold great values and considered luxury vehicles.

5. Premium Car Hire:

For executive clients, there are some insurance providers giving Mercedes as a premium car hire.

Mostly it is defined in a policy otherwise an additional charge has to be given.

Conclusion:

Luxury car insurance should be a must added priority in your life after purchasing the high-end vehicle.

Being under-insured may cause a hole in your financial status and you can’t bear the other major expenses on your own.

Hence, get car quotes from a reliable medium like BuyAnyInsurance and adopt the policy that’s best for your car.


Originally published Nov 04, 2019 12:00:18 PM, updated May 12, 2021

Don't forget to share this post!