Buying insurance for your precious Ferrari in UAE

DUBAI 30 January 2019: For some people, spending a chunk of their hard-earned money on a luxurious car like Ferrari is no big deal.

Ferrari is a well-established brand that stands for a symbol and represents high speed, power, and flawless engineering. If you already own this iconic car or wish to own one in near future, it is imperative to buy car insurance as damages repair expenses for this beauty may burn a hole in your pocket.

At the time of purchasing this iconic car, you could ask the car dealer to guide you in buying the best car insurance plan for Ferrari. However, you can also check for Ferrari car insurance online UAE and compare the features offered by multiple car insurance companies. This will certainly help you make the best choice as you will be able to get good deals.

Here in this article, we have highlighted the best ways to buy the best insurance plan for a Ferrari.

What to look for in a car insurance plan

Since Ferrari is a luxurious car, it requires enhanced insurance coverage. As a result, it attracts a higher insurance premium. Being a Ferrari owner, you do not want to compromise on your insurance coverage.

The cost of Ferrari is high; it is no secret that the parts of this supercar will cost any less. So, it is recommended that you opt for a comprehensive insurance policy so that you get enhanced insurance coverage. A comprehensive insurance plan covers all major aspects that need to be covered. It covers you and your vehicle in case of accident related-damage or even the loss of the vehicle. As per your insurance expectations, opt for add-ons such as agency repair, car replacement, third-party liability insurance, and natural disaster coverage.

For instance, if you stay in an area with high theft rate, it is essential to buy an insurance plan that covers theft. With this type of insurance policy and add-ons, you will get the much-needed wide-coverage.

How much is the cost of Ferrari insurance?

Car insurance companies in the UAE generally sell a comprehensive insurance policy for high-end vehicles that cost (approximately) between 0.5% to 3% of the vehicle’s value. The insurance premium for a Ferrari 458 would be Dh10,400 (approximately) and for Ferrari California, the premium would be Dh20,010 (approximately). While the cost may seem relatively high when compared to other vehicles, it is worth it.

How is the cost of insurance premium calculated?

Car insurers consider several factors at the time of calculating the cost of the insurance premium for Ferrari. Once you understand their calculations, you can take the necessary steps to get the best deals on your car insurance policy.

Well, car insurance companies calculate the premium based on several factors such as the value and age of the car, projected repair costs, frequency of maintenance, medical inflation, and some other aspects.

The car insurance premium may also go up and down depending on the several factors such as driver’s age, nationality, a record of traffic fines, safety add-ons, accessories, and whether the car is driven frequently or not.

And don’t forget to submit No Claim Certificate if you eligible for the same. This will eventually help you to save on your premiums.

Where to find the best Ferrari insurance?

Sleek, superb, and fast– these are some of the words that are used to describe a Ferrari. Owning this exotic beauty is a big deal which is why relying on any ordinary car insurer simply will not be enough. That being said, it is imperative to opt for an insurance provider that enjoys a good reputation in the insurance market. Finding the best Ferrari insurance policy that meets your insurance expectations is very simple. All you need to do is conduct a Google search. You can easily get quotes for your Ferrari insurance online. After comparing the benefits and features of various insurance policies, choose the best one that is cost effective and meets your insurance needs.

If you prefer the old school way, you can get in touch with car insurance companies by visiting their office. It will take plenty of your time and money.

Final Verdict

By keeping all these points in your mind, you can buy insurance for your Ferrari at a very reasonable premium. Make sure, you take your time to compare various car insurance policies offered by multiple car insurance providers. Then choose the right type of insurance for your much swanky car. This will eventually help in reducing the burden on your pocket and give you the much-needed peace of mind.

Dubai Gazette