Car Insurance for Imported Cars

A unique kind of auto insurance called imported car insurance is intended for vehicles that were lawfully imported but were not produced in India. These vehicles are typically rare or premium models that frequently have specific parts and necessitate specialised services that are not easily found in the community.

Insurance for Imported Cars in India

Having an imported car is considered a mark of luxury and status in India, but it also entails certain duties, such as getting the right insurance. Import car insurance is essential because:

1. High Repair Cost: Compared to local autos, imported cars require significantly more maintenance and repairs due to their pricey parts.
2. Fewer Service Centres: There are fewer service centres that are capable of fixing cars that are imported.
3. Danger of Theft: Because foreign cars are expensive, thieves frequently target them.
4. Legal Requirement: Third-party liability coverage is a must for all car owners in India.

What Is Covered by Imported Car Insurance?

Typically, imported auto insurance offers:

1. Third-Party Liability Coverage: Guards against legal obligations resulting from harm an accident causes to a third party.
2. Own Damage Coverage: Provides reimbursement for components replacement or repairs for your imported vehicle in the event of theft, vandalism, accidents, or natural catastrophes.
3. Personal Accident Cover: Offers the owner-driver financial assistance in the event of an unintentional death or permanent complete disability.
4. Add-On Covers: For further security, you can choose from a variety of supplementary covers, such as roadside assistance, engine protection, and 0% depreciation.

Comparing Normal and Imported Auto Insurance

1. Rates of Premiums: Premiums for insurance for cars imported are often higher because of the higher market value, more expensive replacement parts, and more expensive repairs.
2. Coverage: Although the fundamental coverage is unchanged, insurers may provide specialty add-ons designed especially for foreign vehicles.
3. Claim Settlement: Due to the time required to locate specialised repair services or acquire replacement parts, claims for imported autos may require more time to process.

Is Imported Car Insurance More Expensive?

It is true that the cost of insurance for foreign-made vehicles is typically higher than that of domestically produced vehicles. The causes consist of:

1. High Market Value: The greater market value of imported vehicles raises the Insured Declared Value (IDV), which in turn raises premiums.
2. Expensive Spare Parts: Repairs and spare parts for foreign-made vehicles are much more expensive.
3. Specialised Repair Services: For upkeep and repairs, these cars frequently require skilled experts and specialised services.

Finding the most affordable insurance for imported cars

Although foreign auto insurance is often expensive, drivers can use a number of tactics to reduce their rates:

1. Compare Policies: To locate the insurance provider that provides the best coverage at the lowest cost, shop about and compare policies from several providers.
2. Increase your optional deductibles if you want to lower the amount of your premium.
3. Leverage the No Claim Bonus (NCB): Keep up a spotless driving record to receive savings from NCB.
4. Put Anti-Theft Devices in Place: Install anti-theft gadgets in your automobile that have been approved by ARAI to save money on your premium.

Advice to Follow Before Buying Car Insurance for Imported Vehicles

Take into consideration the following advice before completing your insurance coverage for an imported vehicle:

1. Recognise Your Needs: Determine the coverage you require taking into account the special features and cost of your imported vehicle.
2. Investigate Insurers: Select insurance providers with a solid track record and experience in covering foreign vehicles.
3. Understand the policy terms. Read and comprehend the terms, conditions, inclusions, and exclusions of the insurance with great care.
4. Consider Add-Ons: Think about the options for add-ons and choose the ones that will provide your imported car useful extra coverage.