There were days when buying a luxury car was a dream for a common man but in recent times, buying a luxury car is not a big deal. Now people don't even give a second thought while buying a luxury car for themselves and this is only possible because of the easy availability of financing offers and heavy discounts. So, now buying a fancy sedan class car is no more a dream.
But only buying the car won't be enough as the maintenance cost of such cars are too high. Even a small damage can burn a hole in ones' pocket as cost of repairing can be very costly. So, buying car insurance can be very beneficial for luxury car holders.
The average claim size can be up to Rs 50,000 for luxury car owners. Though this is not a big amount for them but it is always better to buy insurance for the car. Buying car insurance can be advantageous for the owner as most of the times they are clubbed with offers like car servicing and free accessories.
There are mainly two kinds of car insurance coverage available in India. The law governs third party insurance coverage against luxury cars in India. The coverage provided in this case is limited and as the name suggests it is provided to the third party i.e. other people injured or any property damaged in case of accidents.
It is always wise to get full coverage on these cars as bills for repairs and damages can cost a lot. As there are only limited number of authorized repair workshops so getting the car fixed after damages can be a big problem. So, while buying any motor insurance it is very important to go through all the basic policy features and the add-ons provided by the insurance company.
Experts often suggest getting a comprehensive insurance cover laced with good add-on features to the luxury car owners. In the recent times many auto insurance company have being offering a wide range of add-ons which are very highly recommended for luxury cars.