Insurance for Sports Cars: A car destined to run at high speeds has engines, brakes, suspensions, tire box, chassis and special body, which make it have superior capabilities to normal vehicles such as greater acceleration power, reach high speeds, have greater adherence to Asphalt, a much more efficient braking system, and more horsepower. Therefore, these cars have high costs.
In this context, protecting a property of high value becomes fundamental, especially because in case of theft or accident the compensation for damages can represent a compromise of the family’s monthly financial support and more. Based on the Mexican Association of Insurance Institutions (AMIS) on average a vehicle mishap can cost between 25 thousand and 50 thousand pesos, and in a car of this type becomes greater.
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However, not all policies are suitable for sports cars, only the most complete such as the Wide or Wide Plus is recommended, given that if you want an economic support that helps the owner to solve the damage caused to your vehicle because of an accident, only these contemplate the coverage that protects in Material Damages.
On the other hand, Comprehensive and Comprehensive Plus insurance have greater coverage and benefits, which allow personalizing the protection to the needs of the driver and the vehicle in question, in addition to financially support the insured in any unforeseen situation where they have to pay large amounts of money.
How does a sports car protect an Ample insurance?
In case the vehicle causes damages to third parties, the policy will support with a minimum amount insured for injuries and death of 100 thousand pesos and for material damages with 50 thousand. It also has an extension of Civil Liability, which supports when a holder collides using another vehicle other than the insured, but that is similar characteristics.
Also with this insurance, there is a coverage of Material Damage that guarantees compensation and repairs in case the protected car has some detriment due to collision, accident or natural phenomena, such as earthquake or fire. It should be noted that in most cases making use of this benefit implies a deductible of 5% or 10%.
Likewise, the most complete insurance plans include a Total Theft coverage , which can return the invoice value of a last model car if a theft occurs in the first month of purchase; support in Medical Expenses to occupants of the car, such as reimbursement for payment of medicines, hospital, therapies, surgeries, laboratory examinations etc; and legal and road assistance.
What does a Plus Policy cover?
It is the most complete insurance that exists in Mexico and is characterized because it supports Total Theft, Civil Liability, Civil Liability Extension, Medical Expenses to Occupants, Material Damages, Legal and Travel Assistance, that is, it includes the same as a Comprehensive Policy but it is distinguished from it by providing improved and additional benefits. Some of them are:
- The insured sums are increased: The amount covered by Civil Liability is increased to 3 million pesos for death and 750 thousand pesos for injuries and damages to third parties, although it should be noted that this increase is variable according to each insurer.
- Reduction of the deductible or exemption of this in case of Total Theft and Total Loss: it can be reduced up to 3% or even some companies can exempt the payment of this in the first loss.
- Coverage for glass: you can repair, replace or receive compensation in case these elements of the insured vehicle are affected by an accident.
- Civil Liability Death: it is an extra sum for when more money is required due to the death of occupants or third parties.
- Theft and partial damage: insurance can be used when there is a theft or partial damage as long as it exceeds the value of the deductible that varies according to the part of the car in question.
- Help in total losses: some institutions offer an extra compensation to the amount received for a total loss or total theft, it can be from 7 to 15 thousand pesos additional to the commercial value of the car.
- Accidents to the driver: supports the driver in case of death or organic losses.
- Full assistance: in addition to the basic assistance you can enjoy waxing of the vehicle, transfer of gasoline, electricity, crane, self-replacement, and driver in case of mechanical breakdown. These assistances have a stipulated limit to be used and some, depending on the insurer, require extra payments.
- Civil Liability in the United States and Canada: an economic support for when harm and injury occur to a third party in the northern countries.
How do you ensure a high-value sports car?
A characteristic of these cars is that they cost large amounts of money like the so-called super sports or grand tourism, this means that they are sums insured that can represent a high cost for both the insured and risk-taking institutions, they can even reach to destabilize insurers financially if they have to provide support in an accident.
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Only, for example, based on the data provided by the auto insurance comparator online, Rastreator.mx, the cost of the sports car policy of a soccer player like Javier Hernandez costs approximately 55 thousand pesos, it should be noted that the player It has a 2014 Corvette Stingray. The foregoing implies that a material damage or the theft of the car represents great losses for both the owner and the insurer.
That is why vehicles of high ranges to have certain coverage, for example, that of Material Damages must be contracted through the payment of a co-insurance, this is a form of contract where it is agreed that two or more insurance institutions will cover an accident high cost to ensure the coverage of the contracting party, it is also agreed that the insured will have to assume some responsibility for the loss by paying a percentage of the value guarded that will occur every time an event occurs, and will also be an additional amount to the deductible payment.
The payment of a co-insurance is generally requested for the repair of expensive mechanical faults such as engine deflection, shaft breakage, decomposition of the gearbox, damage to the fuel injectors, failure of the engine cooling system and breakage of the crankcase that is where gasoline is stored.
It should be noted that the shared value must be paid at the repair center, workshop or agency, during or before finalizing the arrangements or at the customer service centers of an insurer.
Additional coverages for fast cars
When abroad or ample Plus insurance is contracted, users can personalize their protection by contracting additional coverages which have an extra cost, these most of the cases are not included in the basic or limited packages. Some are the following:
Vehicles in their first 10 years up to 15 can be sent to repair in case of loss or partial theft in brand distribution agencies or those workshops that provide services in a supplementary manner, which are duly recognized and authorized by the insurance institution.
Tire and wheel coverage
It is a guarantee that promises the repair or replacement of any of the tires of a car for damage resulting from an accident or a puncture. According to the insuring institution, it may include the mounting of the rim, the damage to the wheels and the replacement of the rubber by another equal or similar in size, height, and width. But always with a limit number of claims allowed.
Sometimes it happens that the keys are forgotten inside the car or are lost and through this benefit, you can have the shipment of a locksmith to create a copy of these and open the car wherever you are. However, the cost of the spare key is borne by the driver.
Adaptations and conversions
When the extensive covers do not cover the damages of auto parts, it is possible to contract a protection for those parts of the car that have been modified and which are generally excluded from the policy because they do not come from the factory. This guarantee is very useful for Insurance for Sports Cars since many times their owners opt for aesthetic or performance improvements to personalize them.
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It should be noted that the additional guarantees depend on each insurer with which you wish to contract as well as the general terms and conditions governing each policy.
How to buy a comprehensive insurance for sports cars?
Institutions such as the Attorney General’s Office for the Defense of Consumer Affairs and the National Commission for the Defense and Protection of Users of Financial Services recommend that at the moment of considering hiring a vehicle policy, at least three companies compare the protections they offer.
In the online auto insurance comparator Rastreator those interested in ensuring a sports car will be able to compare the extensive policies of reputable companies. In a couple of minutes, users can check different coverages and analyze prices, they only have to solve a small questionnaire that asks basic questions about the car, the driver, the insurance you have and the one you want to hire.
The tool gives the price of the cheapest car coverage and using it has no cost. Some of the advantages of the comparator are that it contrasts prices impartially and transparently, in addition to allowing you to contract directly with the insurer that most convinces the user, without the need for an intermediary.
What is Sports Car Insurance?
Sports car insurance has been designed for these vehicles that have specific characteristics; of a size, small, medium and large, usually, have a capacity of 2 to 4 people. The Insurance for Sports Cars are especially for those people who like to drive at high speeds through the roads, but the opposite of a racing vehicle, the sports car is designed and designed so that it can be used on public roads, after they have a greater acceleration, power, and adherence to the asphalt, as well as a better braking system compared to normal cars, this with engines, brakes, suspensions, gearboxes, rims, chassis and bodies that are considered as special.
Within the sports car sector, 5 types of different models are known, such as:
- Sports: It is the design that provides greater benefits than an average, has a size similar to the cars of segment B, C, and D, also known as a roadster, which ends up being the denomination of a convertible sports car, with models like Porsche, Nissan, Honda, Audi, and BMW.
- Muscle Car: These vehicles are considered as beasts made machines, after which they mount larger engines in normal bodies that are usually manufactured by brands like Dodge Challenger, Ford Mustang, and Chevrolet Camaro.
- Sport with high benefits: Greater competition compared to any other sport, after that they stand out for being lighter, and powerful. These include the Ferrari 458, Mercedes-Benz SLS, Audi R8, Porsche 911 and the Lamborghini Gallardo.
- Super Sports: Its characteristics are very precise since they will be vehicles very similar to those of racing, in which exclusive materials are implemented for the construction of the chassis, body and the same components of the vehicle. Therefore the price will be exaggeratedly superior and the recognized models are the Mercedes-Benz McLaren, Ferrari Enzo, Porsche Carrera GT, Bugatti Veyron, Koenigsegg CCX / CCR, Pagani Zonda and Lamborghini Aventador.
We tell you that the insurance for sports cars is a policy that is intended for those vehicles that will be used to run at speeds higher than those we know, but above all that will be cars with special characteristics and that can not be compared with others, also speaking of stratospheric costs, the reality is that in order to take care of them in the event of accidents or thefts, you will need the adequate protection to remedy the problems that arise, said by the Mexican Association of Insurance Institutions (AMIS), that a minimum average of costs in an accident or mishap in which a sports car is involved could involve amounts that hover between 85 thousand to 120 thousand pesos.
That is why insurers indicate that not any of their policies are adequate to protect these models, being that ample or plus type are the adequate coverages so you can take care of your sports vehicle, mainly in solving all those expenses that go generating according to the own material damages and especially to a third party.
Thus, sports car insurance should be broad, or plus, after having a greater coverage and above all, provide benefits that allow you to respond efficiently to the needs presented by the driver and mainly the insured vehicle,
What benefits do the Sports Car Insurance offer?
There are many coverages that will be added and that will benefit all users who have sports car insurance, as higher insured amounts will be agreed in case of injuries or the death of the policyholder, as well as extensions of liability civil, where you will be supported for all the damages you may cause, including material damage, where insurers guarantee the corresponding compensation to carry out repairs in areas that are harmed by accidents, and even weather problems, earthquakes or fires.
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Total theft is another one of the benefits that you are granted, because the insurance companies include the total amount according to the commercial value of the insured sports car, but also this value can be changed to invoice, being that you will undoubtedly be the Most benefited by the theft of the vehicle, because although there will be reimbursements for all the damages to your person, such as medical expenses, surgeries, and rehabilitation, as well as legal advice, among many other aspects, the reality is that a sports car insurance is the Most viable option if what you are looking for is your maximum protection.
Coverages in your Sports Auto Insurance.
- Insured sums: With higher amounts where civil liability will be covered for up to 3 million pesos, as well as 750 thousand in injuries or damages to third parties, although these amounts may even increase depending on the insurer.
- Deductible reduction: As luxury sports cars, prices will obviously be higher, then insurers mostly try to establish a minimum deductible of 3%.
- Theft and partial damage: You can obtain the support you need in case of total or partial loss, after an accident or theft.
- Help for total loss: This is one of the coverages that are only implemented in sports car policies, where for loss or total theft, you will be granted from 7 thousand to 15 thousand additional pesos over the compensation that will be granted.
- Total assistance: We refer to those accidents that the driver may suffer, in addition to receiving full road assistance without limit of events, as well as protection throughout Mexico and abroad.
How to contract a Sports Car Insurance?
It is important that from the moment you find yourself quoting your car insurance, indicate that the model is of a sporty type, so that you can be shown the available options that are found to be able to ensure your vehicle, as well as obtain those who can grant you The protection you want for your car according to the insured sums you require.