What is Supercar Insurance?
Supercar Insurance is an insurance policy designed to cover the different risks of owning and driving a high-performance car. These cars range from high to extremely high in value, and have a low volume of production. This makes it impractical to insure it at “market value” as different depreciation standards on such cars make absolute valuation difficult. Supercar Insurance with eazy is offered on a “Fixed sum insured” number, to give clarity, and peace of mind to the car owner that his/her rare collectable is adequately insured without depreciating its’ value during the policy period.
What differentiates a Supercar from a normal car is the performance, with many having race-worthy engines capable of far-beyond-average acceleration. An insurer usually classes a performance car as a 2-door, lightweight vehicle with a large, powerful engine. A Supercar is designed with power in mind, enabling its’ chassis to handle high speeds or take tight corners. Luxury manufacturers such as Porsche, Ferrari, Lamborghini, Aston Martin, McLaren, Bentley, Rolls Royce, Maserati are well-known for producing performance cars. But even more ‘standard’ brands sometimes produce high-powered versions of their usual models. Some examples include the Mercedes AMG, BMW M, and Audi RS series.
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What does Supercar Insurance cover?
In addition to the standard comprehensive coverage of Private Car Insurance, Supercar Insurance is curated to offer specialised coverage for Supercar owners.
Is Supercar Insurance expensive?
Car insurance prices usually correlate with the price of the vehicle, and sometimes can be higher than expected. The reasons for this are:
The price of the vehicle:
Supercars can cost more than half a million dollars, far beyond the average of “standard” vehicles in Singapore. This is already abnormally high from a global standpoint.
Cost of repair:
A Supercar, because of its price, has the potential to be relatively expensive to repair as it might require original parts which have to be specially imported from the manufacturer.
Some of the rarer models do not depreciate as much in value due to their rarity, with some even appreciating in value.
However, Supercar Insurance need not be expensive. Singapore has one of the highest per-capita ownership rates of Supercars in the world. This results in volume in the market, thus giving insurers more visibility in writing this risk, resulting in more reasonable premiums.
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comparison and unbiased advice now!