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Having a luxury car can be a huge liability in case of a mishap unless you have the right insurance cover and vital add-on covers. In India there are two kinds of insurance policies available, comprehensive car insurance policy and third-party liability car insurance plan.
A comprehensive car insurance plan covers third-party liabilities as well as own damage liabilities while a third-party liabilities insurance plan covers third-party liabilities alone that one incurs at the time of a mishap.
For a luxury car, it is always best to go with a comprehensive coverage as this insurance plan offers an extensive coverage and you can opt for additional coverage via add-ons.
Here are a few add-on covers that would benefit car owners of luxury vehicles:
A zero depreciation cover or nil depreciation cover or bumper to bumper cover will protect the value of the car parts and accessories against depreciation. Which means that availing this cover will safeguard the value of the car parts and accessories during the policy period. Repairing a luxury car can be expensive since the car parts or accessories are expensive and replacing or repairing the same can burn a hole in your pocket. Therefore, availing this add-on cover will ensure that you receive the complete claim amount at the time of claim settlement.
Return to Invoice cover is beneficial when it comes to total loss of the vehicle; if the vehicle has been stolen and cannot be found or the vehicle has been damaged beyond repair ue to a major mishap. Either way, under this cover, you will receive the complete amount as per the original invoice value of the vehicle at the time of claim settlement, ensuring that you are able to purchase another vehicle.
Engine and circuit protect cover protects the heart of your vehicle, which is the engine and its related circuits. In case your vehicle’s engine gets damaged as a result of any mishap, you can get it fixed at any workshop free of charge under this cover.
No Claim Bonus is a discount on insurance premium offered by the insurer to the policyholder for every claim-free year. The percentage of discount offered starts with 20% for the first year and can increase upto a maximum of 50% on the fifth year. You can accumulate the NCBs for a maximum of five consecutive years. Now, in case you raise a claim during your policy period, you will lose all your accumulated NCBs. In order to protect your accumulated NCBs you can avail the No Claim Bonus protection add-on cover with the base policy. This ensures that you don’t lose your discount even if you raise a claim.
Luxury car maker Jaguar has reported a 16% growth in its sales for the year 2018. During the year, the company sold 4,596 units of vehicles, which is its highest sales figures in a calendar year so far in India. During the calendar year 2017, Jaguar sold 3,954 vehicles. With this growth Jaguar seems to be closing in on Audi, which is the third largest luxury carmaker in the Indian market.
Jaguar attributed the growth in sales to its SUV range, which contributed to more than half of the company’s sales in the Indian market. Some of the top models like Land Rover Discover Sport, Jaguar F-Pace, Range Rover Evoque, etc., were popular among Indian customers in 2018.
Many luxury car manufacturers are yet to report their sales figures for the year 2018. The three that have reported so far have reported growth in their sales. BMW India has reported a 11% growth whereas Volvo India has reported a 30% growth.
14 January 2019
The pre-owned luxury car market in the country is growing at nearly twice the pace of the market for new cars. Some of the key factors for this steep growth include high disposable income of people nowadays, increasing number of women buying cars, growing demand from smaller towns, prosperity among vehicle buyers, and attractive price points that these cars are offered at. As a result, firms like Truebil and Droom, which sell used cars, has grown rapidly in the past year.
According to industry sources, while the market for new luxury cars is growing at a 12% rate, the market for used luxury cars is growing at a 22% rate. Further, with the GST having brought about a uniform taxation system, buyers and sellers of pre-owned luxury cars are reaping the benefits.
Pre-owned luxury cars like the Audi, Merc, and BMW that are in excellent condition can be purchased for a price between Rs.10 lakh and Rs.15 lakh, thus creating a good demand from prospective vehicle buyers.
11 September 2018
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