Ferrari Insurance in India - Cost & Specifications

Ferrari Car Insurance

With its humble beginning in Maranello, Italy, Ferrari is now a globally renowned automotive brand. The company, which started its operations primarily as a company that designs racing cars, has been participating in various racing tournaments throughout the years. As you embark on the journey to purchase one of the most popular luxury cars, consider purchasing Ferrari car insurance alongside. This will ensure that you receive financial security in the event of an unforeseen road mishap. For extensive coverage, consider purchasing a Ferrari insurance plan from only trusted insurance companies.

Check Insurance Premium for Popular Ferrari Models

Find the premiums of this insurance policy for different models of Ferreri from the below-mentioned table:

Disclaimer: Note the above information regarding Ferrari car insurance price in India is mentioned for new models only. Further, the insurance cost might vary depending upon the place of registration, year of registration, add-on covers, fuel type and policy type.

How to Purchase Ferrari Car Insurance Online

You can easily purchase an insurance plan for your Ferrari from the comfort of your home. Simply follow these steps:

 

Step 1: Visit the car insurance calculator on Bajaj Markets

 

Step 2: Enter your mobile number and a few details about your car

 

Step 3: Choose the type of coverage you want and the type of policy

 

Step 4: Select add-on covers and verify the details

 

Step 5: Pay the insurance premium through your preferred payment method

 

After this, you will receive the policy documents on your email ID.

How to Renew Ferrari Car Insurance Online

Renewing your policy before its expiry date is essential to keep enjoying the coverage benefits. Moreover, filing to opt for timely policy renewal will also increase your Ferrari car insurance cost.

 

Go through the following steps to renew your car insurance plan online:

 

Step 1: Visit the car insurance renewal page of your insurer

 

Step 2: Enter your car registration number and mobile number

 

Step 3: Feed in the details of your existing policy

 

Step 4: Review the details and modify add-on covers as per your requirement

 

Step 5: Complete the premium payment

Reasons to Insure Your Ferrari Car

Apart from being a legal mandate, a valid car insurance policy saves you from bearing the financial burden that might arise due to a road accident. A comprehensive car insurance plan provides complete coverage against the damages incurred due to any man-made or natural calamities. With a car insurance policy, you won’t have to worry about paying the expenses related to car repairs out of your pocket. As per the Motor Vehicle Act, 1988, it is compulsory for every vehicle plying on the Indian roads to have third-party car insurance. Failing to do so might attract a penalty.

Types of Ferrari Car Insurance Plans

Before you proceed to purchase vehicle insurance for your Ferrari, it is essential to know the types of car insurance policies that you can choose between.

 

Typically, insurance companies offer two types of policies, comprehensive and third-party insurance. Find details about both these plans below:

• Third-party insurance

A third-party car insurance plan only provides coverage benefits to the third party, i.e., the person you are involved in an accident with. Obtaining this policy is a legal mandate as per the Motor Vehicle Act, 1988. Further, it also comes with a personal accident cover, which provides coverage to the policyholder in case of an unforeseen circumstance.

• Comprehensive insurance

As the name suggests, this policy offers extensive coverage benefits. It includes both third-party liability and own damage cover. However, you will have to pay a higher premium for a comprehensive car insurance plan. Thus, you might consider checking the Ferrari car insurance quote before proceeding. This plan also comes with several add-on covers, which further help enhance its coverage benefits.

 

You can compare the benefits of both these plans on Bajaj Markets, which is an online marketplace for a wide range of financial products.

Inclusions and Exclusions of Ferrari Car Insurance Plans

Before you proceed with purchasing a car insurance plan, it is essential to know what is included and excluded from the policy. This will help you understand the coverage you might receive in case of a road accident.

 

Typically, insurance policies from various providers come with the following inclusions and exclusions:

Common Inclusions:

• Loss or damage due to man-made and natural calamities

• Vehicle loss or damage resulting due to fire or any explosion

• Personal accident cover

• Damage due to accident

• Vehicle loss due to theft

• Third-party coverage

Common Exclusions:

• Loss or damage to the vehicle when driving without a valid driving licence

• Loss or damage to the vehicle when driving under the influence of alcohol

• Damage caused to vehicle due to the malicious activities

• Loss or damage caused while driving with an inactive policy

• Regular wear and tear of vehicle

• Electrical or mechanical breakdown

• Damage or loss due to a war-like situation

Add-on Covers for Your Ferrari Car Insurance

As mentioned above, a comprehensive car insurance plan comes with various add-on covers, which provide additional coverage on top of your basic policy.

 

Some of the most common add-ons covers you can consider purchasing are:

• Zero depreciation cover

Zero depreciation cover ensures that the insurer does not consider the cost of depreciation while settling the claim amount. This will allow you to get a higher claim amount.

• Engine protection cover

The engine protection cover provides coverage for any loss or damage caused to your vehicle’s engine due to water ingression, oil spill, or mechanical breakdown. It provides financial aid for the replacement of your car engine’s parts.

• No claim bonus protection cover

A no-claim bonus will protect your NCB discount even if you make a claim during a particular policy year. This add-on cover will ensure that you pay a reduced premium amount for your Ferrari insurance.

• Daily allowance cover

By purchasing the daily allowance cover, you will receive a travel allowance for the expenses incurred to visit the garage where your car is getting repaired.

• Lock and key replacement cover

This key protection add-on cover ensures that you receive the required compensation for the replacement of a car lock and key in case of damage or loss.

 

Apart from these, other types of add-on covers available on a comprehensive car insurance policy are:

• Consumables cover

The comprehensive cover vehicle insurance policy for Ferrari will not cover the expenses of consumables, including engine/gear oils, nuts and bolts, oil filters, grease, etc. With this add-on protection, you can claim coverage for all these expenses incurred while repairing the car.

• Passenger cover

You can claim for a sizable amount for injuries caused to the passengers by purchasing this add-on plan. It gives coverage/compensation against death, permanent/partial disability of the passengers. You can also cover the medical treatment expenses to ameliorate injuries of commuters.

• Personal belongings cover

Personal belonging cover lets you enjoy financial protection when you lose your items kept inside the vehicle, or they get stolen/damaged during an accident. You can cover your costly items, such as mobile phones, laptops, cameras, clothing, etc. under this add-on policy.

• Roadside assistance cover

Include roadside assistance cover with your comprehensive vehicle insurance plan to ensure that you get assistance from a technician when you experience sudden car breakdown. Experts sent by the insurer helps you repair your flat tyre, battery breakdown, and other minor/major glitches.

• Return to invoice cover

Purchasing this return to invoice cover insurance policy, you can reimburse the amount equal to the original purchase price of the vehicle. The insurer becomes liable to give the policy benefits when your car gets stolen, or the car becomes irreparable after an accident.

 

However, note that a Ferrari car insurance price in India depends substantially on the number of add-ons you choose over your policy.

Ferrari Car Insurance Claim Process

Before purchasing a car insurance plan, it is extremely crucial for you to know how claims are processed. That said, insurance companies extend two types of claim methods, namely:

• Cashless claims

If you have a policy that features a cashless claim facility, then you do not need to make any out-of-the-pocket expenses while repairing your vehicle. Instead, simply take your car to a garage and inform your insurer. Following this, your insurer will settle the bills directly. However, note that to avail of this facility, visiting a network garage is a must. You will find the list of network garages in your policy document.

 

Steps to raise cashless claims

 

Step 1: Inform your insurer and raise a claim

 

Step 2: Take your car to a network garage for repairs

 

Step 3: Submit required documents to your insurer

 

Step 4: Wait for verification

• Reimbursement claims

As opposed to cashless claims, in the reimbursement claim method, you are required to pay the repair expenses from your pocket after an unfortunate road accident. After that, you can approach your insurer with the necessary documents to seek reimbursement for the expenses.

 

Steps to raise reimbursement claims

 

Step 1: Inform your insurer about the claim and file an FIR in case of car theft or third-party liability

 

Step 2: Take your car to a garage of your choice for repairs

 

Step 3: Submit original invoice to your insurer

 

Step 4: Your insurer will provide you with the reimbursement upon verification

 

You will have to submit the following documents while raising a claim for your Ferrari insurance:

 

• Policy document

• Personal details

• Details about the accident

• Copy of FIR

• Repair bills and invoice

• Vehicle details

Tips to Reduce Ferrari Car Insurance Cost

Considering Ferrari cars are expensive, you are required to pay a substantial amount towards Ferrari maintenance cost. Besides this, you also have to make timely payments for your car insurance premium. Running both these massive expenses alongside might dent your savings.

 

However, there are a few ways through which you can lower your Ferrari car insurance cost. Find them below:

• Install anti-theft devices on your vehicle

Another way to reduce insurance costs is reducing the chances of vehicle theft. Typically, the higher the safety of the vehicle, the lower premium you will have to pay. You can install anti-theft devices to receive a discount of premium.

• Purchase only the necessary add-on covers

Add-on covers help in maximising the policy coverage benefits. However, note that they come at additional costs and can significantly affect the insurance cost of your car insurance policy. Thus, you should consider purchasing the add-on covers that are absolutely necessary.

• Avoid making small claims

If your car suffers minor dents or scuffs, then you should opt out of making claims. This will ensure that your no claim bonus remains intact. With an intact NCB, you can avail a discount on premium that ranges between 20%-50%.

• Make use of the NCB

As mentioned earlier, NCB is a form of reward that insurance companies offer when a policyholder makes a claim-free policy year. Such a reward can help lower your car insurance premium significantly.

• Raise deductibles

Deductible is the amount that you are required to pay out of your pocket before making an insurance claim. As such, the higher the deductible, the lower your premiums. So, raising the deductible might be a good idea to reduce insurance costs.

 

Apart from that, you must also conduct proper market research while buying a Ferrari car insurance plan and choose an insurer that best suits your budget and needs.

Summing Up

Ferrari is one of the world’s top luxury vehicle manufacturers known to make high-performance cars. However, even when you are driving a high-end car, you are always exposed to the risk of an unfortunate road accident. In such cases, it is always beneficial to have adequate Ferrari car insurance. This policy will protect you and your car financially in the event of an accident, theft, natural disaster, etc.
So, if you are looking for a car insurance policy for your Ferrari, check out the car insurance plans available at Bajaj Markets now!