Ferrari Car Insurance

Ferrari is a manufacturer of Italian luxury sports cars that was founded in the year 1939 by Enzo Ferrari. The company was indulged in manufacturing race cars along with sponsoring drivers in its initial phase but it started production of street-legal cars in 1947. To produce on-road cars was never the aim of the Enzo Ferrari, but the first on-road car that got rolled out in 1947 with the name Ferrari 125 S to fund its firm, Scuderia Ferrari. The Ferrari 125 S car owned a powerful engine of 1.5 L V12. Throughout its history, the Ferrari company has been observed for its participation in racing sports like Formula One. The road cars of the company are known for their speed and luxury. In 2018, a 1963 250 GTO was listed as the costliest car in history with a selling price of $70 million. Today, Ferrari has become the 10th-largest car producer with a market capitalization of $52.21 billion.

Ferrari Car Insurance

No matter how great a car you own, the traffic rules are the same for all. Hence, while purchasing a Ferrari car you must buy a car insurance policy to secure it in case of an accident or a mishap by covering the cost of damage or loss caused due to the incident. Ferrari is an expensive car, therefore, a standalone own damage or comprehensive car insurance becomes imperative to safeguard it from uncertainties like accidents, fire, theft, vandalism, natural disaster and manmade calamities.

To own at least a third party car insurance is mandatory for every Ferrari car owner to drive legally in India. It takes care of third party liabilities such as injuries, death and property damage. Driving without this coverage can get you punished with a penalty of Rs. 2,000 or/and jail for a period of a maximum of 3 months. The own-damage car insurance premium of your Ferrari car is dependent on its Insured Declared Value (IDV), which is calculated by deducting the depreciation cost of the car from the selling price. It is the highest amount of compensation that an insurance company is liable to pay to its policyholder in case of a mishap.

You can enhance the coverage of your car insurance policy for your Ferrari Car by including add-on covers to your plan. They are optional covers that you can opt for on the basis of your needs by paying an additional premium. Here are a few add-on covers that can be a great addition to your Ferrari car insurance:

• Zero Depreciation Cover: This add-on cover negates the cost of depreciation during the computation of the claim amount by the insurance company. However, this cover is limited only to cars that are less than five years of age and can be availed only for a limited number of times within a policy year.
• Consumables Cover: The consumables cover is an add-on that provides coverage for the consumable elements of the Ferrari car such as engine oil, grease, oil filter, screws and nuts, air conditioner gas and bearings, and so on.
• Roadside Assistance Cover: In a situation where your Ferrari car breaks down in the middle of the road making you stranded, this car insurance add-on cover will provide you assistance in different forms like taking your car to the nearest garage, arranging the technician for on-site repairs, organising the fuel delivery, and so on.

Car Insurance Renewal Process for Ferrari Cars

Ferrari car insurance renewal process is swift, simple and seamless. The renewal of car insurance is compulsory to continue to avail the policy benefits without any break. Hence, you must renew your car insurance plan before its expiry date to keep it insured. Below are the steps to renew Ferrari car insurance plan online at the InsuranceDekho platform:

Step 1: Visit the official website of the InsuranceDekho and choose the ‘Car’ button.

Step 2: Enter the registration number of your Ferrari car and click on the ‘Proceed’ button. Select your car’s variant and its fuel type to move further. If you do not know the registration number of your car, then you can alternatively choose the ‘Don't know your car number?’ link and select the make, model, variant, fuel type, registration year of your Ferrari car to move ahead.

Step 3: Fill in the expiry date of your last car insurance policy and the name of your previous car insurance company. Also, you should share if you raised any claim in the previous policy year and click on the ‘Continue’ button to continue.

Step 4: Enter your name and mobile number with the duration of the policy for which you wish to insure your car and click on the ‘Submit and Get Quotes’ tab.

Step 5: Several car insurance policy premium quotes offered by different insurance companies will appear on the screen. Opt for a car insurance plan quote after comparing them on the basis of needs and budget. You can also comprise some add-on covers of your choice at this step.

Step 6: Click on the ‘Buy Now’ button and confirm the entered details before moving ahead to make the payment for the renewal of your car insurance plan. You can pay the renewal fee using different payment gateways including debit cards, credit cards, digital wallets and net banking. Once the payment is completed, the revised car insurance policy document will be issued and sent to your registered Email ID.

Claim Cashless Car Insurance For Ferrari Cars

The claim process is of two types which include cashless and reimbursement. The cashless car insurance facility allows you to get your Ferrari car repaired at a network garage of your insurer without paying anything as your insurance company is liable to settle your repair cost directly with the garage. This option is open only if you have taken your car to the network garage, otherwise, the reimbursement process will be applicable. Under this process, you are required to intimate your insurance company soon after the accident.

The cashless car insurance process is quite helpful as it frees you from spending money soon after experiencing a mishap. This facility requires fewer documents and lesser formalities to go through in comparison to the reimbursement process. A surveyor is sent by the insurer to the collision spot to assess the damage extent and frames a report for approval. It makes the procedure fast and transparent. The insurance companies hold the best repair centres in their network due to which you will have the opportunity to get the best quality services for free.

Renew Expired Policy for Ferrari Cars

The car insurance policy expiration can have several bad impacts on the policyholders. It can make them lose policy coverage, involve them in legal trouble, and terminate their No Claim Bonus (NCB). Losing such facilities can expand their troubles from getting caught and penalised for the legal violation to getting no compensation for damages and losses sustained by their car in a mishap. The loss of NCB can increase their car insurance policy premium too. Therefore, it is highly recommended to not let your policy expired and if it gets expired someway, you should avoid driving your car and must contact your agent or insurance company at the earliest by keeping all the documents handy.

During the car insurance renewal process for your Ferrari car, the insurance provider will send one of their authorized representatives to examine the condition of your car. At the time of examination, you may need to show some documents to the surveyor which may comprise a car registration certificate, a copy of the expired policy, documents having your car details, and so on. However, even if your car insurance plan expires, you can still renew it within 90 days of the grace period online or offline. However, it is always recommended to renew your process online for various benefits. Online mode requires lesser documentation, provides swift and secured payment options, etc.