A superlative often used to describe Dubai is “paradise” and it certainly is for drivers, with
high-speed highways, high-quality roads, and stunning scenic backdrops, whether you’re amongst the skyscrapers of Sheikh Zayed Road or the desert dunes on E111 to the northern emirates.
Dubai is also synonymous with luxury, and a fast pace of life, and so many choose to drive a sports car or luxury vehicle to feel a part of that lifestyle. Note that we are talking about sports cars here and not supercars, which are in a league of their own!
But how much do you have to ‘shell out’ to ‘fit in’? Let’s look at the various aspects of sports car ownership, of which insurance is a major factor.
They’re a significant investment
Whether you own a Porsche, Mercedes or Aston Martin, or another prestigious brand, one thing’s for sure. It’s going to cost you a significant amount of money. First of all, the purchase price. These cars attract hefty price tags even in the used market, so buy wisely. Second, running costs. With bigger, performance engines, these cars can be gas guzzlers so that trip to the mall can burn more of your tank than you think, and from a maintenance perspective, costs of regular servicing are pricier too. There’s no way around this as finely-tuned machines like these need regular care and attention to keep them running with prime performance, so don’t be tempted to skimp on this or could incur more costs in the long run.
Third, you must do your homework when it comes to insuring it. It goes without saying that sports car insurance is more than that for conventional cars, and that’s for several reasons. Let’s explore this in more detail.
They cost more to insure
Car insurance in Dubai works on the basis of vehicle classification, or groups. The higher the group or classification, the higher the premium. And when it comes to the grouping and the corresponding rates and premiums payable, sports cars and SUVs are perhaps the most expensive. But why is this? Influencing factors include:
- They’re more valuable: the retail value of these vehicles is significantly more than a standard saloon or sedan from a lesser brand. For example, a Toyota will cost less to insurance than a Tesla.
- They cost more to repair: parts and labour for these vehicles tends to be much higher than conventional counterparts. After-market parts are often not available in the local country and may need to be shipped from elsewhere, which pushes their prices up. Also, the sophisticated nature of those parts will make them more expensive: the greater the tech and spec in the vehicle, the more it costs to repair or replace in the event of an accident.
- They’re more attractive: when you drive a sports or luxury vehicle it won’t only receive genuinely admiring glances from others: it may also attract covetous looks from thieves or vandals who either want to steal it or damage it in some way. This risk of theft or vandalism, pushes up the cost of insurance, especially if you like or work in an area where such occurrences are known to be an existing problem.
- They’re often driven less conservatively: let’s face it, being behind the wheel of a performance vehicle is an adrenaline rush, which many thrill-seekers can’t ignore. This tempts them to drive at speeds higher than usual, or even drive a little erratically by taking last minute turn-offs as exits or quick lane changes without indication.
Key Aspects Of Sports Car Insurance
When buying your sports car insurance in Dubai there are a number of features you should also look out for. These include:
- Fully comprehensive cover: Due to their high retail and replacement value, sports cars should always be covered on a comprehensive basis, meaning that the cost to repair the vehicle after an accident, or replace it if it is a total loss, will be covered by our insurance: unlike third party cover where your own damage or losses are not insured. Since sports cars are commonplace, there are plenty of insurers offering car insurance in Dubai for such vehicles.
- Agency repair: whilst offering to repair your vehicle after it has been involved in an accident, many standard policies stipulate that you must take the vehicle to a garage within the insurer’s network as opposed to one accredited by your manufacturer, such as the dealer’s own workshop. Network garages will invariably charge less for repairs than so called “agency repairers” but with that comes the risk of lesser expertise and potential invalidation of your manufacturer’s warranty if the vehicle is new or merely a couple of years old. Always purchase a sports car insurance policy with agency repairs included to ensure your sports/luxury car is properly protected.
- Consider an increased deductible: if you’re a careful driver with a low or no claims history, you might want to consider asking if you can take a higher deductible than normal. This is the amount you would need to pay in the event of a claim as your contribution towards claims costs. Taking a higher deductible or excess reduces the premium you’ll pay for your sports car insurance as the insurer’s monetary exposure is reduced, making it a good option but remember, whatever you agree to pay you’re liable for every time you make a claim.