If you are in the market for a new sports car, it might be wise to take out an insurance policy immediately. If you don’t, and end up getting into an accident with your vehicle, then you will need to go through the hassle of claiming insurance on your own. This is much easier said than done! Let’s discuss 11 steps that will help make this process as painless as possible.
1. Know the Details of Your Policy
Before you rush out and spend money on a new sports car, make sure you know what your insurance policy needs are. If your current coverage is not sufficient to cover your new vehicle, then it might be wise to increase that or purchase another form of coverage for this specific car.
2. Read More than Just the Fine Print
When you get your financial documents from the dealership, don’t just read through the fine print. Only by reading between the lines can you understand what will and won’t be covered in case of an accident. For example, some dealerships offer a warranty that includes repairs for “mechanical failures” after one year; this means that a damaged transmission, drive shaft or engine parts will be covered.
3. Know What Insurance You Need
As with any big purchase, it is important to have the proper insurance coverage in case of an accident. This means being fully aware of your financial responsibilities and knowing what they are before you sign on the dotted line. If you do not have enough coverage, or if your insurer does not cover the damage caused by a sports car then you will need to purchase more insurance.
4. Know What Insurance the Seller Offers
If you are buying a used vehicle from another owner, don’t just rely on their word when it comes to insurance for this car – doing so could leave you in a sticky situation. If they say their policy covers the car, ask to see this specific policy and read through it yourself before buying the vehicle.
5. Read Your Current Policy Again
Is there anything that your current insurance does not cover (specifically when it comes to cars)? Does your existing policy ever expire? Will you be able to transfer your current policy to the new vehicle? These are all important questions that need answering before you make any decisions.
6. Research Insurance Coverage
Use online resources to compare prices and find out about different types of coverage available for this specific car. Having an understanding of what is involved in making a claim will help you determine if you want to go down this road or not.
7. Ask Your Financial Advisor for Advice
If you are not sure what the best way to proceed is, then speak with someone who has more knowledge on the subject than you do – like your financial advisor. There is no shame in asking for help when it comes to something so important! If they cannot offer advice, they can always put you in contact with someone who can.
8. Talk to the Insurance Company about Your Sports Car
Do not be afraid or ashamed of telling your insurer that you have just bought a sports car – it is not relevant to them if this car is for recreational purposes or for business purposes. If anything, this will make the claims process faster because they are expecting to get more money out of you!
9. Take Pictures of Your Vehicle Before the Accident
Before getting involved in an accident, make sure you take pictures of your car on all sides – these images will help your insurance company determine how much it would cost to fix your vehicle if anything happens. You can also use these pictures as evidence during an accident with another driver.
10. Take Pictures of the Other Car After the Accident
When you have stopped to exchange information with a fellow motorist, make sure you take several pictures of their car as well – this will help establish whose fault it was if there is a disagreement about what happened or who is at fault.
11. Contact Your Insurance Company as Soon as Possible
Although you can wait a few minutes, if not a few hours, to call your insurer about an accident with another vehicle – do not put this off for long. The longer you leave it before getting in touch, the more likely it is that the other party will make a claim on your policy.
Can I use this insurance for any car, not just a sports car?
Yes. You can use this insurance for any type of vehicle you own. In fact, if it is a vehicle which does not fit into the standard categories of ‘car’ or ‘motorcycle,’ then you have to inform your insurer before purchasing the policy or it will not be valid.
Can I get an estimate on how much my repairs will cost if I bring my car in to a shop?
Yes. You can call your insurer and ask for an estimate on how much it would cost to have the repairs done at a specific facility – this is one of the perks of making a claim with them in addition to getting reimbursed for any damages.
If I am at fault, will this claim be covered?
Not always. Many insurance companies have specific exclusions which control whether or not you are covered for incidents which occur when you are at fault – read the small print! An example of this would be if you only had liability coverage and caused damage to another vehicle while driving, then your insurer may not reimburse that individual.
How much can I get back?
It depends. Your insurance company will only give you the total value of everything that has been lost, broken or damaged – not what it would cost to buy a new car! They are only concerned with reimbursing you for your losses and not what it would cost to actually purchase a new sports car.
write some FAQs about Steps to Claim Insurance for Your Sports Car Following an Accident.
Do I have to be the one who made the claim?
Not always. You can ask someone else to make a claim on your behalf in some circumstances – usually, you would only do this if you were in hospital or immobilized, so you would need someone to take care of your affairs for you.
How long does it take to make a claim?
It depends. Many insurance companies have different timeframes for claims – some of them only offer 24-hour coverage, while others allow up to 72 hours before they will consider your application. It is best to call your insurer and ask about their turn-around for this particular type of claim.
If my current insurer does not cover this car, can I still make a claim on my new policy?
Yes. You should be able to transfer your existing insurance over and make a claim on it as if you were still driving the same vehicle; however, there is no guarantee that you will get the same rates that you are currently paying on an annual basis.
Will my insurer cover any damage caused to this car?
Not always. Many insurers have specific exclusions which you must know about before purchasing your policy – read the small print! For example, if you leave your window open during a monsoon and it gets damaged by water, then most insurers would not cover you.
On The Whole
I hope this article has helped you better understand what to do if your sports car is in an accident. If not, please leave a comment below and share with me any thoughts or questions you still have!