All About Insuring an Imported Car
Are you planning to purchase an imported car, or have you bought one already? Insuring an import often is a frustrating and expensive process?but it’s not impossible. Just be ready to do some research, ask questions, and probably contact several insurance providers.
While you can get a great deal on the purchase of an import by buying it abroad, you can lose those savings when you pay higher insurance premiums. That is why it is helpful to research insurance before you even buy your import, and to get several quotes to be sure you get the most competitive rate. That’s especially true if you are importing a sports car. The rates for sports cars are always higher because of the higher frequency of sports car crashes.
Most insurance companies will insure an imported car as long as they can locate the car?s registration number. If they cannot locate the registration number, then see if the insurance company can find the exact vehicle model in the company look up table. If that does not work, then see another insurance provider.
Some companies only insure the most popular models of imports. They may only insure them for market value, not replacement cost. Other companies will write policies for modified vehicles, but only as long as the modifications are not significant. If you make substantial modifications to your imported car, then you will have to find a carrier that specializes in import cars. “Substantial” means different things to different companies, and sometimes small differences in the work on your car can make big differences in the price you are quoted. That’s why it is important to ask around and to ask lots of questions as you get your insurance quotes.
Some companies will not insure European versions of a UK car, but with left-hand drive. This is also something to keep in mind when importing your car and obtaining your insurance.
It is also very important to check your security fittings. These could have a great impact on your vehicle’s eligibility for coverage, not to mention the cost of the policy. Not having the right security fittings will either raise your premiums dramatically, or cause the company to reject your car for coverage altogether. Make sure you get detailed information on security fittings before you import your car.
It’s true that finding the right policy for your imported car is usually a chore, but it is not impossible. Research, and ask questions. Get your dealer to give you advice. Ask your insurance provider if joining a club or organization of imported car owners will get you a lower rate?often times insurance companies may special deals with organizations of imported car owners. Make sure you get all the breaks that due to you. Finally, make sure you purchase comprehensive insurance for your vehicle. It’s an expensive investment, and you want it fully covered.