Owning a Ferrari in the UAE is undoubtedly amongst the greatest pleasures of your life. Ferrari has become synonymous with power, sophistication, and speed. This has, in turn, contributed a lot behind its rising popularity in the UAE. Therefore, it becomes essential for you to take every possible step to keep it safe and secure. Car insurance is an important consideration to take care of one of your most precious belongings. As it is true with car insurance, premium amount is a factor of the car value and hence, the premium for Ferrari is expected to be on the higher side as compared to other cars.

If you are contemplating getting the best insurance cover for your Ferrari in the UAE, here are a few important facts that you must be acquainted with: –

Get a comprehensive cover:

Well, you did not cut corners while getting a Ferrari for yourself, then do not cut corners while getting the appropriate insurance cover. As the cost of repair due to accident or any damage on a Ferrari could be exorbitant, you must opt for a comprehensive insurance policy with premium add-ons like Third-party liability, agency repair, car replacement etc.

Cost of insurance:

As per the new rules established by the UAE Insurance Authority, the cost of an insurance policy cannot exceed 5% of the value of the car. Following these guidelines, insurance companies in the UAE charge between 0.5% to 3% of the car value as insurance premium. Due to the higher cost of a Ferrari, this amount might seem to be on the higher side, but considering how dear your Ferrari is to you, it is still a bargain.

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Factors that affect insurance premium:

Insurance companies take into account a number of factors while determining the cost of an insurance policy for a Ferrari in the UAE. Some of the prominent factors considered for  determining insurance premium of your car include age of the car, current market value, maintenance routine, driver’s age, previous claim records and car safety features. If your Ferrari is exposed to a risky environment on a regular basis, then obviously the premium would be on a higher side.

Go for a reputed insurance company:

As the risk associated with insuring premium cars is high, small insurance companies are often found lacking while servicing any insurance related queries. Whereas, reputed insurance companies have a dedicated department for catering the needs of premium car owners. In some cases, insurance policies for premium cars are also customized according to the specific requirements of the owner. So, you must opt for a reputed and experienced insurance company to get a comprehensive cover for your Ferrari.

Well, as you own a Ferrari, it is a given that you do not compromise on quality and want the best for yourself. So, when it comes to insuring your Ferrari in the UAE, do not rush into making quick decisions. Do your research, compare various options, and decide accordingly. If you do not want to go through the hassles, then just log on to www.bankonus.com and access one-stop solution for all your insurance needs in the UAE.

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