Sports and Classic Cars Insurance in Saudi
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Sports and Classic Cars Insurance in Saudi

Generally, most insurance companies will determine a quote to insure a car by its make, model, horsepower, and size. But when it comes to high-end and high-performance cars there’s an added challenge. Basically, the high cost and performance of sports and classic cars means more risk for your insurer which leads to higher car insurance rates.

Why Are Sports Cars & Classic Cars Expensive to Insure?

According to IIHS vehicle ratings, sports cars are the vehicle segment with the highest fatal accident rate. This is because sports cars are usually smaller and lighter than a standard sedan, but above all, sports cars are built for competitive racing. As a result, insurers tend to be more nervous about insuring a sports car; definitely with younger and riskier drivers.

Similarly, classic cars pose another risk to insurance companies. Calling a car, a “classic” simply means it has limited, exclusive, and distinct features such as advanced age, high value, or some modifications. Such factors can lead to higher theft risk, crash rates, and repair costs increasing their risk to insurers.

What Kind of Insurance Do I need?

In Saudi Arabia, car insurance is a mandatory requirement under Saudi traffic regulations. Car insurance policies can be divided into two types: compulsory insurance (TPL ) and comprehensive car insurance.  While TPL insurance only covers you against third-party damages and losses, comprehensive car insurance will cover your own damages as well. – Read a detailed Comprehensive Vs. TPL Car Insurance in Saudi.

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To figure out which one works best for you and your car, consider the following:

  1.  How do you plan to use it and how frequently do you plan to use your car? Eg. Will you use your sports car to commute to and from work or take joyrides only?
  2. Are you planning to modify your car to participate in a muscle car show or Riyadh Season Car Show?
  3. Are you looking for a car insurance policy to cover one driver or multiple drivers?
  4. Where do you plan to park your car?

Extra Coverage for Sports & Classic Car Insurance

  • Theft Cover: Sports and classic cars are envied and could be more likely to be stolen (especially convertibles, since they’re easier to enter). We have this never happens to you, but here’s how to claim car theft on insurance
  • Zero Depreciation Cover: Sports and luxury car parts aren’t typically mass-produced, making damages more difficult and expensive to repair. Without taking into consideration depreciation value, your insurance company will cover all expenses without additional charges.
  • Roadside assistance: Roadside assistance is truly an investment. It includes services such as battery jump-start, tire change, fuel delivery, and towing to the nearest dealership or repair workshop, if necessary.

Find cheap car insurance in Saudi for sports cars & classics:

While insurance rates for sports cars and classics are higher than average, there are ways you can help bring car insurance rates down. These include:

  • Avoid modifications: More modifications mean more risk for your insurers, which also means higher rates for you. But if you’re insistent, then there are a few things to remember when modifying your car.
  • Boost your security: Park your car in a garage rather than keep it on the street where it could be damaged by the heat or unpredictable weather conditions. Also, if your car has more than a reason to stand among the crowds; it can increase the chance of car theft and vandalism.
  • Increase your deductible: If you agree to increase your deductible –the amount you pay yourself in any insurance claim – you might be able to get a better deal. However, make sure you can actually afford your deductible amount on your own when you need to make a claim.
  • Shop around: Go online to compare car insurance rates from different insurers in Saudi. You can customize your policy’s coverages, limits, and deductibles.