Insuring An Imported Car |
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Graham McKenzie
27 May 2009
If you are planning to purchase, or if you have already purchased, an imported car, getting the vehicle insured so you can get it on the road is a top priority. However, finding coverage for your import can be time-consuming, frustrating, and expensive. But it's not impossible. Just be ready to ask questions and possibly contact several insurance agents to get the coverage you need.
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 will only offer policies for the most popular models, and then only for market value. Other companies will write policies for modified imported vehicles as long as the modifications are not "substantial." If the modifications are deemed "substantial," then you probably need to find a carrier specializing in substantially modified imported cars. One carrier may rate your modifications are "substantial," while another may not. That's why it can be very important to do you research.
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.
Don't forget to check your car's security fittings. These are very important for determining whether your vehicle can be insured at all, and also have considerable impact on cost. Not having the proper security fittings
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.