Import Car Insurance
If you are in the market for a brand new car, you may wish to import it. Getting an amazing new car from overseas can be exciting, but getting import car insurance can give you a bit of a headache. Money Pug can help make the process of getting your hands on your car from abroad and insuring it that little bit easier. Read on to learn a little more about the intricacies of import car insurance.
Compare Import Car Insurance With Money Pug
Money Pug’s comparison site can make it easier to find the import car insurance that you need. What is more, by making it easier to compare your options, Money Pug can help you save money on what can often already be an expensive process.
Don’t forget that when you import a car, you will not only have to pay for the car itself but also register it with the DVLA and make sure that it is taxed and insured too.
What Is the Problem With Insuring an Imported Car?
The problem that you may face when trying to insure an imported car is that insurance companies have difficulty in trying to work out how much of a risk it may be to them. If the engine of, for example, a Japanese sports car is damaged in an accident, an insurer may have a challenge on their hands working out how tricky it will be to source the parts that are required to fix it. This will of course, depend on the make and model of your import car, but it adds a layer of complexity and uncertainty that makes it more challenging to price insurance.
Another problem for insurers is that some import cars do not adhere to the same standards as those made by manufacturers across Europe. So there can be a question mark over the quality and reliability of these vehicles. This too can make it difficult for insurers to work out how much it might cost them to insure you.
What all of this means is that the uncertainty for insurers usually results in higher insurance premiums for those insuring an imported car.
What Types of Import Are There?
There are two types of car import. These are:
- Grey imports.
- Parallel imports.
A grey import usually applies for high-end models for car enthusiasts. Many of the cars imported in this way are left-hand drive only and are not optimised for UK/ English speaking drivers. Grey imports involve motors that have not been approved by the EU. If you need to get insurance for a grey import, you will usually need to provide a vast quantity of specific and detailed information about the car before you can be provided with a quote.
Parallel imports are cars that are brought in from other EU countries, and whose specifications do not vary significantly, if at all, from their UK counterparts. Since they conform to EU standards, these are much less of a headache for insurers, and it will be easier to arrange your import car insurance.