If you’re finally turning your dream of owning a luxury car into a reality, congratulations to you! Whether you decide to cruise down the highway in a Lexus or Audi, the keys to your brand new car come with the commitment of car insurance and road tax too. Some might call it a liability, but in reality, a comprehensive car insurance can save you from unfortunate accidents and road tax contributes to the country‘s road maintenance.
Thinking about car insurance can cause a headache, but we’re nice enough to compare car insurance plans for you. Before you rev up the engine of your new ride, let’s weigh down the insurance cost and road tax from four main car categories.
1. I want a Sedan
Yes, it’s natural to see sedan on everyone’s list of must-have. Pick any day for a casual drive and you’re likely to spot a sedan at the traffic light. While luxury sedans come with an expensive price tag, what owners will get in return are ‘fuel economy, rear-wheel drive, four-door access, and safety features’. Depending on your preferred car model, the average insurance costs are between RM15,000-RM18,000 per annum.
2. I want an SUV
Do you prefer an SUV (Sports Utility Vehicle) as your ride of choice? We can tell by the way you admire the SUV’s spacious seating, large cargo space, and all-wheel drive. With the increasing number of SUVs on the highway these days, you’re definitely not the only one! The average insurance costs for SUVs are between RM20,000-RM25,000 per annum.
3. I want a Sports Car
A sports car is the luxury statement of every deep-pocketed city folk. Arriving to your appointment or evening dinner in a sleek convertible is enough to conjure the temptation of owning one. Perfect for anyone who enjoys the privacy of a two-seater vehicle, sports cars also have the benefits of power delivery, quick steering response, rear-wheel drive and high-performance tires. The average insurance costs for sports cars are between RM6,000-RM12,000 per annum.
4. I want a Hybrid
If you’re on the path of reducing your carbon footprint, hitting the streets with a hybrid vehicle or EV is the best way forward. Characterised by its fuel efficiency, hybrids are built with regenerative braking and electric-only drive. Lexus, Honda, BMW and Toyota are one of many hybrid models that are available in Malaysia. The average insurance costs for the hybrid are between RM10,000-RM30,000 per annum.
Before you signed off on your new luxury car, it’s best to consider the insurance cost that it entails. Some might see it as non-essential cost, but you never know when a bad accident or damage strikes. It’s also important to note that insurance costs vary according to vehicle types and accompanying capacity. Our advice is to always look beyond the price tag and consider the yearly commitment of a car insurance. Better yet, we made it easier for you to select the perfect car insurance plan for your luxury car.
This article was previously published on Qompanion.my in Feb 2018.
Note: All car models and rates are estimated and sourced from carbase.my in January 2018.