Compare Kit Car Insurance
Kit car insurance, whether it’s a weekend hobby to occupy your time or an ongoing team project to gain some new skills, building your own car from scratch is a huge achievement, for some even a dream come true, which is why it is vital to have insurance for protection and peace of mind for your prized possession. There are many various levels of cover and prices to suit any budget. But before you scour the market, here are some things to be mindful of when taking out cover for your kit car:
Build Up Cover
In addition to being covered for standard car insurance features, such as fire and theft and on the road accidents, if you are in the process of constructing your car, insurance specialist policies can also offer build up cover, which essentially means each individual part of your car is insured against calamities such as theft, or should parts get lost in the delivery process before they have even arrived and become part of your car. You will of course know that some parts of your kit car can be fairly pricey, which is why it can be an absolute fail safe financially to have these parts insured during the building process.
Once you’ve constructed all the parts and your car is road worthy, it is important to have an ‘agreed value’ of the vehicle from your insurance should you need to make a claim. This can sometimes be difficult for these one of a kind creations, particularly if the kit car has been modified. It is also important to remember, that unlike ordinary cars, the estimated value of kit cars does not always depreciate, in fact the value can sometimes increase over time.
After investing so much time and money into building your car, salvage retention is another crucial specialized feature of kit car insurance. Salvage retention means that should the worst happen and your car is a written off, you are able to buy back the wreckage and use any salvageable parts to build a new kit car, which can save you money on purchasing those expensive parts once again. However, be mindful that if the wreckage is seriously damaged, it can be illegal to salvage parts due to potential safety hazards if the parts were then to be reused.
Kit Car Usage
If you are a track or racing enthusiast, make sure you have the appropriate cover for these activities. The same is true for kit car owners who use their cars for weddings or other formal occasions. And if you plan to drive your kit car overseas, read the small print of your chosen policy carefully, as some policies include European cover up to a certain limit, but never simply assume that insurance is either sufficient or in fact there at all.
Brokers will also ask whether your vehicle is left hand drive and will want to know its expected annual mileage. When considering the expected annual mileage of your car, note that some insurers are mindful that some kit cars aren’t used on the road every day of the year, and they often will agree a lower mileage limit in return for a lower premium; however it is important make a note of the agreed mileage and not exceed this, as this can cause your policy to be invalid.
After all your time and effort spent creating your kit car, it’s important to search the market of specialized insurers and compare prices in finding a deal that suits your needs.