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Kit
car insurance explained
Whether
you’re constructing a Westfield, a
Cobra replica, a Caterham Seven or
something completely different, getting
car
insurance
for your kit car could prove just as
challenging as building the vehicle
itself.
Here we
look at how kit cars are treated by car
insurance companies and how to get an
affordable deal.
Why
are kit cars treated differently to
conventional cars?
With
many kit cars, the owner buys the
different elements of the car and
assembles it on their own. While the kit
car may not be unsafe they are deemed a
higher risk by car insurance providers
because they generally lack safety
features such as airbags and crumple
zones. Furthermore, most kit cars are
light to provide greater acceleration
meaning they are more likely to be driven
at fast speeds and are often the target of
thieves and joy riders.
What’s
more is that the parts are often difficult
to replace and so should an accident
occur, the insurer may face a larger
payout than with a conventional
car.
As such
the majority of car insurance companies do
not offer cover for kit cars.
Where
can you get a quote?
Thankfully
there are a handful of insurers that buck
the trend and will offer cover for kit
cars. However, their policies are rarely
tailored for these unique vehicles and as
such you may find more suitable cover from
a specialist.
There
are several specialist kit car insurance
providers in the UK including Adrian Flux,
Performance Direct and Sureterm Direct.
Some of the features they may offer
designed for kit car owners
include:
1.
Agreed valuations: Many insurers only
pay market value if you suffer a total
loss and with kit cars this is often
undervalued. An agreed valuation at the
outset means you know exactly what
you’ll get if your vehicle is
written off.
2.
Build up cover: Ensures your kit
car’s parts are protected during
assembly.
3.
Goods in transit cover: Protects parts
and tools while they are delivered from
a manufacturer.
4.
Multi-vehicle cover: Most kit car
owners have a second vehicle for
conventional tasks so being able to
cover them under one policy could be
advantageous.
5.
Spare parts cover: Protects additional
parts you may keep for your
vehicle.
6.
Track day cover: Covers events such as
rallies and hill climbs that you may
want to participate in.
How
to cut your kit car insurance
premiums
As you
might expect, kit car insurance is likely
to cost more than insuring a conventional
car – but there are ways to
save:
7.
Engine size: Don’t go overboard on
the engine size and you should reduce
your premium.
8.
Limited mileage discounts: If you use
your kit car as a secondary vehicle,
then agreeing to a mileage limit could
offer significant savings.
9.
Owner’s club discounts: You may
earn money off if you are a member of
an enthusiasts’ club.
10.
Security: Fitting alarms and
immobilisers to your kit car could earn
you money off.
For more
car insurance savings, consider increasing
your voluntary excess and paying annually
instead of monthly to cut out interest
charges.
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