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Kit car insurance

Kit Car InsuranceNothing screams ‘individual’ than driving something you’ve put together yourself in the garage – and that is the whole ethos behind kit cars. As their name suggests, these are cars that have literally been put together from kit form with the builder assembling all the panels and mechanical parts themselves.

This strong demand to be behind the wheel of something unique has led to the formation of numerous kit car manufacturers around the world. It means there is now every conceivable type of kit car available these days. From replicas of sports cars to more practical vehicles that won’t look out of place on the school run. The manufacturers will supply the basic parts and guides but it will be up to the individual builder to choose – and source – everything else, as well as deciding on any extras and the final colour scheme.

However, individuality comes at a price. For obvious reasons it can be more complicated to secure cover for a kit car than a vehicle that has rolled off the production line at Ford. No two such vehicles are the same and this can make life difficult. Also kit-cars can be a seasonal hobby for many and so temporary insurance may offer a better solution.

While an insurance agent or company can quickly access all the information they need to assess the value of a widely available vehicle, they don’t have that luxury with kit cars because they are all built to different specifications. No such information exists.

Talk to the experts

Consider how you will eventually insure your vehicle even before you’ve started work. You may discover the kit you have your heart set on has caused existing owners all sorts of problems as far as paperwork is concerned. If so you’d be advised to steer clear. Speak to kit car manufacturers about the experiences that buyers of their vehicles have had with various insurance companies and, perhaps more importantly of all, speak to those that have already been through the process themselves. Their insight will be hugely helpful.

After deciding the type of car you want to build it’s important to be clear how you intend using it as this can dramatically affect the premium paid. For example, is it going to be a hobby car or daily driver that’s expected to cover thousands of miles every year? Are you planning to keep it garaged or do you expect to thrash it around a racetrack every weekend?

What level of cover do you need?

There are all sorts of policies that you can buy for your kit car. Which one is most suitable depends on your individual circumstances. The first is Agreed Valuations cover. Many insurers will only pay out the so-called market value of your kit car if the worst happened and you wrote it off. This, of course, can be a difficult price to agree. Therefore, agreed valuation protection means you can rest assured that you will know exactly how much you will receive in such a scenario.

Lots of insurers can offer a better deal for third party fire and theft insurance, damage from a road accident would not be covered for your own vehicle.

Then there is Goods in Transit cover. As you will be awaiting various items to be delivered, this policy will provide cover for collecting the car, as well as various parts and tools from the manufacturer and stop you being out of pocket from the start. Build-up cover. This protects your car and all the various parts from theft or mishap during the assembly process. Considering that most projects take a number of years to complete, this can obviously make a great deal of sense.

Other types of cover to consider include track day – for when you want to open it up around Brands Hatch – and formal occasion protection which is worth considering should you be looking to hire your car out for events such as weddings.

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