Choosing kit car insurance
Your kit car is a one of a kind, a unique piece of art to the owner who has painstakingly built up their car from scratch, piece by piece. As such finding the most comprehensive kit car insurance tailored to suit their car is essential. A standard insurance policy would not cover a kit car as of course yours is not a standard car and there are many factors that you would need to take into account.
Unlike standard car insurance you would have to take out kit car insurance a long time before you get your car on the road. As you are going to be building your car up from scratch you will want to ensure that you have insurance from ordering the very first part of your car. Any parts you order should be covered from the moment you order them to them arriving safely and being stored in your garage. Some parts can cost a great deal of money and if they should get lost or damaged in the post then you would lose a great deal of money. If they were covered by your insurance you could claim on the policy.
Along with the parts being insured of course the framework of your car should also be covered as you are building it up. If the worst case scenario should occur and you lost everything or the car and parts were stolen then again you would be able to make a claim on your insurance.
As the kit car would range in value depending on the parts you have installed then you should check to ensure that you would have agreed values in the policy. This would mean that you have the car valued and this would be the sum of money that the insurance company would pay out in the event that the car was stolen or written off. It means that you get back the true value of the car you have built up.
You could also benefit by having salvage retention rights on the car. Salvage retention means that if the car was written off you would be eligible to claim back any parts that were undamaged. However whether or not you would be able to claim back any parts would of course depend on how badly damaged your kit car was. If the insurance company believes that it is too badly damaged then you would have to waiver your salvage rights.
As you will have lovingly built up your car from scratch and taken pride in it you should give some thought to the fact that you might not want to leave your car for repair in the hands of a stranger in the event of an accident or damage to your car. If this is so then you could consider having a parts only kit car insurance policy. This means that the insurance company would pay out for replacement parts; however there will be no labour involved as you would be able to fit these parts yourself.
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