What might affect kit car insurance quotes?
Insurance providers may take many factors into account when giving you kit car insurance quotes and here we look at some of these factors and how you may be able to save money on your insurance.
- How much your car is worth
- Whether you want to add in cover for rallies or shows
- Whether you want European cover included in your policy
- How secure your kit car and parts are in storage
- How many miles you clock up on your car
- How much excess you want to pay on the policy
Now let us take a deeper look into the above factors, which go towards determining the cost of your insurance.
Agreed values on your car – If the worst were to happen and your car was stolen or damaged by fire whilst in storage you are typically able to claim on your policy. If you have taken out agreed values on your car then you claim back the ‘true’ value of the vehicle. This value is determined after the insurance company has valued your car. If you do not have agreed values you may lose money as insurance providers may take a “stab” at how much your car is worth and you may only get market value back. If you have added many expensive parts to the car, you may lose out hundreds if not thousands of pounds. Of course, the more insurance you have on your car, the more you may have to pay in premiums.
Show cover and European cover – These can both typically be added into the standard kit car cover if needed, you can take both or you can take one or the other. Of course, if you want to include these they come with added cost. Show insurance is needed if you want to take your kit car to shows and rallies and European insurance is needed if you want to travel into Europe with your car. If you do not need these then of course, your kit car insurance quotes may be lower than if you want them added in.
The security of your car – How secure your car is when it is in storage, along with the parts and tools, affect the quotes for your insurance. Any parts, tools and the frame of your kit car are typically covered in your kit car insurance whilst stored. They are covered against damage and theft; therefore the safer your car is the cheaper your insurance premiums may work out. Your policy generally covers any parts that are in transit against damage or theft.
Take limited mileage – Limited mileage may be taken and this may be one way to keep down the cost of the insurance. You choose a certain amount of miles that you do not intend driving over each years and stick under this amount.
Pay more in excess – When obtaining kit car insurance quotes the quotes given are based on you paying a certain amount of excess towards any claim that might be made. To lower the quotes you may want to offer to pay a higher excess. This may see you rewarded with a small discount on the cost.
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