Points to consider when considering kit car insurance
One of the first points to consider when considering kit car insurance is of course that you car is a one of a kind and as such it will need specialist insurance. When building your car from kit to your individual specifications it will be unlike any other car, as the beauty of a kit car is that it is unique. Otherwise you could just go to the showroom and choose from one of the many models that are bought by many others.
Due to the sheer fact that you cannot walk into a showroom and drive away the car but rather you have to buy it in kit form and build it up you need to ensure that any insurance you take out for the car would cover the parts already built and those stored in your garage ready for building. Along with this you also need to check that all parts and any situation would be covered in the insurance. This would include them being insured during transportation to you. Check to make sure that the parts are covered against a wide range of possibilities which could include theft, vandalism and fire, along with any parts of the car already completed.
You should never be tempted to take out an insurance policy for a standard car, while there could be many parts of the policy that could be the same as for a standard car, kit car insurance would also differ a great deal and should be tailored to the individuals needs.
One of the parts of a policy which could differ from standard car insurance and which you would need in kit car insurance is agreed values. Agreed values could be classed as being essential when choosing the insurance for your kit car. With agreed values you would state the value of your kit car. This would include all parts of the kit car you were building and would take into account how much it would cost to replace the car in the worst case scenario. By ensuring you have agreed values in your insurance policy you would be covered as with the kit car you could keep adding value to the car. A kit car can be basic; however on the other hand you could choose to add many valuable parts to the car. When adding on parts you should of course take this into account as of course you would increase the value of the car over time and so you would need to alter the agreed values.
Another important factor to take into account when taking out kit car insurance is to check to find out if the insurance company would allow salvage retention; this would be in the case of the car being deemed a write off. If they do you could get some of the valuable parts back by buying back the wreckage of the car. However this would depend on insurance company’s discretion and how badly damaged the car was.
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