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Classic and kit car insurance
Is it possible to find quality car insurance that matches the exclusive nature of classic and kit cars? And if so, does it have to come at a high price? Here we look at car insurance for classic and kit cars and explain what to look for and how to keep premiums down.
Is classic and kit car insurance different from regular car insurance?
In terms of its general purpose, classic and kit car insurance is just like insurance for a conventional car – policies are designed to help cover the costs of driving related damages and injuries (subject to policy exclusions). However, when insurance companies evaluate premiums one of the factors they consider is the car itself and because of the unique nature of classic and kit cars (with parts that may be difficult to replace and values that can be difficult to assess) they usually apply a different criteria to assess premiums.
For example, classic cars are usually divided into categories by insurance companies as follows:
- Veterans: These are vehicles manufactured up to December 1904. - Edwardian: Cars manufactured from January 1905-December 1918. - Vintage: Any car manufactured from December 1918-1933 is considered ‘vintage’. - Classics: Refers to cars typically manufactured pre-1975. - Cherished: Collectible or rare cars that are 5 to 10 years old.
Though many conventional car insurance companies will offer cover for classic cars, you may prefer a specialist deal with policy options tailored for classic car drivers.
Kit cars meanwhile can be even more difficult to insure because they are often fitted with non-standard engines, transmissions and other parts – and so restoring them to their previous condition following an accident could prove expensive for an insurance company. As such, specialist policies are usually recommended.
What do specialist insurance companies have to offer?
Both classic and kit car specialists claim that to acknowledge the fact that drivers of classic and kit cars cherish their vehicles and will therefore take a great deal of care with them. They also offer features that might not be available elsewhere.
For example, specialist insurance often incorporates:
- Agreed/increasing valuations: With most conventional insurance companies, when a classic or kit car is written off or stolen it would be subject to a market valuation, and as the values of these cars can be so difficult to determine this could mean the vehicle is under-valued. However, with an agreed valuation you know from the outset what the car is worth in case a total loss occurs – as long as this valuation is guaranteed. Some providers also offer increasing valuations that reflect the fact that many classic cars increase in value the older they become.
- Breakdown cover: You may struggle to find breakdown cover for a classic or kit car with a traditional breakdown company – but some insurers do offer it is an add-on to a policy.
- Goods in transit cover: This applies to kit cars – it provides protection when you are collecting or moving the vehicle; as well as collecting parts and tools from manufacturers.
- Laid-up insurance: If your classic or kit car is a project you’re working on then laid-up insurance will protect it against theft and mishaps. With kit car insurance this is sometimes known as “build up” cover.
- Multi-car insurance: Chances are that if you own a classic or kit car you also own another vehicle for everyday use. As such you may be able to save money by insuring the vehicles together with a multi-car insurance policy.
- Track cover: Anyone planning to enter their classic or kit car into a rally, hill climb or other special event should look out for track/rally cover from a specialist as these events are not typically covered by conventional insurers.
- Wedding/hire cover: If you plan to rent out your vehicle for special events, ensure this is permitted in the terms of your policy.
How much will you pay for kit/classic car insurance?
There’s no set fee for classic and kit car insurance – what you pay is determined by the risk of you making a claim, with insurers considering factors such as your driving history, annual mileage, personal circumstances, your address and of course the vehicle itself. However, lowering the perceived risk of making a claim can reduce premiums – here are some tips:
- Agree to a mileage limit: The fewer miles you drive, the lower the risk of an accident occurring.
- Join an owners’ club: Owners’ and manufacturers’ club members often have increased knowledge about their vehicle and with some specialists this is reflected with premium savings.
- Increase security: By fitting insurer-approved alarms, immobilisers and trackers you can reduce the risk of theft and reduce your premiums.
- Increase your excess: The excess is your contribution towards a claim – increasing it usually lowers premiums, but only set it at a level you can afford.
- Park safely: Keep your classic or kit car in a locked garage overnight to reduce premiums.
- Take an advanced driving course: Some insurance companies offer discounts if you complete an advanced driving course such as the Pass Plus or IAM.
Finally, don’t forget to compare as many deals as possible when shopping around – comparison websites often include both specialist and conventional policies to help you get an overview of the market and find a deal that’s right for you.
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If you would like further information on hiring one of our cars please contact us at:
enquiries@countrykitandclassiccarhire.com