Insurance for Kit Cars
Kit Cars come in many forms, so it is vital to have an insurance policy that is flexible and designed with the individual requirements of the kit car in mind. At Pricepoint Compare, we scour the insurance market to find a range of quotes, helping you to select the most suitable insurance for you and your kit car.
Find the most competitive kit car insurance quote
Many conventional car insurance policies and lenders will not provide cover for cars that either you have built yourself or someone else has built from scratch / a kit.
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Kit car insurance policies from specialist providers offer more bespoke protection, and have been designed with the specifics of kit car ownership in mind. Such policies often include cherished salvage cover, which means that if your car is written off as a total loss, this cover will ensure that you receive the written-off car as well as the payout. This gives you the option of restoring the car, or stripping off parts for another project.
Other important features typically in kit car insurance policies but not in standard car insurance policies include dismantled parts cover, which provides financial cover for the value of parts whilst they are in your garage, something that is appealing to many kit car builders who are building their car from home.
Kit car insurance policies tend to have agreed value sections, rather than relying upon market value. Whilst you will typically pay a higher premium for a higher agreed value, having this peace of mind can help to cover the true costs that have gone into the production of your kit car should the worst happen. You can not decide on the agreed value purely by yourself; the insurer might require that the kit car be valued by an independent expert before a policy is taken out.
Due to these higher costs, it is vital to shop around when searching for kit car insurance. By using Pricepoint Compare, you can receive multiple quotes from across the whole market, helping you to search for the most suitable policy for your requirements.
How much is kit car insurance?
As with every type of car insurance, there are numerous factors that will determine the cost of your kit car insurance quote. There are even more factors that will determine kit car insurance, given the often unique nature of kit cars. The insurer will want to know about the engine specifications, body type and any information that can be provided regarding the make and model of the vehicle. As well as information about the vehicle, the insurer will want to know more about you and how you intend to use the vehicle, as well as your claims history.
Tips to find cheap kit car insurance quotes
Car Clubs
If you do not intend to drive your kit car often, selecting a lower annual mileage will help to bring down the insurance quote cost. For participation in events such as rallys or car club events, you will need to check the specific terms and conditions of your policy. As with conventional car insurance policies, it is vital to declare any modifications made to the vehicle. Not declaring a modification could invalidate the policy in the event of a claim.
Consider the Build
You will require insurance for your kit car to drive on the road, however you will not need kit car insurance whilst you are building the kit. However, given the value of the parts, you might want to consider some form of insurance whilst you are building your kit car. Such insurance policies include transit insurance to cover the car, parts and tools whilst you are collecting them from the kit car manufacturer.
Consider the Build Phase
Two pertinent types of insurance to consider for kit cars are build-up insurance and laid up insurance. Build-up insurance will financially cover the vehicle for fire, theft and damage during the assembly period. Laid up insurance will cover the vehicle if the car is off the road, such as when it is having restoration or repair work undertaken.
IVA
Once you have built your kit car, you will be required to have the car pass the Individual Vehicle Approval (IVA) test from the DVLA before it can be driven on the road. This test is designed to ensure the vehicle is roadworthy. Should your car pass the IVA, you will need to fill out the vehicle inspection report and apply for a number plate.
Is Kit Car Insurance cheap?
Every kit car insurance policy will be different, but here are our best general tips on how to get the best price for your kit car insurance.
Research
Once your existing provider has sent you your renewal, you have you have your first price. This is the step to finding kit car insurance, whilst also seeing the benchmark of what is to be included in your policy to be covered.
Now visit a comparison site such as Price Point Compare and use the renewal as your template to get a competitive price verses your existing cover level. You can also use the comparison to review your cover level to make sure these still fit your needs, such as the excess level.
Haggle and Negotiate
When you have your price, you can now call your existing provider and negotiate haggle or barter with them to make sure you have the best price. All insurance companies have a retention team, they are called the cancellation team. It is their job to retain you. As with all business it's better to retain rather than let someone walk out the door.
Be nice, the person you speak to will control the final price even if they say they don’t. Once you get through to the cancellation team, be upfront, you have a competitive price matching the cover level you require to meet your needs and you need a better price otherwise you will be leaving. This breaks through to the price. The agent you speak to will try to review your cover level, you have covered this in your statement of intent that no you do not want a policy review, you want a better price.
Stay firm
Give the price from the comparison sites; don't be tempted to exaggerate. The agents can see if you have used a comparison site if they have been asked for a price by the comparison site. Don’t fill in blank silences the agent wants you to feel awkward remember you have all the details and they now have it, it’s their choice to better the price Don’t accept the first offer do your numbers before accepting or rejecting, cancelling and moving to a new provider.