Insuring Your Kit Car
You’re kit car is likely to be your pride and joy. Having poured blood, sweat and tears into its making, you’re likely to need the peace of mind that comes from a good kit car policy that gives you the exact kind of cover you need and the kind of price you want.
In this guide:
Can I take out any old policy to insure my kit car?
Given the particular and varied nature of kit cars, you’ll need to take out a specialised policy, tailored to suit the exact nature of your vehicle.
Such policies tend to cost a little more than conventional insurance policies but again, given the nature of kit cars, this extra expense is invariably worth it – just make sure you shop around to get the best deals you can.
Before you do anything else, you’ll need to take your vehicle for an Individual Vehicle Approval (IVA) test, which acts as a kind of MOT (and generally stops you needing an actual MOT), making your car officially road legal, and costs around £200.
What kind of cover can I expect for my kit car?
Your basic level of cover will insure against everything that a conventional insurance policy would – theft, fire, accidental damage and third party damage.
But your kit car policy can also include various specialised extras such as build-up cover, which will insure the parts of your car during the construction process. This can be invaluable given that the sky really is the limit when it comes to the cost of parts for your home built vehicle.
Given that you will have devoted plenty of time and effort to building up your car from scratch, you’re likely to already have the expertise necessary to make any repairs. In this case, you can opt for parts only insurance, meaning that in the event of an accident, the insurance company will provide you with the parts you need, leaving you to put them together.
It is important to note that many insurers will not offer kit car policy to drivers under the age of 21, given the added risk involved, and if they do choose to insure you, you can expect to pay significantly more than an older driver.
How much will my kit car policy pay out?
Most conventional policies will, in the event of a write off, pay out a sum equal to what the insurer decides is an agreeable market value for your car in the condition that it was in before the accident.
Given the specialised and unique nature of kit cars, a price cannot be worked out quite so easily. Instead, the insurer will, at the opening of the policy, work out an ‘agreed value’ that will be paid out.
This is also down to the fact that kit cars are far less likely to depreciate in value when compared to a conventional car. In fact, they often tend to increase in value – so this is something worth taking into account.
Insuring a kit car will more than likely cost a little more than insuring a normal market car, but the extra cost is worth it, given the nature of the vehicle. Compare quotes using our free and impartial comparison tool and you can make sure that you’re not paying over the odds to insure your pride and joy.