Car insurance is a legal requirement for all car owners. You cannot, or rather should not, drive on the roads without a valid insurance policy. And for the most part, it’s a once-a-year task of obtaining new quotes, finding the best value policy and choosing this.
But what happens when you need something outside of a standard policy? When your car doesn’t fit the mould for the general car insurance policy? This is something classic car owners come up against when it’s time to replace their vehicle. Or owners who have made modifications to their car, have imported it, and it’s not a standard vehicle on UK roads.
Let’s take a look at those times when your car needs something outside of the standard insurance policy.
The Vehicle Has Been Modified or Restored
Even a few small tweaks can shift a car from a standard vehicle to a modified one, meaning you need to be practical with how you obtain the quotes and what you declare when you get your insurance coverage. Some insurers won’t cover certain types of modifications, or only if they’ve been carried out by approved vendors.
The same goes if you’re restoring a vehicle. If you have a classic car, for example, one over 5 years old and worth over £15,000, and you restore it, the materials and parts you use might change the car entirely if you can’t source original parts. Adding a new suspension on a 1995 Mazda MX-5 can look to an insurance company like you’re rebuilding a completely different car. And this is where things get complicated.
The Cars Value Has Increased Beyond standard Market estimates.
Sure, most cars depreciate with age, but not all cars. Some models, once they hit a certain age, can actually increase in value, especially if they’ve been kept in good condition.
A good example is the classic late 80s and early 90s hatchbacks, which are now being treated as classic cars. For example, the Volkswagen Golf GTI from the 80s can fetch over £25,000 if it’s in pristine condition.
If this applies to your vehicle, then you need to find a specialist classic car insurance cover to allow the policy to accurately reflect the value where it is set at the point of insurance.
The Vehicle Is Only Used for Events or Leisure
Some cars aren’t part of normal daily life. They’re not used to commuting daily or nipping to Asda for the weekly shop. They are used for specific reasons only, and mostly for shows or events.
If you’re only driving your vehicle for this purpose, how it is insured needs to accommodate this type of activity. Standard insurance has certain assumptions, and if those assumptions are off, you need to be clear about it, as it’s likely to be unsuitable, and you need to look around for a company that offers the right type of insurance for cars, only being driven to events or shows and home again. Because while you do need to be covered, how you’re covered needs to change, and that’s the difference.
We hope you enjoyed reading “When a Standard Car Insurance Policy Stops Being Suitable”. Click here for more articles about your home and garden.
