Component car insurance is simply another description for the insurance used to cover a kit car - in other words, insurance for a car built from its basic components.
Whether you call it a component car or a kit car, however, you'll also know that there is likely to come a time when it needs to be insured if you are intending to drive it on the public highway.
To this extent, component car insurance typically shares many of the same features as any other type of motor insurance (a choice of third party, third party fire and theft, or comprehensive levels of cover; an insurance excess that might help to reduce the cost of premiums; and other factors such as your age, occupation and where you live).
Though some of the basics might be shared, there are a number of important aspects that make insuring a kit or component car somewhat different - so out of the ordinary, in fact, that the experienced advice of a specialist insurance provider might often pay dividends.
Some of the points worthy of particular attention are:
Whether you call it a component car or a kit car, however, you'll also know that there is likely to come a time when it needs to be insured if you are intending to drive it on the public highway.
To this extent, component car insurance typically shares many of the same features as any other type of motor insurance (a choice of third party, third party fire and theft, or comprehensive levels of cover; an insurance excess that might help to reduce the cost of premiums; and other factors such as your age, occupation and where you live).
Though some of the basics might be shared, there are a number of important aspects that make insuring a kit or component car somewhat different - so out of the ordinary, in fact, that the experienced advice of a specialist insurance provider might often pay dividends.
Some of the points worthy of particular attention are:
- Values - your component car is one of a kind (almost by definition) and the insurer lacks any table of mass production models with which to compare it.
Instead, the value of your one-off vehicle needs to be agreed with the insurer.
Naturally, this agreement is necessary in the event of the whole car being written off or stolen and you claim its replacement value from the insurer; - Update values - one of the great attractions of a kit car is that you might choose to add components piece by piece until you've built exactly the vehicle you want.
Adding the components, however, is also likely to be adding to the value, so it is important to consider advising the insurer every time the vehicle increases in value; - Work in progress - whilst you're building your car, you might be storing some of the components until the time comes to fit them, or others might still be in transit.
It is likely to be worth your while ensuring that any such components are insured against loss, theft or damage; - Scrap - you probably don't want to feel as though you're tempting fate by asking the insurer about salvage in the event of your kit car being written off, but this might be of particular interest to the owner of a component car.
If the car becomes an insurance write-off, for example, you might want to ensure that the insurer allows you to retain salvage rights (you then typically retrieve all the components - including the damaged ones - which might help you to rebuild the car all over again); - Public liability - if you intend entering you car for shows or rallies, it is worth considering a component car insurance that includes public liability cover in the event that members of the public claim for any injuries or damage to their property caused by your car.