KWE’s quick guide to classic car insurance

It’s important you consult a reputable broker who specialises in classic car insurance, in order to get the best possible cover for your classic car. We would recommend researching the following insurance companies, but there are, of course, other reputable brokers available:

• Peter James
• Lancaster
• Peter Best
• Adrian Flux

We would highly recommend going for ‘Replacement Value’ insurance cover, in case of unexpected damage, such as a collision or accident as you drive your freshly-restored classic away from KWE! This helps to overcome issues relating to the ‘book’ value that insurers sometimes offer, which might be a tenth of what you’ve just spent.

The above insurers provide specialist advice, and really know their stuff when it comes to classic cars. While they might offer only a limited mileage policy (typically 6,000 miles per year), they should be fine with insuring the car for a more accurate replacement value. KWE can confirm the value of the works done for Insurers. In the end it is about establishing what it would cost to replace the car with one in similar condition. We take the view that substantial improvements such as an engine rebuild or bare-metal respray, or full suspension renewal would count at their cost value on top of the car’s intrinsic but non-restored market value. Items such as servicing, repairs and rust protection would not add to the replacement value.

Classic car insurance can be tricky; make sure you speak to a reputable broker

So do inform the broker about the following if applicable:

• Suspension renewal
• Engine renewal
• New interior
• Add-ons such as stainless steel exhaust systems, HID headlamps, parking sensors, audio system upgrades
• New wheels
• Digital Engine Management
• Power enhancement kits
• It’s also important to enquire about re-spray value, which will need to be negotiated with the insurer.

The sort of things that would be excluded from your policy are as follows:

• Maintenance and servicing
• Rust repairs (on the basis that a replacement car should not have rust)
• Cleaning and valeting

Classic car engineering experts

If you would like more advice on classic cars, or have a project you’d like us to get to work on, please get in touch. Call us on 01635 30030, ‘like’ us on Facebook and follow us on Twitter.