Specialist cars and motorbikes need specialist insurance. When you’re getting your next specialist vehicle insurance quote, don’t fall into the trap of these top 14 common misconceptions:
1) I’ll get the amount I think my vehicle is worth if I make a claim
Your insurer will normally pay out the list value of a vehicle of your make, model, and age. When it comes to vehicles such as classics, future classics or those with modifications, this is normally nowhere near enough. To be sure your insurer will pay out the amount you would need to repair or replace your vehicle, you’ll need to take out a policy with an ‘agreed value’. For this, you’ll need an independent valuation and photos. And crucially, you’ll need to get your insurance company to agree with this valuation. You should also be aware that your insurance company could still offer you a lower amount if they believe the condition of your vehicle has changed since the valuation.
2) My car isn’t worth much
Another mistake owners of specialist vehicles often make is to assume their vehicle is worth less than it actually is. Unfortunately, if you make that mistake and then need to claim, you could find yourself unable to afford a replacement. Classic car values have soared over recent years. This value increase has been especially pronounced within prestige marques, such as Porsche 911. Even relatively young 911’s, which would not fall into the classic car bracket, have seen prices soar. Get your vehicle independently valued or check out the latest sale costs at auction houses like Silverstone Auctions or Bonhams.
3) My insurance will pay out whatever the causes the damage or accident
Many drivers fall foul of this insurance misconception. Most insurance policies have a “reasonable care clause.” This means that if an accident is caused as a result of you failing to take proper care of your vehicle (for example because of bald tyres), they will only pay out third-party costs (damage to any other vehicle). That means you’ll be left footing the bill to repair your own vehicle yourself.
4) I don’t have to specify cosmetic modifications
All modifications to your car need to be disclosed to your insurer or your insurance could be invalidated. Whilst a fancy paint job might not affect the handling of your car, it could make it more attractive to thieves and it could also prove costlier to put right if your car is damaged.
5) Third-party cover is always cheaper
Sometimes fully comprehensive insurance can cost less than third party cover. Always ask for both even if you only need third party cover.
6) I don’t have to admit to spent driving convictions
Many insurers ask you declare any speeding or dangerous driving convictions from the last five years. So, even if any penalties you have incurred are now spent, tell your insurer the dates just in case.
7) I don’t need to admit to speeding convictions until I come to renew
You should always tell your insurer right away if you are convicted for speeding or dangerous driving. Otherwise, your insurance could be invalidated.
8) I’m a safe driver so I don’t need to worry about what my insurance actually covers
This misconception is not just for drivers of specialist vehicles. No matter how safe a driver you are, you can’t protect yourself from other drivers or from unforeseen things happening. Quality insurance, which gives you robust financial protection is essential for complete peace of mind.
9) I can save money by putting a more experienced driver as the main driver
With the costs of car insurance soaring, it can be tempting to look for ways to save cash. But never fall into the trap of putting a more experienced driver as the main driver on the policy to save money. This is called fronting and it is illegal. If you make a claim you’re likely to be found out, and your claim will be dismissed, leaving you seriously out of pocket.
10) I don’t need to specify business use on my car insurance
Even if you only use your vehicle occasionally for business use, you still need to specify this to your insurer. If you don’t and you have an accident and your insurer suspects you were using the vehicle for business use, your cover will be invalidated.
11) My specialist vehicle insurance covers me for anywhere I drive or ride, including track days
Specialist vehicle insurance can cover you for track days – but only if this is specified. If you need it, make sure you check it’s included first.
12) I can use any high street insurance company
You can use most high street insurers for your specialist vehicle insurance, but it may cost you more. Insurance is all about risk, and specialist vehicles can be seen as out of the ordinary, so riskier. Use a specialist insurance provider or broker, who understands the unique needs of drivers with specialist vehicles.
13) All insurance companies will quote the same amount
Insurance companies use different methods to calculate risk. That means there can be a big difference between quotes for the same cover from two different insurance providers.
14) Shopping around for insurance is always time-consuming
Yes, if you ring around all the different specialist vehicle insurance providers it can take up lots of your spare time. But you don’t have to do it yourself. You can use a specialist, independent broker like Easy2Insure to do the legwork for you. You tell us your details and we will compare quotes from a wide range of big and small insurance companies for you. We’ll guide you through what the premiums cover so there are no nasty surprises. And because we can negotiate special rates with insurance providers, we’ll find it at a great value price too.
Call Easy2Insure on 0800 917 9522 or fill in a form to get your free quote today.