Build Insurance

DavidH · #1 21st January 2008, 18:51

Hi all,

As I approach kit arrival I have been debating whether to get build insurance or not.

Got a quote from MSM today but you insured the full build cost from the start and it had the exclusions of accidental damage and only covered in transit cover provided it was trailered. so seemed quite expensive for really just fire,flood theft cover.

What have other people done, any recommendations.

Thx

David

Patrick · #2 21st January 2008, 18:55

I didn't bother, only time I felt it was needed was a trip out of the garage but none of the insurers would cover that.

It was my risk and as long as your prepared to take it. I would maybe think about it once the car is actually drivable but not finished.

alackofspeed · #3 21st January 2008, 19:33

Didn't bother.

peterux · #4 21st January 2008, 21:59

I did, because I had my kit stored in a lock up garage not attached to my house.

I used Adrian Flux and it cost me about £70 per year in the first year and about £100 this year as the cars replacement value had increased significantly.
I thought this was good value...

Peter

Ric H · #5 21st January 2008, 22:16

I looked into it but because I did my build in a carport not a garage, no one would cover it. So I crossed my fingeres instead. Besides, who's going to steal a heap of welded steel and bespoke GRP car body parts. I was a bit more concerned about the engine when I got that but I just kept it under a tarp out of sight.

SDMC001 · #6 21st January 2008, 22:52

David

I used footman james, they allow you to increase the cover as you build, and the I converted the build up policy into the road use.

The Marlin owners club lists some companies as well, maybe worth a trawl.

http://marlinownersclub.com/

I have a slighty differant view over the insurance, as my first part built kit car was written off, so I was very glad of my policy.

Steve

alackofspeed · #7 21st January 2008, 23:21

Quote:

Originally Posted by SDMC001

my first part built kit car was written off, so I was very glad of my policy.

How did that happen?

I must admit, my thought was pretty similar to Ric H's - why pilfer a bespoke selection of seemingly random components? I additionally reasoned a half-intelligent theif (oxymoron?) would pilfer the more marketable and common items if they broke into the garage - several bikes at £Xk a pop, welder, compressor, air tools, and plenty of other items easily sold on ebay and the like.

My slightly dubious reasoning mated well with my lazy side, so I didn't even bother looking into the cost.

DavidH · #8 22nd January 2008, 12:05

Umm may try some others as they seem cheaper. I must admit I was wondering whether it was really worth it as I couldnt really see anyone stealing it when in parts, but thought I'd investigate the costs before making a decision.

Yes do tell Steve, how did you write off your part built car ?

craig · #9 22nd January 2008, 17:50

I never bothered with insurance!

Steve I vagely remember you telling me that story on the phone.

ps talking insurance has anyone who has it got agreed value?? This is what I want when I decide to get some for £30k

Patrick · #10 22nd January 2008, 18:31

I've got agreed value on the Sportster I got enough to cover most of the parts. I will get the amount increased once it's painted.

SDMC001 · #11 22nd January 2008, 20:16

David

I was building a Shelsley T2 kit car and had been for about 9 months, I had just ordered the bodywork as most other bits had been done.

31st July 2005 at approximately 2.30 PM, I heard a loud bang, and the old guy across the road had reversed at full revs in a Focus 1600 through my garage, writing off my pride and joy, and driving a crack from top to bottom of my living room wall, adjacent to the garage.

There was a positive, about two hours before I was lying under it and my partner was pumping the pedal to bleed the clutch.

After the insurance cleared I was fully paid out with an estimate for the labour it would have cost me to have Pete Needham the owner of Shelsley cars to build it to the same level, and position.

Although I would have liked another Shelsley just could not face it again, so I compromised and went for the Marlin.

So the moral of the story here is, I was glad I was insured, I would have been paid out by the old guys company, but they would no doubt wriggled as much as they could, as they did on a number of issues with cost of the extensive building work on the bungalow. My company just counter claimed on my behalf, the full amount.

Steve

alackofspeed · #12 22nd January 2008, 21:47

An interesting story, which at the time must have smarted something rotten, but at least now you can look back and laugh about it?

I suppose the conclusion to the build insurance question, is that the risks are low (hence the low premium), but there is still a risk..... you've just got to decide whether it's something you want to carry or not. It seems you don't have to look far to find someone who benefited from it.

God knows how the old guy got it so wrong though! Worrying!

DavidH · #13 23rd January 2008, 21:48

Hi Steve,

Thanks for sharing that, it wasnt one of the many things I had thought of.

I am very concerned now though

Quote:

Originally Posted by SDMC001

the old guy across the road had reversed at full revs in a Focus 1600 through my garage, writing off my pride and joy,

Err my elderly neighbour across the road owns a 1.6 Focus !!!!Perhaps now I should be very worried about insurance.

As you say just lucky you wernt working on the car still

David.