| Do you have a High Performance
or Custom car? InsuranceWide have
put together a policy that specifically deals with vehicles
which have been the subject of custom modifications,
specialist paint work, engine tuning, refitted interiors,
alloy wheels etc.
If, for instance, you want the best paintwork,
the hottest mechanics and the best music system your
car could have, many insurers are happy to take your
high premiums to protect these valuable additions. The
problem arises when it comes to service, claims or replacing
stolen items and you have to struggle to get properly
paid.
Standard Policies Can Spell Trouble
The standard motor policy you hold for
your car is a contract of indemnity. This type of policy
is intended to restore you, (the policyholder), to the
position you enjoyed before you suffered a loss.
Insurers, their agents and engineers assess
the value of motor vehicles by reference to trade guides
which take no account (other than at the very margin)
of mechanical repair or custom works. As a consequence
the value that is likely to be placed on a total loss
vehicle simply will not reflect such issues on your
expenditure.
What is more, some policies contain specific
maximum limits of compensation that apply to after market
accessories and like items, for example after market
alloy wheels and body kits.
Where an owner raises the question of
mechanical expenditure when trying to negotiate the
pre-accident value of a total loss vehicle with their
motor insurers the reply received is usually to the
effect that the vehicle must be kept in good order to
be on the road and as such expenditure on vehicle maintenance
and mechanical replacements is simply part of the rough
and tumble of ownership and adds nothing to value.
Where custom work is involved a similar
argument is deployed. Custom paint and other modifications
move a vehicle out of the mainstream and do not add
significantly to value. Beauty is often in the eye of
the individual and the general motor trade frown on
customisations and actually reduce the values placed
on such vehicles.
The problem is worse still where comprehensive
cover is not held and compensation has been sought from
a Third Party or where the loss is by Fire or Theft
and little or no physical evidence is available to support
the claims made.
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