Insuring your customised car

 

In the last year there have been almost two million motorists driving without insurance in the UK. Since the recession, the number of uninsured drivers has increased by a third, costing law-abiding motorists an extra £30 each. Last year alone the Motor Insurers' Bureau paid out £380 million to compensate people involved in accidents with uninsured drivers. 

 

The recession seems to have driven generally law-abiding citizens to desperate measures in an effort to save cash. This is a potentially risky business as if caught, the driver will face a minimum of six penalty points and a £200 fine and last year the police caught 232,000 uninsured drivers. Plus it is morally wrong to make people that do respect the law, pay for those that don't. 

For some groups in particular, the cost of insurance seems unfairly high.  Take the young for example. 17-24 year old males pay a huge premium for the privilege of driving. If they drive a standard Volkswagen Golf, the insurance premium could be as much as £1000 more than the rate their mum would pay. 

 

Older drivers also have problems. If you are over 60 insurance premiums go up again. In fact, insurance premiums follow a bell curve pattern – high when you’re young, low around middle age, rising again as you pass retirement. 

 

Owners of high performance and customised cars also face higher insurance premiums. The rule follows that the larger the engine, the higher the insurance. Higher spec cars are also more attractive to criminals so again, premiums are inflated. Many insurance companies steer clear of this type of car, particularly customised cars, whereas other companies charge extra for specialising their cover to meet the needs of this niche group of drivers. 

 

Kwik Fit Insurance now offer car insurance and may be able to help with customised car insurance. It searches over 25 insurers to come up with the best priced policy from its panel. Along with a competitive policy its deals include a free AutoSave card giving the user 10% off almost everything bought from Kwik Fit centres including exhausts, tyres, brakes and even services and MOTs. Furthermore, it offers 20% discount when you take out car insurance with them online.  

Insurance is a legal requirement to drive on British roads and this isn't going to change. In fact, rules are going to get stricter. From 2011, the Government is introducing 'continuous insurance enforcement' which will instruct that cars must be continually insured even if they aren't being used – so start collecting a no-claims discount now.