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Salvage
retention rights for classic car policyholders
Salvage,
a matter of concern
As this topic is one of those little considered topics, and
it has been raised in the latest newsletter from the FBHVC,
I am preparing an information sheet on salvage retention rights
with various classic car insurers. If anyone has direct knowledge
and experience of this topic or alternatively can relate their
experiences with obtaining the salvage from an insurance write,
or experiemce with the various categories of vehicle write off
in the UK, please would you get in touch using the email contact
on the RHS of the V8 website homepage. See our V8BB thread on
this topic. More
What is
the FBHVC?
The Federation of British Historic Vehicle Clubs. More
Posted:
121001
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Insurance
salvage
In its latest newsletter the FBHVC says "in
response to members' questions the Federation has
been making enquiries into specialist classic car
insurers who have amended their policy regarding
salvage rights in the event of a total write off
and appear to be using terms that apply to modern
vehicle accident conditions. Obviously many owners
of historic vehicles would be unhappy to see their
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cherished
vehicle crushed when several of the body panels,
interior trim, or mechanical components could be
salvaged and re-used to good, safe advantage.
It
does seem that it is possible for an owner to discuss
a write off with the DVLA but success is most likely
if the vehicle is a genuine older vehicle with proven
rarity or historic value. The Federation has heard
of a case where a vintage car, due to be crushed
as a result of being submerged in a flood (the worst
sort, from the drains) was saved when DVLA agreed
that it was worthy of preservation. In another case
a similar vehicle, badly damaged in an accident,
was going to cost more than the insured value to
repair. The insurers paid the owner a generous amount,
agreed not to declare a write off and the owner
kept the salvage. The car was rebuilt and is back
on the road.
This does give hope that insurers and the DVLA can
be persuaded with the right argument." |
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