| Insurance
salvage rights for classic car policyholders
Insurance
salvage
See our previous NEWS item on this topic reporting the news item
on 1st October 2012 in the FBHVC newsletter. More
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:
121011
Back to homepage |
 | The
Federation of British Historic Vehicle Clubs (FBHVC) reported in its latest newsletter
that it has been making enquiries into cases where specialist classic car insurers
have amended their policies regarding salvage rights in the event of a total write
off but they appear to be using |
terms that apply to modern vehicle accident conditions. The situation with classic
cars is different because, depending on the loss category, many owners of historic
vehicles would quite understandably be unhappy to see their cherished vehicle
crushed when several of the body panels, interior trim or mechanical components
could be salvaged and re-used to good and safe advantage. In other cases the costs
of repair of major damage may exceed the agreed insurance value so the cars are
considered uneconomic repair cases by the insurer and are classed as a Category
C, but many classic car owners faced with that situation might prefer to rebuild
the damaged car. So Victor Smith contacted the classic car insurance specialists,
Peter Best Insurance Services (PBIS), for their views on this topical issue .
In response to our seeking clarification of a policyholder's salvage rights
under an Ecclesiastical limited mileage agreed value classic car policy through
PBIS, Peter Best replied "your question relates to the inclusion of a salvage
clause in the policy wording. This is something that the Ecclesiastical Insurance
Group and PBIS plan to have in the next reprint of our policy booklet to reduce
ambiguity over what is a complex issue". So reading Peter's note the only
outstanding point for enthusiasts with PBIS classic car cover arranged through
Ecclesiastical is to see the salvage clause in the updated policy booklet. The
insurance certificate together with the terms and conditions in the policy booklet
and the information disclosed by the policyholder to the insurer form the insurance
contract. So we await the new policy booklet wording clarifying the insurance
salvage rights. See
our article | | |
