KWE has top flight Trade Insurance, currently with Aviva. This covers us for various public liabilities, the usual premises and contents insurance and for loss or damage to cars while on our premises or while being driven by KWE personnel. However, Insurers will not cover full replacement value, and this is particularly relevant when a classic car has had a great deal of money spent on it, far in excess of its ‘market value’.
The term ‘Market Value’ seems to be at the whim of the insurer and is usually much less than the sum of the ‘value’ of the base car plus the cost of the works spent on its restoration or repair.
KWE takes every care to minimise the risk of damage to Customers’ cars but in the event of such damage we will not be liable for any claims made by the owner not covered by our Trade Insurance. If you have a car with us, or intend to do so, please consider this aspect carefully. This is a situation common to all restoration companies such as KWE, but we may be the only company to spell it out! In placing an order with us, and leaving your car in our care, we will assume that you accept this limitation to insurance cover.
We strongly advise clients to gain ‘Agreed Value’ insurance cover with their broker while the car is with KWE.
See also the UK Motor Insurance Database2:47 pm