What is laid-up insurance?
In the case of a car, the laid-up insurance means that you can get a refund of your motor liability insurance premiums for the time the vehicle remains decommissioned, but the parking, windscreen, vandalism and fire covers included in the motor vehicle insurance you may have, remain in force. laid up fire and theft insurance.
Insured
At Footman James, we understand that not every classic vehicle owner is out and about in their vehicle all the time and may decide to declare their vehicle SORN.
Some may express their pride and joy in the restoration project; Others may store their possessions in the garage, and some of us like our classics to attend an exhibition or competition, But do we all have the right insurance?
Whether you’re restoring, storing or transporting your classic vehicle, Putman James can provide peace of mind with our Restoration, Storage & Transit Insurance policy. It protects your vehicle against accidental or malicious damage (including vandalism), fire, lightning and explosions, theft or attempted theft while on the road and in a locked garage.
Covered when traveling by road or sea to competitions, exhibitions, race preparation facilities, repair/body shops and other similar facilities in the UK, even when your vehicle is temporarily out of a garage.
Insured
At Footman James, we understand that not every classic vehicle owner is out and about in their vehicle all the time and may decide to declare their vehicle SORN.laid up fire and theft insurance.
Some may express their pride and joy in the restoration project; Others may store their possessions in the garage, and some of us like our classics to attend an exhibition or competition; But do we all have the right insurance?
Whether you’re restoring, storing or transporting your classic vehicle, Putman James can provide peace of mind with our Restoration, Storage & Transit Insurance policy. It protects your vehicle against accidental or malicious damage (including vandalism), fire, lightning and explosions, theft or attempted theft while on the road and in a locked garage.
Covered when traveling by road or sea to competitions, exhibitions, race preparation facilities, repair/body shops and other similar facilities in the UK, even when your vehicle is temporarily out of a garage.
Is your lapse insurance policy really worth it?
The lockdown period has prompted some car enthusiasts to consider different angles and options for their favorite vehicle or car collection. We all understand that in normal times we need to comply with the law around MOTs, road tax and insurance, but how has the current situation affected these areas?
The government was quick to deal with MOTs. If your vehicle’s MOT expires on or after March 30, 2020, the expiry date will be extended by 6 months. Your vehicle must still be roadworthy and comply with all relevant laws. This allows you to tax your vehicle if you have the right insurance policy listed in the motor insurance database. However, some may decide to SORN their vehicle by reducing the insurance coverage to “Laid Up”. This will save you the cost of road tax, but as the vehicle will be “off the road” you may also want to consider your motor insurance arrangements.
Most people take comprehensive motor insurance that covers third party liability (statutory legal requirements) and accidental damage to the vehicle, fire and theft and with a SORN vehicle, you have the option of reducing the late insurance premium. However, you need to understand the cover you are buying as insurers offer different levels of coverage within the general load up period. laid up fire and theft insurance.
Common to all standard insurance policies is the exclusion of all third party liability coverage. Your insurer will not cover you for any legal liability claims that may follow if your vehicle causes injury or damage to a third party. This does not relate to any legal fees for defending the action, but does include any compensation that follows. If you drive where you are not required to comply with the law, you may cause injury or damage to third parties. Remember that friends are third parties. You are on your own unless you have cover elsewhere
Some lay-up insurance policies only provide fire and theft coverage for the insured vehicle. This is the lowest level of cover that leaves you unprotected if your vehicle is damaged due to any reason other than fire or theft. What happens if the vehicle is damaged in a flood or accident? A burst pipe in the garage? Or hail if the vehicle is kept outside? If you choose to reduce your insurance coverage, you need to know what is covered and, more importantly, not covered.
At Lacton, our Laid Up Cover only removes the third party liability clause, so the remainder of the policy remains in force and provides the same level of cover as previously enjoyed. You are still not protected against legal liability claims against you from third parties, so think carefully before reducing your cover level.
Remember to insure the vehicle on a comprehensive basis. The law allows you to visit a garage for a booked MOT, but you still need to have insurance to protect you and your vehicle in the event of an accident en route.laid up fire and theft insurance.
Call your advisor to discuss any specific issues surrounding your policy. At Lockton, we’re here to talk you through it.
