Insurance on car while its being restored

[justasquid]

I am in the middle of restoring my car, ( 68 camaro) and was wondering what everyone else does for insurance on the car when its being built. I doubt my house insurance is going to be any help if something happens to the car. I don't know what the value of the car would be in its current state either. Is there an appraisal for car that is in a shell condition?

I bought the car for restoring, so it has never been insured by me and I don't know the process to get it insured.

any help or info would be greatly appreciated.

[BonzoHansen]

Last I spoke with them hagerty will but they want pics & a plan so the car is on the road w/i maybe 3 years or something.

Homeowners covers nothing.

[Pro Stock]

I am in the middle of restoring my car, ( 68 camaro) and was wondering what everyone else does for insurance on the car when its being built. I doubt my house insurance is going to be any help if something happens to the car. I don't know what the value of the car would be in its current state either. Is there an appraisal for car that is in a shell condition?

I bought the car for restoring, so it has never been insured by me and I don't know the process to get it insured.

any help or info would be greatly appreciated.

I have been working on our Camaro for 25 years with no insurance, I realized that we have put alot of money in the car over the years and the car is now ready to leave my garage for interior work, I feel that the car will be out of my control for awhile and have a higher risk of something happening to it. I checked some of the threads and found one that seems to be what I need. I was able to insure our car for "stated value". What this means is that you decide what it would cost you to replace your car as a total loss or as a result of theft. I was able to insure our car with no time limit imposed, they asked when I thought it would be done but I think that was so they would know when I would be converting to full coverage. My premium based on a stated value of $35,000 is around $375 annually. All you will probably have to do is supply photo's of the car inside and out. Here is some info:
Jackie Schneider
MK Insurance Agency
453 W Fullerton Ave
Elmhurst, IL 60126
Phone # 630-617-9970
Fax # 630-617-9777
Toll Free # 1-866-695-2774
E-mail : [email protected]



Good luck.......Dale

[Pro Stock]

P.S. Please tell Jackie that you heard this from me

.........Dale

[Pro Stock]

Here is part of the correspondence that I had with Jackie:

Dale,
Yes $359.00 would be the premium if you were driving the car on the street. If the value was increased to $60,000 on a 6000 mileage plan, the annual premium would be $544.00 with zero deductibles on comp and collision. If we do $60,000 on a 6000 mile plan with $500 deductible the annual premium is $430.00.

Jackie Schneider
MK Insurance Agency
453 W Fullerton Ave
Elmhurst, IL 60126
Phone # 630-617-9970
Fax # 630-617-9777
Toll Free # 1-866-695-2774
E-mail : [email protected]

[DvBoard]

Call up your insurance agent and ask.

If you don't trust that it won't cause an issue that you already have it, ask it as though you haven't bought the car and are just thinking about it. They should be happy to help as it's gonna mean more money for them.

[BonzoHansen]

... I was able to insure our car for "stated value". ...I'm thinking you meant agreed value.

[Pro Stock]

Agreed value is just another term, same effect, my insurance agency requested pictures, VIN# and copies of insurance policies on my other vehicles, an appraisal was not required. They also asked me if the car was stock or modfied, the premium that was quoted was for a modified car.

..........Dale

[NOT A TA]

Check with your homeowners if the car isn't leaving the property it may be covered to a limit or you might be able to get a rider. I moved my Mustang in an enclosed trailer with no insurance when I was moving, didn't really give it a thought ..... till the whole rig got ripped off! No comprehensive on the tow vehicle because it was old, and so nothing was covered.

[justasquid]

Thanks for all the reply's. I am mainly concerned about it getting ripped off. I would hate to put all the money into the car and have it stolen. With the economy getting worse all the time, it seems theft is on the rise. I may be just paranoid, but I would rather be safe than sorry. I will call my insurance company and see what they say. Even if I can get half of what i have invested covered, it would be better than nothing.

thanks again everyone. I will be checking my insurance as well as others listed..

[wmhjr]

Agreed value is just another term, same effect, my insurance agency requested pictures, VIN# and copies of insurance policies on my other vehicles, an appraisal was not required. They also asked me if the car was stock or modfied, the premium that was quoted was for a modified car.

..........Dale

Agreed value is NOT THE SAME as Stated Value. They are completely different terms with very different consequences.

Here's my understanding - maybe somebody from Hagerty or Grundy could chime in since I'm not an insurance guy - but I've been through this.

"Stated Value" essentially means that in the event of a loss, your property is insured for a value "up to" the "stated value". Actual compensation will be determined at the time of the loss, based on whatever process that insurance company uses. There are many cases where the payout is significantly lower than the "Stated Value". In other words, there is no promise that in the event of a total loss, payout will be the "stated value".

"Agreed Value" essentially means that both the insured and the insurance company agreed to the exact value of the property to begin with. There is no haggling at the time of loss. If there is a total loss, the compensation is the "Agreed Value".

People need to be very very careful about this. There is a lot of incorrect data out there - and people can be real unpleasantly surprised in the event of a loss. On a project where the numbers can get real meaningful, I would not do anything other than "Agreed Value"

[silver69camaro]

Homeowners covers nothing.

I asked my (homeowners) insurance guy about that a couple weeks back. He said if the car is not licensed, it's covered under homeowners...but I'm not putting much faith into that. Honestly, I'd still get a vehicle policy because a higher-end car will eat up your maximum payout pretty quick.

[BonzoHansen]

I asked my (homeowners) insurance guy about that a couple weeks back. He said if the car is not licensed, it's covered under homeowners...but I'm not putting much faith into that. Honestly, I'd still get a vehicle policy because a higher-end car will eat up your maximum payout pretty quick.

I'm going to call my agent on that, but a few years ago my agent said no. Either way I don't trust them. lol

[silver69camaro]

I'm going to call my agent on that, but a few years ago my agent said no. Either way I don't trust them. lol

I don't either!

[novaderrik]

my cousin has had Hagerty insurance on his 69 Camaro for the entire 3 years that he's had it. he tore the car down to a bare shell about 2 days after getting it, and the car still isn't back together. but every time he buys something for the car, he calls them up and tells them what's going on. i think he has it insured for $25k, and they have no problem with taking his money while the car is in pieces in his garage and there is little risk that they will have to pay out on it.

[T-CHRGD]

I got a custom license plate for my Century Turbo Coupe / GNX project (GN HEX) - yes, I'm Pa. Dutch - and if I drop the insurance on it, I have to return the Tag and it can never be re-issued. So, I keep it insured, even though it has not been (and will not be) on the road for years. :screwy:

[vintageracer]

Insurance is for people who have something to lose. If you own nothing who needs insurance.

In most states a car is an insurable item since it is titled and registered. Homeowners insurance will not cover the car. All the insurance you NEED to have on a project car is "comprehensive" (fire & theft) and collision just in case the calls off the trailer while you are moving the car. You do not need liability since the car is not driving on the road.

Comp and collision insurance is CHEAP! Given the amount of money you are spending (you notice I did not say investing) on your car in my opinion you are very FOOLISH not to have the proper insurance coverage on your project car.

Comp & Collision on a project car would be $150 or less/year through your regular local insurance carrier. This coverage will probably not be "agreeed value" coverage but it is better than nothing. Yes, a collector policy is better IF you can also get them to insure the car with only comp and collision or a full policy if needed. Insurance is a liine item expense in your build just like any other part you install on the car. Just remember that the shop were your project car is sitting will not extend insurance coverage to your car. That's your responsibility!

[Chicken Coupe]

Two recommendations.

1-Call your homeowner's insurance agent. You might have coverage depending on "how apart" the car is. You may also have the option of declaring it in a recognizable category for which an additional rider is available.

2-I have my resto project insured with Grundy. The regular insurance was in the mid $3's. I called them before renewing and asked how I could save some $ while it's still undrivable. They revised the coverage and dropped the collision coverage, dropping the annual insurance cost to about $190 for $30K coverage.

[Munster]

Hagarty insurance.. Called them and they asked what amount I wanted to insure it for, they wrote me a Binder and i sent pics and copies of my current insurance. The policy is for building and not driving it. And for a $30,000 policy it is only $124 a year. No hassels. easy.

[Mathius]

I agree that you should call your agent and ask. I have nationwide, and they have a policy program where you can put the car on 'storage' and that covers it against theft or damage.

But understand that on an older vehicle, insurance and value are very particularly. If you don't provide pictures of the vehicle, odometer numbers, modifications, etc. then they don't know what you've done to the vehicle and you can bet you won't be compensated for that type of thing if something happens. Most insurance companies will have some type of program for this.

I know for a fact, that my insurance company will give me liability on my '76 malibu with no questions asked. They will allow me to put it on storage and cover it to a certain dollar amount. But if I want to get full coverage on it, then I have to take it to them and allow it to be appraised, and have pictures taken and a list of what I've done to it.

These things might be a hassle, might even cost money, but when my car is done, I will want to make sure it is taken care of.

Mathius

[wmhjr]

I agree that you should call your agent and ask. I have nationwide, and they have a policy program where you can put the car on 'storage' and that covers it against theft or damage.

But understand that on an older vehicle, insurance and value are very particularly. If you don't provide pictures of the vehicle, odometer numbers, modifications, etc. then they don't know what you've done to the vehicle and you can bet you won't be compensated for that type of thing if something happens. Most insurance companies will have some type of program for this.

I know for a fact, that my insurance company will give me liability on my '76 malibu with no questions asked. They will allow me to put it on storage and cover it to a certain dollar amount. But if I want to get full coverage on it, then I have to take it to them and allow it to be appraised, and have pictures taken and a list of what I've done to it.

These things might be a hassle, might even cost money, but when my car is done, I will want to make sure it is taken care of.

Mathius

Just a further warning - especially if you're dumping lots of time, effort and money in a project....

Unless it is an "Agreed Value" policy, it does not matter if you send photos, receipts, renderings, affadavits, or sworn statements to your insurance company. It also does not matter if they send somebody out to appraise it. In the event of an actual loss, they can/will determine how much they will actually pay out based on their process. You might get lucky and get compensated in the right amount. You might not. It is EXTREMELY rare to find a normal insurance company such as state farm, nationwide, geico, etc who will provide an agreed value policy.

On a project like mine, or for example one like Munster, I would never consider anything other than a specialty company such as Hagerty or Grundy. The few dollars you might save up front will look very stupid if the worst happens, and your car is stolen. That's the real test. When the car is stolen and it can't even be appraised. With specialty companies that focus on classics and customs like Hagerty or Grundy, it's no fuss. If you've got a "regular" company, I wouldn't want to be in your shoes.

[nitrovette]

Ive been using american collector insurance for years,i asked them if i could insure the 70 chevelle while i had it apart they said yes send pics of the car and value of all the parts that are with it.I havent gotten any farther on car so i havent done it but in a few months i will.

[Pro Stock]

From another thread,
Go to www.yenko.net and ask over there,all the deep-pocket Yenko and Baldwin-Motion guys use Tamra so there's your answer. This is the same company that I talked about in a previous thread

Dale

Jackie Schneider
MK Insurance Agency
453 W Fullerton Ave
Elmhurst, IL 60126
Phone # 630-617-9970
Fax # 630-617-9777
Toll Free # 1-866-695-2774
E-mail : [email protected]

[brownz]

I called my insurance agent and told them that i was building my car. 79 Z28. i told them that by the book its not worth **** but i have a ton of money in it with proof of all the money that i have in it. they told me thats all i need to have in order to get the money back if lets say the garage burnt down. but i do keep fire and theft on the car at all times. its real cheap.

[indyjps]

I carry storage* or full coverage on car with no road protection for stated value.* I have to prove to my agent each year that the car is inoperable, quick pic of the empty engine bay does the trick.

[Mathius]

Just a further warning - especially if you're dumping lots of time, effort and money in a project....

Unless it is an "Agreed Value" policy, it does not matter if you send photos, receipts, renderings, affadavits, or sworn statements to your insurance company. It also does not matter if they send somebody out to appraise it. In the event of an actual loss, they can/will determine how much they will actually pay out based on their process. You might get lucky and get compensated in the right amount. You might not. It is EXTREMELY rare to find a normal insurance company such as state farm, nationwide, geico, etc who will provide an agreed value policy.

On a project like mine, or for example one like Munster, I would never consider anything other than a specialty company such as Hagerty or Grundy. The few dollars you might save up front will look very stupid if the worst happens, and your car is stolen. That's the real test. When the car is stolen and it can't even be appraised. With specialty companies that focus on classics and customs like Hagerty or Grundy, it's no fuss. If you've got a "regular" company, I wouldn't want to be in your shoes.

What you're saying is true, and makes sense, but I would be willing to bet even the "normal" insurance companies have policies to suite what you're asking about. Insurance has become one of the most competitive businesses in this economic climate.

Mathius

[justasquid]

Im a chucklehead sometimes. I have a good friend that works for Hagerty insurance. I emailed him and he said he would have one of the sales reps call me.. I'll let you know how it plays out. He did say it was pretty simple, just a few photos and then an agreed price..

I called my insurance complany, which is state farm. I was told in order to get insurance on it, I would have to have it appraised then they would go from there. My local office really wasn't much help as they also said after the appraisal, they still were not sure what they could insure.

[67 ls1 vert]

I lost my house in the 07 wildfires we had here in Southern California. In my garage was my pristine 67 RS camaro with every part on the car new and it burned. The best part was I had it insured for an agreed amount of $40,000 and the insurance paid for it in full with no questions. All they wanted was the car keys. So, I mailed them the melted set of keys and a few days later I received a check.

[wmhjr]

What you're saying is true, and makes sense, but I would be willing to bet even the "normal" insurance companies have policies to suite what you're asking about. Insurance has become one of the most competitive businesses in this economic climate.

Mathius

They do not as a rule have them. If you make that bet, you'll lose. Believe me if you want or check for yourself. Just make sure that you're very very specific and question everything they tell you.

You're right that it's become very competitive. As a result, the majority of the insurance folks you'll talk to at the major players will be largely uninformed and uneducated as to the differences in these policies. As an example, it took about 3 hours to finally get Geico to admit that they do not offer an "Agreed Value" policy. They for a long time kept insisting that a "Stated Value" policy was the same thing. It took a couple levels of escalation to get them honest. Problem was, the first couple people were clueless. You need to specifically ask them for the claims process in the event of theft.

I'm not sure why the big carriers don't get involved in this stuff. It seems as if it's a no-brainer. Most of the cars insured under these types of policies are incredibly well maintained and taken care of, and that the owners are very very careful with the vehicles. While values may be high, risk is lower. But, they don't. There may be a few exceptions, but I spent a good deal of time both for my Pontiac project and for the custom bike I built last year.

[Pro Stock]

From another thread,
Go to www.yenko.net (http://www.yenko.net) and ask over there,all the deep-pocket Yenko and Baldwin-Motion guys use Tamra so there's your answer. This is the same company that I talked about in a previous thread

Dale

Jackie Schneider
MK Insurance Agency
453 W Fullerton Ave
Elmhurst, IL 60126
Phone # 630-617-9970
Fax # 630-617-9777
Toll Free # 1-866-695-2774
E-mail : [email protected]


I was at Z-Max drag strip today for the NMRA race and Hagerty's was one of the vendors set up there, I talked to them about agreed value insurance and they told me that all that would be required was a photo of the car, no appraisal. I filled out a contact form and they are going to forward more info to me, I will let you know what I find out.

Dale

[wmhjr]

From another thread,
Go to www.yenko.net (http://www.yenko.net) and ask over there,all the deep-pocket Yenko and Baldwin-Motion guys use Tamra so there's your answer. This is the same company that I talked about in a previous thread

Dale



Dale, One thing to remember. The deep DEEP pocket guys with Bugattis, Ferrari Dinos, etc use companies like Hagerty and Grundy AFAIK. That's also who groups like Mecum and Barret Jackson use.

I'm going to take a look at Tamra, though. Appreciate the info.

[aany001]

I called my State Farm rep and told them about my project and what I should do.They told me to have the car appraised and they would insure it at a replacement cost.But make sure they put a 19A policy on it cause that is a direct replacement policy of what ever your appraisal was.They appraised my car at 30k and I pay 18 bucks a month for fire and theft so now I can sleep at night with no worries.I hope this helps.
Steve

[Quickstreet]

I asked my (homeowners) insurance guy about that a couple weeks back. He said if the car is not licensed, it's covered under homeowners...but I'm not putting much faith into that. Honestly, I'd still get a vehicle policy because a higher-end car will eat up your maximum payout pretty quick.

No homeowners policy I have seen will cover a motor veh, even if it is not registered or driveable.

[g6t6o]

So if your house burns down and your car is in the garage, homeowners won't cover it at all? Hmph, didn't know that.

[ADaughen]

So if your house burns down and your car is in the garage, homeowners won't cover it at all? Hmph, didn't know that.


The explanation from my insurance agent was:

If the garage falls on the car - home owners covers it.

If the car runs into the garage - the car insurance covers it.


I suppose it all varies by insurance company. Definitely make sure the company will reimburse you for the actual value, and not book value.

My '78 is a limited edition (1 of ~700) but it is not listed separately in any books. I'd hate to get a check for 1/6th what actual replacement value is. :(

[rjsjea]

Just got an "agreed" value policy for $25K for $152/year through Hagerty. For my car sitting in my shop, no driving. Painless process, you can add/remove towing insurance (so it's covered if it falls off the trailer) anytime you want.

[venturabeachpup]

I think it's best to have it pro-appraised and then approach your insurance company. It cost me 120 bucks for the appraisal and that piece of paper made it really easy to deal with my agent.

As your build progresses have it re-appraised every year or so (as necessary) and update your policy.

I too sleep well at night knowing my 67 is covered!