When do you insure your project?

[zooboy]

At what point in a project do you insure your car? Here's a little background. I have owned my 69 Camaro since high school ( 25 years ago) and it has been off the road since 1989. I had dropped the insurance when I dropped the tags and did not change title to off road. The car needed everything when I started eight years ago and insuring it was not my top priority. Now that all the sheetmetal has been replaced and it's almost ready for paint I'm starting to think about protecting my ever growing investment. I called the insurance company and they want to have it apraised but it's not finished and the apraiser wants one hundred dallars to do the apraisel. Most of the work I'm doing is in my buddy's shop so the car is not under my roof and his insurance will not cover my car if my car was wiped out while in his shop (stolen, fire, tornado, ect.). My first thought was to wait until the car was done and get it when I bought tags but when you look at the investment in a unfinished car does it make sense to insure now. Any thoughts?

[rivs68]

I insured mine very early on...Mine was in my garage in a million pieces and State Farm allowed me to insure the car unlicensed and immobile for an agreed upon value....basically I said I want $25K insurance on an undrivable car and it was no problem....and it was very cheap....My homeowners wouldn't cover a car in my attached garage....running or not....

hope this helps

[TheJDMan]

Get in touch with Morgan at http://haydenwood.com/hwimotors/ he is a member here and a great car guy. He can tell you anything you might want to know regarding insuring your project.

[SPCHIV]

Second the Morgan advice.

[SparkyRnD]

I insured mine with Morgan before we even started on the project. We call in with updates, and raise the price accordingly to represent the actual value at specific stages. That way, if the shop burns down or the car gets stolen, we are fully covered, even if the shop is under-insured