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.

[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