Insurance on car while its being restored

[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 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 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!