Topic: INSURANCE on my restoration project

[67gtasanjose]

Since my car has been in storage since 1998, I have been NOT carrying any insurance coverage on it.

Yesterday, I heard of a tragic story about a local man's garage burning down, taking out over $75K worth of cars with it  Very nice old street rods, high caliber workmanship.

I just talked with my insurance agent today and he is not sure how I could set a value to my parts/pieces etc. while it is all apart.

Naturally, I have most documentation of what has been spent, though I do not have any actual TOTAL costs spent, I would need to figure that out.

My insurance agent said he will ask around what might be best, he mentioned HAGGERTY, but would have to go direct to them.

Any other ideas? I cannot be the first to need something like this.

The situation in Buffalo recently, with roofs caving in and the likes, that also spooks me a little...My garage has a flat roof and am looking at having a new roof put on already for leaks so that weighs in.   

How does the valuation (of any potential insurance coverage) change as you assemble the project?

Help?

Richard

[67gtasanjose]

GRUNDY...Needs to be over 80% complete

HaggertY: Need to still call them.

Condon Skelly? Anybody heard of them?

[carlite65]

i have heard of condon & skelly........no info though. have you tried j.c.taylor??

[J_Speegle]

Got Haggert on my incomplete car - Not always the cheapest but didn't seem to blink when I described the car in the application

[Paperback Writer]

On the recommendation of a friend, I first tried contacting Hagerty during the restoration of my car, but I found them to be difficult to work with, and judging by the 3-4 agents I spoke to there, generally not a very friendly group of people...

My daily driver insurance company (Amica) suggested that I try contacting American Collectors Insurance, and they were who I eventually went with.  I haven't had to make any claims - I don't know how easy they will be to work with if that should ever happen - but so far they've been great: no hassles on the agreed insurance value, and they provided several options to lower the premiums...

[J_Speegle]

My daily driver insurance company (Amica) suggested that I try contacting American Collectors Insurance, and they were who I eventually went with.  I haven't had to make any claims - I don't know how easy they will be to work with if that should ever happen - but so far they've been great: no hassles on the agreed insurance value, and they provided several options to lower the premiums...

Will they cover incomplete, under construction or that style of collector car?

[CharlesTurner]

I've had restoration insurance on cars before, but usually had a complete classic restored on the same policy.  If I remember right, it was stated value with Hagerty.  Never any issues, but never had any claims either.

[69cobrajetrugae2]

The homeowners insurance should cover given the right endorsements. Everything in the home and garage should be videotaped and time stamped and a copy kept in a different location or cloud saved.  Some folks have expensive jewelry and paintings in the home that are covered.

 Read the declaration page of your homeowners policy and note the exclusions. Since 911 there is a terrorist exclusion for example. Flood or earthquake are typical exclusions and require specific policy endorsements.

Haggertys and other classic car insurance carriers are secondary insurance companies. It was like pulling teeth to get them to send me a policy so I could read it before I purchased it.  They have all kinds of exclusions that a primary insurance company like state farm does not have.   

[tobkob]

Haggerty is who I have my GT350 insured with. Incomplete, ongoing restoration, no problem. Everyone I have spoken with has been very nice and helpful.

[hopeto]

Insurance policies/forms do vary from one state to another. Check your own personal situation. As a general statement the vehicle would not be covered under most homeowners policies.  Parts "could" be covered under the personal property section of your homeowners policy. You would need a policy on the vehicle itself such as Grundy, Heacock, Haggerty, Classic Collectors, etc. Each company has there own underwriting guidelines as to how complete a vehicle needs to be in order to offer coverage. An "agreed value" coverage is generally considered better than "stated value" coverage for a collector vehicle type policy. On a homeowners policy for a covered loss (under personal property) the 2 types of coverage are called either "replacement cost" or "actual cash value". Check your coverage/policy.

[rodster]

Haggerty is who I have my GT350 insured with. Incomplete, ongoing restoration, no problem. Everyone I have spoken with has been very nice and helpful.

+1  Hagerty

Same here. Increased coverage as the restoration progressed.

 I believe they may have some coverage for parts too. Knowing us car guys can collect (hoard)    NOS parts. 

[Paperback Writer]

Will they cover incomplete, under construction or that style of collector car?

Yes, I would periodically send in photos, and then we would increase the agreed value of the car as the restoration progressed...

[Skyway65]

+1 Hagerty. 

My car was, at one point, nothing but a collection parts and pieces.  Hagerty insured those parts and pieces.  As the car was slowly assembled the value was increased to reflect the increasing value. 

When I had my small accident  last summer they had a check to me within 2 weeks--NO issues at all.   

[priceless]

Try Heacock. Great people. Even got to meet Ford Heacock at the 50th. Super guy. He was amazed at how long We've been with them. 16 years. They (Heacock) even covered our Mustangs when they were in pieces.  They are also endorsed with MCA. 

I never had a claim, but my (Late) father-in-law did only after having insurance with them for 4 years. He pulled in front of a car, with his '67 Mustang, at a slow intersection (thank goodness it was slow moving), and got smashed in the RR quarter panel. Was his fault.

We talked with Heacock and they had a local adjuster come out within 3 days. They were back up with my father-in-law in 3 days, and he received a check in the mail in 5 days. He got to choose who he wanted to do the repair. My dad in law was very pleased as I myself was too. Premium DID NOT increase.

Some of you may remember them as Parrish-Heacock. Mr. Parrish passed away some years back. 

   

[krelboyne]

For a homeowners policy there will likely be a dollar limit for specific items with significant value. I checked some years ago for my firearms, my agent said that there is a limit of $2000 for firearms. I would have had to get a rider policy if I wanted to insure them for full value. Car parts would likely be similarly limited.