GazGuzlingPower

Insurance for outdoor stored unregistered undriven classic

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Hagerty will not insure a car for fire, theft, vandalism, hail, flood, tree falling that is not stored in a locked garage. The big regular car insurance companies (GEICO, Progressive, etc.) are happy to insure an unregistered classic that is stored outdoors (after all they have to insure cars in many states before the person goes to the DMV to get it registered), but they don't have a storage-only policy, so you're stuck paying for a premium based on the incorrect assumption that the car will be driven to some degree in order to get in covered against a tree falling on it. In other words, comprehensive coverage, which is extremely expensive. It is not possible for me to have a garage or to store the car inside, and it will be a few years before the car is roadworthy so I would have to pay a couple thousand dollars a year on insurance that covers a much greater risk than my actual risk (since I am not going to drive it, and driving is of course the greatest risk), so the question is this:

 

Is there an insurance company that will insure an unregistered classic car against vandalism, hail, fire, tree falling, etc. (all forms of non-driving related damage) without getting full comprehensive coverage which unnecessarily and expensively covers driving?

 

Edited by GazGuzlingPower
typos (see edit history)

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Don't bother with State Farm even with inside locked storage..    As I was finishing up a 67 Mustang, they would not provide Antique Insurance rate until it was drivable. 

To get comprehensive Ins, I had to purchase regular insurance. 

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As an insurance employee, I doubt it.  What exactly do you want coverage for?  Wind/storm/hail/theft?  That's comprehensive.  If it's just collision you don't want, the major carriers will often take that part out, but insuring any classic vehicle with a major carrier is never a good idea because that's not what they do.  They can't properly underwrite or process claims on such vehicles, I don't care what they say.

 

Major carriers are the ones you see commercials on TV for.

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I have a cover called 'Laid Up' here in Oz for my 26 Rover - basically only covers a total loss caused by the house burning down or otherwise destroyed. A$60/pa covering A$9500, unfinished restoration. Have a kit car (Lotus 7 clone) covered for $23k for $290/pa, only to be used for 90 days/pa. Insurer is selective about what they cover - for ordinary stuff like Mazda3, their quotes are prohibitive.

I think you need to look for a speciality firm, or go through a broker.

 

jp 26 Rover 9

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In my opinion, the best policy is to spend $100 a month to get the car into a garage.  That will pay benefits of preserving the car while you get organized to begin the restoration.  Even if you're able to find 'insurance' for a car stored outside, it will not compensate you for the annual degradation in condition caused by Mother Nature.  You'll be money ahead in the end.

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11 hours ago, GazGuzlingPower said:

...so I would have to pay a couple thousand dollars a year on insurance...

 

In what state do you live?

Modern-car insurance costs evidently vary tremendously

among locations.  The price variation is undoubtedly

caused by the level of crime, and especially by a state's

legal protections or lack thereof.  In a safe and less-urban part

of Pennsylvania, the cost might be $200 or $300 a year.

Edited by John_S_in_Penna (see edit history)

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I've got my 1957 International pickup with State Farm, comprehensive only until I get it drivable. No fake "agreed value" BS, just comprehensive, it's  $19 every 6 months. If something were to happen to it they'll send out an appraiser to determine total loss value, or "go off my stack of receipts and reimburse me my expenses" 

 

I did have to get a "full policy" I just had them suspend the collision, liability, and whatever other coverages they throw on, but left the comprehensive activated.

Edited by Plyroadking (see edit history)

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Isn't there some component of your homeowners insurance that will cover the loss you are trying to cover?  I also agree with Em Tee that keeping the vehicle indoors saves alot more risk from mother nature than an insurance company can provide.

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1 hour ago, 39BuickEight said:

Homeowners doesnt/cant cover anything that can be licensed for the road.

 

Yes but they do cover art.

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And my tractor and ATV as long as the loss occurred on my property...................Bob

Edited by Bhigdog (see edit history)

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2 hours ago, JFranklin said:

 

Yes but they do cover art.

They can cover 99% of the things in the world that people own.  There are very few exclusions, motor vehicles being one.  States have laws and statutes regarding motor vehicles that require those policies separately written.  I doubt any insurance agent or adjuster could or would cover any auto as art without violating a statute or a dept of insurance rule.  I know the company I work (a major insurer) for would not do that, and we are all governed the same (by state).

Edited by 39BuickEight (see edit history)

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I may have missed it but what kind of car are we speaking of here and what is the current condition ?? Is it a 30's classic, 60's muscle car, or just a nice 80's sedan looking to be a driver someday ? Approximate value in it's current condition ?

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I guess I am stupid ....

 

The OP wants an insurance company to assume the risk for storage outside of a locked garage for their vehicle.

 

That is a scenario anticipating a loss and a claim.

 

What is wrong with this picture ?

 

Jim

Edited by Trulyvintage (see edit history)
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Also, no reputable carrier should knowingly put any auto coverage on a vehicle that is not roadworthy.  Premiums are based on value, and there is no way to objectively value a vehicle that is not roadworthy.  There would be no way to properly settle a claim on such a vehicle. 

 

Unfortunately the only way you may find any way to cover it would be to find an agent who doesn't understand the policy they are selling and an underwriter who doesn't realize what the condition the vehicle is in.  At best you will be paying a premium based on a completely subjective value.

Edited by 39BuickEight (see edit history)

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43 minutes ago, Trulyvintage said:

I guess I am stupid ....

 

The OP wants an insurance complany to assume the risk for storage outside of a locked garage for their vehicle.

 

That is a scenario anticipating a loss and a claim.

 

What is wrong with this picture ?

 

Jim

That's what I'm doing, if it were stolen or damaged during a tornado/hail/fire I'd like to get my investment returned. It's insured with a State Farm standard vehicle full coverage policy with everything but the comprehensive coverage suspended. They regularly do it and did it for my other cars before I took my classics elsewhere after learning my "agreed value policy" wasn't worth the paper it was printed on. 

If it's a total loss, they'll appraise it and give me that amount or add up my receipts and reimburse me for that amount. 

20160613_195543.thumb.jpg.90893be705470d0ee97474c9be73c339.jpg

 

 

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I very much doubt any insurance co would "add up your receipts and pay you that amount".

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I do like that truck, but as mentioned, no reputable insurance company (other than a specialty classic insurance company-with their rules of course) should knowingly put any coverage on that vehicle other than liability (which of course you don't need or want).  It goes against the way insurance policies are worded, written, and governed.   They can't accurately determine what it's worth in that condition, so they can't accurately charge you a premium--and that's a huge no-no for any insurance company.  I work with State Farm every day on claims and, unless you are paying off your agent to handle the claim and pay you themselves (which they do sometimes), you aren't getting anything based on your receipts.  Many policies, not all, but many, specifically use the term "dead storage" in their exclusion language--meaning if it's something that doesn't work, can't work, can't be valued, or otherwise not useful, then it's not covered.

 

I wish you the best, but be careful because you sound like you are expecting a lot more than is realistic.  Remember, just because you find a policy doesn't mean it will cover what you expect-or at all.  That could be the fault of the agent who sells it or the person who applies for it.

 

For the sake of gathering info, what do you expect that truck to be worth, in your opinion?  I have no idea, just wondering is it is worth even having insurance on it?

 

It already needs some body work and paint, so having comprehensive/other than collision/whatever you want to call it coverage for any body damage (hail/fire/tree falling/etc) would likely not trigger much of a claim payment.  Is someone going to steal a part off of it (deductible applies)?  Is someone going to steal the whole thing?  I guess anything is possible.  Are you going to strike an animal?  No.  Just asking questions that come to mind since I deal in this everyday.

Edited by 39BuickEight (see edit history)

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Just a thought but there are a number of portable garages/garage in a box that could be erected around the truck and one that is completely enclosed could be locked.

 

Some applications may ask for the construction of the garage.

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5 hours ago, padgett said:

Just a thought but there are a number of portable garages/garage in a box that could be erected around the truck and one that is completely enclosed could be locked.

 

Some applications may ask for the construction of the garage.

I've thought about that but with the wind we get here they don't last very long

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17 hours ago, 39BuickEight said:

Also, no reputable carrier should knowingly put any auto coverage on a vehicle that is not roadworthy.

 

Not true.  Haggerty (and possibly others) will write insurance policies for unregistered project cars, parts, and tools.  The cost of this coverage is unlikely to make it worthwhile for most, but you CAN get coverage.

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5 hours ago, 39BuickEight said:

I do like that truck, but as mentioned, no reputable insurance company (other than a specialty classic insurance company-with their rules of course) should knowingly put any coverage on that vehicle other than liability (which of course you don't need or want).  It goes against the way insurance policies are worded, written, and governed.   They can't accurately determine what it's worth in that condition, so they can't accurately charge you a premium--and that's a huge no-no for any insurance company.  I work with State Farm every day on claims and, unless you are paying off your agent to handle the claim and pay you themselves (which they do sometimes), you aren't getting anything based on your receipts.  Many policies, not all, but many, specifically use the term "dead storage" in their exclusion language--meaning if it's something that doesn't work, can't work, can't be valued, or otherwise not useful, then it's not covered.

 

I wish you the best, but be careful because you sound like you are expecting a lot more than is realistic.  Remember, just because you find a policy doesn't mean it will cover what you expect-or at all.  That could be the fault of the agent who sells it or the person who applies for it.

 

For the sake of gathering info, what do you expect that truck to be worth, in your opinion?  I have no idea, just wondering is it is worth even having insurance on it?

 

It already needs some body work and paint, so having comprehensive/other than collision/whatever you want to call it coverage for any body damage (hail/fire/tree falling/etc) would likely not trigger much of a claim payment.  Is someone going to steal a part off of it (deductible applies)?  Is someone going to steal the whole thing?  I guess anything is possible.  Are you going to strike an animal?  No.  Just asking questions that come to mind since I deal in this everyday.

It's insured just as every other vehicle is in the neighborhood that sits outside, it just has everything else suspended. 

 

For value I've been collecting Craigslist and ebay ads every time something comparable comes along, asking prices are $3,500- $5,500ish. There's a fully restored one for $50k that's been for sale for at least a year. I have $2,500 total in mine, half of that is wheels and tires. A coworker has offered $6,500 for the truck once I finish the power steering/brakes addition and some wiring. But I'm not really interested in selling it. 

 

I'm not worried about someone stealing parts, mostly just the whole truck or a tornado. The way the it was explained to me if the truck were stolen they'd find a comparable for determining a value. Since they only wanted 1 picture of the truck there's no possible way they have anyway to know what I had. So they said they'd go off of my receipts for a value. (Still no way to prove that the receipts are actually for parts I actually put on that truck) with my previous experience with them it's probably a line of BS just like their "agreed value policies" but I learned from last time and wrote emails rather than just phone conversations. They said once I'm ready to take it on the street to let them know and they'll reinstate liability and collision.

 

As for bodywork, I'm not even going to wash it. I like the Moss and liken growing on it. Also the main reason St Farm won't do an "agreed value policy " on it. My plans are to finish getting it road worthy this spring, reinstate the full coverage with State Farm and switch it to my classic car insurance company once I get another garage built to park it in.

 

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7 hours ago, Restorer32 said:

I very much doubt any insurance co would "add up your receipts and pay you that amount".

Not to be argumentative, but that's how Flo from progressive came to determine the value of my "totaled" 40 plymouth when their driver caused the wreck. They couldn't find any comparables that were similarly equipped or even the same year. They offered exactly the amount that my receipts totaled to plus what I paid for the car. I wasn't as religious as I should have been with keeping receipts and took the offer and made up the loss on the injury claim.

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47 minutes ago, joe_padavano said:

 

Not true.  Haggerty (and possibly others) will write insurance policies for unregistered project cars, parts, and tools.  The cost of this coverage is unlikely to make it worthwhile for most, but you CAN get coverage.

You are correct Joe.  I failed to clarify that I wasn't talking about the specialty auto insurers, but rather the large national multi line companies.  I actually have a project policy on my car with Hagerty.

Edited by 39BuickEight (see edit history)

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There are very few absolutes in regards insurance sales and coverages.  There are always judgment calls made, and lots of gray area.  I just want to pass along as much info as I can as an employee in the industry.  Insurance policies are governed, and this vehicle is a very tough one to deal with for any company in terms of proper underwriting and claims processing.  Often policies are issued incorrectly, whether because the agent doesn't want to say no or because they don't understand the way claims are handled.

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