Insuring a Restoration Project

[Roger Frazee]

I called my State Farm agent today to see if my incomplete Corvair project was covered by my homeowners policy.

 

I was advised that homeowners insurance does not extend to automobiles.  Furthermore I can't get auto insurance on the vehicle until it is finished.

 

My poor little Corvair is truly unsafe at any speed.  Any suggestions on how I can get a policy on this project, to protect me from fire and theft until the car is roadworthy?

[Dave39MD]

Hagerty Ins. has a project of mine insured.

 

Dave

[alsancle]

This question was asked last month here:

 

 

 

My personal opinion is the only risk to the car is fire since you can't drive it.  Self insure and don't let it burn.  You will save a lot of money.  Insurance costs are going through the roof. 

[Twisted Shifter]

44 minutes ago, Dave39MD said:

Hagerty Ins. has a project of mine insured.

 

Dave

"Ditto".

To my understanding, Hagerty will insure your non-running project and increase your coverage as you ad $$ through the restoration process. They also offer coverage on parts and accessories separate from your car in case of a loss or theft. Your homeowners policy should cover tools and equipment, but not auto parts.

Good security and safety standards should not be overlooked, though.

[Gunsmoke]

Yes, I have ben restoring my 1931 Chrysler CD8 roadster for about 8 years with Hagerty Insurance based on my assessment of current value as $20K. It is probably time to update the value. Since the premium is based on value insured, they don't require an independent appraisal. Mind you, if I gave them a very high value, they might ask for an independent appraisal, pictures etc. They are wonderful to deal with in my experience, have had cars insured with them for 15 years.

[Swear57]

I have State Farm for my home owners, all our rentals houses all my business pickups,  the wifes suburban and all my car's and trucks from 1907 to 1967. I just got notices that the 13 Buick which I have insured for $31,000 when it comes do they will only insure it for $22,500. My weekly driver a 31 Model A pickup will only be insured for $7,800. Needless to say they won't have any of the old cars.

 

Jim

[rwchatham]

Hagerty is great , they insure my projects .

[TAKerry]

I have Grundy and have talked to them about insuring my project car. They said they would consider it being that I have another running car insured with them. Which reminds me, I need to get on this!

 

I had a catastrophic fire in my barn/shop a few years ago. I had a car in there I was working on (which caused the fire!). I had double insurance 1. a commercial policy and 2. my homeowners policy. Neither would cover the loss of the car, as you were told it needed its own automobile policy. However, any and all LOOSE parts I had were indeed covered under my homeowners policy. I had many, many thousands of dollars worth of parts that I listed and used realistic replacement values picked from either catalogs or online listings. The insurance did not argue at all over the reimbursement. The key is to keep a detailed list of what parts you have, as well as tools, material etc. etc. Pictures are a good thing as well. 

[Gary_Ash]

J.C. Taylor will also insure a car undergoing construction or restoration.  At some point during the 12 years of my Indy car replica project, I realized I had a fair amount of money tied up in the project and a garage fire would be very expensive.  I declared a value and they added it on to the premiums I was paying for three other cars, but it wasn't a lot of money.

 

The (insured) chassis in 2014.

 

All finished, licensed, and fully insured in 2022 at the Heritage Museum and Gardens.

[dship]

I also use JC Taylor as my classic car insurance here in MA.  When I was working on completing an '85 Riviera, they had no problem insuring it as an unregistered/incomplete auto.  They are top notch/hassle free IMO. 

[Str8-8-Dave]

16 hours ago, Dave39MD said:

Hagerty Ins. has a project of mine insured.

Mine is an off-the-road project insured by Hagerty.  I had it on the road for awhile and under Hagerty's revised policy they were reluctant to let me pause the on-the-road coverage while the car went back into restoration mode, but after they reviewed my coverage history, decided they would let me pause the on-the-road stuff.  I was told new policies would allow a car to be covered while in process of being restored but once the car was insured for the road you can no longer take on-road coverage off.  That's expensive if the car is on stands in the garage.   

[arcticbuicks]

my cousin in martinez ca.......bought a new dodge diesel a few years ago.......smelled something melting first few days.....had it back to the dealer few times.....long story short .....she came home to major fire and several houses burned down around her........investigators traced the start of fire back to the truck.......after 4 years of lawsuits from the area homes etc .......lucky she had it insured .....and she sued dodge 

[JACK M]

4 hours ago, arcticbuicks said:

my cousin in martinez ca.......bought a new dodge diesel a few years ago.......smelled something melting first few days.....had it back to the dealer few times.....long story short .....she came home to major fire and several houses burned down around her........investigators traced the start of fire back to the truck.......after 4 years of lawsuits from the area homes etc .......lucky she had it insured .....and she sued dodge 

Bought my Ram in 6 of 2021.

Started getting recall notices right away about some relay that could cause fire, but they were back ordered on parts.

Those notices suggested that it not be parked in a garage or even near a structure.

But dealer says no parts yet. I suggested that since I keep all my stuff garaged that they might want to get on this recall so as to avoid litigation should the worst occur.

Well, my parking garage in this case is away from the house. 

But still no parts. I get the post card about once a month. But still no parts,.....they are allotted two kits per week or some BS like that and I am mid list of  some several hundred trucks in que.

Just the other day (2 1/2 years from new) they finally got the parts and installed the next day.

 

Not sure if I should be relieved or pissed.   Probably both.  (pun)

[arcticbuicks]

you had the covid delay i guess ?

but been a lot of fire hazard vehicle issues it seems

[Jack Bennett]

I have three antique car restoration projects in the oven at this time. 
Two of them are completely operational, and, while it is fun to drive them occasionally, it would be foolish to drive them regularly.

I bought insurance with Hagerty’s on two of the three while they were still no more than rolling chassis, but I needed the coverage as it became necessary to test drive them as they neared a roadworthy condition.

The third vehicle is far from being able to move under its own power, but when it comes the time it can, and the car becomes mobile, I will buy coverage with Hagerty’s on it also.

This company includes roadside service with its antique car policy, and while I have never used it, this is a valuable asset to have when test driving a car well past its 90th birthday.

Jack

[JACK M]

1 hour ago, Jack Bennett said:

This company includes roadside service with its antique car policy, and while I have never used it, this is a valuable asset to have when test driving a car well past its 90th birthday.

I have Hagerty, but don't be confused about the roadside service.

Probably good for what Jack is doing but when I had a failure some 50 miles from anywhere, they wouldn't come and tow me unless I upped the coverage.

Seems that coverage is only good for ten miles.

I don't care to be held hostage like this so I got a Good Sam roadside policy that will tow some distance, be it a motorcycle or Motorhome.

I still think Hagerty is good for what you get, but that towing part isn't worth the upgrade for me.

[60FlatTop]

As soon as I bought this '61 XKE I insured and licensed it. Otherwise I would not have legally consummated the purchase.

 

I also licensed this one.

 

It is really important to me to take ownership before I take further action. The Jaguar I sold. The Lincoln I parted out. In either instance I was ready, each had the potential for me to keep.

Edited November 26, 2023 by 60FlatTop (see edit history)