Register now to get rid of these ads!

Projects Do you have insurance on your project?

Discussion in 'The Hokey Ass Message Board' started by HOTRODPRIMER, Jul 9, 2019.

  1. When I was about half way through with the build of the '54 Ranch Wagon I heard about a man that had a fire and lost his garage, a finished car and a project that was close to seeing the light of day.

    The man had insurance that covered his garage & tools, he also had collectors insurance & tags on his running and driving off topic muscle car but to his shock the insurance on the garage didn't cover the 40 coupe he was building, he was out a load of cash and the last time I talked to him he had built a new garage but still hasn't replaced his muscle car.

    After I heard about the accident I talked to my insurance man and told him about my concerns should I have a fire.

    He explained what home owners would pay and like the guy that lost all his toys I have the same type of insurance.

    I have AMPAC collectors car insurance with agreed value and have had it for years but he then told me they offer a very inexpensive policy to cover a project car/truck.

    I took out that policy that very day, he ask me a few questions and I had a 15 thousand policy for a very reasonable amount for every 6 months, the insurance company checked with me every 6 months until I finished the car and I was able to bumped up the value as I got deeper into the project.

    I am not a insurance agent and all I know is the company I am with offers this coverage, there may be others that offer the same thing,

    I would hate to hear any of you guys had a accident and lost a project. HRP
     
    Truck64 and TrailerTrashToo like this.
  2. eaglebeak
    Joined: Sep 17, 2007
    Posts: 1,269

    eaglebeak
    Member

    I have storage insurance on anything that is not licensed for the street.
     
    Black_Sheep likes this.
  3. Black_Sheep
    Joined: May 22, 2010
    Posts: 1,446

    Black_Sheep
    Member

    Same here, when I took the ‘58 off the road for a rebuild my agent suggested keeping storage insurance on it. The premium was reasonable...
     
    dana barlow likes this.
  4. okiedokie
    Joined: Jul 5, 2005
    Posts: 4,778

    okiedokie
    Member
    from Ok

    Had my 55 project covered by Grundy.
     

  5. pirate
    Joined: Jun 29, 2006
    Posts: 1,024

    pirate
    Member
    from Alabama

    Hagerty also offers builders/project insurance at a very reasonable cost. Covers parts either on car or not yet installed.
     
    rockable, BigChief and dana barlow like this.
  6. Yep, I have the ones that are worth anything covered by Hagerty.
     
  7. 34toddster
    Joined: Mar 28, 2006
    Posts: 1,482

    34toddster
    Member
    from Missouri

    I sent pictures to Grundy of cars w/o paint just a project and they won't cover them, I even have Builders insurance thru Grundy!
     
  8. 19Fordy
    Joined: May 17, 2003
    Posts: 8,027

    19Fordy
    Member

    Yes, JC Taylor.
     
  9. lonejacklarry
    Joined: Sep 11, 2013
    Posts: 1,498

    lonejacklarry
    ALLIANCE MEMBER

    Yes, I have insurance with Acuity on all my stuff. Something that a lot of folks do not realize is that their home owners insurance will not cover any item that has the potential to be street legal. Your lawn mowers and stuff are covered but not the projects.

    My Acuity insurance has agreed value for the running hot rods and has what I would call "builders" insurance on the projects. My coverage goes up when I let them know that I would like the agreed value to be increased as I spend money on the car.

    It is cheap considering the loss potential, I think. A couple of weeks ago I added liability to my '37 project and they sent me a card and a bill.
     
  10. pirate
    Joined: Jun 29, 2006
    Posts: 1,024

    pirate
    Member
    from Alabama

    Speaking of project insurance everyone should have a discussion about what exactly their homeowners insurance will cover. I have a lot of tools, hand, power, precision, machines, etc. and was always concerned about theft, fire and everything else. My agent increased the “content” portion to the point I felt comfortable if the house/garage were broken into or there was a total loss due to fire or weather. I was really surprised at how cheap it was. I bet we would all be surprised at the replacement cost of allwe have collected over the years.
     
    Unique Rustorations and slim38 like this.
  11. Bandit Billy
    Joined: Sep 16, 2014
    Posts: 12,287

    Bandit Billy
    ALLIANCE MEMBER

    I swear we already this topic a week ago. That or I am starting to have premonitions. I need a lottery ticket
     
    squirrel likes this.
  12. okiedokie
    Joined: Jul 5, 2005
    Posts: 4,778

    okiedokie
    Member
    from Ok

    Once my 55 was in paint I asked and recd coverage from Grundy. I have two other rods car veered by them so maybe that matters.?
     
  13. BamaMav
    Joined: Jun 19, 2011
    Posts: 6,713

    BamaMav
    Member
    from Berry, AL

    Still carry my Grundy coverage on mine. Required by the state since it’s tagged. It’s close enough now to running it just looks like I’m doing maintenance. If it was to burn you wouldn’t know if it was running or not, most all the pieces are there.
     
  14. Excuse me, I obviously missed it. HRP
     
    reagen likes this.
  15. When my new garage is complete, because I have a 100 replacement value policy, I'm going to have to do an inventory of my tools and declare the value.
    I am also going to change companies for the vehicles I am working on. I know there are some good insurance companies selling coverage in BC, but I am going to have to ask around to make certain that I sign up with the best provider.
    Bob
     
    HOTRODPRIMER likes this.
  16. clem
    Joined: Dec 20, 2006
    Posts: 4,190

    clem
    Member

    DO YOU HAVE INSURANCE ON YOUR PROJECT?

    Absolutely, my project is worth more than any of my drivable cars.
     
    HOTRODPRIMER likes this.
  17. FrozenMerc
    Joined: Sep 4, 2009
    Posts: 3,093

    FrozenMerc
    Member

    Yes.

    Because Snow collapses roofs, Planes fall out of the sky and Tornadoes.....

    This was a result of a storm 2 nights ago, a few miles south of my shop. There was a project car in that garage.

    [​IMG]
     
    Last edited: Jul 10, 2019
    HOTRODPRIMER likes this.
  18. 1ton
    Joined: Dec 3, 2010
    Posts: 688

    1ton
    Member

    No insurance on the project cars and liability only on the ones that are drivers. My insurance agent hates that. Here in hellinois, everything is overpriced but my annual payment is just over $600 with five cars or trucks on the road for me and the wife. Call it a gamble if you wish but I'm willing to lose a vehicle than pay a ton of cash every year.
     
    HOTRODPRIMER likes this.
  19. hotrodj54
    Joined: Jun 1, 2007
    Posts: 634

    hotrodj54
    Member

    i have hagerty, great people. and yes i have insurance on my projects. i rent a wharehouse and its good peace of mind to know if something happened they are covered.....john
     
    HOTRODPRIMER likes this.
  20. squirrel
    Joined: Sep 23, 2004
    Posts: 55,942

    squirrel
    Member

    Buying insurance is placing a bet that something bad will happen...you'll get a big payoff. Not having insurance is a gamble that nothing bad will happen. If something bad happens, you lose. The odds are that nothing bad will happen.

    The house wins, over the long run. In the short run, insurance is not that expensive.

    Most folks don't look at it this way, of course.
     
    Ron Funkhouser, trollst, clem and 4 others like this.
  21. You got that right Jim, I believe my builders insurance broke down to about 10 dollars a month, thankfully I didn't need it but to me it was worth a few bucks not to suffer a loss like my friend. HRP
     
  22. BamaMav
    Joined: Jun 19, 2011
    Posts: 6,713

    BamaMav
    Member
    from Berry, AL

    I’ve said for years that all insurance is legalized gambling. You’re gambling you might need it, insurance companies are gambling they can take your money and never have to pay you anything. It is rigged to the companies favor or they couldn’t afford to do it. Like Squirrel said, odds are you will never have a claim, so the company wins the gamble. It’s rigged so they have the right to set conditions you have to meet for them to gamble on you. And they also insert those fine print clauses that let them deny you or cancel you and you have no recourse against them. Only difference between insurance companies and the Mafia is insurance companies don’t break your legs or knock you off for not paying, they just blacklist you and make it harder ( read that more expensive) for you to get coverage, I.e. say you are a high risk. High risk equals more money to them for same coverage. Good racket if you can pull it off, and they do it every day......
     
  23. lonejacklarry
    Joined: Sep 11, 2013
    Posts: 1,498

    lonejacklarry
    ALLIANCE MEMBER

    All you have to do is not buy the insurance. Problem solved.
     
    HOTRODPRIMER likes this.
  24. sololobo
    Joined: Aug 23, 2006
    Posts: 8,378

    sololobo
    Member

    Hagerty is THE BEST. I have had two other vintage ins. folks. Hagerty wins hands down. I love their mag they issue, cool tech, and amazing coverage not seen in the zines off the rack.
     
  25. The37Kid
    Joined: Apr 30, 2004
    Posts: 30,629

    The37Kid
    Member

    Hagerty must be the largest in the "Collector Car" market they advertise here on the radio.

    Bob
     
    HOTRODPRIMER likes this.
  26. 1ton
    Joined: Dec 3, 2010
    Posts: 688

    1ton
    Member

    Geez BamaRav That was quite the rant. But I agree with you wholeheartedly. I am fortunate to have one claim in my 42 years of driving. I'm not a big fan of paying insurance companies money to reimburse me if I ever need it. Unless it's an agreed value type of insurance, it's a gamble.
     
    HOTRODPRIMER likes this.
  27. squirrel
    Joined: Sep 23, 2004
    Posts: 55,942

    squirrel
    Member

    If you add up all the premiums for full coverage that I did NOT pay over the past several decades, it's enough to buy a new car, eh?

    But it's always a gamble, one way or the other
     
  28. dorothydun
    Joined: Aug 2, 2021
    Posts: 1

    dorothydun

    I don't know about insurance for my project, but I managed to insure my property. Property insurance for individuals is a reliable way to compensate for possible losses in damage or loss of immovable or movable property. Every citizen has the opportunity to insure an apartment, house, car, jewelry, art, or other property of value. Ensuring any item is expensive. So you should think carefully before taking out insurance. You can go to an insurance company that will offer you insurance at a more affordable price.
     
    Last edited: Aug 3, 2021
  29. jnaki
    Joined: Jan 1, 2015
    Posts: 9,295

    jnaki

    Hello,

    Insurance is a money making game that we all play. It is for…insurance that nothing major will happen. Cars, houses, bikes, sailboats, and even life itself. Why do we pay for insurance? No one wants a major expense to bring down the family or to have a lifetime debt for the rest of the family to ponder. So, we pay insurance to cover our selves, personal property, etc. it is a back up for our possessions, including our selves for our family’s future.

    It was one time that something goes wrong and there is no insurance, the cost to replace or at least make less expensive is nice to have. When the repairs are going on in the project rebuild, not all is a happy place until the item is repaired and functioning again.

    My wife and I have been together for over 50 years. We have insurance and sometimes, it is a little overboard, but it is for the major things that will cost plenty when repairs or replacement is necessary. But, over those wonderful years, we had only two major things go wrong that the insurance took care of in record time.

    When our family lived in an 60s house in a nearby community, the whole area was piping under the concrete slab. One day my barefoot felt warm on a certain spanish tile in the kitchen. All of the other spanish hexagon tiles were cold, keeping our house relatively cool during the summer. So, that was not normal. I had a stethoscope and put it down on the warm tile. The sound of running water was evident although no one was using any kind of water.

    The leak was embedded in the concrete slab and the cost of repairing it was horrendous. The insurance company saw that the cost of the tiles alone would run into the 10k realm. So, they decided in their wisdom to pay for rerouting the water lines from under the concrete floor and up into the attic for the whole house. The cost to us was a $500 deductible, not $10,000. The insurance pays off for us.

    The second incident was a leak from a in house fire sprinkler system that had a leak in the lines over the attic of the garage in our most recent home. The water leaked overnight to the point of dropping the soaked drywall down onto the garage floor just a few feet from our cars. Then the water had leaked steadily until I woke up in the morning.

    The insurance looked at the shut off leak, the damage done by the water and said get it repaired at our cost. It was in the 1000s and the emergency lines had to be fixed by a specialty fire standards reputable/licensed company, not just a home depot PVC pipe replacement. The bad thing was, the fire sprinkler system is always on and the water is just ready at any notice or heat.

    So, the water was leaking down into the garage and as most garages are slightly sloped, it ran out to the street. it was a good thing I normally get up at 3:45 am and saw the damage along with the running water. Once stopped, the insurance company came out in an instant and took care of business. again, less our deductible from the home insurance plan.

    Jnaki

    Does having insurance on cars worth it… as the second biggest expense for any household, yes. It covers anyone for major things that will put a dent in your savings. Is it wise to have insurance, yes as it give everyone(almost everyone) a satisfaction that something not in control of you will be covered and not keep you under wraps for a long time covering the expenses.

    We don’t claim everything that is not covered by the deductible and/or is well over our usual bills. Sometimes it is better and easier to get a repair done without involving the insurance company. Those reported incidents are recorded by the insurance company and will apply later when the damage claims continue to rise all the time. YRMV
     
  30. trollst
    Joined: Jan 27, 2012
    Posts: 2,108

    trollst
    Member

    For my projects, I insure myself, my finished cars are insured, even though it'll be me who repairs it. I insure them because I cannot afford to replace them, where my projects are built out of my pocket and really have no value till they're done. I really don't have any respect for insurance companies, my house insurance used to be with the same company, forty years worth of premiums paid to them, in the end, a hell of a lot of money. I asked about making a window claim, they said sure.....but your premium is gonna go up for three years at 30%. They don't insure me now.......
     
    dirty old man likes this.

Share This Page

Register now to get rid of these ads!

Archive

Copyright © 1995-2021 The Jalopy Journal: Steal our stuff, we'll kick your teeth in. Terms of Service. Privacy Policy.

Atomic Industry
Forum software by XenForo™ ©2010-2014 XenForo Ltd.