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Technical How do you insure a parts for project.

Discussion in 'The Hokey Ass Message Board' started by mcmopar, Jun 10, 2019.

  1. chopolds
    Joined: Oct 22, 2001
    Posts: 6,208

    chopolds
    Member
    from howell, nj
    1. Kustom Painters

    It's been a while since I checked, but I think American Collector's Insurance has "project car and parts" insurance.
     
  2. Boatmark
    Joined: Jan 15, 2012
    Posts: 384

    Boatmark
    Member

    From the perspective of a former Insurance Adjuster, some advice I give everyone.

    First, insurance is a simple contract. You pay them a specified fee, to assume a specific risk on your behalf, for a specific period of time. Full stop. There are actually very few grey areas to the contract of insurance - aka the Policy.

    Second, READ & UNDERSTAND your policy. They are pretty simple language these days. If you don’t understand what you do and don’t have, have your agent explain it until you do. Focus on coverages and specific exclusions. If your agent can’t explain it to your satisfaction, or give you straight answers, get a new agent.

    From our side we have to pay or decline based on the contract and the law. Adjusters hear “I thought I had coverage for that” or “but my agent said” all day long. Read and understand what you bought.

    Third, don’t think “It won’t happen to me”. Take it from someone who’s seen it first hand . . . It can! Get as much Liability coverage as you can. I carry very high limits on everything, and a 2mil umbrella over that. To save premium dollars I also carry high deductibles. I don’t mind paying the minor stuff out of pocket, but I want all the protection possible for the assets and future of me and my family.

    Fourth, you can insure a ham sandwich if you try hard enough. Tell them what you have, what you are trying to do, and there will be a way to bind coverage. Where the trouble starts is when you omit pertinent info, or flat out lie to get coverage. If they write coverage based in misrepresented facts, legally you can find yourself with a catastrophic loss and zero coverage. (Yes it happens, get cute, get burned)

    Finally, you insurance adjuster is not the enemy. It’s a paperwork process based on the contract, federal law, state law, and the Fair Claims Practices Act of whatever year it was last renewed. They likely have 150-200 open claims on their desk, and know the best file is a closed file.

    They are human. Treat them as you would like to be treated, things go smooth. Be a jerk, and it’s possible they can make you jump through a lot of hoops. Be truthful, provide documentation in a timely manner, and it’s a pretty simple process.

    Ok, lesson complete. Now, this weekends homework is to read every insurance policy on everything you own.
     
    lonejacklarry and egads like this.
  3. Yea, just shop around. If you have something that you're fearful of losing, there's somebody that will take your money.
     
  4. oldtom69
    Joined: Dec 6, 2009
    Posts: 583

    oldtom69
    Member
    from grandin nd

    I guess I've just been around race car parts too long-every part you buy is disposable sooner or later.Also every vehicle I own gets liability only after its paid for,if I'm dumb enough to get into an accident thats my fault I deserve to lose-if it's their fault they fix it
     

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