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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: 1,060

    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: 927

    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: 3,568

    okiedokie
    Member
    from Ok

    Had my 55 project covered by Grundy.
     
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  5. pirate
    Joined: Jun 29, 2006
    Posts: 283

    pirate
    Member
    from Alabama

    Hagerty also offers builders/project insurance at a very reasonable cost. Covers parts either on car or not yet installed.
     
    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: 1,461

    34toddster
    ALLIANCE 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: 6,343

    19Fordy
    Member

    Yes, JC Taylor.
     
  9. 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: 283

    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: 5,228

    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: 3,568

    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: 3,130

    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
     
  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: 2,350

    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. 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: 280

    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: 602

    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: 42,944

    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.
     
    clem, Dick Stevens, jnaki and 2 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: 3,130

    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. All you have to do is not buy the insurance. Problem solved.
     
    HOTRODPRIMER likes this.
  24. sololobo
    Joined: Aug 23, 2006
    Posts: 7,905

    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.
     
    HOTRODPRIMER likes this.
  25. The37Kid
    Joined: Apr 30, 2004
    Posts: 25,668

    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: 280

    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: 42,944

    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
     

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