Do you guys carry any kind of insurance on your stored future projects. I have a couple of pretty nice non running projects waiting their turn. My home owners will not cover them if my shop burned down or was destroyed. Just wondering if you just chance it or what you do. I talked to my State Farm agent and just kinda got a blank stare. Thanks 41plym
I have my running cars insured with State Farm (stated value, good rates) we also insure dailies and home with them. I think a complete(assembled) car can be insured by SF. A basket case is "parts" and is covered by homeowners. Not sure if homeowners covers parts stored away from your residence.
uh be careful if you think that homeowners ins covers parts. Check your policy to be sure, and dont listen to what your ins guy tells you. They like to tell you that, and when and if your storage shed catches on fire they also like to tell you "hey we are full of shit and your fucked". Oh,, thats nice, how much for the rider to cover said parts you told me were already covered? umm let me check,, oh here it is,,, 2.50 a month..... I hate insurance companies.... I like one insurance guy though, but if I had insurance thru him,, I'd hate him too.
Talk to Grundy - Becky from Grundy is here on the HAMB. I just lost a couple of project cars in a flood and I don't even live in a flood plain. Flood insurance will not cover anything automotive in a garage and the non weren't insured. My '58 Chrysler custom was running driving and 99.9% finished too, but not registered and insured yet. Lost my a$$, so take a word of advice and make sure you get coverage on your projects.
Hagerty covered my RPU as an incomplete car project. Wanted the usual photos etc. but the rate is based on value and it MUST be in a lockable garage.
......I have State Farm Ins. on my cars....I have a project also...they insured it also.....Agent sail the project had to be apprised, which it was......no problem getting insurance....I would check with agent again....
My garage sits under a few pine trees and Houston has had a hurricane or two over the years.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o> <o></o> Hagerty can make it work. I insured a sitting car and will update the policy once running. Like mentioned, agreed value, lockable garage and need to be able to prove not only car/daily driver.<o></o>
I have Grundy & they did assume risk prior to my project completion. When you think about it, that period when you first starting your motor, etc. is a very vulnerable time...fire can spread from the car to the garage to the house very quickly (regardless of normal safety precautions). I'm not sure how early they'd assume risk...I don't know if they'd insure a pile of parts, but the sooner the better. Forget homeowners. Good subject to bring up...get the insurance & sleep easy.
Ive used storage insurance for years on cars. thru country companies, geico, liberty mutual. need to be careful you do stated value, if you can prove to them its not licensed and have an appraisal they can work from its easier to set up. AGREE on Value on the policy. usually $100-200 / yr. not much risk if its not driveable, just natural disaster / fire kind of thing. Also ensure how the policy covers you while the car is trailered. Inventory your garage for parts value and update it yearly if you expect homeowners to cover it. same with jewelry / collectibles or any value. you need to provide inventory list to agent to ensure your policy will cover you on fire / theft.
I talked to Grundys when I was insuring my car prior to restoration and they said it was covered completely during that time so no worries. If you are unsure at all, it is always best just to place a call. You just have to call them when it is done and send them a pic to get the value raised up.
You'd be crazy to not insure a non-finished project. The cost is so minimal. Grundy is the way to go.
I have all my stuff with Hagerty, they will cover projects, they covered my panhead when I was building it. Homeowners will not cover anything automotive. I am a licensed NY state adjuster, its actually part of the test. Get your stuff covered by an automotive carrier!
Made my livin selling insurance Homeowners will not cover a car as parts or anything that is not incidental to upkeep of property. Thats lawn mowers etc. tools would be covered by your personal property coverage. But anything that has or requires a title isn't covered!
O.K. So my statefarm guy came around today. I think he was afraid he was going to lose all my business. About $20.00 a year per car for comprehensive insurance with an agreed value. Covers everything including theft. Not bad but I have yet to read the fine print. 41plym
Homeowners does not cover cars. Period, end of story. They will cover parts, but the dollar limit and coverage is so minimal that it's not worth trying ($1500 limit and they will only cover duplicate parts for another car, like snow tires for your daily driver). And if the car is a basketcase, it's still a car...not covered.
I have full coverage on my driver and similar coverage on my project and parts from Shannon's down here in Australia. Full comprehensive with agreed value and like everything else down her, a LOT more than you guys pay.
I have my '62 Monterey project covered under Continental Western (same insurance as my '51 F-1). We use an agreed value, and they ask for annual progress reports in order to maintain it's agreed value. Coverage has been great so far. For parts and other misc stuff you have to get a special writer added to your home owners. Some companies will work with you, others won't. Good luck.
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