I have Grundy insurance for my 47 Ford coupe. I have always been happy with their price and service. But recently I have picked up a project car that is in my garage, is non drivable while I rebuild it and collect parts. Grundy tells me that unless the car is 80% complete and is drivable they will not insure it. So my question to all of you is, what are you guys doing for coverage while your cars are being built? Are you even doing anything at all? I know I have 10k in parts at this point and I am just trying to make sure that if something happens I am covered. Thanks, Glenn
In Wisc. there isn't much you can do. I needed to get a ***le for mine and the state won't issue a ***le untill it's inspected and the ins ( State Farm ) won't insure it without a ***le and VIN. I'm not sure how they handle cars with ***les that are in pieces, but I believe they want pictures to determine value.
I just went through this . . . and you're right, Grundy doesn't want to insure it unless it's 80% complete AND drivable. Hagerty will cover project vehicles but if it will ever be on a trailer going from shop to shop, you'll also need a rider policy for that.
I was told by State Farm that the car parts I have would be covered under my homeownwers policy, as long as it isn't a running, driveable vehicle. Check with your agent..
I did this with State Farm. Auto policy won't cover parts, but Home Owners Does. Check into the coverage you have for contents of your home (make sure it covers out-buildings if you have a detahced garage). You can always increase that portion of your homeowners until the car is drivable......but your standard coverage might be enough.
I have the same issue. Grundy wont cover my 29 either. Got it ***led and plated and still wont touch it.
I just asked my Farmers agent and he said not covered. I believe him as he is my uncle... Was told neeed to get a SVP (stated value) for the truck and parts.
State Farm has allways covered any project car for me. Parts are covered under Home Owners Policy as long as garage has a security system and you have proof of price paid for parts.
As long as you keep the car and/or parts locked up in your garage it should be covered under your personal property coverage. Of course, in the event something happens you'll have to be able to prove what everything was worth. You may want to clarify coverage and limits on coverage with your agent.
When I talked to my State Farm agent he told me the car and or it's parts are not covered under my homeowners policy and that State Farm does not have a ryder for covering auto parts on homeowners policies. And that they could not write an auto policy until I get a ***le and a VIN, ( which I now have ). I'm just saying be careful, you don't want to get caught short in case something happens.
American National has an "underconstruction" policy and is very good. It also covers parts used in conjunction to a certain amout. Its rated like a private p***enger car, but its covered nonetheless.
Well, I just insured two rods with Grundy and was told my project 40 was insurable also. I guess I will find out soon.
It should be covered under your homeowners, when your turn in a claim list property as 1- 19?? make body, 1- 19?? make frame so forth. your homeowners have a clause personal property value coverage, they like to use the play of words Dmv does not recognize it as a vehicle until it reaches a certain level of completion determined by them. Never call a vehicle under construction anything but personal property when talking to an insurance agent than they seem to understand. Make sure this personal property is in covered residence or covered out building.
I already have the car registered with Conn. Motor Vehicle. That was the first thing I did when I got the car. I did put Geico ins. on it to get plates. But now I want to drop that policy to save the money, but don't want to be without coverage at all. That is why I was hoping to get a "under construction" type of policy. I guess I will have to check with my home owners ins. policy to make sure it is covered in tha state it's in now? Thanks for all the people that have chimed in. Even if it gets some of you to think about it. You never know when something catastrophic could happen.
The only type of vehicle that is covered under homeowners policys are vehicles used to maintain your property such as a riding lawn mower or a tractor. Those that are being "told" by your agent that you are covered need to find that portion in your policy that states it does OR get your agent to put your conversation in writing that a non-running car is covered under homeowners because it just does't make sense that they would tell you that. Extra car parts in your garage are normally covered BUT there is a maximum amount of coverage for stuff in your garage based upon a percentage of the contents of your home.
HOMEOWNERS DOES NOT COVER PARTS! Who ever told you this is wrong. There is a very narrow allowance for this type of loss and there is a limit (usually $1500) to how much would be covered. Parts that belong to that car need to be under an auto policy or they are excluded. Some companies cover project cars. You need your ***le, pictures of the car, a listing of parts and a detailed copy of the current expenses (receipts). My Daytona is insured with Infinity for $2500. Went I have the extra $2500 in expenses, I will have the insurance raised to $5K.
Im in Ct as well, I usually suspend liabillity when im taking one off the road for any long spell (6 months or better). I have progressive on some NLC on another (they both do this). I usally tell the agent that im giving the ol girl an extreme make over.
When our barn burnt down, homeowners didn't cover the project cars or the extra car parts but everything else they did.
Done the tornado thing before with several cars and lots of parts...guess what? parts cars and parts are NOT covered under the vast majority of homeowners policies...I'm sure this has been discussed several times before here. Car parts are not considered like tools, furniture, fixtures and such. Believe me, been there, AND done that! About all you can do is figure the value of the parts/parts car(s), take LOTS of pictures, store them on a thumb drive; and if you DO suffer a loss, about all you can do is claim that loss as a deduction on you next tax return as "Uninsured Losses". THAT is really all you can do, until you can get that builder running and insurable on its own. If you insure your shop as a business, then you can get insurance on parts and such. But, that is a very expensive policy, especially if you are not earning a living off your parts collection! BTW, things like mowers, tractors, implements, trailers of all kinds, and related equipment ALSO are not covered under homeowners insurance, in case you are not aware. These things, however, can be added as separate riders to homeowners policies, and trailers can be added to auto policies. In any case, have your insurance agent SHOW YOU in writing that these things are, or not, covered. Never, ever take their word for it in a conversation.
Uh, might want to check your policy. It's a common misconception. Land Motor Vehicles and parts, equipment, and accessories are typically specifically excluded unless they are "not required to be registered for use on public roads and are used soley for the maintenance of your premises immediately adjacent to your dwelling" (read tractor, 4 wheeler, or are a handicapped scooter or golf cart) and then are generally subjected to a "special limit", typically $5000.00 or less. Read your policy folks, don't rely on what the gal at the agent's office tells you, because chances are, she's not a claim adjuster and isn't very familiar with the policy... Please read your policies folks, and be sure you KNOW what you're covered for.
we have somewhat the same problem with the cars we keep as pattern models, the insurance industry does not have a good system for handling the issue. i get it covered to a piont by having a higher deductable for personal property and dont tell them it is diss***embled cars, or insure them as complete cars if the garage burns down who can tell but you??? if somebody comes by and steals a whole car that is in pieces well i think you have a major securty problem.
When I was building my car I set up the axles, set the body on the frame, then registered it and got a plate for it. Called State Farm and they came out to my place to take a picture of it. I was fully insured through them for the duration of the build (2004-2007). The cost was $14/year for NYS Reg, and $90/ for the insurance.
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