Insurance and a post I just read

I just read a post by one own HAMBers in So Cal and the fires out there and I made me want to let you all in on something you may not know.

He said that he didn't have any insurance and I'm gonna go out on a limb here and think that he prolly thinks he can't afford it.

If that's the case, and don't jump my shit just because I'm speculating out loud, he prolly can afford it, even if the car is still in a hundred pieces on his garage floor.

I've had insurance on my '34 Ford 5W since the day I brought it home. I have State Farm and my agent sat down with me for about 20 minutes and my coverage would cover the car if it was destroyed in a fire or an act of God while in the garage. This policy I got costs me a whopping $19.00 every six months. Once the car is road-worthy, I'll go back and get the policy ammended.

I think that they'll try to stick it to me then becuase during one conversation they asked about modifications. If this happens, I'll happily go to the Alliance Vendor AMERICAN HOBBIST INSURANCE because they've already quoted me something that I remember being pretty resonable. I can't remember the number off the top of my head, but I do recall saying out loud that it was a good deal.

So before you think you can't afford it, look into it. Cahnces are you can. More importantly, can you afford the threopy if you loose your hot rod? I know I can't.

Food for thought, that's all.

Vance

 

I think the car was in progress. If that is the case he would not have insurance on a car that isn't being driven. Just my guess.

Good post though. I didn't know you could insure an "in progress car"

 

Good Info...Thanks Vance. You may also be able to cover it under your home owners Insurance, Just have to list the parts.

 

That's why I posted this. My insurance agent was the one who suggested me insure it straight away. It's basically a car of $X value listed as you model and year.

Look into it, please. This is a very low-cost sleep aid.

Vance

 

I've got American Hobbyist insurance just for the security of having my "projects" insured. A project car can be stolen out of your yard, or garage, or all your hard-to-find parts stolen, just the same as a finished car. Fire damage, too.

 

If it is titled, homeowners doesn't cover it. That goes for quads, or whatever fun stuff in your garage with a title.

 

Yes,
Most home insurances cover anything inside a building.
But it is important to take pictures at least.
Not just in the garage but also the home.
If you have something expensive... like antiques or cars or something irreplacable and expensive. It would be a good idea to list those items at the market value rate.
The pictures should then be stored away from the area.

thats not what I understood from State farm.

 

Hagerty sold me insurance on a huge pile of parts. They wanted a six month update, and they accepted email pictures for the update.

 

Guys, read those homeowner policies very carefully. Most will cover parts only if they are new and uninstalled. Used parts, tires, engines, etc will not be covered by your homeowners in most cases. If your State Farm agent told you it would cover your dirt bikes/ATV's, I would make sure he shows you where in the policy it says its covered. Been there, done that.

 

I recently added my '54 to my Esurance policy. Kinda weird because their system didn't go back that far, but after some checking the girl came back on the phone and got it put in. Got it added to the same policy that I run my wife's daily as well as my Jeep and it only cost another $80 a year for full coverage...

 

I have been in the insurance business for 15 years and a homeowners policy will not cover a motorized vehicle. No ATV, no motorcycle, no car or truck coverage at all. Those need to be specifically insured. A home does provide some basic coverage for a boat but that is on premise only and its very limited. So if you have a classic car, wether its running or not, it need to be fully covered or put on an "under construction" policy. Most time you can just put comprehensive coverage on it and that will cover wind, fire, theft, and hail. Be informed. Never assume.

 

I heart Hagerty Insurance. I should bring up it's modded status though. Good info here.

 

I make sure i have title AND plates for my cars before I get to far into the build. Helps with Insurance. I know this wont work in some states but if you can do it,do it.

 

In Canada, State Farm homeowner policies will cover a running project vehicle. They do stipulate that it must be able to move under it's own power and in your locked garage. Once again a picture says a thousand words. Document everything, and it doesn't hurt to give your agent a bottle of Rye at Christmas!!!

 

Homeowners insurance does not cover cars (motor vehicles), trucks, motorcycles, etc., just because they are in your garage. Even if the car was disassembled, it's still a car. The frames don't melt to nothing. Homeowners may cover some parts, but if it walks like a duck...the homeowners insurance company will deny that part of the insurance loss.

As mentioned, most collector car insurance companies will insure an ongoing project. My Studebaker is insured and the amount is updated with receipts and pictures. Once it's road worthy, the policy is amended. These project policies are dirt cheap.

 

some good stuff to think about....i guess homeowners would cover tools but how do you go about covering the spare parts stash? how would you even put a cash value on a what looks like a pile of rusted junk to an insurance agent but we all know its the coveted FORD rust? a seperate policy perhaps?

 

For good advice-call your local State Farm agent.
If your in Texas and need help - call me @ 817.473.1000
Steve Ernst /State Farm insurance agent

 

i've got comp on my coupe.
costs me 10-11 bucks a year...
it ALSO keeps me on the books so it's easier to insure (liability)if and when i ever get it back together.....

 

I insured my RPU project early on with Hagerty. Just in case the building I have it in collapses, burns, gets flooded, or whatever;...it's always better to be safe rather than sorry!

 

I also work for an insurance company - in the claims department.

HomeOwner's insurance DOES NOT cover cars for fire etc.

You must have a auto insurance policy with Comprehensive coverage and make sure that it is an "Agreed Value"

Hagerty will insure "in progress" and younger drivers, I've had them for a few years. It wasn't all that cheap when I was 22 @ 500/yr - but it was cheap insurance to me, as I rent garage space. If the building ever burned, collapsed, flooded etc - the building ins. would not cover damage to my truck.

I'm 26 and have found that most "specialty companies" are somewhere around $300/year for 20k agreed value with 100/300 Liability (but I live in the expensive part of the country for insurance rates anyway) oh and after about 20k in coverage they will probably want and appraisal.

 

I just read my State Farm Home Owwners Policy and it specifically states that it does not cover any vehicle on wheels. (And if you remove the wheels it still does not cover it!)