How much insurance coverage

[1STMP]

Here goes....
Although not many from the ground up
customs are viewed on FBBO, I'd like to
open up a consensus as to how much
I should insure my project for.
I've tried totaling up all the pars involved but
that turned into a monumental task yet to be
completed.
I'm getting close to being able to get this 26
year endeavor on the road, with glass,
weatherstripping, carpet, and door panels
yet to install. I need proof of insurance
before it can be titled and registered.
Granted, I've got way more invested than it's
probably worth if labor hours are included
in the cost.
Mechanical and chassis parts are easily
obtained. It's the sheetmetal that's rare and
getting harder to find.
Thanks for any input.

 

[moparedtn]

That thing is gonna be soooo cool when done!
So - what do you think a fair "replacement cost" would be for the vehicle?
Not that there's another one like it out there, but if you went looking for one,
what would you expect to pay?

 

[1STMP]

That thing is gonna be soooo cool when done!
So - what do you think a fair "replacement cost" would be for the vehicle?
Not that there's another one like it out there, but if you went looking for one,
what would you expect to pay?

Thanks moparedtn,
Therein lies the dilemma. I know what it took
to get this project to the point where it is
and since I'm so close to getting it done,
emotions are clouding my better judgment.
If someone were to buy this from me, it
would be almost a nightmare maintaining it
without knowing all the custom stuff
installed. If this were up for sale, and I were
looking for a hotrod, I'd have to weigh that
with what my eyes are looking at.

 

[F4R/T]

In the back of your mind think of how much time you have in building it, guesstimate you’re parts, figure in your I wouldn’t ever sell it price and It will be in there somewhere. You have done one heck of a job, don’t cut your throat , it’s technically a one off.. Nice!

 

[1967coronet]

All I can say is insure for total loss.
Friend of mine lost 3 nice cars to fire plus the shop and damage to his home.

 

[GetX'd]

Well as a 35+ year veteran of the insurance business - all with carriers not a broker - I’m going to say you’ll likely have to to some extent put aside all of what you’ve spent and put into it for insurance purposes. The company’s obligation is to replace or reimburse for like kind and quality - Not for every nuance you’ve put into it. I’m sure you do have a pile of Benjamins in it and want to get as much insurance to that affect as you can get. By no means am I saying to disregard those Benjamin’s - What I’m recommending is you have a reputable appraiser evaluate the vehicle as if it were complete - you’ll need to be able to demonstrate you’ve got virtually everything needed to finalize the project - They’ll hopefully appraise as completed - that would be your $$ number in terms of limits to request from the carriers. If you just try and throw a limit you would like at them you’ll likely not end up where you’d need or like to be. With the appraisal you likely will be ok. Keep in mind if you want completed project limits - you’ll need to be pretty much there. I hope I’ve helped answer your question - if it‘s more along the lines of insuring all that in pieces I think you’d be well served contacting Haggerty directly and asking - doesn’t mean you have to go with them. But I believe they can guide you on a piece meal project policy better than I.

 

[1STMP]

All I can say is insure for total loss.
Friend of mine lost 3 nice cars to fire plus the shop and damage to his home.

View attachment 1309929

View attachment 1309930

That's heartbreaking....

 

[1STMP]

Well as a 35+ year veteran of the insurance business - all with carriers not a broker - I’m going to say you’ll likely have to to some extent put aside all of what you’ve spent and put into it for insurance purposes. The company’s obligation is to replace or reimburse for like kind and quality - Not for every nuance you’ve put into it. I’m sure you do have a pile of Benjamins in it and want to get as much insurance to that affect as you can get. By no means am I saying to disregard those Benjamin’s - What I’m recommending is you have a reputable appraiser evaluate the vehicle as if it were complete - you’ll need to be able to demonstrate you’ve got virtually everything needed to finalize the project - They’ll hopefully appraise as completed - that would be your $$ number in terms of limits to request from the carriers. If you just try and throw a limit you would like at them you’ll likely not end up where you’d need or like to be. With the appraisal you likely will be ok. Keep in mind if you want completed project limits - you’ll need to be pretty much there. I hope I’ve helped answer your question - if it‘s more along the lines of insuring all that in pieces I think you’d be well served contacting Haggerty directly and asking - doesn’t mean you have to go with them. But I believe they can guide you on a piece meal project policy better than I.

Hiring an appraiser had crossed my mind.
Takes all the emotions out of it. Thanks!

 

[1STMP]

In the back of your mind think of how much time you have in building it, guesstimate you’re parts, figure in your I wouldn’t ever sell it price and It will be in there somewhere. You have done one heck of a job, don’t cut your throat , it’s technically a one off.. Nice!

Thanks F4R/T
Every time I sit down with the binders full
of receipts and an calculator it becomes
a case of "what the hell was I thinking"(?).
But seeing it come together makes it all
worthwhile. I'll be paranoid about some
idiot trying to steal it.

 

[F4R/T]

Thieves really suck and if they want it bad enough they will get it... I don’t anyway to really stop them completely... other than make it to where you can’t roll it or drag it... fire is my next fear. Good luck!

 

[Budnicks]

Only as much as you can afford...

good luck, getting a fair price too

 

[blue69runner]

After looking around and seeing the cost of our cars now days. Plus, what the price is for parts and new metal to restore these old cars has far doubled since finishing my car. So now figured it should go for around 60 Thou if totaled out in some case. Hope it never happens but had a close call the other day with a jerk passing an oncoming car in a blind curve. I was able to swerve off the road halfway and the car he was passing did the same to avoid an accident. My life flashed before my eyes. This got me to checking how much the car was insured for and it is coming due to renew the policy next month. So, do you guy's think I am right on the price to insure if it is totaled.

 

[Dave6T4]

I would suggest hiring a professional appraiser to put a value on it. Try to find someone with experience in hot rods.You don't want someone who mainly does restored Model "A"'s, or restored Corvettes, and are not current on fabricated projects. Be aware that the appraisal is for fair market value, if the vehicle were to be sold, not the cost of all the individual parts in your project, and certainly not your time.
I recently had my '64 Polara 4-door hardtop appraised. Although not quite completed, my car is very close to being done. My guy looked at the stuff I had yet to install, plus the work completed, and appraised its completed fair market value.The value he put on it was actually a little more than I figured. He said this was the highest appraisal he had done on a 4-door car! The value he put on it pretty well matched what I spent on replacement panels, body work and paint. I have owned this car for over 40 years, and it already had a good powertrain and interior, so not a lot of money was spent there. I added aftermarket A/C and sound system, plus factory power seat. The glass and bright trim were all in very good condition. New weatherseals, trunk mat, rims, and tires were purchased. So, the cost of this new stuff would all be above the value on the appraisal. If the car were to be stolen or irreparably damaged, I would be a lot of $$$ out of pocket, but at least I would be covered for some of the cost of my project. I think this is the case on most antique cars insured.

 

[Hey-O]

My car came with a professional appraisal , signed, sealed and delivered. My insurance man of some 43 years, his son-in-law the last 30 years, wrote up the policy, Classic car replacement cost, done. You get what you pay for and never leave home without it.

 

[blue69runner]

Thanks for all the input before asking the question and after. Think I will increase the coverage I have now.

 

[dadsbee]

What can YOU live with if it's stolen or written off? Add 10% and pay the premium. If not, I hate seeing grown men cry !

 

[Hey-O]

What can YOU live with if it's stolen or written off? Add 10% and pay the premium. If not, I hate seeing grown men cry !

X2!