Looking for insurance on a near completed car, what to look for?

[Derwud]

Home owner's insurance, or renter's insurance should cover it if anything were to happen to it while physically on your property. Talk to your agent...

Also: Make a photo or video diary of your car and parts. It would be priceless should you need to prove you had what you claim you had.

If it takes registration, they won't. Only if you have combined car and home..

 

[Dako]

If it takes registration, they won't. Only if you have combined car and home..

As long as it's titled to him(proof he owns it) and it is physically on his property, it should be covered by the homeowners insurance. Same as any other piece of personal property. But I would still confirm this with my (his) insurance company.

A car can be titled, but not registered. It is exactly what I did when I brought my '66 Belvedere II home, as I new it was going to be a couple years before I had it on the road.

 

[vintage chromoly]

"Stated value" is pretty much BS!
"Agreed value" is a no negotiation, pay me the number policy.
Stated value is just a starting point that you think its worth and the insurance company will work down from there.
Sure, State Farm is going to be less expensive, but you get what you pay for.
READ your policies fellas!

 

[Derwud]

As long as it's titled to him(proof he owns it) and it is physically on his property, it should be covered by the homeowners insurance. Same as any other piece of personal property. But I would still confirm this with my (his) insurance company.

A car can be titled, but not registered. It is exactly what I did when I brought my '66 Belvedere II home, as I new it was going to be a couple years before I had it on the road.

Have you ever filled a claim against your home owners for damage/loss to registered/titled vehicle??? The only way I understand they would cover it is if the house itself caused the damage or loss..

 

[Dako]

Fortunately for me, I have not had to file a claim against my homeowner's policy.

I understand my homeowner's insurance to cover anything that is present on my property...Fire- be it from the dwelling or wildfire spreading onto my property...High winds felling a tree onto my garden shed/ house/ car(including contents)...Theft of contents from those same things while on my property.

Now, I will admit, if the loss is barely over my deductable, it is likely not prudent to file a claim due to claim frequencies can affect insurability.

 

[Ranger16]

"Stated value" is pretty much BS!
"Agreed value" is a no negotiation, pay me the number policy.
Stated value is just a starting point that you think its worth and the insurance company will work down from there.
Sure, State Farm is going to be less expensive, but you get what you pay for.
READ your policies fellas!

I think one thing to keep in mind is that ALL policies are written to the insurers favor. Much like in gambling, the house ALWAYS wins.

 

[vintage chromoly]

Knowing what your policy reads and what is and is not covered isn't gambling to me.
Gambling is not knowing what your policy reads and buying insurance based on price alone.
If something happens to my car, I will "win" as I know what I'm in for.

 

[Dako]

"Stated value" is pretty much BS!
"Agreed value" is a no negotiation, pay me the number policy.
Stated value is just a starting point that you think its worth and the insurance company will work down from there.
Sure, State Farm is going to be less expensive, but you get what you pay for.
READ your policies fellas!

I understand a stated value to be that you are paying a premium based on just that...A specific (stated) value, and not what the insurance company decides at the time a claim gets filed.

Years ago I filed a claim with State Farm on my '70 Duster 340 with a stated value policy. They initially tried to total the car based on 'their' calculated value. I told them to re-read my policy...That I was paying for a 'stated value' on my policy, and that the damages were about half of that amount. They tried arguing it, and went back and forth repeatedly. In the end they paid for repairs at the shop of my choice. As I stated in my earlier post, if unsure, talk with your insurance agent to ensure you are getting the coverage you want/ need.

 

[vintage chromoly]

I don't believe "stated value" is what the insurance company has to pay out.
"Agreed value", yes, that is what you get paid.
I agree, talk to your agent and know 100% what your policy reads BEFORE you need to file a claim.

 

[vintage chromoly]

What is the difference between Agreed Value and Stated Value Insurance coverage?
An Agreed Value policy (which is the same as Hagerty’s Guaranteed Value policy) guarantees the policy will pay the full insured amount of the vehicle, inclusive of all sales taxes – with no depreciation – in case of a covered total loss. A stated value policy (sometimes called stated amount or maximum limit of liability) does not promise upfront to pay this stated amount. In the event of a covered total loss, it may pay less than the stated amount, as the insurer has the right to pay the lesser of your collector car’s depreciated actual cash value (ACV) or its replacement cost. Also, many insurers that offer stated value policies require periodic appraisals to substantiate the insured amount, adding cost and inconvenience to the client.

 

[wantahemi]

I'm a veteran and get my classic insurance from USAA / American Collectors. I had to send them pictures of inside and out and a picture of the garage it is stored in, but super easy to work with and very reasonable. I live in NY where everything is ridiculously priced and it's a bargain. They offer towing reimbursement which I used once for $135 and sent the invoice and had a check the next week. Nothing but good things to say. If you aren't a veteran, a family member who is can possibly help you join USAA for some savings.

 

[Billccm]

Condon and Skelly for agreed amount at $50k coverage

I too have used Condon Skelly in the past and found them the most reasonably priced. Never had a claim experience with Condon Skelly, but my friends 1960 Volvo was rear ended and he was happy with the claims process (although a steep premium increase). I would have used them for my Road Runner, but they would not cover the car until it was titled and in my possession. Hagerty insured my Road Runner BEFORE it was placed on the trailer and BEFORE it was titled into my name.

Back in my Autocross days I used American Collectors for my Shelby Charger and Lancer Shelby (not a Shelby Lancer-there is a difference, but I digress). American Collectors were the only company that considered autocross racing not 'track racing' and did not require a waiver, or extra charge for autocross racing.

I like to patronize companies that support the hobby. Both Hagerty and Grundy seem to be out there at many car shows and sponsor some TV shows that I enjoy. I will say that when I called Hagerty to start coverage I was impressed that I was talking with a fellow motorhead that owned a 60s Chevelle and a 90s Z28. He understood the classic hobby and knew what a Mopar was and a Road Runner.

 

[Billccm]

American Collectors has a policy to cover 'in process restoration cars'.

http://americancollectors.com/plans/collector-vehicles/policy-features/

 

[GetX'd]

What is the difference between Agreed Value and Stated Value Insurance coverage?
An Agreed Value policy (which is the same as Hagerty’s Guaranteed Value policy) guarantees the policy will pay the full insured amount of the vehicle, inclusive of all sales taxes – with no depreciation – in case of a covered total loss. A stated value policy (sometimes called stated amount or maximum limit of liability) does not promise upfront to pay this stated amount. In the event of a covered total loss, it may pay less than the stated amount, as the insurer has the right to pay the lesser of your collector car’s depreciated actual cash value (ACV) or its replacement cost. Also, many insurers that offer stated value policies require periodic appraisals to substantiate the insured amount, adding cost and inconvenience to the client.

As an insurance professional - the above is the correct assessment of the two types of policies. Very important distinction between the two. Make sure you're buying agreed value.