Insurance during build

[Yama-Bro]

I did a review of all my insurance with my agent. I found out that my roadster is not covered under the home insurance policy while it's in the process of being built. He called several other insurance companies (including Hagerty) to see if he could set up a secondary policy to cover just the parts. Turns out no one will touch it until it's built and ready to be titled. I have Shelter Insurance. They've treated me really good over the years, and I have one of their best policies. I was wondering if any of you have had a similar experience

[Jeff Kleiner]

Robbin Terry at Midwest Classic Insurance (midwestclassicins.com) used to offer build coverage. I assume he still does.

Jeff

[Jazzman]

x2 on Robbin at Midwest. They still offer build insurance. I had it until my car was complete, and continue to have them insure the car now that it can be driven. They sell a "stated value" policy. You have to submit receipts or a cost ledger and photos of the car in process. They charge you for the "stated current value" of the car. As you move through the build toward completion, you can submit additional receipts and photos to increase your coverage (at a small additional cost, of course!) I have been pleased with the service and the prices. Their price substantially beats the cost of my DD coverage (if they will provide it at all! Some companies won't touch your car.)

[Straversi]

My home insurance covered the parts for fire or theft while under construction. They wrote it up as a special Ryder like an expensive piece of jewelry or a gun collection. One it was in go cart, I switched it to Midwest

[Yama-Bro]

Thanks guys. I'll look into Midwest.


My home insurance covered the parts for fire or theft while under construction. They wrote it up as a special Ryder like an expensive piece of jewelry or a gun collection. One it was in go cart, I switched it to Midwest

I hinted doing this to my insurance guy, but he made it sound like it wasn't an option.

[Jdav]

x2 on Robbin at Midwest. They still offer build insurance. I had it until my car was complete, and continue to have them insure the car now that it can be driven. They sell a "stated value" policy. You have to submit receipts or a cost ledger and photos of the car in process. They charge you for the "stated current value" of the car. As you move through the build toward completion, you can submit additional receipts and photos to increase your coverage (at a small additional cost, of course!) I have been pleased with the service and the prices. Their price substantially beats the cost of my DD coverage (if they will provide it at all! Some companies won't touch your car.)

Make sure you understand "stated" value vs "agreed" value: https://www.amfam.com/resources/articles/on-the-road/agreed-value-vs-stated-amount

[DaleG]

My long-term insurance co., AMICA, covered same as Straversi, above for both of my builds (theft/fire), with no special rider.

[Papa]

I'm using American National Property and Casualty. They have their own collector car insurance called "Chrome". My build is currently fully covered for invoices I showed my agent. I can add to that with any additional amounts as the build progresses. When the car is completed, I will get the value appraised and convert the "build in progress" policy over to a full coverage agreed value policy. I'm paying $96.00 every six months for the build policy with $43,000 in coverage.

https://www.hotrodhotline.com/chrome-classic-car-insurance-anpac-its-all-name#.WnzlA0xFyAg

Dave

[SnyderJD]

Thought the same thing USAA, but they don’t cover anything. Just spoke to Robbin at Midwest and insurance for the year was under 400

[Jeff Kleiner]

Make sure you understand "stated" value vs "agreed" value: https://www.amfam.com/resources/articles/on-the-road/agreed-value-vs-stated-amount

Yes, absolutely! Understand the difference between stated value versus agreed value and be sure you are getting what you really want. In a nutshell in the event of a total loss stated value will pay a depreciated amount while agreed value will pay the full mutually agreed upon amount that the policy was written for.

Jeff

[JRL16]

My home owners policy didn’t cover it until it was added as auto parts. After 1 year they wanted it covered under my auto policy ( same company) even though it’s not yet titled. Worked out for me as it’s much less expensive to cover under the auto policy anyway. I have AutoOwners.

[Jazzman]

Make sure you understand "stated" value vs "agreed" value: https://www.amfam.com/resources/articles/on-the-road/agreed-value-vs-stated-amount

You are absolutely correct. I should have been more accurate. (Clearly I am guilty of using the more common term, where the less common term in this case is more accurate.) The insurance policy that I have through Midwest is, indeed, an "Agreed Value" policy. FWIW, the insurance company that provides the coverage is Infinity Insurance Company.

[Papa]

For those who believe your homeowners policy will cover your build, please read what the limits are in your policy. It's probably well below your cost to replace. My basic homeowners policy has a cap of $2000 on auto parts. You will likely need a rider or separate policy to completely cover your build in progress.

[Yama-Bro]

For those who believe your homeowners policy will cover your build, please read what the limits are in your policy. It's probably well below your cost to replace. My basic homeowners policy has a cap of $2000 on auto parts. You will likely need a rider or separate policy to completely cover your build in progress.

Yeah, good advice. When I originally talked with my insurance guy he thought it was covered, but when he dug into it deeper he discovered it wasn't. He said car parts used to be covered, but there must have been some instance where someone's garage burnt down and they lost $1000's of dollars of hard to replace car parts. Thus the new rule insurance rule. He even admitted that these cars are a little different since you could go right back to FFR and buy replacement parts, but unfortunately, they fall into the same category as the classic car parts. It's definitely worth asking you agent about.

[IowaBen]

I have a policy through Berkley Classics for my in process build.

[BB767]

I did a review of all my insurance with my agent. I found out that my roadster is not covered under the home insurance policy while it's in the process of being built. He called several other insurance companies (including Hagerty) to see if he could set up a secondary policy to cover just the parts. Turns out no one will touch it until it's built and ready to be titled. I have Shelter Insurance. They've treated me really good over the years, and I have one of their best policies. I was wondering if any of you have had a similar experience

I think your insurance guy needs to look harder. I have a policy from Haggerty (through my Farmers agent) that covers my stated value of $40,000 for the parts for about $700 a year (don't remember the exact number right now).