Insurance - when to add a build?

[mrglaeser]

I have classic insurance for my 69 Mustang through American Collectors because it is mandated by my normal insurance company USAA. My question is when do most people start insuring there cars? American Collectors says they can start insuring the car one the motor is installed. This would be as storage only but would include spare parts and some other things. Is this too soon? Is this a common place others have started, do you wait to go-kart, body on? There is enough into the parts and kit I'll probably do it right away. Just wondering when others have done it.

[cv2065]

I added coverage as soon as I started go karting. You don't want to have issues if something or someone else is involved.

[CaptB]

I set up my American Collectors build poilcy when I got my kit in. I also have USAA but they sent me there too. I did not have a motor to install so that policy has been added since I got mine. Not sure why they changed that policy other than I'm sure there was enough payouts on unbuilt cars.

[toadster]

I insured mine while building to be honest, I talked to Robbin at American Modern and he said most home insurance will cover damage, but won't fully cover a build, so we did a basic coverage plan

now that I have a driving car, and soon to be registered, I'll up the value and coverage

[Tbev]

I was told by my home owners that I was covered until my car was registered. One of the classic car insurance companies told me this was not accurate and that I was not fully covered. If I had known that I definitely would have insured it before trailering it to and from the body/paint shop. Like Toadster, and many others here, I went with Robbin at American Modern.

[OB6]

Where can I find Robbin's contact info? Would someone be able to PM it to me? Thanks, I need to get on this.

[jrcuz]

1-888-271-4000 Midwest Classic Insurance. They are Vendor's on this forum.
JR

[OB6]

1-888-271-4000 Midwest Classic Insurance. They are Vendor's on this forum.
JR

Thank you!

[Duke]

Your home owners insurance will not cover car parts in the event of a loss no matter what your insurance agent says, even if they are not on the vehicle. You must have the vehicle or kit in question covered under it's own policy.

Ask me how I know. (This little mistake cost me another 50K on my build)

https://i.postimg.cc/CKHTm9Rq/garage-fire-2.jpg (https://postimages.org/)
https://i.postimg.cc/cCzVvSbV/Photo-Jun-08-22-11-20-12-AM-23.jpg (https://postimg.cc/WqM9yQjn)

[rthomas98]

Your home owners insurance will not cover car parts in the event of a loss no matter what your insurance agent says, even if they are not on the vehicle. You must have the vehicle or kit in question covered under it's own policy.

This really depends on your state and type of home owners insurnace you have. While I was building my car I added umbrella insurance and declared it with an estimated value and had that until the car was registered which naturally flipped over to full auto insruance at that point. Kept the umbrella for other possesions in my house.

[Duke]

This really depends on your state and type of home owners insurnace you have. While I was building my car I added umbrella insurance and declared it with an estimated value and had that until the car was registered which naturally flipped over to full auto insruance at that point. Kept the umbrella for other possesions in my house.

Yup, sometimes state specific... I had a massive amount of home owners insurance, an umbrella policy, a separate call out for the detach garage and all contents. The car I had canceled the registration and insurance on. The car parts (motor/trans) weren't even part of the original car and were not on the vehicle. Insurance ruled it was part of a motorized vehicle, regardless if it was attached or not (loose car parts in garage). Appealed it through the state insurance commission and lost. Needless to say, Liberty Mutual was fired.

[Papa]

It's important that you ask your agent the right questions! When I was building my kit, I was initially told that the contents of my shop were covered under my policy. As I dug deeper, I found that the coverage was capped at $500. I had over $40k in "parts" sitting in my shop. I was able to get a "build-in-progress" policy that covered the parts based on actual invoices and that coverage was pretty affordable. My point is that you need to be very specific when asking about insurance coverage you may or may not have. Phrase your questions in the form of worst case scenarios.

[Mike.Bray]

I got a policy from Midwest Classic when my kit arrived, no way I would ever try and go through my homeowners. Just talk to Robbin, he will take good care of you. Best $400/year you will spend.