Insurance during restoration

[John T.]

There are many threads about insurance but I need help with finding insurance while the car is going back together after a frame off. Anyone with experience in finding this ? Any specific companies that do offer this coverage ?

Thanks John

[Mark S. Lovejoy]

Re: Insurance during restoration

Hagerty's offers agreed upon coverage for work in progress. We have our '65 roadster insured for 30k this year, $90 for the policy.

[Mike M.]

Re: Insurance during restoration

I did the same thing in Canada with silver wheel insurance company. Had the car appraised when the body was put on,and then the appraisl was updated when the car was done. Mike

[Mike Cobine]

Re: Insurance during restoration

I think you will find all of the classic car insurance companies offer policies on cars being restored. Several let you insure up to $20,000 without an appraisal.

Check the usual web sites for Haggerty, Grundy, American Collectors, etc. Do a search on Yahoo for Classic Car Insurance.




Yahoo Search on Classic Car Insurance

[Mike Cobine]

Re: Insurance during restoration - Check prices

When getting insurance on my '79, since I didn't have any of the others covered, Grundy would not cover it alone, although they say they cover from 1979 and back. They really do not cover anything newer than 1974 by itself. They only cover 1975-1979 if you have an older one also on the policy.

I found a great difference in price. Haggerty was highest, Grundy was about 20% lower, and American Collectors about 50% of Haggerty.

In driving (which you are not doing), Grundy offered the best plan with no mileage limits. Everyone else uses 2500 miles as the base and some offer higher limits but at an increase in price.

In asking around, I found that while many brag on their company as best, each company appears to handle claims as well as the next. None of these companies are fly-by-night and not the shopping plaza storefront.

[Richard B.]

Insurance

When I looked at insurance, Grundy was out for an 82, but I tried American Collector. They basically said they would only cover the car if I was in it!!! Or locked up in my garage. If I took the car on a weekend trip, I was on my own at the hotel. They said if I stopped for lunch I was NOT covered while in the restaurant. The only case where they would cover the lunch hour was if I "hadn't planned" on lunch!

My take on them was they might be OK for a car that was only shown at an approved meet, or building value in your garage, but totally useless for a low mileage driver. Going on a day cruise is why I have a Corvette, and that is the very time I need the insurance. I told them to do the thing with the rolling doughnut.

Haggerty said they covered me on the weekend country cruise, and seemed a little flexible on the mileage, 2500 as I remember. When I go to the National in 06, they said it wouldn't be a problem. And I even talked them into a slight increase on the agreed value! But most important, I was covered for loss when I drove the car for a weekend trip.

So, a word of warning, check carefully on your insurance to make sure you will be covered for the type of driving you do, where you leave the car when not in it, and that in case of a total loss, they will pay that "agreed value."