restoration insurance

[Domenic T.]

I had my vin inspected on my 67 coupe here in CA because my car was stored on the airport for a long period of time and was only driven inside the gates and it would have to be inspected.

I am getting ready to put the body back on the frame and thought this would be a good time to get the vin inspection done and avoid bringing it to the Highway Patrol or DMV. One never knows what to expect when they do it.

I got a form from DMV and it said the local police could do the inspection but when one was at the shop she said NO WAY, we can't do that.

So a friend brought a vin inspector (private) over that was licenced to do the inspection.

They did the inspection from A to Z and got my new title (pink slip).

When I picked the paper work up I noticed a insurance add for vintage cars and it had RESTORATION IN PROGRESS INSURANCE listed.

I thought it would be cheap as the car is not driven, but it was $608.00.

The guy said it was full blown insurance and the restoration insurance wasn't that much cheaper.

Any one have insurance that covers your car while it is in the restoration stage?

DOM

[Paul Y.]

Re: restoration insurance

I had my vin inspected on my 67 coupe here in CA because my car was stored on the airport for a long period of time and was only driven inside the gates and it would have to be inspected.

I am getting ready to put the body back on the frame and thought this would be a good time to get the vin inspection done and avoid bringing it to the Highway Patrol or DMV. One never knows what to expect when they do

I got a form from DMV and it said the local police could do the inspection but when one was at the shop she said NO WAY, we can't do that.

So a friend brought a vin inspector (private) over that was licenced to do the inspection.

They did the inspection from A to Z and got my new title (pink slip).

When I picked the paper work up I noticed a insurance add for vintage cars and it had RESTORATION IN PROGRESS INSURANCE listed.

I thought it would be cheap as the car is not driven, but it was $608.00.

The guy said it was full blown insurance and the restoration insurance wasn't that much cheaper.

Any one have insurance that covers your car while it is in the restoration stage?

DOM

Might I suggest Hagerty? They might have what you are looking for.

[Dick W.]

Re: restoration insurance

Also check with Adam at the National Corvette Museum

[Rick A.]

Re: restoration insurance

when Lady was going through restoration in 2003/4 I had "restoration" insurance through American Collectors Insurance

[Brian K.]

Re: restoration insurance

Most all of the collector car insuance markets make a car undergoing restoration eligible for coverage. It's the same policy.

[Domenic T.]

Re: restoration insurance

Thanks for the info & names so I guess my next Question is, how far out of line is $608.00?

I initally put a value of 140K on a 67 coupe 427.

DOM

[Brian K.]

Re: restoration insurance

I would say that's in the ball park. About a .46 cent physical damage rate here in NJ for classics with American Collectors. Modifieds are higher.

[Dave S.]

Re: restoration insurance

I would say that's in the ball park. About a .46 cent physical damage rate here in NJ for classics with American Collectors. Modifieds are higher.

Restoration insurance would be for fire and theft only. I'd say $608 is a lot mose than it should be. I assume that quote is for 1 year.

[Domenic T.]

Re: restoration insurance

Restoration insurance would be for fire and theft only. I'd say $608 is a lot mose than it should be. I assume that quote is for 1 year.

Dave,
Yes 1 Year.
I told the insurance agent that I wanted insurance for any damage or theft that might happen during restoration.


He suggested the complete package for $608.00.

DOM

[Rick A.]

Re: restoration insurance

Domenic,

That is about same I paid for my 1963 Z06 during restoration - once restoration was complete, then through ACI policy was for $375,000 and cost about $1400 - swtiched to AMIG two years ago and pay $1100 for same $375,000 value

[Paul J.]

Re: restoration insurance

DOM, before you do something on the automotive side of this, I would look at the policies that cover the contents of the hangers and see what they say about equipment and machines stored inside.

Paul

[Domenic T.]

Re: restoration insurance

DOM, before you do something on the automotive side of this, I would look at the policies that cover the contents of the hangers and see what they say about equipment and machines stored inside.

Paul

Paul,
Good observation & point.

I am a little nervous about that because of the management at the airport.

I am in a comercial hangar but 90% of my hangar is machine shop and automotive restoration, (not airport related).

It is VERY secure and about as free from theft as one would want as it is Federal and protected from outside visits.

It is also connected to 4 other hangars that could take the whole building out.

Kind of a push as our shop cost was reduced to 1/4 the cost without having to pay utilities by doing this.

That would make the auto insurance on the vette affordable with those savings but things are tight all over.

I have been there since 1989 and moved all the automotive out for 3 years only to find that we worked all mounth to pay a portion of the costs in town for rent.

DOM

[Brian K.]

Re: restoration insurance

Unlike property policies, collector car policies don't concern themselves with all of COPE (construction, occupancy, protection, exposure). They only want to know that it's kept in a secure, locked building. CA may be different but the other policies covering the hanger contents don't have anything to do with what you are concerned about. Read your policy to see what it says about the location of the covered vehicle.

[Paul J.]

Re: restoration insurance

Unlike property policies, collector car policies don't concern themselves with all of COPE (construction, occupancy, protection, exposure). They only want to know that it's kept in a secure, locked building. CA may be different but the other policies covering the hanger contents don't have anything to do with what you are concerned about. Read your policy to see what it says about the location of the covered vehicle.

But if its a collection of parts and not an assembled "vehicle" it has to be covered under a property policy.

[Brian K.]

Re: restoration insurance

But if its a collection of parts and not an assembled "vehicle" it has to be covered under a property policy.

Paul, Where did you get that info? a vehicle undergoing restoration gets a regular collector car policy issued. If it's a pile of parts just sitting around, yes a property policy; if it's a business, then it could go under contents; You could still wind up with coverage language issues because property policies don't want to cover vehicles. You would need some kind of property floater.