Insurance for Project - Fire Danger

The Champ

Veteran Member
Sep 14, 2000
5,667
MN
Any insurer should be able to put comp only on a car.

The problem is how they will value a partially assembled car.

With a collector car company with an agreed value policy - the value is clear cut.

I wouldn't trust State Farm to pay a correct value for someone like you Aaron.
 

DENALI

Veteran Member
Nov 4, 1999
1,108
Sonova Beach
Just for giggles I called hagerty and had them give me quotes on two of my cars, I have pretty much always been self insured but do get real nervous sometimes during tornado season. Anyhow they quoted me $640 a year for my 70 valued at 40k and if I added my daughters 78 WS6 valued at 35k then it was $1029 a year for both. Curious how those numbers compare to others for comparable insured values.

ETA that was with me "admitting to approximately" 400hp LS engines in both rather than stock. Not sure how much difference that actually makes. THanks
 
Last edited:

Edem_Alive

Veteran Member
Lifetime Gold Member
Dec 18, 2015
464
Montana
Fire has tripled from 6k acres to over 22k in the last two days :O It is moving north/north-west and I am on the south side of it about a mile. Hope the wind keeps going that way! We are still at home.
 
The majority of homeowner insurance policies in the US are written or based on the ISO HO-3 policy. The HO-3 homeowner policy will absolutely not cover a car you own whether it's in a garage, a barn, or the driveway.

4. Property Not Covered
We do not cover:
c. Motor Vehicles.
(1) This includes...
(a) their accessories equipment and parts or;
(b) Electronic apparatus and accessories designed to be operated solely by power from the electrical system of the "motor vehicle". Accessories include antennas, tapes, wires, records, discs or other media that can be used with any apparatus described above.

Exclusion (a) and (b) only applies while such property is in or upon the "Motor Vehicle"

(2) We DO cover "motor vehicles" not required to be registered for use on public roads or property which are:
(a) Used solely to service an insured residence; or
(b) Designed to assist the handicapped.


Part 1 of the exclusion says they won't cover a car. Part 2 says there are some motorized vehicles they will cover such as a riding mower, tractor, and something like a motorized wheel chair if an insured was disabled.

You'll notice the exclusion on the car includes parts and accessories. We have had some insurance companies pay for parts but they can exclude them if it's clearly for your car. (spare fenders, etc)

The only time a homeowner policy could pay for damage to a car is if the car wasn't yours and something you did caused damage to the car. Example: You're cutting a tree limb. Your buddy's truck is in your driveway. You've got the limb roped off but the rope snaps. The damage to his truck can be paid by your homeowner policy under the liability portion.

There are a few companies offering Comp-Only or what's called Physical Damage Only (PDO) policies. I believe Progressive is one of them. These policies can also include stated value coverage. Stated value isn't as good as Agreed value but it's a hell of a lot better than ACV.

Bottom line: If your car is under restoration at your home, ask for a comprehensive only policy or PDO policy and request Stated Value coverage. It's likely the best way to protect your investment.


<-- Insurance agent for 27 years, licensed and writing in 16 states.
 

The Champ

Veteran Member
Sep 14, 2000
5,667
MN
DENALI said:
Curious how those numbers compare to others for comparable insured values.

Any comparison pricing is meaningless unless they are for the same area that you live in.

Prices vary widely from state to state and within a state by area.

That said, I have 4 vehicles insured with Hagerty with a total insured value of $92,500.00. Premium is $807.00 per year including the Hagerty Premium Plus roadside assistance plan and Spare Parts and Tools coverage. Liability limits are 250/500/100.
 

76_TypeLT

Veteran Member
Lifetime Gold Member
Jul 26, 2008
6,410
Houston, TX
The Champ said:
Any insurer should be able to put comp only on a car.

The problem is how they will value a partially assembled car.

With a collector car company with an agreed value policy - the value is clear cut.

I wouldn't trust State Farm to pay a correct value for someone like you Aaron.

But isn't it just based on the value of the parts on the car? I would think State Farm and I would need to agree on some sort of value, right?

I am going to call some others just to have multiple quotes. But I need some sort of coverage.
 




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