Insurance during build

Just wondering what some of you are doing about insuring your vehicle during the build process. If it's an incomplete, non-titled vehicle that is merely bits and pieces (albeit $50,000 worth of parts!), do you have it covered under an auto or homeowners policy? What about an incomplete but titled vehicle? I figured I should start covering my butt now before I spend any more $$$!
Cheers, Max.

 

[Brian]

Max, I have discussed this with my insurance company and until my car is titled, it is considered by my home owners insurance policy to be excess personal property, like for instance a coin collection, or cameras. However once it has a title, they will not cover it as property. Brian

 

[Mark Worthington]

Brian, who is your insurer? It may be time for me to switch.

 

[Peter Delaney]

Max, I have taken out a "Restoration Only" policy on my '71 'Vette & the GT40. These cost about AUD$150 pa each (for AUD$60,000 cover) & will cover any damage to (or complete loss of) the cars, regardless of where they are. I looked at the home contents approach, but this cuts out if you take the car off the premises (like for painting, etc). The company I use is VGL Insurance, who specialise in covering classics, vintage, veterans, hot rods, etc.

Shannons is another similar company that I have used in the past. I am not sure whether these companies operate outside Australia, but I am sure that you will have something similar locally. I found these guys in a Restored Cars magazine.

Good Luck,

Peter D.

 

[Guest]

Max,
You should check out ANPAC (American National Property and Casaulty. They have a CHROME policy coverage that is "value stated" and designed for specialty, kit and collectible cars. Their rates were so competitive that I transferred my home owners and all 4 cars over. Your agent in Richmond is Tom Strang, Phone: 804-338-4824 or his e-mail is: [email protected]

Luck

[ October 09, 2002: Message edited by: Ben Miller ]

[ October 09, 2002: Message edited by: Ben Miller ]

[ October 09, 2002: Message edited by: Ben Miller ]

 

[Alain Vanhollebeke]

I'm glad this subject came up.
This is something I started to worry about back when I built my cobra.

The GT40 is going the be a bit more of an investment & I think that insuring it while under construction would be a good idea.

(even though I already spend an enormous amount of $$$ on various insurance policies every year & hate to give them a dime more)

 

[Bill Bayard]

Insuring your car, whether it is a complete one or a pile of parts is a must.
While researching the purchase of my car, I came across a nightmare story of a gent in
the U.K. whose almost completed (7yrs invested) GTD burned to cinders in a rented garage. The car was not insured. That had to hurt! I hope it never happens to any other GT40 owners, but better safe having insurance than sorry without.