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Thread: Insurance during build

  1. #1
    Senior Member Yama-Bro's Avatar
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    Insurance during build

    I did a review of all my insurance with my agent. I found out that my roadster is not covered under the home insurance policy while it's in the process of being built. He called several other insurance companies (including Hagerty) to see if he could set up a secondary policy to cover just the parts. Turns out no one will touch it until it's built and ready to be titled. I have Shelter Insurance. They've treated me really good over the years, and I have one of their best policies. I was wondering if any of you have had a similar experience
    Started dreaming of a Cobra around 1987
    Purchased Complete Kit 6/9/2017, Delivered 9/4/2017, Rolling Chassis 3/30/2018, Engine Dyno'ed 3/4/2022, Engine installed 8/27/2022
    Click here for my build thread
    Serial #9158
    Design Engineer at BluePrint Engines

  2. #2
    Not a waxer Jeff Kleiner's Avatar
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    Robbin Terry at Midwest Classic Insurance (midwestclassicins.com) used to offer build coverage. I assume he still does.

    Jeff

  3. #3
    Jazzman's Avatar
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    x2 on Robbin at Midwest. They still offer build insurance. I had it until my car was complete, and continue to have them insure the car now that it can be driven. They sell a "stated value" policy. You have to submit receipts or a cost ledger and photos of the car in process. They charge you for the "stated current value" of the car. As you move through the build toward completion, you can submit additional receipts and photos to increase your coverage (at a small additional cost, of course!) I have been pleased with the service and the prices. Their price substantially beats the cost of my DD coverage (if they will provide it at all! Some companies won't touch your car.)
    Jazzman

    MKIV #8745 "Flip Top" Roadster, Custom Tilt front, Coyote Engine, Tremec TKO600, Custom Interior. Best of Show winner, Huntington Beach Cruise In 2018.

    1967 Ford Mustang Coupe build thread updated 1/22/2021

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  4. #4
    Straversi's Avatar
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    My home insurance covered the parts for fire or theft while under construction. They wrote it up as a special Ryder like an expensive piece of jewelry or a gun collection. One it was in go cart, I switched it to Midwest
    Mk IV #8901 - Complete kit, Coyote, TKO-600, IRS. Ordered 5/23/16, Delivered 7/14/16, First Start 8/13/17, First Go-Kart 10/22/17, Registered and Completed 10/18/18. Build Thread: http://thefactoryfiveforum.com/showt...V-Coyote-Build Graduation Thread: https://thefactoryfiveforum.com/show...-Roadster-8901

  5. #5
    Senior Member Yama-Bro's Avatar
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    Thanks guys. I'll look into Midwest.

    Quote Originally Posted by Straversi View Post
    My home insurance covered the parts for fire or theft while under construction. They wrote it up as a special Ryder like an expensive piece of jewelry or a gun collection. One it was in go cart, I switched it to Midwest
    I hinted doing this to my insurance guy, but he made it sound like it wasn't an option.
    Started dreaming of a Cobra around 1987
    Purchased Complete Kit 6/9/2017, Delivered 9/4/2017, Rolling Chassis 3/30/2018, Engine Dyno'ed 3/4/2022, Engine installed 8/27/2022
    Click here for my build thread
    Serial #9158
    Design Engineer at BluePrint Engines

  6. #6
    Senior Member Jdav's Avatar
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    Quote Originally Posted by Jazzman View Post
    x2 on Robbin at Midwest. They still offer build insurance. I had it until my car was complete, and continue to have them insure the car now that it can be driven. They sell a "stated value" policy. You have to submit receipts or a cost ledger and photos of the car in process. They charge you for the "stated current value" of the car. As you move through the build toward completion, you can submit additional receipts and photos to increase your coverage (at a small additional cost, of course!) I have been pleased with the service and the prices. Their price substantially beats the cost of my DD coverage (if they will provide it at all! Some companies won't touch your car.)
    Make sure you understand "stated" value vs "agreed" value: https://www.amfam.com/resources/arti...-stated-amount
    MK4 #9028 - Coyote - TKO600
    Delivery: 1/30/17 First Start: 7/23/17 Legal: 10/5/17 Graduated: 10/15/18
    Build thread: http://thefactoryfiveforum.com/showt...8-Build-Thread

  7. #7
    Senior Member DaleG's Avatar
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    My long-term insurance co., AMICA, covered same as Straversi, above for both of my builds (theft/fire), with no special rider.
    SOLD 03/2013: MK II #5004: 5.0 EFI: 8.8, 3.55, E303, TW heads, GT40 intake, 24#, 70mm MAF

    Ordered MK IV Coyote Complete Kit.

  8. #8
    Papa's Avatar
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    I'm using American National Property and Casualty. They have their own collector car insurance called "Chrome". My build is currently fully covered for invoices I showed my agent. I can add to that with any additional amounts as the build progresses. When the car is completed, I will get the value appraised and convert the "build in progress" policy over to a full coverage agreed value policy. I'm paying $96.00 every six months for the build policy with $43,000 in coverage.

    https://www.hotrodhotline.com/chrome...e#.WnzlA0xFyAg

    Dave
    My Build Thread: http://thefactoryfiveforum.com/showt...ter-Build-9754
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  9. #9
    Senior Member SnyderJD's Avatar
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    Thought the same thing USAA, but they don’t cover anything. Just spoke to Robbin at Midwest and insurance for the year was under 400

  10. #10
    Not a waxer Jeff Kleiner's Avatar
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    Quote Originally Posted by Jdav View Post
    Make sure you understand "stated" value vs "agreed" value: https://www.amfam.com/resources/arti...-stated-amount
    Yes, absolutely! Understand the difference between stated value versus agreed value and be sure you are getting what you really want. In a nutshell in the event of a total loss stated value will pay a depreciated amount while agreed value will pay the full mutually agreed upon amount that the policy was written for.

    Jeff

  11. #11
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    My home owners policy didn’t cover it until it was added as auto parts. After 1 year they wanted it covered under my auto policy ( same company) even though it’s not yet titled. Worked out for me as it’s much less expensive to cover under the auto policy anyway. I have AutoOwners.
    JRL16
    Mk4 delivered 4/28/16. First start 10/15/16. First gocart 11/10/16. Engine Factory 427W. 750 carb. Tremec TKO600. 2015 IRS. Power steering. Whitby power brakes. Wilwood brakes. 18" wheels. Falken tires. Sway bars front and rear. Forte hydraulic clutch and mechanical throttle linkage. Scott's Hot Rods triple reservoir. Ceramic coated headers. Gas’n sidepipes. Heated seats. Herb Fraser walnut door panels. Wipers. Console.

  12. #12
    Jazzman's Avatar
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    Quote Originally Posted by Jdav View Post
    Make sure you understand "stated" value vs "agreed" value: https://www.amfam.com/resources/arti...-stated-amount
    You are absolutely correct. I should have been more accurate. (Clearly I am guilty of using the more common term, where the less common term in this case is more accurate.) The insurance policy that I have through Midwest is, indeed, an "Agreed Value" policy. FWIW, the insurance company that provides the coverage is Infinity Insurance Company.
    Jazzman

    MKIV #8745 "Flip Top" Roadster, Custom Tilt front, Coyote Engine, Tremec TKO600, Custom Interior. Best of Show winner, Huntington Beach Cruise In 2018.

    1967 Ford Mustang Coupe build thread updated 1/22/2021

    Roadster Frame Dolly Plan

  13. #13
    Papa's Avatar
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    For those who believe your homeowners policy will cover your build, please read what the limits are in your policy. It's probably well below your cost to replace. My basic homeowners policy has a cap of $2000 on auto parts. You will likely need a rider or separate policy to completely cover your build in progress.
    My Build Thread: http://thefactoryfiveforum.com/showt...ter-Build-9754
    (Most viewed Roadster build thread on this forum!)

    Delivered: 6/17/2017
    First Start: 12/30/2017
    Completed: 12/7/2019
    Legal: 1/30/2020

    Member of the Mile-Hi Cobra Club
    Dave's Cobra YouTube Channel: https://www.youtube.com/channel/UCbk...npK1UZHj4R-bYQ
    Agora 1:8 Scale Cobra Build: https://thefactoryfiveforum.com/show...l-Build-Thread

  14. #14
    Senior Member Yama-Bro's Avatar
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    Quote Originally Posted by Papa View Post
    For those who believe your homeowners policy will cover your build, please read what the limits are in your policy. It's probably well below your cost to replace. My basic homeowners policy has a cap of $2000 on auto parts. You will likely need a rider or separate policy to completely cover your build in progress.
    Yeah, good advice. When I originally talked with my insurance guy he thought it was covered, but when he dug into it deeper he discovered it wasn't. He said car parts used to be covered, but there must have been some instance where someone's garage burnt down and they lost $1000's of dollars of hard to replace car parts. Thus the new rule insurance rule. He even admitted that these cars are a little different since you could go right back to FFR and buy replacement parts, but unfortunately, they fall into the same category as the classic car parts. It's definitely worth asking you agent about.
    Started dreaming of a Cobra around 1987
    Purchased Complete Kit 6/9/2017, Delivered 9/4/2017, Rolling Chassis 3/30/2018, Engine Dyno'ed 3/4/2022, Engine installed 8/27/2022
    Click here for my build thread
    Serial #9158
    Design Engineer at BluePrint Engines

  15. #15
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    I have a policy through Berkley Classics for my in process build.

  16. #16
    #9160 BB767's Avatar
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    Quote Originally Posted by Yama-Bro View Post
    I did a review of all my insurance with my agent. I found out that my roadster is not covered under the home insurance policy while it's in the process of being built. He called several other insurance companies (including Hagerty) to see if he could set up a secondary policy to cover just the parts. Turns out no one will touch it until it's built and ready to be titled. I have Shelter Insurance. They've treated me really good over the years, and I have one of their best policies. I was wondering if any of you have had a similar experience
    I think your insurance guy needs to look harder. I have a policy from Haggerty (through my Farmers agent) that covers my stated value of $40,000 for the parts for about $700 a year (don't remember the exact number right now).
    MK4 - complete kit - Blueprint 427W - Holly Sniper EFI - TKO 600 .64 - 3.55 3 link - 17" Halibrands

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