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Thread: Fire & Theft coverage while building the car

  1. #1
    Senior Member FF33rod's Avatar
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    Fire & Theft coverage while building the car

    What have you guys done for insurance coverage on all the parts and partially completed vehicle while it is being built. Once the vehicle is registered then insurance is straight forward. However, before that we have $50K+ in parts that could be stolen or damaged by fire. I asked my home insurance if it would be covered, they said no. The were not interested in adding it to my policy for extra cost. My insurance broker is finding that this is the case with all the insurance companies they deal with. Has anyone successfully done this?

    Thanks for your help
    Steve

  2. #2
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    I use State Farm, no cigar on build insurance. I spoke to Haggerty or one of the other specialty companies at a show, they do have build insurance.

    Call around.

    Jim

  3. #3
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    I used robbin at midwest classics. He increased the value as I added more parts. It included everything needed to satisfy proof of insurance for registration , so when I was ready I didn't need to change anything. Highly recommend.

    Dennis

  4. #4
    Senior Member Clover's Avatar
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    I think that the problem is that the agents are thinking of it as a auto insurance policy as an unfinished car. At it's core, it is property inside your house while you build it. Your home owner's policy should cover the cost to rebuild your house and replace the belongings you have inside the house including the garage. When they insure the house, they determine a value for all of this for their actuarial models. They should easily be able to increase the amount covered by the increase value of your belongings in the house I would think. My guess is that they are simply approaching this wrong and saying that it does not fit their auto coverage.
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    Senior Member CVOBill's Avatar
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    Hagerty covered mine with out a problem. My agent asked for pictures to keep in the file and I updated her with new photos as the car was coming together.
    CVOBill
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  6. #6
    Papa's Avatar
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    I have coverage for fire and theft through American National Property and Casualty for my invoice value. It costs me $145 every six months. Most home owner policies have caps on contents unless you specifically add increased coverage; things like collectables, jewelry, tools, etc.
    Last edited by Papa; 10-04-2018 at 10:26 AM.
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  7. #7
    Senior Member FF33rod's Avatar
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    Quote Originally Posted by Papa View Post
    Most home owner policies have caps on contents unless you specifically add increased coverage; things like collectables, jewelry, tools, etc.
    Exactly, so that's what I thought would happen, add something to the policy to cover the proper amount and pay a bit extra but they said no go.

    Thanks everyone so far. Interesting that Hagerty covered someone's build - I'll give them a call. I tried them through an online chat yesterday and the answer was negative but maybe chatting with someone in person will yield different results...

  8. #8
    Papa's Avatar
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    Quote Originally Posted by FF33rod View Post
    Exactly, so that's what I thought would happen, add something to the policy to cover the proper amount and pay a bit extra but they said no go.

    Thanks everyone so far. Interesting that Hagerty covered someone's build - I'll give them a call. I tried them through an online chat yesterday and the answer was negative but maybe chatting with someone in person will yield different results...
    My coverage is through my auto policy. Keep in mind, that every state has its own rules for insurance, so just because I have coverage in my state doesn't mean you can get the same in yours.
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  9. #9
    Senior Member FF33rod's Avatar
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    Quote Originally Posted by Papa View Post
    My coverage is through my auto policy. Keep in mind, that every state has its own rules for insurance, so just because I have coverage in my state doesn't mean you can get the same in yours.
    True that, I'm in Canada which is even more fun. In my Province (British Columbia) the auto insurance is government run (recipe for disaster) and you must get a minimum of a "basic" package with them.

    Anyway, here's an update - I called Hagerty personally and they say they can do it - different answer than their online chat. So I've pointed my broker in that direction... fingers crossed.

    Thanks again everyone, much appreciated

  10. #10
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    Sounds like you are finding out the same information I did. Once built your local Vehicle Insurance will cover everything but until then most home owner policies will not. The most I could get added as a rider for was up to 5k for parts which as you know will not cover much in case of a fire or total loss. All that said I found that Hagarty was more than willing to provide coverage during the build process even up here in Canada. Initial cost was about $350cdn for $40k coverage. They ask a few questions buy I was just happy to get insurance during my build.

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  12. #11
    Senior Member ztoolman44's Avatar
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    ICBC Grrrrrrr. They are pretty frustrating but this is all good info I hadn't considered. Which broker firm are you with if you don't mind me asking?

  13. #12
    Senior Member FF33rod's Avatar
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    Quote Originally Posted by ztoolman44 View Post
    ICBC Grrrrrrr. They are pretty frustrating but this is all good info I hadn't considered. Which broker firm are you with if you don't mind me asking?
    The broker I use is LeGear Pelling in Richmond, talk to Lorraine she's the one that helped me (they do my house insurance as well). Hagerty will do it BUT they want to see a pristine driving record. They declined my application due to 1 ticket and 1 accident in the past couple of years. They didn't care that I only wanted insurance during a build and I wasn't driving it yet.... Good luck...
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  14. #13
    Senior Member AC Bill's Avatar
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    I was dealing with same this issue when building my car.
    Crazy that you just can't get a rider on a house policy, just because it's car parts, which until it's completed and registered, it is just parts. What if you were a clock builder, or assembled computers at home? Wonder if you could claim you were a collector, similar to an art collector, but in this case it was car parts? Is it because they are difficult to get an accurate value appraisal on. It's extremely frustrating.

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  16. #14
    Senior Member AC Bill's Avatar
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    Quote Originally Posted by FF33rod View Post
    They didn't care that I only wanted insurance during a build and I wasn't driving it yet.... Good luck...
    So what if you only wanted fire and theft coverage, and not liability? Your driving record wouldn't play a part, in that case. ICBC has a storage policy, which doesn't cover you for liability, (for a registered vehicle only, mind you), but you think Haggarty might have something similar, since they have sold policy's to builders in the past? Perhaps ask your broker to check on that aspect.

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