Insurance

[GT53]

Hey All,

Question regarding insurance from delivery of Kit through build progression. I ordered a Roadster complete kit, (more on that later) and I am curious as to how you guys went about insuring said kit while you were assembling. I haven’t queried my insurance company yet which I will most certainly do prior to delivery but was wondering at what point you all set up for insurance should something nasty occur. Home owners coverage, classic car etc.

I am still working through the details and the planning of my upcoming build and I will post the details in a week or so. Expected delivery is mid September. I’ve been pouring through this and other forums and you guys have been a valuable source in putting this build plan together so I thank you all once again for the effort and substantial time required to post your builds and answer the multitude of questions that are asked here. Trust me when I say that I WILL most assuredly be asking many more.

Greg

[edwardb]

The answer is going to depend on what your insurance company says. Early in the process they may consider your kit to be a collection of car parts and covered under your usual homeowners policy. But at some point it will be considered a vehicle and then you'll need to see about actual insurance. Some companies offer a reduced rate for vehicles under construction (zero miles, no VIN, etc.). Robbin at Midwest Classic is a good place to start. But I found the premiums to be higher than expected. And complicated in some cases without a VIN. Personally I've decided the risk is less than the cost and effort. We live in a low crime area. Have a monitored security and fire alarm system in our house including my garage shop. Although very unlikely, a kit under construction as part of a complete loss is a very low percentage. I'm willing to accept the risk. I know not everything will agree, but that's how I've approached it.

[Blitzboy54]

Mine is covered under my homeowners until I have a VIN. I called to see if I should get an individual rider but in my case it was not necessary. I do have to keep receipts but other than that I’m good up to way past the value of the car.

[460.465USMC]

While it's under construction my insurance company is covering mine as part of my homeowners. No additional requirements or cost while it's still a collection of individual parts.

[GT53]

Gentlemen,

Thanks for the info. Pretty much what I figured but I wanted to see what some of you had done before I talked to any Insurance company.

Greg

[Medic8]

Don’t be surprised if your regular insurance carrier will not insure you. State Farm would not insure me because my GTM is considered a race car. I went through NCM, 850 or so per yr for 3k miles per yr.

[BLUE KNIGHT]

Don’t be surprised if your regular insurance carrier will not insure you. State Farm would not insure me because my GTM is considered a race car. I went through NCM, 850 or so per yr for 3k miles per yr.

Interesting .... I had no problem insuring my FF Cobra roadster with them .... and it wasn't expensive ..... good luck .... Mike

[Papa]

For those who have been told they are covered under their homeowner policies, be absolutely sure you understand what your insurance company will pay you for all those "parts". Most will have some limit, and I doubt many will cover the $30-50k that you will have sitting there before it is completed. I worked with my insurance company to insure mine as a "build in progress" under my auto policy and it was covered for the invoice value of the collection of parts.

[GoDadGo]

I'm covered through State Farm now that my car has received its VIN Number, but I was flying with No Coverage What So Ever while I was under construction.
The big issue for me is that my shop is under my house and is in a flood plane so nothing is covered below my entrance door thresholds.

Shop Video:
https://youtu.be/IGYtX-3p7xk

Check With Agent To See What Options Are Available!

[Blitzboy54]

For those who have been told they are covered under their homeowner policies, be absolutely sure you understand what your insurance company will pay you for all those "parts". Most will have some limit, and I doubt many will cover the $30-50k that you will have sitting there before it is completed. I worked with my insurance company to insure mine as a "build in progress" under my auto policy and it was covered for the invoice value of the collection of parts.

This is a great point, I have USAA, I have full replacement value of my property up to $350k. They are the Cadillac of insurance company's and cannot recommend them enough. If you or your parents are veterans there really is no other choice.

But I have heard plenty of story's of folks being not as covered as they thought

[egchewy79]

I did not insure this during the build. It was a bit sketchy doing some go kart miles around the neighborhood without insurance. I was able to get it insured through state farm once I got a title for the car. I called Robbin at Midwest but his rates through Haggarty were a bit higher than state farm. SF also allows me to remove the collision coverage during the months that I'm not driving it in the winter, and keeps the comprehensive insurance going at a cheap rate. I was also able to get titled in OH before my car was completely done without an inspection, but that's a different story for a different day.

[edwardb]

...It was a bit sketchy doing some go kart miles around the neighborhood without insurance...

Nobody's insurance is covering that. I don't care what it is. Let alone whatever a LEO might write you up for if in the mood. It's a right of passage for the build and I guess everyone does it. Including me. But something to be very very cautious with. Some of the videos that get posted make this old retired guy very nervous. Not to get the thread off topic.

[Daddy O]

Allstate told me they only cover something minimal like $1500 for car parts. Asked about adding a rider and they refused.

[JB in NOVA]

This is a great point, I have USAA, I have full replacement value of my property up to $350k. They are the Cadillac of insurance company's and cannot recommend them enough. If you or your parents are veterans there really is no other choice.

But I have heard plenty of story's of folks being not as covered as they thought

I second this. I've had USAA for 35+ years, and they are a solid company. They insured my Mk4 with no problem whatsoever.

[J R Jones]

I am a member of Hagerty Drivers Club and they advertise insurance for any collector car race or street.
https://www.hagerty.com/

jim

https://www.hagerty.com/insurance/cl...1d2202d76379a9

[svassh]

I am a member of Hagerty Drivers Club and they advertise insurance for any collector car race or street.
https://www.hagerty.com/

jim

https://www.hagerty.com/insurance/cl...1d2202d76379a9

I'm struggling with Hagerty right now getting insurance for my newly purchased MK2. They wanted a lot of information on the horsepower of the engine, assurances it didn't have nitrous. The topper was they wanted a high performance driving resume from me showing what cars I had owned with horsepower numbers and HPDE driving or racing experience.

I've had specialty cars with them for about 10 years now. They tell me the high HP to weight ratio on the Cobra replicas have caused a lot of issues for them in claims. My other car with them is a GT350R with more HP but lower HP to weight ratio.

Hopefully just submitted my last paperwork which was a document stating my 20 year old daughter would not drive the car. Starting to sweat as I am supposed to pickup the MK2 tomorrow.

EDIT - Got it wrapped up this AM, required a special underwriter but they stayed on the line with me while I answered all their questions. Good service I've come to expect from Hagerty.