Insurance

[1969Camaro]

Just got my car back from Ken Pike, who did a wonderful job and I’m pricing insurance. Before paint I had it insurance with American Collector for $40k stated value, it was around $400 per year.. I’m not real thrilled with A C, so looking for stated value of 60k. The broker came back with Hagerty, for $1100. I’ve had Hagerty in the past on different cars and they were also the most expensive. I live in Oregon, 77 years old with no tickets..other guys in Oregon who are you using? Thanks for your time

[PNWTim]

I'm in Oregon and I use Grundy for my 1969 Camaro. Agreed value, no questions asked. Not the least expensive but slightly less than Hagerty. I will probably use them for my Daytona as well.

[MB750]

I have American Modern, $324/year, full coverage based on my LLC in Montana, stored in FL. $30,000 stated value.

[Rebostar]

I'm in Oregon, PDX area. I just put my Roadster on my Haggerty policy last week. I have a Supercharged 2018 Mustang GT, a 427FE powered 1970 Cougar, a 1929 Chevy Pick Up (the "chiefs"). I dont own GM products. , and a 1947 Merc Coupe with a 427W in it all on my Haggerty policy. My premium was $1900 and change and went up to $2300 when I added the Cobra last week. I insured it for $50K before I added up all my receipts. I'll have to adjust that. So my Cobra cost me $400 a year with a dicount for multiple cars. In the 7 years I've used Haggerty I had one claim. They covered it, no questions asked. Just require a pic of the damage and my rate did NOT go up. I'm 68 and a squeeky clean drivers record. The "chief" is also on the policy. I deal directly with Haggerty....no brokers. At $1100 your "broker" might be getting a good cut.

[Dgc333]

FWIW, you do not want a "stated value" policy, you want an "agreed value" policy. The difference is with a stated value policy the insurance company will pay out the stated value or what they determine as the actual value, whichever is lower. With agreed value they will always pay out the agreed value. These are total loss situations.

FYI, have been with Grundy for over 20 years. At the time Grundy, Haggerty and American Collector Car were the only outfits offering agreed value policies in Massachusetts. The reason I went with Grundy was they were significantly less than Haggerty and had fewer use restrictions than American. I had an unfortunate incident a couple of years ago where a kid turned into my Barracuda and crushed the quarter panel. Grundy had the adjuster at my house in two days and I had the check in two weeks. I realized I didn't have enough coverage so after it was fixed I sent them new pictures with a request to increase the coverage. The following day I got notification that they had accepted the increased valuation.

I have my 33 Speedstar insured with Grundy for an agreed value of $65k and the annual cost is $330.

[Blitzboy54]

My last MK4 I had an agreed value of $50k with Hagerty and it was $550 a year with no mileage limit. I'm in NY which is wild because I would assume it to be more expensive. Interesting.

[gbranham]

I added mine, 80k agreed value, 3000 mile annual limit. $30/month. I already have two vehicle with state farm, so I got a discount for multiple vehicles.

[PNWTim]

On a side note, some may know this, others not but it's worth pointing out. While you are building your car you should have project car insurance which you can update in value periodically as the build progresses. There are some pretty expensive components (the kit itself, engine, tranny, etc.) that can add up and most homeowners policies do not cover vehicles, running or not. It's simple to stairstep value as you add items and stay even/ahead of the agreed value.

[Oshkosh Rob]

On a side note, some may know this, others not but it's worth pointing out. While you are building your car you should have project car insurance which you can update in value periodically as the build progresses. There are some pretty expensive components (the kit itself, engine, tranny, etc.) that can add up and most homeowners policies do not cover vehicles, running or not. It's simple to stairstep value as you add items and stay even/ahead of the agreed value.

I reached out to my agent at State Farm and she told me that the car was not covered as you stated. I had to set up a policy for the kit until I can register and insure it as a motor vehicle. It is $450/year here. I saw a picture on this forum of some poor guy whose car was involved in a fire in his garage and was left with nothing. I’m not taking that kind of risk.

[Blitzboy54]

On a side note, some may know this, others not but it's worth pointing out. While you are building your car you should have project car insurance which you can update in value periodically as the build progresses. There are some pretty expensive components (the kit itself, engine, tranny, etc.) that can add up and most homeowners policies do not cover vehicles, running or not. It's simple to stairstep value as you add items and stay even/ahead of the agreed value.

Ok, this has been a struggle for me. I can’t find any. Nobody and I mean nobody will insure it. I had USAA my first build. They told me it was covered under my homeowners. I then went to Allstate, and asked them before my second build and they said the won’t cover car parts. I called USAA and figured I would go back to them and they won’t cover them either. Turns out I wasn’t covered the first time. They will cover a car project but only if it has a VIN. I think part of the reason I am moving so fast is I want to get it registered so I can insure it.

Anyone has info on “project insurance” I would appreciate it. Maybe I was not asking the right questions.

[CraigS]

From other threads over the years I think State Farm varies from state to state. Have you guys called Robin at Midwest? See the banner on this website.

[PNWTim]

Ok, this has been a struggle for me. I can’t find any. Nobody and I mean nobody will insure it. I had USAA my first build. They told me it was covered under my homeowners. I then went to Allstate, and asked them before my second build and they said the won’t cover car parts. I called USAA and figured I would go back to them and they won’t cover them either. Turns out I wasn’t covered the first time. They will cover a car project but only if it has a VIN. I think part of the reason I am moving so fast is I want to get it registered so I can insure it.

Anyone has info on “project insurance” I would appreciate it. Maybe I was not asking the right questions.

Hi Jessie - I mentioned this because when I built my Camaro my body guy brought it up. We were trailering my car home after paint and bodywork and he casually says "this is insured, right"? It hadn't even dawned on me to do that because it was going to be another year or so before it was on the road. I too am with USAA and was able to get "in transit" insurance for the trip home but once back in my garage I shopped around a bit and settled on Grundy. I know American Collectors and Hagerty both have project insurance as well. A brief description, some photos and you'll be covered within a day or two (assuming there's nothing odd about NY).

I think I started out with an agreed value of $40K then each time I added anything significant I adjusted it upwards. The premium only moved by a fairly small margin but it certainly gave me piece of mind. It was easy at the end to settle on an agreed value because of the history.

We had fires come within a mile or so of our house when I was building it and my kids were shocked I was leaving it behind when we evacuated. My response at the time was "this is what insurance is for".

[Mike.Bray]

Ok, this has been a struggle for me. I can’t find any. Nobody and I mean nobody will insure it. I had USAA my first build. They told me it was covered under my homeowners. I then went to Allstate, and asked them before my second build and they said the won’t cover car parts. I called USAA and figured I would go back to them and they won’t cover them either. Turns out I wasn’t covered the first time. They will cover a car project but only if it has a VIN. I think part of the reason I am moving so fast is I want to get it registered so I can insure it.

Anyone has info on “project insurance” I would appreciate it. Maybe I was not asking the right questions.

Robin at Midwest insured mine while it was being built no problem.

[Blitzboy54]

Thanks fellas. I had Hagerty for my last roadster so I will start with them and give Robin a call if that doesn’t work. It’s been a stresser for me for sure. I have 50k tied up in this thing and it essentially has little to no value until it’s finished.

[Blitzboy54]

I just called Hagerty. $380 for 50k agreed value. I don't know why I didn't call them earlier but this is a huge relief honestly.

Thanks guys

[MaxVmo]

Is that the same rate for a completed roadster?

[Blitzboy54]

Is that the same rate for a completed roadster?

It would go up a bit because it's based on being driven 0 miles per year. I would expect to pay $500ish when it becomes a car.

[Mike.Bray]

I just called Hagerty. $380 for 50k agreed value. I don't know why I didn't call them earlier but this is a huge relief honestly.

I had Hagerty on my Viper so when I was building the Roadster I called them. They said I had to show recent experience with performance driving before they could insure it. I've heard others report the same. I wonder if their policy changed?

[Blitzboy54]

I had Hagerty on my Viper so when I was building the Roadster I called them. They said I had to show recent experience with performance driving before they could insure it. I've heard others report the same. I wonder if their policy changed?

Perhaps? I have also already been a customer. That may also be influenced by state policy's. I was not asked that when I got my first policy. NY may not allow it? He didn't bat an eyelash when I said it would be 400 hp

[BRRT]

I had the same experience with Hagerty as Mike - they wanted evidence of high performance driving experience.
I went with Robinn at Midwest. He knows FFR and it was pretty painless.

[DanQ]

Contact Robbin Terry at American Modern. I am getting $40k agreed value with full coverage including flatbed towing for under $300/year. After speaking with him on the phone, he understands Factory Five cars and their owners, as he insures quite a few of us.

[JeffP]

Ok, this has been a struggle for me. I can’t find any. Nobody and I mean nobody will insure it. I had USAA my first build. They told me it was covered under my homeowners. I then went to Allstate, and asked them before my second build and they said the won’t cover car parts. I called USAA and figured I would go back to them and they won’t cover them either. Turns out I wasn’t covered the first time. They will cover a car project but only if it has a VIN. I think part of the reason I am moving so fast is I want to get it registered so I can insure it.

Anyone has info on “project insurance” I would appreciate it. Maybe I was not asking the right questions.

I'd question who told you USAA wasn't covering it. During my build I had a long talk with my USAA Agent who I had for both Home/Auto. They said very specifically it would be covered under my home policy as I used the example when I went to pick it up that its no different than me picking up a pallet full of 4K TV's and storing them at my house. Would these "personal" items be covered in the event of theft/fire and they said absolutely as long as they're within my personal property limits and subject to that deductible. They said they would also be covered under my homeowners while transporting them from FF. Once the car was titled then that coveraged ended and an auto policy would be required.

[Blitzboy54]

I'd question who told you USAA wasn't covering it. During my build I had a long talk with my USAA Agent who I had for both Home/Auto. They said very specifically it would be covered under my home policy as I used the example when I went to pick it up that its no different than me picking up a pallet full of 4K TV's and storing them at my house. Would these "personal" items be covered in the event of theft/fire and they said absolutely as long as they're within my personal property limits and subject to that deductible. They said they would also be covered under my homeowners while transporting them from FF. Once the car was titled then that coveraged ended and an auto policy would be required.

This was my understanding during my first build. I left USAA for other reasons (mostly cost, but I am back now). At that time they told me I was covered. Allstate said they specifically exclude car parts from homeowners coverage and had no specific product that fit my needs. When I went back to USAA for a quote that's when they told me something similar to Allstate and when I said you covered me before they said whoever told me that was mistaken. Maybe it's state to state? I am good now. Hagerty gave me a 0 mile policy at 50k agreed value for as it turns out $340 a year. I had to sign a waiver that states no driver in the house can drive it with less than 10 years driving experience. This was great for me because my teenage kids would drive it over my dead body and now I don't have to pay for a policy that pretends they can.

I find there is a lot of confusion with insurance generally. Just like some folks being told they have to show high performance driving experience and others not.

[1969Camaro]

I saw Rebostar’s post about his getting coverage with State Farm, I have home,boat and 2 other cars covered by them. I called got 60k agreed value for $28. Per month,took 15 minutes, I was quite pleased with that.

[dbo_texas]

I just called Hagerty. $380 for 50k agreed value. I don't know why I didn't call them earlier but this is a huge relief honestly.

Thanks guys

Is this for you build currently in progress? I just spoke to Haggerty and they told me they do not offer project car insurance until the vehicle has a title, then they will insure it. Grundy did confirm they will insure the project car (i.e. during the build) but their initial quote included full blown coverage (comprehensive, collision, etc) so I called them back and explained that the car isn't titled or registered yet and they updated the quote. I'm also double checking w/ my home insurance agent to verify if its covered by that policy or not. I thought all personal property in the garage would be covered but I'll confirm. I have enough $$$ into this car that I want to make sure I'm covered.

[Blitzboy54]

Is this for you build currently in progress? I just spoke to Haggerty and they told me they do not offer project car insurance until the vehicle has a title, then they will insure it. Grundy did confirm they will insure the project car (i.e. during the build) but their initial quote included full blown coverage (comprehensive, collision, etc) so I called them back and explained that the car isn't titled or registered yet and they updated the quote. I'm also double checking w/ my home insurance agent to verify if its covered by that policy or not. I thought all personal property in the garage would be covered but I'll confirm. I have enough $$$ into this car that I want to make sure I'm covered.

It must be state to state. There does not seem to be any uniformity to the policy's

I do not have a title, they know that and I had to send the pictures of the car in the current state. They used the FFR serial number in place of the VIN

[jengum]

Call Robbin @ Midwest Classics (forum vendor) and avoid yourself a lot of frustration. You can start with an agreed upon value for the initial kit and then bump up the agreed upon value as your project car progresses with more components thru registration. Most insurance companies have limits on automobile parts just like they do for jewelry, coins, firearms, and artwork which require separate riders under a personal articles policy (PAP) if you want to bump up coverage over the stated limits. In the case of automobile parts I could not find one that was willing to write a separate rider for a kit car project in my garage (State Farm, Allstate, Hartford).

[Rebostar]

I saw Rebostar’s post about his getting coverage with State Farm, I have home,boat and 2 other cars covered by them. I called got 60k agreed value for $28. Per month,took 15 minutes, I was quite pleased with that.

Was'nt me. State Farm burned us a few years ago when they sent a drone over an industrial business a block away, they thought it was our house and canceled our home owners policy and when I showed them their mistake the refused to re-instate it. I'll never darken their doorway again . I use Haggerty. They did ask about high performance driving and I told them they've been insuring my Supercharged Mustang GT for 4 years. They added the Cobra on my policy for $400 a year.

[dbo_texas]

Is this for you build currently in progress? I just spoke to Haggerty and they told me they do not offer project car insurance until the vehicle has a title, then they will insure it. Grundy did confirm they will insure the project car (i.e. during the build) but their initial quote included full blown coverage (comprehensive, collision, etc) so I called them back and explained that the car isn't titled or registered yet and they updated the quote. I'm also double checking w/ my home insurance agent to verify if its covered by that policy or not. I thought all personal property in the garage would be covered but I'll confirm. I have enough $$$ into this car that I want to make sure I'm covered.

Just for others interested - I talked to my Allstate agent where I have our homeowner's policy (in Texas). She confirmed that the build under construction (in the garage) is NOT covered by the homeowners policy. Typically personal items in your garage are covered but she explained to me that if it's a vehicle, even one that isn't running and isn't titled/registered yet, is not covered by the homeowner's policy. She basically said you could try to argue a case that it isn't technically a vehicle, but ultimately that if it looks like a car (even without the body on), they would consider it one. Allstate won't insure a vehicle unless it has a formal VIN # so I can't get any policy with them. So it looks like at least for my situation, I will need to find an alternative. I've confirmed both Grundy & Midwest Classics have specific policies to cover you at every stage (build only or full coverage for go-karting and driving).

[burchfieldb]

On a side note, some may know this, others not but it's worth pointing out. While you are building your car you should have project car insurance which you can update in value periodically as the build progresses. There are some pretty expensive components (the kit itself, engine, tranny, etc.) that can add up and most homeowners policies do not cover vehicles, running or not. It's simple to stairstep value as you add items and stay even/ahead of the agreed value.

Tim,
Who are you using for this?

Thanks,
Brent

[PNWTim]

Tim,
Who are you using for this?

Thanks,
Brent

I am insured with Grundy for both my Camaro and my Daytona.

[ggunter]

Maybe I should take another look at Hagerty. They are banging me $880 a year with never a claim in my life and no tickets. I thought the performance driving interview was kind of funny too. I think I'll call Midwest next time around.

[dbo_texas]

Maybe I should take another look at Hagerty. They are banging me $880 a year with never a claim in my life and no tickets. I thought the performance driving interview was kind of funny too. I think I'll call Midwest next time around.

Robbin @ Midwest Classic was awesome to work with. That's who I ended up going with...it was super inexpensive to insure the build @ $50k agreed value (comprehensive & liability only, no collision). He indicated they always include liability because it covers you if a buddy gets injured helping you work on it. All I had to do was provide a few pictures, my receipts spreadsheet, and the FFR chassis # and I was good to go. When I'm ready to go-kart all I have to do is call them up and the collision & personal injury coverages to the policy.

[FarmerDave1321]

Robin at Midwest insured mine while it was being built no problem.

I second this. Robbin is great, got me sorted out in no time flat.

[burchfieldb]

I second this. Robbin is great, got me sorted out in no time flat.

Third! I am working on it now with him. It is super affordable. I tried Hagerty and Grundy, and they both said they do not offer insurance unless it is fully assembled.

[jiriza84641]

I am currently getting a quote form Robbin at midwest, I sent all the info he requested and stated he is only looking at 60k value. I have about 70k. Hagerty has a quote of 520yr at 75k value. so I will wait to see what Robbin can offer per yr. Then make a decision.

[FarmerDave1321]

I am currently getting a quote form Robbin at midwest, I sent all the info he requested and stated he is only looking at 60k value. I have about 70k. Hagerty has a quote of 520yr at 75k value. so I will wait to see what Robbin can offer per yr. Then make a decision.

As is the nature of this sort of hobby ... you'll never get the value back out of the car that you put into it. If you look around, very nice examples are selling at peak in the low 50's on average. Insurance underwriters have to be realistic about the actual value of what they are insuring and the market conditions pretty well define that value. If you can get more, that's fantastic, but you will most certainly pay a higher premium for it (which could very well be worth it for you).

[jiriza84641]

I ended up goin with Robbin at midwest.

[BUDFIVE]

+1 Robbin at Midwest. Just finalized 2/7, the day before GoCart 3.0. EZ to deal with, no surprises. We settled on a policy from American Modern. He understands FFR projects and we insured at an agreed value, mileage, etc. We’ll raise the value after body and paint.

[ProfessorB]

This is a great thread. I've learned a couple of things. In my own case, last year was my first year on the road and Hagerty would not insure me...told me to call them when I had a year's experience. I called American Collector's and they wrote me a policy (45K agreed value) and 2500 mile limit. Though I don't put a lot of miles on I don't like having a mileage limit. I was grateful to have a ploicy. A year later A.C raised my price (I had expected it to drop). I started calling around and have found that prices are all over the place...often defying logic. I ended up calling Robin at Midwest, based upon the recommendations here. He got me a better price wit Hagerty than what Hagerty quoted me when I called them directly. Agreed value was increased to 50K, NO mileage limit, and premium was cheaper than my A.C. ORIGINAL premium BEFORE the rate increase. It was fast, simple, easy and Robin is a great guy.