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Has anyone ever bothered to do this? I am guessing it will be apart for 5 years (wishful thinking). I live in Georgia now and in the unlikely event that something happens to the house (tornado, flood, fire, etc) I'm told the car (parts) are not covered by homeowners insurance. On the pro side, if it has insurance the plates don't have to be surrendered and for $20/year it can be registered, and there would be no need to have it inspected to put it back on the road (because they don't know it has been taken apart). On the con side, the insurance is $150/year (its low because it isn't out driving around, so PL and PD are at the bare minimum), but if there was a claim I'm sure the insurance company would really low ball the value of the unassembled parts.
So thats 850 bucks and a guaranteed hassle if there is a claim. As you can tell, I've just about talked myself into dropping the coverage and rolling the dice. What have you guys done? Have you had any problems getting it inspected, and if you are in Georgia what does that cost?
 

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classic insurance will cover spare parts and you can increase the value as you go along

Spare parts coverage
Hagerty
policies include $750 of comprehensive coverage for spare parts, but some owners need more: Coverage for all spare parts, even if they're not intended for the vehicle on your client's Hagerty policy. Annual premiums begin at just $19*, with a $0 deductible on most losses.

Additional Coverages | Hagerty Insurance Agent Business ...
 

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I had mine in the garage for seven months before sending it out for bodywork/paint and did not have insurance on it. I presumed that it would be covered under my homeowners' insurance - never checked on it, so no idea if it would have been covered.
 

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Has anyone ever bothered to do this? I am guessing it will be apart for 5 years (wishful thinking). I live in Georgia now and in the unlikely event that something happens to the house (tornado, flood, fire, etc) I'm told the car (parts) are not covered by homeowners insurance. On the pro side, if it has insurance the plates don't have to be surrendered and for $20/year it can be registered, and there would be no need to have it inspected to put it back on the road (because they don't know it has been taken apart). On the con side, the insurance is $150/year (its low because it isn't out driving around, so PL and PD are at the bare minimum), but if there was a claim I'm sure the insurance company would really low ball the value of the unassembled parts.
So thats 850 bucks and a guaranteed hassle if there is a claim. As you can tell, I've just about talked myself into dropping the coverage and rolling the dice. What have you guys done? Have you had any problems getting it inspected, and if you are in Georgia what does that cost?
Call your agent, not the insurance company, and ask them. They should be able to tell you for sure.
 

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I know that American Collectors provides coverage for vehicles while undergoing restoration. It's been a while since I looked into it but I believe that most of the other classic car insurance companies provide similar coverage. Whether it is worth having that coverage is probably something you have to decide for yourself.
 

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Had three cars insured for their value for fire & theft through Hagerty. Reiterating, cheap.
 

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I insured my Mach 1 project through Hagerty. Yeah it was pretty cheap and easy. No way was I going to put tens of thousands of dollars into a car and risk losing it all to fire, flood, theft or bizarre circumstances. FYI, I paid a few dollars extra to make sure my Mustang was insured while being towed. That way, if some dunderhead didn't secure it correctly and it fell off the truck, I was fully covered without having to spend years trying to sue the tow company.

Sheesh, it took me 8 years, but when I finally got it on the road, I simply called Hagerty to add the liability and readjust the value. (As I recall, Hagerty automatically increased the value a certain percentage as the project went on.) Again, this was easy peasy lemon squeezie. I didn't have to give Hagerty pictures or anything. I just said I needed to insure it as a restored, operating car. I was hoping they might go for $25,000. The rep simply said, "Hang on. Let me check for a 1970 Mustang Mach 1 H-Code... OK, I have $46,200, does that sound alright?". My policy has zero deductable. I asked about adding a deductable, but it saved only $5.00 (yes, five) dollars a year. Nope.

In Colorado, they issued me a "Don Not Operate" registration. This meant I didn't have to carry liability insurance which saved me some dough. I had to sign a statement promising to not operate the car on the street until it had liability insurance. I did this every year while the car was under restoration. When I did put it on the road, I simply showed DMV my proof of insurance and they sold me a new tag for the year. No hassle. NO BACK TAGS! Yay!

I would not want to leave a classic Mustang project ininsured at any time.
 

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I got my restoration insurance through Heacock, underwritten by American Modern. The car was insured for 1/2 its value and parts were insured up to $2k if I remember correctly.
 

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My Allstate Insurance company allows me to insure my classics for damage while they are hanger queens. Whenever I want to drive them, I can re-instate the insurance for short term use.
 

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Excellent post!

At some point during the work, the car starts to actually become worth more than you may be thinking,.....
 

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Another vote for Hagerty. I kept mine registered and insured for a year and a half while I did a bunch of restorative work to it. Hagerty gave me a new windshield because the other one was cracked... and it covered installation as well.
Would have come out of my wallet if it wasn't registered and insured.
 

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Why do you think it will require an inspection?
 

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well...chalk me up for one who never insures it during restoration. Haven't with any of my cars actually. Which means I've got a shell of a 69 Drag Pack Mach and the 428SCJ motor sitting in the shop uninsured, where it has been sitting for several years now.
 

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I insured mine as soon as it became drivable. State Farm is the insurance company I use. Called my agent and to set it up and she asked me if it was in restoration or finished? I'm still restoring it in was my response. Ok, let us know when you're finished and the insurance will go down!

It's not finished yet (in paint) and it will be interesting to see if this actually happens or not and the explanation for it. My agent is my best friends wife, so I get it straight from her.

Allen
 

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Discussion Starter #20
I got my restoration insurance through Heacock, underwritten by American Modern. The car was insured for 1/2 its value and parts were insured up to $2k if I remember correctly.
I currently have American Modern. They don't do guaranteed value or mention anything about parts- for $150/year. Given the above recommendations I called Haggarty and she quoted me $170/year guaranteed value, fire, thieft, comp only. That includes $750 in spare parts. I'm a little put out since she hasn't sent me the quote yet 24 hrs later, but I did get a questionnaire asking how I thought she did. I can't really make a judgement on the insurance until I see the quote.
 
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