Collector car insurance

[t walgamuth]

I have this 39 studebaker I am restoring and upgrading the suspension, brakes and drivetrain. I presently don't have any insurance on it. I just looked at quotes from a couple of specialty companies and one said they would not insure a car which is out of my personal control for more than a month or so.

Anybody in the insurance game and can advise what I should do?

It appears I will have to rely on my fabricator's insurance if I go with that company.

I'm starting to get some real money into it and it presently is little more than a large pile of parts.

[JB3]

• what qualifies as "out of personal control"? they won't insure it if you send it to be restored for a few months?

[ramonajim]

Have you talked to Hagerty?

Have them on Gustav, and have been thrilled with their service.

No claims on Gustav directly, but by keeping him insured (costs me $205 per year) I get free flat bed towing up to 100 miles for any car I own or any car I am borrowing.

That feature alone has saved me multiple times the annual premium every year.

[t walgamuth]

Originally Posted by JB3

• what qualifies as "out of personal control"? they won't insure it if you send it to be restored for a few months?

bingo.

[t walgamuth]

Originally Posted by ramonajim

Have you talked to Hagerty?

Have them on Gustav, and have been thrilled with their service.

No claims on Gustav directly, but by keeping him insured (costs me $205 per year) I get free flat bed towing up to 100 miles for any car I own or any car I am borrowing.

That feature alone has saved me multiple times the annual premium every year.

Yeah, they had no provision on their website for a car that is not drivable. Maybe I should call them.

[MTI]

You may want to check with your homeowners carrier, perhaps they can provide a rider since it not a motor vehicle yet, but rather just personal property on its way to being a motor vehicle.

[ramonajim]

Originally Posted by t walgamuth

Yeah, they had no provision on their website for a car that is not drivable. Maybe I should call them.

Check out this Hagerty page:

Vehicles Under Construction Coverage

If you’re restoring or building a car, Hagerty’s Vehicle Under Construction (VUC) coverage costs just $20* and offers an easy way to ensure the best protection for your car. A simple addition to an existing Hagerty policy, VUC coverage includes:

Quarterly value increases
The value of your car will be raised automatically by 10% a quarter up to a maximum increase of $25,000 per year. No phone call necessary.

Added coverage for tools
Restoration is a tool-intensive time in any garage. With your Vehicle Under Construction coverage you will receive $750 of coverage for your automotive tools.

Access to convenience towing
Coverage includes a dedicated toll-free number for access to a dispatch center staffed with specialists trained in the specific needs of collector vehicles. They handle the details; all you handle is the payment.

Add Vehicle Under Construction coverage to your quote, or call Hagerty at 877-922-9701 to add it to your existing policy.

[MS Fowler]

I like Hagerty--they usually have the prettiest woman at their booths at all the car events I attend.......

[gatorblue92]

I agree on using Hagerty. I have both of my current W123's insured with them and I am very pleased with the company and the prices. I have not needed to file a claim yet so I can't comment on that.

[t walgamuth]

Originally Posted by ramonajim

Check out this Hagerty page:

Vehicles Under Construction Coverage

If you’re restoring or building a car, Hagerty’s Vehicle Under Construction (VUC) coverage costs just $20* and offers an easy way to ensure the best protection for your car. A simple addition to an existing Hagerty policy, VUC coverage includes:

Quarterly value increases
The value of your car will be raised automatically by 10% a quarter up to a maximum increase of $25,000 per year. No phone call necessary.

Added coverage for tools
Restoration is a tool-intensive time in any garage. With your Vehicle Under Construction coverage you will receive $750 of coverage for your automotive tools.

Access to convenience towing
Coverage includes a dedicated toll-free number for access to a dispatch center staffed with specialists trained in the specific needs of collector vehicles. They handle the details; all you handle is the payment.

Add Vehicle Under Construction coverage to your quote, or call Hagerty at 877-922-9701 to add it to your existing policy.

This sounds very good! I'll go that way next.

[cornemuse]

The ins man I deal with (Farmers group) policy is: I sit down with him and decide what I would/will I accept for my ('64 Porsche hdtop cab) if it were totaled. Also, miles driven a year, and, what period of time each year I would drive it, (3 mo, 6 mo, etc.) I can pay as little or as much as I choose.

(The car has been parked for 30 + years, and I'm in the {long, slow} process of getting it back on the road) -c-

[t walgamuth]

Thanks very much! These sound like good options.

[barry12345]

Originally Posted by gatorblue92

I agree on using Hagerty. I have both of my current W123's insured with them and I am very pleased with the company and the prices. I have not needed to file a claim yet so I can't comment on that.

If you are under the antique classification for your cars. Are there driving restrictions? Or does hagerty have policies that allow all driving? My antique insurance with another carrier has serious restrictions. Claim settlement has been easier and fairer under these type policies in the few cases I am aware of.

[suginami]

I have Hagerty for my 280SE 4.5, and they have serious driving restrictions above and beyond an annual miles limit, which is not very high.

They exclude things like commuting to work, running errands, etc.

[ramonajim]

Originally Posted by barry12345

If you are under the antique classification for your cars. Are there driving restrictions? Or does hagerty have policies that allow all driving? My antique insurance with another carrier has serious restrictions. Claim settlement has been easier and fairer under these type policies in the few cases I am aware of.

Hagerty requires that you have at least one non-classic car. Doesn't have to be insured by them (we have 5 cars - only one with Hagerty is the 72 450 SE 4.5).