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Insurance during storage/restoration

Discussion in 'General Chit-Chat' started by Bill Tippy, Dec 3, 2021.

  1. Bill Tippy

    Bill Tippy Silver Level Sponsor

    Greetings everyone,

    I searched the forums but didn't find an answer.

    When restoring, storing, or not driving the car for say, six months or more, what do you do about insurance? And the vehicle is parked my attached garage.

    Do you discontinue the auto insurance? Does the homeowners insurance cover it?

    Thank for any thoughts you might have.

    BTW, I painted mine this summer and am just finishing the color sanding. The garage is a bit too cold now for me to continue, until I get a garage heater.
  2. nsbluenose

    nsbluenose Gold Level Sponsor

    I use Haggerty Insurance. Their rates for old cars is very reasonable, so much so that it is worthwhile to keep the insurance coverage during the winter storage months. Peace of mind. Most homeowners insurance usually doesn't provide coverage.
    belmateo likes this.
  3. absunbeam

    absunbeam Gold Level Sponsor

    I use State Farm for classic car insurance. Have to have it on for the whole year, has restrictions for use but was never checked as to how many miles are driven and if you are taking it to a car club or show event. Been very reasonable for the “fleet”.
  4. DanR

    DanR Diamond Level Sponsor

    It will definitely be worth you getting an answer to your question.... contact your insurer.
  5. sunalp

    sunalp Platinum Level Sponsor

    Whenever a project car comes into the shop I always insist that the customer has it insured, No way I
    want the liability to fall back on me. You should always maintain it , even when it's in storage.
    Some carriers offer that kind of insurance for both the car and the parts for it.
  6. Bill Blue

    Bill Blue Platinum Level Sponsor

    I was told that the vehicle stored in the garage was covered under the "contents" portion of your insurance. May or may not be adequate, but that's about all the coverage you can expect.
  7. junkman

    junkman Gold Level Sponsor

    In Massachusetts, it has to be registered and insured with an auto policy in effect to be covered in the event of a loss. Homeowner's does not cover vehicles. If the garage burns down with your prized Sunbeam in it, you better have it covered or TS.
  8. Gordon Holsinger

    Gordon Holsinger Diamond Level Sponsor

    I am restoring my alpine and I have coverage for it all year Hagerty is quite reasonable.
  9. Warren

    Warren Bronze Level Sponsor

    Hagerty only provides a set limit I think it's like 750 for parts that are not attached. If you've got a stock steering wheel off a GT or Tiger, you are underinsured.
    I have the cars that drive full boat coverage the cars that don't drive are covered with comp only for next to nothing.
  10. belmateo

    belmateo Gold Level Sponsor

    Hagerty is your best bet as you can insure the value as you make progress at an value that you set.
  11. Warren

    Warren Bronze Level Sponsor

    It depends, I held a insurance license for over 22 years. Read and understand what you are buying. The sub limit on a Hagerty policy is 750 for parts that are not attached as I recall, sure you can raise that amount.

    If you learn how to ask the questions and find out their underwriting rules like at what point does your car bump from stock to modified and have the price go up. Clearly I've only a couple samples of 300 HP Tigers vs more stockish ones. But before I bought I got a pals policy to read the small print.
  12. Mike O'D

    Mike O'D Gold Level Sponsor

    I think Hagerty has special insurance for a car being restored - not driven. I haven't used it, but think I remember reading it. They may cover parts at an agreed upon value, but you need to check with them.

    I'm curious what State Farm charges and what you get vs. a classic car insurer like Hagerty, Grundy, etc.
    belmateo likes this.
  13. Warren

    Warren Bronze Level Sponsor

    State farm is a stated value policy. What's that mean? That means you state the value and maybe they will pay you that much unless they decided to depreciate things like the convertible top 10-year-old tires with 20,000 mi on them etc.
  14. belmateo

    belmateo Gold Level Sponsor

  15. hartmandm

    hartmandm Moderator Platinum Level Sponsor

    My own experience with State Farm has been different. They will only insure my Alpine for the value based on an appraisal. Its insured value is currently too low (in my opinion). It was based on a very old appraisal. They won't increase my coverage unless I get a new appraisal which supports the new value.

    Based on getting a quote from Hagerty, Hagerty will insure my Alpine for whatever dollar amount I want.

    The rates for State Farm vs Hagerty were the same for me. I.e. The Hagerty $20k policy amount was double the State Farm $10k policy amount.

  16. Warren

    Warren Bronze Level Sponsor

    Farmer's writes the same type of policy as State Farm.
    Farmer's bought J.C. Taylor because they wanted to have access for their agents to compete with the real classic car insurer's. The standard stated value is a starting point for the company to beat you down from for any wear and tear that effects the car. There's no extra like coverage for spares or removed parts etc.
    I left Farmer's went to AAA for the same types of policy which was much cheaper. * I am/was happy to self insure and buy less coverage.
    When I tried to add the MK2 AAA declined it as it was over 30 days since I bought it and according to the dumb ass underwriter it had a dent in the door panel. * In California they are required to add the car if under 30 days but then would have non renewed me creating more problems as all insurance company's report and share information more and more problems.

    Here's the answer if you need less buy less like the State farm policy if you may need more don't cheap out. If you make too many comp claims you will become a hot potato and get dropped. Generally self insure by having higher deductibles as you'll wear your claim history going forward and pay for it.
    I was not able to write comp only for a vehicle in storage as the company realized it was a looser risk.
  17. fonz

    fonz Silver Level Sponsor

    home owners Does NOT cover a car. Grundy Ins, is way cheaper and very good to deal with. I have full coverage on 3 cars for Stated Value, $0 deductible. and covers Everything. $600 a year, way less than Haggerty.

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