I was recently made aware that my homeowners insurance will not cover any damage incurred to my car while it’s being worked on in the garage. The insurance company needs a value for the car. It’s certainly a work in progress but I’ve put about $5k into it this year with parts. It was originally a 350/350 car. It now has a 455 in it with basic mods (cam, intake, headers). It needs new rear quarters and paint but the rest of the metal is all solid. I revamped the suspension with qa1 coil overs, new 18” wheels, 4 wheel disc brakes. Converted it to a Muncie 4 speed with repop shifter and a Chevy 12 bolt rear axle. I was thinking $10k but really have no idea. I’d appreciate any help. Thanks.
I’ve inquired and they have a lot of specifics I wasn’t too keen on or can’t comply with. Max was 3500 miles a year, car must be parked in the garage and they also wanted covered parking if I drove to work which I cannot do. I’d rather just get it thru my regular insurance (state farm).
X2 on an agreed value policy. Regular auto insurance will often times not value a classic car properly (unless maybe state farm offers such a thing, that I dont know). Look into American Modern, thats who myself and a few of my friends have on our classics. But your "regular" auto insurance is not typically geared towards a restored antique vehicle.
I’ll look into them, thanks. Hagerty seems apprehensive about insuring my car because of the threat of hail here. They will not insure my blazer because I mentioned it’s not always parked in the garage. My State Farm agent is asking for a value on the car in its current state which makes me think that’s where this is going.
There are vintage car blue books around - check online or with a bank. You are in Denver so there may be some classic car shops/vendors that can give you an appraisal. Don't worry about the mods, get what the car really is, then keep all receipts to prove the money you have in it. Regular insurance companies want "proof" and it will still be a fight.
There are many classic car insurers around .... some better than others, but some have far less restrictions than others as well (garage location, amount of miles driven annually, regular driving, etc.) - check out many of them as "Agreed Value" coverage is really important. NADA has a valuation book for old muscle cars and classics called Cars of Particular Interest. Plus, there are several others which provide information as well.
I had an “under construction” policy on my ‘Cat while it was being restored. Even when it wasn’t at the body shop, it was covered. I had it in my garage, or outside if I was doing something in there and needed space. As long as it was less than $10K in value, they didn’t have any issues with it. It was through American National (ANPAC), but virtually all classic insurance underwriters have something similar.
Give Classic Collectors (Infinity Insurance) a call. I have $32,000 of stated value coverage on my GS and the mileage for my plan is 6000 per year. Cost is very reasonable.
I’m not too keen on lying to my insurance company. Seems like a good way to get a claim denied if something happens My biggest “issue” is since the car is in need of work I’m not sure it even qualifies for the lowest online appraisals (which nada values it in fair condition at about $10k). Interesting, I’ll have to ask more questions on what exactly would be covered by State Farm. I still need to figure out what I value the car at but thanks for another option to get a quote from.
Contact Condon an Skelly Inc. They will insure you car for a agreed value, while it's under construction. They also have higher mileage insurance plans, I have two cars insured with them 1. 71GS 350 Value $8500 2. 72 Skylark Value $3000 They both need to be restored, they don't ask for mileage when you renew the policy I pay $135 a year, $184 if I won't roadside assistance on the policy. Phone number 1 - 800 - 257 - 9496 or Email cars@condonskelly.com Address, Condon Skelly 1 Executive Drive, Suite 5 Mooretown, NJ 08057 .
Thanks for the info but I’m not actually looking for an insurance agent. I was asking for suggestions on value. I bought the car 17 years ago for $2500. I don’t see getting another for that price. I’ve decided $12k would cover it and I can adjust it accordingly in the future. I was given a quote of less than $8 a month.
I’d imagine it’s in your fine print. Straight from their website “Usage and mileage requirements may differ based on the vehicle that is being insured, such as collector trucks or vehicles that are 1980 and newer. Please review specific vehicle guidelines for this information. Mileage of 3,500 or less is generally consistent with operating vehicles that have collectible value. Mileage up to 7,500 may be considered in some states.”
hmmm, they have never asked me for an oldometer reading. wonder how they would know how many miles i drive? luckily it's not an issue. i only put about 1500 miles a year on my daily driver and less than 500 on my Buick
