How do you insure your unfinished kit?

chuckbrandt · #1 (**permalink**) 09-10-2003, 02:19 AM

I had thought it would be covered by my homeowners insurance but my american family girl says they'd want to insure it as a collector car from day one. They want to send out an appraiser.

Is that standard practice or does she maybe not know what she is talking about.

Thanks, Chuck

zipzip · #2 (**permalink**) 09-10-2003, 04:47 AM

I've asked our State Farm rep the same question. It appears that homeowners ins. doesn't cover automobiles, whether they be a collection of parts or an operating vehicle. They don't insure a collection of parts either, so there basically is no insurance for an unfinished kit.

She's looking into a possible rider on the homeowners to cover the value of the parts I have, but I'm not holding my breath...

Chaplin · #3 (**permalink**) 09-10-2003, 07:13 AM

I had the same problem. Homeowners wouldn't cover it b/c it was a motor vehicle and car insurance wouldn't cover it either b/c there was no motor in it yet, so it technically wasn't a "motor vehicle" as far as car insurance was concerned

. I installed the motor as fast as I could and got it covered, but I was a bit nervous for the first few weeks without insurance. I had all sorts of visions of hurricanes and fires destroying my garage and the car.

Goose · #4 (**permalink**) 09-10-2003, 09:32 AM

My Cobra will be arriving tomorrow or Friday and I am currently working with ANPAC to have the vehicle (sans motor and tranny) covered by comprehensive only until I am able to get it operational. At that point, I'll add the collision and liability coverages. It doesn't seem like it's going to be much of a problem, but other companies may be different. In fact, there may only be certain Cobra makes that ANPAC will cover this way.

Something to look into...

GeorgiaSnake · #5 (**permalink**) 09-10-2003, 04:00 PM

Build it fast and hope for the best

StephenC · #6 (**permalink**) 09-10-2003, 07:44 PM

I had almost the same problem.

I have an SPF roller that will not have an engine until next spring. I wanted it insured in case of theft or fire. First, AAA (my insurance company) said it was not a car (no engine) so it could not be covered under an auto policy. Then, my agent turned around and said that it was a car for the purposes of a homeowners policy. And, homeowners does not cover automobiles.

He did say that AAA would cover a $40,000 collection of auto parts on a separate rider to the homeowners policy. I asked how much I had to take apart before it would be considered "parts". He didn't think that was too funny and suggested it would be best not to play word games that would allow AAA to avoid paying in event of loss.

Hmmmmmmmmmmmm.........

I called ALL over and no one would insure it without an engine or VIN.

So, I called the home office of AAA in Dearborn, Michigan. I explained the situation to a very nice lady and said that after 30 years as a member (currently insuring 6 cars), surely they could do something. She called me back in half an hour and stated it would be insured as an "misc on premises" vehicle. She explained this would be like a truck used solely on a farm and never taken on the road. As long as it is "on-premises" (my property) it is insured. This cost about $120 a year. I figured it was worth it.

It just takes someone willing to think outside the box and be creative.

Good luck!!

cwmcobra · #7 (**permalink**) 09-10-2003, 07:58 PM

My kit is insured for comprehensive only by State Farm. Costs $225 per year. When it becomes streetable, it will be fully insured. My agent had a heck of a time getting State Farm to do this, but finally found the right underwriter at their headquarters that knew how to do it. Says they don't do it for just anyone, just their "good" customers.

How's your "rep" with State Farm?

Chuck

StephenC · #8 (**permalink**) 09-10-2003, 08:12 PM

I know this sounds sexist and it will probably get me flamed by someone. But, I've found women are often more creative and willing to at least try to find a solution to a customer service problem than are men. As I said, I spoke with a lady when I called AAA headquarters and when she called me back she said, "I spoke with one of our underwriters and SHE said we could....." Sometimes, I think men are more rigid (the rules are the rules) than women. We find it easy to just say no.

My advice, find a female agent who has a contact with a female underwriter.