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When should I insure?
I have read a few post here about owners looking to insure their cobra once they have it on the road. My ERA cobra has just finished getting painted and is heading back to ERA to finish suspension installation. I am wondering if I should already have it insured through the rest of the build process. I will recieve it as a roller and complete the rest myself. Once I have it home, should I insure or try and cover through homeowners if that is even possible.
Anyone insured before completion? |
I am not sure about your laws, but I had mine insured about two weeks before it was ready for the road. I didn't get it registered until the last minute and we have to have proof of insurance for that.
Ron :) |
Insure before completion? - YES!
I insured mine when it was still a roller - wasn't taking any chances. Parish was very cooperative - "...just tell us what it's worth, and as you finish certain stages, we can update the value".
Started out at $30k as a roller, bumped it to $50k after the paint was done, and finally insured it for $75k. Also a good idea to have a professional appraisal done (when the car is finished) and send your insurance company a copy of the appraisal and a good set of pictures. Update the appraisal and pictures every other year. regards, Jeff |
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Jeff, You are correct about that. I had forgotten about that. I had to take mine to a classic car place here that had an appraiser and he had to write up an appraisal on the car. Ron :) |
I had mine insured before I hauled the roller home from TX. Way too much money invested. After completion I called the Ins. Co and bumped the amount to the appraised value.
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Collector car insurance is dirt cheap. I paid $330 for a 50K agreed policy with high liability limits.
GET IT TOMORROW? |
I insured mine thru Classic while it was mostly in pieces. My home owners would not insure it because it is a car and my regular car insurance would not insure it because it was not put together. It had current registration, plates and tags.
Terry |
I had a bit of a struggle obtaining insurance before my "car" was registered in Pa. Ummm, no VIN....it is not a car, so no car insurance. It sure looks like a car, so no homeowners. After chatting with my agent, clearly, and a few pictures, it became a car for insurance purposes. We used the SPF # until a VIN was obtained.
Best of luck. Mike |
Did you guys just buy comp insurance same as an auto policy or something else before it was actually on the road? Anyone had issue using two different auto insurer's for the same household. When my teenager was still at home my agent said he could deny my claim becouse I insured 2 cars with him and the 3rd with someone else. I hope to find a company like Hagerty but I heard they will not insure cobra's.
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My insurance broker said my kit/car was covered under my home-owner's policy while I was building it and that I wouldn't need a auto policy until it was complete. Funny how some of us have gotten contradicting info on coverage through our home-owner's policy.
Matt |
Warren:
Who are you insured with? Bob |
I may be wrong, but so long as a vehicle is unregistered it would be insured as contents of your home on home owners policy,of course most contents coverage is 1/2 of the structure coverage which. if in case of a fire would probably not be sufficient to cover all contents and the car. Think about it, the only loss could be from fire or theft. Call home insurance provider and check if it is covered and then increse contents coverage to cover it.
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