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Build in progress insurance
I am starting to accumulate some valuable bits and pieces in my garage as the build progresses. I have heard about build in progress insurance that allows you to cover against fire and theft.
Can anyone tell me more about this. eg who provides it and how much i should expect to pay. Im finding that everytime i hear a noise at night i have to get out of bed and look out the window at the garage. Paranoid!:o |
It is probably an extention of a homeowners or renters policy. Generally until it is titled the Insurance companies don't treat it as a complete vehicle. Can someone else chime in?
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Zedn
It can be called lay-up insurance and definitely covers a part built car not legally capable to take to the road. Down here in Victoria you can get unregistered vehicle permits for up to 30 days duration, for testing and other work once mobile but at that stage the insurers expect full insurance. Certainly was the case for me with Shannons. Not sure if a lay-up style insurance could be used to cover parts, probably, but similarly if your house and contents insurance doesn't specify such parts, you may only be partially covered for these, if at all. Just ring the insurers and have a chat. Be aware of the value of the bits you have and it should be easy to get the coverage you want. Cheers |
Zedn
I got my lay up insurance through LSV. Quite reasonably priced too Doug |
Quote:
I have my car Comprehensively Insured with LSV for $100K and the Preium is $550. They are about $200 cheaper than Shannons and they do supply 'Laid-Up' Insurance as well. Give them a call on 133LSV. I think you will be pleasantly surprised. Baz |
I spoke to Shannons here in Perth (literally around the corner from work) about Laid Up Cover and it seemed reasonable.
Would be interesting to see the difference in premiums for the different states... |
I had Shannon's cover while the build took place and as the value of the car increased I altered the insured value. It was very cheap throughout. It also covered transporting the car to the engineer and for state transport inspection. On the day of registration I simply called Shannon's from the inspection station and took it to full comprehensive. I found no difference between LSV and Shannon's on my record.
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Thanks for the reply's
I will check out both companies. Liam |
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