E-Bodies.org Cuda Challenger Forum

E-Bodies Cuda & Challenger (sponsor: ROSEVILLE MOPARTS) => Cuda & Challenger General Discussion (ROSEVILLE MOPARTS) => Topic started by: truckinman466 on January 28, 2018, 05:08:00 PM

Title: Insurance question
Post by: truckinman466 on January 28, 2018, 05:08:00 PM
I was just wondering if any of the insurance companies will insure projects. I am getting a lot of cash invested and would hate to lose what I ha
ve so far.
Title: Re: Insurance question
Post by: 73440 on January 28, 2018, 05:12:02 PM
https://autoappraisalnetwork.com/insuring-a-project-car.html

Yes, Here is some general info.
I am sure there are others that can offer specific insurers to help you.
Title: Re: Insurance question
Post by: ToxicWolf on January 28, 2018, 05:25:29 PM
 :popcorn:  I've been thinking about switching from State Farm.  :popcorn:
Title: Re: Insurance question
Post by: Cuda Cody on January 28, 2018, 06:03:45 PM
I have my cars (including projects) insured with State Farm.  It's pretty cheap if you are not doing collision. 
Title: Re: Insurance question
Post by: GoodysGotaCuda on January 28, 2018, 06:06:21 PM
Hagerty covered mine while it was off of the road for 3 years.
Title: Re: Insurance question
Post by: 71-440 on January 28, 2018, 06:16:23 PM
Here's another one

http://www.i-van.org/
I have this one coming out Wednesday to appraise my car.

On a side note my wife was on I75 last week and saw what she described as an antique car on the side of the road that got into
and accident. She said it wasn't pretty. So it might be a good idea to insure it for what it's worth. 

Too many idiots on the road.
Title: Re: Insurance question
Post by: truckinman466 on January 28, 2018, 06:17:19 PM
Thanks guys. I need to do some checking now. I have State farm on my other vehicles so maybe I'll start there.
Title: Re: Insurance question
Post by: 1 Wild R/T on January 28, 2018, 06:26:05 PM
Be Very Careful insuring a classic car with State Farm... Or any insurance company for that matter...  Below is a cut & paste.... Many insurance salesmen will attempt tp steer you into a stated value policy... You don't want it....


There are three different ways that the insurance company can value your car at the time of a loss.
Actual Cash Value
The most common type of coverage is actual cash value (ACV). Most cars are insured for ACV, and this would be the way the cars you drive every day and have insured on a standard personal auto policy are covered for loss or damage to the vehicle. If you have a total loss, the adjuster will determine what the car was currently worth just prior to the loss, and this is the amount you will be paid for the car (minus your deductible).
Stated Amount or Stated Value
The second type of coverage would be stated amount. In many cases, an individual will ask the insurance company that insures their other personal autos to add coverage for their collector car, so the insurance company will add the car to the policy with the stated value endorsement. This endorsement changes the loss payable clause to read:
"In the event of a total loss we will pay either the stated amount or the actual cash value, whichever is less".
The company may even ask for some type of documentation to determine the stated amount at the time they insure the car, and this stated amount will be listed along with the car on the declarations page. Because of this, the insured may think this is what they will be paid if they have a loss.
But, if the claims adjuster thinks that the actual value is less than the stated amount on the policy, they will pay you the lower amount. While there are some cases where this type of coverage would be OK, this is not the type of coverage that most people want for their collector car.
Agreed Amount of Agreed Value
Most insurance companies that specialize in insuring collector cars will use Agreed Value coverage. At the time the policy is issued, the insurance company will look at the car and any documentation they may require such as photos, appraisals or receipts, and they will agree on a value for the car and insure it for that amount. This agreed value will be listed on the policy declarations page along with the vehicle information. The loss settlement clause in the policy will then read something like this one:
"In the event of a total loss, we will pay the agreed amount indicated on the declarations"
This is the coverage that you want to have for your collector car on your Minnesota auto insurance policy. Very simple, with no question what the value is or what you will be paid.
So, if you do own a collector car, it is important that you understand how your car is insured on the policy you have purchased. You do not want to find out after something happens that you did not have the right coverage.
Title: Re: Insurance question
Post by: 71-440 on January 28, 2018, 06:34:54 PM
 :iagree:
Title: Re: Insurance question
Post by: BIGSHCLUNK on January 29, 2018, 03:29:00 PM
I have American Family, they do classics for "appraised Value" . This is my 3rd time (car) doing this. Anyway NIKKI was appraised at the height of the market (that was awhile ago!).  I'm good....  :banana:
Title: Re: Insurance question
Post by: 71-440 on January 29, 2018, 04:08:28 PM
Quote from: BIGSHCLUNK on January 29, 2018, 03:29:00 PM
I have American Family, they do classics for "appraised Value" . This is my 3rd time (car) doing this. Anyway NIKKI was appraised at the height of the market (that was awhile ago!).  I'm good....  :banana:

I have State Farm now but will look into American Family after I get my car appraised.

Thanks for that info! :bigthumb:
Title: Re: Insurance question
Post by: superdave on January 29, 2018, 05:43:17 PM
Along those lines; do you all insure during the restoration process? :thinking:
Title: Re: Insurance question
Post by: GoodysGotaCuda on January 29, 2018, 10:07:42 PM
Quote from: superdave on January 29, 2018, 05:43:17 PM
Along those lines; do you all insure during the restoration process? :thinking:

I certainly would, and did. Friend of mine had a self induced "thermal event" during his resto and Hagerty covered it.

Stuff happens.


Sent from my iPhone using Tapatalk