47-55.1 When do you get insurance involved?

[JDarby]

All,

At which point do you start to get insurance involved in your build?

I ask because we have had a very unusually wet / tornatic / high winds type of spring
and with my truck sitting in my builders garage
wondering if a tornado was to lift his garage and break my truck into thousands of pieces, my loss would be devastating to me.

At what point do ya'll start to cover your build insurance wise during your build?

I called today but after a 10 min. wait I bailed.
I will try again tomorrow, the # in my back pocket exceeds my comfort level

[Hcb3200]

Call your homeowners first. It often covers what is stationary at the home. Like when a tree banana my daily one time When it’s rolling or can be stolen as a tow or driver then it is auto. Of course policies vary. But that my experience

[nvrdone]

I had the same question with my '49. Had it covered for just pl & pd with a major company and my agent recommended I switch to Haggerty. I now have agreed value coverage which covers the truck whether I'm driving it or it's stored in the garage. Every year I increase the coverage depending on what I've done to the truck. The rates are less than half of what I paid before. Might be worth a call.

[leegreen]

I put 'storage insurance' on mine as soon as I started to get serious about working on it.
-With our provincially mandated primary insurer this was a way to make sure I could still insure it 40 or so years after I bought it and transferred to my name.
-it covered it from damage
-I bought liability insurance for it, in case there was a shop fire or something so I could have home and auto insurers fighting each other rather than telling me I wasn't covered.

that only costs $130 Canadian $ a year, peanuts in the overall cost. And our rates are supposed to be among the highest in NA

[dsraven]

check with your insurance company and don't be vague about what you actually have. if it is in parts it is not considered to be a vehicle usually so the parts may be covered by a rider on the home insurance. let them know exactly what you have and ask what is the best way of going about getting coverage on the investment. a vehicle coverage may onbly cover what is actually attached to the frame as a vehicle, so the shed full of parts would need to be covered under a rider possibly. same goes for tools etc. anything over what a normal handyman would have may need to be covered under the home insurance policy and may need an inventory list and/or pics. I suggest a video of what you have be kept on a thumb drive or whatever, somewhere other than in the home, in case of a disaster

[JDarby]

Originally Posted by Hcb3200

Call your homeowners first. It often covers what is stationary at the home. Like when a tree banana my daily one time When it’s rolling or can be stolen as a tow or driver then it is auto. Of course policies vary. But that my experience

Like when a tree banana my daily one time When it’s rolling or can be stolen as a tow or driver then it is auto.

What?

[mr48chev]

I have to go with what DS Raven said in post 5 as far as the parts that aren't on it and even if they are on it and it isn't to the state that it can be called a truck yet.

Itemized list of the parts and receipts count here. Get that binder I have suggested in the past, a pack of page savers and some subject dividers and put together a build book with each major component in it's section. It isn't hard to have 10 K tied up in an engine these days but one has to have proof it is a 10K purchase and not a similar enigne out of a 500 buck donor rig with fresh fiz can paint.

The list of the parts and even photos of the parts.

Personally I'd do the same thing with my tools and shop equipment. Documentation for what you say you have.

[dsraven]

after having been the victim of a shop robbery at work years ago, where tool roll cabs etc were taken, we all had to have an inventory list of everything, with part numbers and current prices. the insurance adjuster said a video of the tool boxes, drawer by drawer, would have been great to have because then there would be no question as to the tools having there. apparently some clients "embellish" their lists and put in for things they would "like to have" but currently had not purchased yet, or had cheap brand tools but put in for top quality, more expensive, brands. anyway, just saying that reciepts are always good to keep for this sort of thing but also to have in your project file for reference later. pics or video is also awesome to have just in case something insurable happens or you need to reference something later for warranty or whatever.

[Hcb3200]

Originally Posted by JDarby

Like when a tree banana my daily one time When it’s rolling or can be stolen as a tow or driver then it is auto.

What?

One year a 3 foot oak fell and turned my daily into the shape of a banana. My home owners covered it. (Funny thing was I was at college so it fell under my parents home owners ). Just the way the policy was written.

If it’s towed away or driven away stollen the auto insurance would cover it.

The best answer was the ones above where you tell them exactly what you have in what status and where it’s stored and they will provide the answers for best coverage type. Haggerty definitely knows what they are doing when it comes to car coverage. And some regular insurance sellers have agreements with them.

[JDarby]

Guy's again thanks for your wealth of knowledge!

From the rider to the first time insured after 40 yrs of hibernation all advise
was spot on!

Shop tools too!

I'll get all my eggs in a basket and make that call!

[e015475]

This is just my opinion, but the last thing you want is your HO insurance coverage on your project car and parts. Many of them will not cover them without a rider on the policy, and even if they do, you'll be dealing with an adjuster that has no clue about the value of your parts or project. You'll most likely have a fight on your hands to get a fair adjustment.

Better to have one of the 'agreed value' carriers like Hagerty insure the project. As I built my truck, I adjusted coverage with them commensurate with what I had in it. It was in a paint shop for a couple of years and I always made sure I had coverage there. Recently it spent 5 months in an upholstery shop - I called and made sure it was covered on the roll-back that took it there and at the shop too

For tools at home - these are likely covered by your HO insurance, but remember they'll be 'depreciated' by the insurance company unless the policy specifically states replacement value. An ex was a home insurance adjuster and I heard several stories about how guys with a lot of high quality tools were left holding the bag when they went over the limit or couldn't document what they had or provide receipts. I also heard about some pretty high reimbursements for folks that had higher limits and good documentation.

Document all your tools!

[mr48chev]

Originally Posted by dsraven

after having been the victim of a shop robbery at work years ago, where tool roll cabs etc were taken, we all had to have an inventory list of everything, with part numbers and current prices. the insurance adjuster said a video of the tool boxes, drawer by drawer, would have been great to have because then there would be no question as to the tools having there. apparently some clients "embellish" their lists and put in for things they would "like to have" but currently had not purchased yet, or had cheap brand tools but put in for top quality, more expensive, brands. anyway, just saying that reciepts are always good to keep for this sort of thing but also to have in your project file for reference later. pics or video is also awesome to have just in case something insurable happens or you need to reference something later for warranty or whatever.

I know that guys always claim that they don't keep receipts for tools or car or truck stuff but in truth if you have to hide what you spent you can't afford it anyhow unless you have that wife who thinks if you spend a dollar on your truck you have to spend a dollar on something she wants too. Back in the 70's I had a buddy who's wife actually thought that way even though she didn't work and he made a pretty good living at the time and his car spending money was what he made in his garage at the house doing upholstery work for a lot of us who had hot rods at the time. He did the seat an tonneau cover on my 48. Every time he got some money saved up for the hot rod she would fuss that she needed something for the house if she found out that he had it and want to use the car money for what she wanted.

Still documentation of what you have as far as truck parts and what you paid for them even if you have to hide it Plus documentation on what you have in tools and shop equipment is something that everyone should have tucked away in a safe place even if it is photo copies kept on an SD card.