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Discussion Starter #1
All the fires on the West Coast have been a concern and I want to get insurance on my build during construction. Anyone have good experience recently buying insurance for their build and parts? We have our DD and homeowners insurance through Farmers.

I contacted the agent for Midwest Classic Insurance who underwrites collector cars, but he is not listening and quoted me for a full insurance policy at $511 a year.

I also sent in a inquiry to Grundy Insurance as many have said their regular insurance rates have been reasonable.

Thanks
 

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I have mine insured through hagerty since day 1 of Kit being delivered and was able to up ins as build progressed and more $$ put into it.
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Second on Hagerty...up here in Canada they were the only ones that would provide me insurance during the construction stage....
 

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Discussion Starter #5
Made some calls this morning, here is what I have found.

Grundy Insurance will not insure until build has reached 70-80% completion, I am at about 50%.
Hagerty has no issue insuring the vehicle under construction and parts for agreed value of $50K for $578 per year.
Heacock Insurance underwrites with American Modern, my agent had contacted them, $511 per year.

A few more companies to contact. American Collectors, American Family, ANPAC, Classic Auto Insurance, and Condon Skelly

I have a request for quote into State Farm. SF appears to be one of the only big insurance companies that recognize the collector car market. Yes I know to ask for agreed value. I am supposed to have the quote for review by the end of the day. I was hoping that by bundling home, auto, and the project car, I could get a better rate than $500 a year.

If State Farm is cheaper than Farmers for Home and Auto, that will offset part of the cost should I have to go to one of the Collector Car companies.

I will also approach Farmers this afternoon to see if they can add coverage to my existing home and auto policies.
 

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Made some calls this morning, here is what I have found.

Grundy Insurance will not insure until build has reached 70-80% completion, I am at about 50%.
Hagerty has no issue insuring the vehicle under construction and parts for agreed value of $50K for $578 per year.
Heacock Insurance underwrites with American Modern, my agent had contacted them, $511 per year.

A few more companies to contact. American Collectors, American Family, ANPAC, Classic Auto Insurance, and Condon Skelly

I have a request for quote into State Farm. SF appears to be one of the only big insurance companies that recognize the collector car market. Yes I know to ask for agreed value. I am supposed to have the quote for review by the end of the day. I was hoping that by bundling home, auto, and the project car, I could get a better rate than $500 a year.

If State Farm is cheaper than Farmers for Home and Auto, that will offset part of the cost should I have to go to one of the Collector Car companies.

I will also approach Farmers this afternoon to see if they can add coverage to my existing home and auto policies.
I would compare coverage vs pricing. There can be a big spread in what is covered and what is not, who does the repair work, agreed value, theft, transporting etc.
 

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It must be influenced by your location. I just insured my 33 HR (60% complete) through Midwest for $258 per year. I did try State farm, who carries my home and two other vehicles, They declined until it is registered.
 

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Discussion Starter #8
It must be influenced by your location. I just insured my 33 HR (60% complete) through Midwest for $258 per year. I did try State farm, who carries my home and two other vehicles, They declined until it is registered.
I am sure that location enters into the equation. I have $50K into the project so far, so the coverage amount is likely driving the price up too.

Talked to my Farmers agent, they farm out their collector car coverage to JC Taylor. JC Taylor will not cover the vehicle until it is driveable, similar to Grundy.

Still working with State Farm, in their initial quote they failed to address coverage for the project car and parts. I called this morning and pointed out the omission, no updated quote as yet.
However, the State Farm quote is over $400 cheaper than my policies from Farmers. So I think the plan will be to move home, auto, and additional coverage over to State Farm and then insure the project through Midwest at $511. Net will be about $100 more than I am currently spending, well worth it to have the project covered.

When I moved the Cobra from CA to AZ, the insurance cost was pretty much a wash. I was very surprised by this in going from SoCal to a region of only 50K people. We live in a more rural area of Prescott, 20 plus miles from the city area. I would think less dense population and near zero theft rate would lower the premium, but no. So with the Cobra sold two years ago, I was stunned that insurance for the build in progress is $100 more than I paid for a completed vehicle on the road. I guess if you want the coverage, you pay what they want. When the car is done, I will pull it under the State Farm policy if possible and my premium will likely go down.
 

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Discussion Starter #9
Well to make a long story short, the plan is to dump Farmers and switch to State Farm saving over $400 per year. I heard from Robbin at Midwest today, he is comfortable insuring the new build at $35K for now, no receipts. The premium will be more like $400. As I recall, I insured the Cobra for 2 years during construction. First year it was insured at a bit over $20K with the second year being a bit more. The premium then was on the order of $250, less insurance and it was cheaper back then. So I am going to go this route for now. I look at it as being better to be insured at $35K vs. nothing.

On the Vintage Mustang Forum, a member was building a Coyote powered Mustang very similar to mine. The year before last, the guys home in Colorado was hit by lightning burning the home and his car to the ground. This together with the unprecedented fires in CA, convinced me that I must get the project insured. We do live in a rural area that is subject to wild fires. For those that have heard of the Granite Mountain Hot Shots, 19 crew members lost their lives several years ago fighting a fire not more than 30 miles from us.
 

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You might check with your agent as the kit could be covered under your homeowners coverage until it becomes a car.
 

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Why insure your car for the full build price? These cars are not daily drivers. Self insure for a certain amount and use an insurance company for the rest. I have $50K into the build and I insure it for $35. Also, most insurance companies do not cover you on the track or timed events like road races.
 
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