Unusual Insurance question

767Jockey · #1 (**permalink**) 06-02-2007, 07:18 PM

My Cobra is titled in New York but not registered. I'll be transporting it via a reputable carrier to a shop in another state to have work done on it. There is no drive train in the car, it's essentially a roller. The transporter is insured, as is the shop that will have the car. I would feel MUCH more secure if I carried my own insurance for damage and theft as well. The question is, will I be able to get theft and damage insurance on the vehicle even though it's unregistered and has no drive train? Has any one ever done this? Any ideas who I could call and what something like this normally runs? I have faith in the shop I'm sending it to, but in the back of my mind I wonder what happens if they close the doors and the car disappears? I'd like to have my own insurance for this and any other eventuality that I can't even imagine yet until it's too late. I'd like to insure it for about 30 - 35K. Thanks for any and all info.

Chaplin · #2 (**permalink**) 06-02-2007, 08:06 PM

I tried to get insurance for my car before the motor was installed for the same reasons you just listed. I could not find anyone to do it. I was told that until the motor is installed it is not a "car" and cannot be insured under a car insurance policy. (If you think about it, it makes some sense b/c that is how everyone gets away with making rollers w/o all the modern safety equipment- since there's no engine, they're not technically selling you a car.)

However, there is one option that you can do- you can have it added to a rider on your homeowners policy if you really want to. I decided that given the small risk, it wasn't worth the head ache of dealing with the homeowners policy, so I decided to trust that the delivery company not to F it up and that if they did, their insurance policy would cover it.

767Jockey · #3 (**permalink**) 06-02-2007, 08:13 PM

That's not good news - I'm not so much worried about the transporter as I am the shop disappearing. It'll be in the shop longer than the transporter will have it. I have no real concerns about the legitimacy of the shop - I'd just like that little added comfort level. We hear so many horror stories in this industry - I'd just like to cover my posterior. Any one at all have any info on someone doing this type of insurance successfully, or anyone I can call to look into it?

rsimoes · #4 (**permalink**) 06-02-2007, 09:35 PM

Call Robbin from Midwest Classic, he has been very helpful! I believe you can insure it. Ps. Whether or not it is register is irrelevant

Robbin R. Terry, CIC
Midwest Classic Insurance
POB 229, 110 South Fifth Street
Auburn, Illinois 62615
www.midwestclassicins.com
1-888-271-4000
1-217-438-3347 (fax)

JCoop · #5 (**permalink**) 06-03-2007, 05:27 AM

Just curious, what work is going to be done? Must be special for it to have to go out of state...

Ron61 · #6 (**permalink**) 06-03-2007, 06:25 AM

My insurance company required the VIN number and a hand written bill of sale from the owner that I bought it from as I wanted it insured before I took delivers. I had some work done on it and that was all they asked for.

Ron

Dirty Harry · #7 (**permalink**) 06-03-2007, 06:35 AM

As I was (slowly) building my car, I got to a point where I was wanting some fire and theft coverage, but my car was far from ready to drive. My insurance person had a "show car" policy available-one that restricts you to "X" miles per year and to and from shows and exhibitions only, no drivers under 21, etc. The agreed-upon value was determined by my showing all my receipts for all the components I had been buying. It was affordable coverage, based upon the idea that the car would be garaged most of the time and not on the highway. That was 15 years ago. I don't know if this product is still available. I'll ask my agent.

Tugboat · #8 (**permalink**) 06-03-2007, 06:39 AM

I work with a very large trucking firm. Check their insurance policy on how it pays for damage or theft from the transporter. Some of our policy's are written to pay by the pound instead of the value. (the industry was having a bad time with insurance scams, buy a junk piece of machinery and ship it then file a claim on the value of it working.) I have seen a claim for a helicopter once get paid by the pound, not very close to the value.
Just a thought. I would think about renting my own trailer if it isn't very far.

Larry

Chaplin · #9 (**permalink**) 06-03-2007, 06:58 AM

Quote:

Originally Posted by Dirty Harry

As I was (slowly) building my car, I got to a point where I was wanting some fire and theft coverage, but my car was far from ready to drive. My insurance person had a "show car" policy available-one that restricts you to "X" miles per year and to and from shows and exhibitions only, no drivers under 21, etc. The agreed-upon value was determined by my showing all my receipts for all the components I had been buying. It was affordable coverage, based upon the idea that the car would be garaged most of the time and not on the highway. That was 15 years ago. I don't know if this product is still available. I'll ask my agent.

Jockey-
I have the same type of policy as Dirty Harry. The problem I had with getting the insurance was that they wanted pctures of the car and picutres of the engine compartment- with the engine installed. If you can find an insurance company that will just accept pictures of the car with the hood closed, you might be o.k.

cobrajeff · #10 (**permalink**) 06-03-2007, 07:09 AM

When I was building my car, I checked into this. My regular insurance carrier, State Farm, said "sorry, no way - we won't write it until after it's finished, inspected, and registered". I had over $30k tied up in it as a roller coming from ERA, and I was not comfortable with the idea of trailering it across PA from CT to MI with no insurance (at the time, I was considering driving to CT with a trailer to pick it up myself - but Winter weather was settling in, and I decided it'd be better left to the pro's with a big rig. I ended up having Intercity Lines deliver it, and they did a great job), or with it sitting in my garage or my buddie's garage, without coverage.

I called Parish (now Hancock Classic), and they said "no problem" - just let us know what it's worth now (with an accompanying appraisal), and, as you finish stages, just let us know and we'll keep bumping up the value to have full coverage at each stage of construction. I have kept the car insured with Hancock, and am quite happy with them.

regards,

Jeff

Mister · #11 (**permalink**) 06-03-2007, 07:29 AM

I suggest a pleasant, but clear, chat with your insurance agent. I suspect it will take a little effort on their part but I am confident coverage can be obtained.

Mike

Rickd · #12 (**permalink**) 06-03-2007, 08:26 AM

Grundy worldwide is one you should call (800) 338-4005. They have been insuring "classic cars" for over 60 years. I have a quote for coverage in Miami, FL. for $700 per year, no limitations, just can't be your daily driver. I am sure they would work with you on your "roller" and adjust value as you finish the car.

shark · #13 (**permalink**) 06-03-2007, 10:07 AM

You should go ahead and get that "motor vehicle" insured through your auto carrier. Your agent doesn't know what he's talking about or needs to get a better rapport with his underwriters. Tell your agent (who works off commission) that your alternative is to shop around with other agents and see who will write your home, boat, life insurance, auto etc..... I think he'll look a deeper into the subject for you. When you have a chance read the definition of a "motor vehicle" in your auto policy - I don't believe it mentions much about an engine needed to qualify as defined. What if you were working on your car in your garage and had the motor out during a fire event? Does it now not qualify for coverage - think not. Good luck - Sharkey

RedEsprit · #14 (**permalink**) 06-03-2007, 11:19 AM

If your of the over 50 crowd and going through a second (or even third) childhood, check with AARP / Hartford. I had insurance on my car two weeks before it left "The Works" at ERA. As of late, head ERA physician Peter Portante has been know tho misplace cars and in case mine got lost in the mad shuffle I though it best to seek insurance. By the way, I also changed my everyday driver policies (Ford Sport Trac and Isuzu Vehi-Cross) at the same time from Geico to AARP / Hartford and my insurance dropped almost 50%. So the way I see it, my Cobra insurance is FREE and complimentary.

Midwest Classic · #15 (**permalink**) 06-06-2007, 01:17 PM

I might have already talked with you as I did chat with someone from NY with a Contemporary. We can write the vehicles as they are in the build status. We write in most States and would be glad to give it a shot for you. Give me a call at 1-888-271-4000 or check us out on the web at our new domain http://www.cobrareplicainsurance.com. Kind of thought that would be easy for most to remember.

Robbin Terry
robbin@midwestclassicins.com
Midwest Classic Insurance

PS I appreciate all the referrals we have been getting from this site. It is nice to talk with all the different Replica Manufacturer owners.

Lesher · #16 (**permalink**) 06-06-2007, 02:02 PM

Quote:

Originally Posted by Rickd

Grundy worldwide is one you should call (800) 338-4005. They have been insuring "classic cars" for over 60 years. I have a quote for coverage in Miami, FL. for $700 per year, no limitations, just can't be your daily driver. I am sure they would work with you on your "roller" and adjust value as you finish the car.

When we talked to Grundy about getting our Demo Car insured, they said they have no problem insuring an "in-progress" vehicle, however they will only insure for the current "in-progress" value, so yes, as work gets done and the value goes up, you just have to update the policy.

Hope this helps.

Ryan