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How to protect my investment?(insurance question)
#393559 Wed Mar 26 2008 05:54 PM
Joined: Mar 2008
Posts: 21
Ok guys I have searched and found no good answer to my question.

I just called my insurance company (State Farm)about insuring my '52. He wanted to know if it was all together and running. I said it was all together but not for long.

He basically told me he could not insure a collection of parts but that if I got it running he could insure itonly for as much as he could sell it for.

My question is how do I protect my investment during the restore? What happens if I already have a lot of money into it and my garage burns down?

My insurance has always been great to me, but he basically told me to look somewhere else on this deal.

Any Ideas?



Last edited by cletis; Wed Mar 26 2008 11:42 PM. Reason: vague title
Re: How to protect my investment?
railrocker #393563 Wed Mar 26 2008 05:58 PM
Joined: Jun 2000
Posts: 457
Shop Shark
Usually homeowner's policies cover garages and their contents. Do you have a homeowner's policy with the company? Talk to your agent about what is actually covered.

Jeff Nelson

"Beer is proof that God loves us and wants us to be happy." - Benjamin Franklin
"Always do right. This will gratify some people and astonish the rest." - Mark Twain
Re: How to protect my investment?
railrocker #393567 Wed Mar 26 2008 06:03 PM
Joined: Mar 2008
Posts: 21
Yeah, I do! I have my homeowners through State Farm as well.

Wonder why he didnt say anything about it!

For some reason I was thinking it wouldnt cover cars in the garage though frown I thought I asked that about my mustang.

But thanks I will give him another call.

Re: How to protect my investment?
railrocker #393570 Wed Mar 26 2008 06:13 PM
Joined: Dec 2003
Posts: 3,969
I don't believe it will cover cars in the garage but it should cover garage contents. It could be a fine line determining if pieces of a car are contents.
Are dismantling the truck entirely or could you do a section at a time and still drive it?
Another point is try to get photographs of the truck intact and all the receipts for money you have spent on it. When you start taking it apart again take photos. This will serve twofold, one you will know where the parts go and secondly they may be of use in the case of a loss.

1949 Chevy 1/2-Ton
1989 Caprice

Re: How to protect my investment?
Sedgewick #393626 Wed Mar 26 2008 08:49 PM
Joined: Dec 2003
Posts: 1,570
Shop Shark
railrocker,there are several insurance companies that specialize in insuring collector vehicles.I have my old trucks insured thru my regular company at an agreed value.Chances are that if you find a company that will insure your old truck at an agreed value they will also want the rest of your business,house,daily driver vehicles,etc.Check thru the Classic truck magazines ,there are several companies that advertise in there.My insurance co.Grange of Ohio lets me appraise my own vehicles,and they also want pix of them. I carry full coverage including collision,and liability in the summer months,then in the winter months I only carry comprehensive on them.Fire,theft,etc.

Re: How to protect my investment?
dale937 #393642 Wed Mar 26 2008 09:48 PM
Joined: Aug 2006
Posts: 486
My agent told me that the insurance on my shop would not cover anything for which a separate policy was available (boat, autos, tractor, etc). I would think that since your agent told you he wouldn't write a policy for your truck while it's in pieces, it should be covered by your homeowner's policy. You'll have to pull it out of him; they don't volunteer any info like that.

'64 swb stepside (gone)
'57 1 ton
'53 phone truck
'59 swb
'46 1 1/2 ton
'68 swb gmc
Re: How to protect my investment?
dale937 #393643 Wed Mar 26 2008 09:49 PM
Joined: Sep 2001
Posts: 31,209
Hagerty insured my Suburban while it was undergoing restoration in my locked garage. I stated a value and sent them photos. As the restoration progressed, I sent new photos and stated a new replacement values. They were/are very easy to deal with.

Tim []
1954 3106 Carryall Suburban [] - part of the family for 49 years
1954 3104 5-window pickup w/Hydra-Matic [] - part of the family for 15 years
- If you have to stomp on your foot-pedal starter, either you, or your starter, or your engine, has a problem.
- The 216 and early 235 engines are not "splash oilers" - this is a splash oiler. []
Re: How to protect my investment?
tclederman #393654 Wed Mar 26 2008 10:17 PM
Joined: Feb 2007
Posts: 462
Shop Shark
I have State Farm and had no problem insuring my 64' for a large sum of bux just recently. I called my agent, told her I wanted it insured for $18 grand, have all of the reciepts I spent on parts over the past year, and they issued the policy no problems or questions. I do drive it with no restrictions, but made certain they understood that if anything happened to it I wasn't going to be the one doing the restoration the second time, and I wanted to make sure I had enough coverage to handle that kind of situation. I also have my homeowners policy as well as several other drivers with them. Don't know how it works for others, but in my situation I'm a happy camper.

dj durant

1964 Chevrolet C-10 Pickup Truck
In the Stovebolt Gallery
More pix on Flickr
Re: How to protect my investment?
Tramp #393672 Wed Mar 26 2008 11:21 PM
Joined: Mar 2008
Posts: 21
Thanks for all of your input guys!

And Tramp, I may just have to keep in touch with you since we have the same insurance company and live in the same state. If my agent wont work with me, I may have to get an agents name from you!

Thanks again


Re: How to protect my investment?
railrocker #393752 Thu Mar 27 2008 01:55 AM
Joined: Nov 2006
Posts: 213
Wrench Fetcher
I second going with Hagerty. I have 2 cars and my truck insured by them. I have towing included and had to use it a couple of times on one of my cars. I pay around $230 a year for all 3 vehicles. They don't insure daily drivers I don't believe. I have used them for a few years now but never had a claim knock on wood.

54 Triumph TR2(rhd)needs total resto.
60 Apache 10 stepside shortbed
99 Excelsior Henderson
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