How do you insure your clones?

[oldcarnut]

Currently I have the 70 RR insured (State Farm) regular insurance.  They wouldn't give me classic insurance as my other cars are because its not restored.  I know there are other classic insurance companies out there but for various reasons, SF works for me now although later it may change.  That's not the issue at hand as I'm not driving the RR currently on the road and have some work to go through on it before I feel its safe and road worthy.  What I wonder is at what point during the clone build has anyone changed their Charger or Plymouth insurance description (RR, Satellite, etc) as it came from factory to another category more fitting what its becoming and what did it get classified as? I've never had a coverage problem and I insure with stated reference values (NADA, oldcarprice guide, etc) but this is something different with no reference to back up a value other than getting an appraisal.  What did anyone here do and what did you use for value support other than receipts?  Way back when I used to build dunebuggies from VWs I had to get a new classification, vin, and a highway patrol rep had to verify it stamped on the car only value wasn't the issue.  I couldn't insure for a VW that wasn't what it really was anymore or run the chance of them balking at payoffs. David

[BigBlockSam]

hey

your losing money insuring it with state farm . i use american modern ins . they will insure your project on an agreed value and agreed miliage . you just have to have a differant daily driver . i pay less then $100 for full coverage on my rr clone project . the thing is agreed value . Rene

[41husk]

State Farm will do the same thing,  I brought my convertible Challenger fro 20k agreed value to 30k agreed value after it was painted.  When the interior and drive train or complete I will raise it again.  I pay 120 a year on the challenger. the 68 is insured for 25k and is just under 100 a year.

[Old Moparz]

Currently I have the 70 RR insured (State Farm) regular insurance.  They wouldn't give me classic insurance as my other cars are because its not restored.  I know there are other classic insurance companies out there but for various reasons, SF works for me now although later it may change.  That's not the issue at hand as I'm not driving the RR currently on the road and have some work to go through on it before I feel its safe and road worthy.  What I wonder is at what point during the clone build has anyone changed their Charger or Plymouth insurance description (RR, Satellite, etc) as it came from factory to another category more fitting what its becoming and what did it get classified as? I've never had a coverage problem and I insure with stated reference values (NADA, oldcarprice guide, etc) but this is something different with no reference to back up a value other than getting an appraisal.  What did anyone here do and what did you use for value support other than receipts?  Way back when I used to build dunebuggies from VWs I had to get a new classification, vin, and a highway patrol rep had to verify it stamped on the car only value wasn't the issue.  I couldn't insure for a VW that wasn't what it really was anymore or run the chance of them balking at payoffs. David

The VIN states what the car is, not your word to the insurance company. All 6 of my cars are registered & insured just as they are, a rust bucket, a shell, a project in the works, or a finished car. My '69 Satellite has a GTX nose & deck lid & will get the air grabber hood soon, but it's still a Satellite & will stay that way. When my Charger gets the Daytona parts installed, it'll still be a Charger with the 383-2V VIN tag on it. The classic insurance companies vary in what they are willing to cover, but mine, Condon & Skelly, will cover them as either stock, modified, street rods, or unfinished projects.

I agree with Big Block Sam, you're wasting money right now with a standard policy & also taking a huge chance that nothing happens to the car when parked. Homeowner's insurance won't cover it if it were destroyed in a house or garage fire, & it won't be covered for theft & vandalism either.

[41husk]

I agree with Bob, you need more than home owners, regaurdless of what stage your project is in.   

[oldcarnut]

I agree with Big Block Sam, you're wasting money right now with a standard policy & also taking a huge chance that nothing happens to the car when parked. Homeowner's insurance won't cover it if it were destroyed in a house or garage fire, & it won't be covered for theft & vandalism either.

Thanks for the input guys.  Just to clarify, when I bought the RR I got regular liability insurance for it just like any other car would have.   I also got comprehensive which covers the fire, theft, vandalism, tree falling on it etc. and a stated value for it based on the condition its in and what I had in it.  All they wanted was pictures for their file and their underwriter.  I'm covered unless I wreck it by my fault for now. Between 8 cars, a motorcycle and home, I get decent discounts. When the kids finally get their own policies I'll have to reconsider who with and how I insure the 68, 69, and two 70's.  Those of ya'll with children drivers under the age of 25 know how much difference the premium costs are based on the age of the car and driver.  When you have more cars than drivers, everyone has to have their own car listing even though they are listed as a driver of any of them. Saves a lot of money to put them on the older vehicles even with agreed values.  Back to the topic I'll have to see if there is a "modified" insured category when I get far enough into the clone to bump up the value a little over the stock value to cover any losses should it occur.

[Mopurr]

Stated Value is just that stated....you are paying for insurance for that amount of coverage, but if you have a loss they do not have to pay you  that amount as they can still argue that it is an old vehicle worth $XXXX

Agreed or actual value is the one that they will pay out that the $$$$ amount if you have a total loss.  They will pay upto the amount that they agreed on but not more even if values have increased that it is why it is so important to review your policies every year to compare to current market.