Insurance Coverage on the Charger

[Leonidas Rex]

I made my last payment on my 2002 Tahoe today and sold my 67 Mustang Convertible! That means a few more dollars to jumpstart my Charger Project!!!!!!!!!!!

I spoke with my agent today to reduce my coverage to liability on the Tahoe due to its age and that will save me about $45 dollars per month. Once I drop the full coverage on the Mustang, that is another $22 per month.

Now here is the question - should I keep the coverage on the 68 Charger RT shell in our garage? It wil probably cost me about $17 per month through our current agent at American Family who covers it now. I thought about a clssic car company but have not pursued that yet. My homeowners policy wll not cover the car in the garage.

How many of you insure your cars when they are in the restoration process?

[Brock Samson]

go classic! no question. there are plenty of threads here just search "classic car insurance".
  welcome to the dodge rebellion! 

[68X426]

I would say insure it. What's $17 against the cost to replace a collectible (even as a shell).

Consider this very rough calculation: if the shell can be replaced for $3000, and the insurance is $17, then it is over 14 and 1/2 years before you paid as much in insurance. Will the restoration happen sooner than that? If yes, then it's an easy choice to insure.

(For all the CPAs: yes, the calculations are way more complex in the real world, ie appreciation, depreciation, time value of money, taxes, interest rates, and "what could ever happen to a shell")

Big picture: insuring provides you with a known and small cost against an unknown and more expensive liability. Unless you can replace the shell easily. 

[twodko]

Leonidas Rex

Welcome to Mopar Nervana! My wife and I are doing a resto on our 69 and we have it insured witrh Hagerty. $119 per year based on an agreed upon "stated" value of $27k. After the car is done we'll double that.  AAA (with whom we have our regular cars and our home insured)  wouldn't insure the Charger for that annual premium for that ststed value. Regular insurance companies aren't in the classic car insurance business so check out Hagerty and others. You'll be very glad you did. Cheers.

Tom

[bull]

Unless you're using your classic as a daily driver or drag racer, Hagerty is the way to go. You send them 2-3 pics, agree to a value and get great coverage for next to nothing. They've never haggled with me on the value of my 68 and I bump it up once or twice a year when I get more done to it.

[Leonidas Rex]

Thank you all for your responses. I think I will keep the policy in place for at least another month until I can do my research on a classic car policy. By then, I can cancel the policy and have a full policy in effect.

Our current insurer covers all of our cars, home, life insurance, etc but would not cover the Charger or Mustang. I have been tempted to switch over to American Family so they could cover everything but we would lose our life insurance rate due to our age now compared to the age when we took it out, causing the rates to go up considerably.

Anyway, thank you all!

[ipstrategies]

My insurance agent is one of my oldest friends and I have life, auto and home with him for all the discounts. I have my insurance for Charger with Hagerty as they specialize in Classics so the coverage is better in most cases then a modified regular auto. My agent told me once the car is done they have a special plan for restored just no during restoration. I will keep Hagerty when it car is done.