BMW 2002 stolen in Boulder CO... keep an eye out.
- Thread starter dang
- Start date
Car has been found and thieves arrested. Good ending.
This thread was a kick in the pants for me. My car is parked in my neighbor's car port. I started to question how that would be covered. I still have comprehensive but disabled liability. I think your homeowner's would normally cover theft from your house. Anyway I'm flipping my car to classic insurance. It's $100 for six months at statefarm and there is no garage requirement. I'm trying to provide Seattle comps which is quite difficult.
This is interesting information for me. First, that sounds like an AMAZING premium for classic insurance. But regarding theft, since my car is in the garage an being taken apart, I talked to my agent about taking coverage off it all together. I specifically asked if my homeowners would cover the car anyway, since it is just "personal property" in the house no different than a TV, etc. He said because it has a VIN, the only way it is covered is if it has an auto policy. I then went into a debate over spare parts as I have many. And in the case of a fire, the insurance company would have no way of discerning the difference between the car's parts, and the extra parts I had around the garage...
Anyway, point being, your HO policy may not cover the car. And if it does, I may need to find a different insurance company.
This is interesting information for me. First, that sounds like an AMAZING premium for classic insurance. But regarding theft, since my car is in the garage an being taken apart, I talked to my agent about taking coverage off it all together. I specifically asked if my homeowners would cover the car anyway, since it is just "personal property" in the house no different than a TV, etc. He said because it has a VIN, the only way it is covered is if it has an auto policy. I then went into a debate over spare parts as I have many. And in the case of a fire, the insurance company would have no way of discerning the difference between the car's parts, and the extra parts I had around the garage...
I'm going to keep the car policy when mine is in pieces, but it will be good to get clarification on this stuff. All of my insurance is through state farm so I can handle in a single call. In the event of a claim, you just need to fight your way into an amount that makes you whole. Small potatoes, but when my Jeep was rear ended the frame was bent behind the rear axle. The payout was like $1,700 on a car that in my opinion was worth closer to $7K but my estimate to fix (of the shop of my choice - this is important) indicated that the vehicle should be totaled. I worked my way back up to that $7k figure via lost work, having to pay landscapers, needing to buy new child seats, etc etc. The claims people have a lot of leverage from several different buckets. When all was said and done, I bought my jeep back for $1,700. I took it to a frame shop and said do whatever you can for $500. I spent the $5K on a bathroom remodel.
My Hagerty coverage is $30k with zero deductible and $250/yr. They have an "under restoration" or similar selection with their coverage so maybe that's designed for the cars taken apart.
Dan, does $30 k cover it? I just upped my agreed to $50(I hope) from $37. Everything with State Farm. No problems with "High Performance Driver's Schools." The key word here is "school." Discovered yesterday while chipping away at all the SF premiums the Contents of the house were insured for
$260,000.00. We cut that a bit. And the house was listed at 3,000 sq ft. It is actually 1600 sq ft. Another premium reduction.
I would recommend going over all policies with the agent. I am saving close to $1,000 with some selective cuts in coverage that was a bit bloated and SF's errors, all to their advantage.
Great news about the lifted 02.
Steve
Good advice, Steve. Based on what I am reading from the three of you, it looks like I need to review proposals from other insurance companies. When I had coverage on the E9, I had an agreed amount much lower than any of yours, and my premium was significantly more. :eek:
The question of insurance on our parts is really interesting. Our automobile insurance policies would not cover these because they are limited to the vehicle itself. It hadn't occurred to me that our homeowners' policies might exclude them. They are as much of the supporting infrastructure for my car as my tools, workbenches, storage cabinets, solvents, cleaners, waxes, bonding agents, etc.
I just raised it to $30k from $25k and I'm not sure that's enough. I watched that '69 2800cs sell on BAT last week for $36,500 and my car is very similar but with Alpina's and a Nardi wheel.
State Farm has my garage, detached, covered separately from the house. Replacement value, $67,000. Mine is NOT a $67k structure. It is two and half cars, brick floor, pull down stairs to a storage area. Sliding barn doors, separate single door, two large windows formerly sliding glass doors. Unlike some of you, my parts stash from the 75 CSi is long gone. If my coupe was destroyed along with the garage the coupe's agreed value, $50k, would kick in for a total of $117,000.
I like the fact that the garage and the coupe are insured separately.
While we are on the topic.
Anyone thinking about earthquake insurance, especially you West Coasters. I live in Bucks County PA north of Philadelphia. A couple of years ago an earthquake hit southern VA. A friend, south of us about a mile and over the hill had china, etc rattle off the shelves in her kitchen.
So I have earth quake insurance through SF. Replacement of the house, garage and potting shed is $578,000. I would pay $7,000 SF would write a check for the entire amount or rebuild for that amount. Premium, under $300. a year.
A friend who lives in Carlsbad CA originally told me it was too expensive. It is not and he now has it.
Steve
In CA earthquake insurance is expensive, close to $1000 for a typical SoCal home, and deductible is $25000.
I will check with my friend in Carlsbad and see what he has. Your numbers sound true for The Golden State.