Insurance for Restoration?

[Ferrino]

My insurance is up for renewal, but my car is in restoration mode and not going anywhere soon, so I'd like to downgrade my policy such that I am just covered for fire/theft. I called my insurance company about it and they said I could just drop the Collision component, but I would need to retain Liability for my registration not to be revoked by the DMV. Does this sound right? I'm with American Collectors Insurance. Thanks!

[Topgun63]

Yes, usually you have to surrender the plates while you have the car off the road, unless liability is maintained. It is probably cheaper to drop coverage and maintain a non-moving policy on the project. Insurance on a project is very cheap.

[E Sully]

I am in NY and was insured with Haggerty with Classic car insurance using my own plates from 1973, so it may not help you. When I took the car off the road for a few years for restoration, I was able to keep it insured against damage at a very low rate since it was not being driven on the road. If a tree should fall, or a fire in the garage, the car is still insured for agreed value. I don't know about your plates, I own mine and do not have to turn them in.

[Joe Bob]

A non-op with DMV and confirmation letter from them should be the ticket. Have it insured as a rider under your renter or home owners.

[Ferrino]

Thanks for the feedback.

[GH85Carrera]

I would for sure talk to your insurance agent. Pick a value for the finished product and keep a non moving policy on the vehicle. I have heard of more than one restoration shop that went out of business or had a fire while customer cars are destroyed.

I would bet the insurance will be very cheap.

[michael lang]

I checked that w/Hagerty this past fall. I don't know which state you're in but MD gives you no slack. No insurance, get ready for the fine and the penalty is huge. Something like $25/day for having a registered uninsured vehicle and you will not be allowed to reregistet any other veh you own until that issue is fixed. I opted not to go with the restoration route because Hagerty made such a big to do on the whole thing it was just simpler to keep everything as they were.
In the long run, I think that was the best way to go for me.

[Ferrino]

The car is currently under "non-operation" status with the California DMV, so I guess it's technically not considered registered as I am not allowed to drive it. Do I still need liability insurance even in this status?

[Joe Bob]

Only if it is driven on a public road. The only exemption is if the shop has a dealer's license.....then it under his coverage since would have his dealer plate on it to test drive. Using your plate would jeopardize his license/insurance.

BTW, $30 a month when I had a 356 at a paint shop.......that was 6 years ago.

[kenikh]

Hagerty. Great company.

[Evans, Marv]

Joe Bob is right about the non-op status with the DMV. Mine is registered as non-op now. If you want it insured, I'd check with your home owner's insurance agent about having it covered under that policy while it's off the road. It might automatically be covered under your home owner's policy, but you might want to see about an insured value with them.

[Ferrino]

I spoke to someone else and they said that if it was non-op status with the DMV, they could just remove collision and liability, which brings me down to $5/month with an agreed value etc. Thanks again.

[porche]

Contact your Insurance Carrier they will know what you can or can't do.

But, while the Insurance Carrier provides you the options remember that it is ultimately your State Government that dictates what your Carrier can do or not do in your specific area.

Carriers like Haggerty or American Collectors do not offer the same policies everywhere because the States control the local Insurance Industry. LOL.

[otto_kretschmer]

Originally Posted by Ferrino

The car is currently under "non-operation" status with the California DMV, so I guess it's technically not considered registered as I am not allowed to drive it. Do I still need liability insurance even in this status?

no

just cancel the insurance until you get it back on the road