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  • Who needs insurance?

    As I was moving parts from our parents' house after their passing I became curious about insurance coverage on these parts. My Dad and I were ones to have a few spare parts "just in case". It proved advantageous when my '64 Cruiser was side-swiped as I had the parts in stock to get it back on the road quickly. However a call to my insurance agent got me concerned as they said NONE of my car parts were covered-EVER! I have most parts to replace the outsides of my '64's as well as some interior , mechanical and trim. NOT COVERED! I called my antique auto folks and they stated I had coverage of $750. I asked if that was per vehicle. They responded $750 TOTAL! Yikes! I am now looking into a business/commercial type of policy to cover all of the parts which are also stored at several locations but not covered under any property policies. It was recommended that I work up some kind of inventory as well as some rough value of each part. How do you put a value on NOS rear 1/4's for the '64 SR wagon for example? I told the agent it's my hobby-I don't do stamps or salt and pepper shakers. She said they're covered but NOT car parts. What have others done? Please if you do nothing else check with your insurance agent on your auto as well as parts coverage before you find out the hard way. I'll try to update as I evaluate my options. Let us know what some of you have done about this issue.
    Thanks
    Rob in PA.

  • #2
    Great topic Rob, I've puzzled over this before, then it kind of slipped to the background.

    Looking forward to comments from other folks. Hopefully your thread will spur me to do something too, because I have no coverage on my parts nor my Studebaker 'collectibles' (ie, the non-car items like oil cans, pins, etc).
    Paul
    Winston-Salem, NC
    Visit The Studebaker Skytop Registry website at: www.studebakerskytop.com

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    • #3
      Insurance companies only want to cover well-defined risks. To insure inventories in flux probably would require a system to monitor and establish what is covered.
      "Growing old is mandatory, but growing up is optional." author unknown

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      • #4
        We got hit a few years back and I got a huge surprise-Nada. The crack heads took ignition cabinets with all my Avanti gauges, custom made Lecarra steering wheel, carburetors etc-Nada. Irreplaceable parts for Studebaker, Packard, Pontiac and Oldsmobile that probably ended up in a dumpster. I suggest perhaps a photo of the collectibles and try to put a reasonable figure on everything. Then approach your local agent for a rider policy stipulating the replacement cost. It's a sad lesson to find out the hard way.
        Bill

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        • #5
          Save the money from not buying insurance, and build stronger buildings with better locks. It's a far better investment.

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          • #6
            Originally posted by TWChamp View Post
            Save the money from not buying insurance, and build stronger buildings with better locks. It's a far better investment.
            Fire, tornadoes, etc. don't respect locks and stronger buildings as much as they used to...
            "The bitterness of poor quality remains long after the sweetness of low price is forgotten." -B Franklin

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            • #7
              I am told that my home and its contents-regardless of what the contents are- are covered up to a set dollar value by my homeowner's insurance. This also covers my garage and outbuildings on my property. It would not cover items stored off-premises.
              John
              1950 Champion
              W-3 4 Dr. Sedan
              Holdrege NE

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              • #8
                I have my classic cars covered with American Modern Home Insurance Co. (I THINK that is the name Just edited and yes, that is the correct name) through MK insurance.
                They will cover parts for any particular car you have insured with them.
                I don't have a policy in front of me, but know I read something about that.

                They are very good about letting you choose exactly what coverage you wish to pay for. Agreed value on the car. You can choose yearly mileage limits. I have 3,000 per year on most, but 6,000 miles per year on my 83 BMW, because I drive it to the office a couple days a week, which I am allowed to do under tha policy. Vehicles must spend the night in a locked garage. Given how they let you choose coverage, I would not be surprised if you were able to up parts coverage based on your current inventory. However, I doubt you could cover parts unless they are for a car you have covered as well.

                I mainly deal with Tamra Perto at MK. Her email address is: tperto@mk-ins.com Jackie Schneider is the other person I deal with at MK.
                Last edited by Lynn; 12-21-2016, 08:16 AM.

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                • #9
                  I have the '56 with American Collector's. While I don't have any extra parts worth insuring, they do offer the coverage.

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                  • #10
                    These items, while not covered under auto insurance, are personal property and should be covered under a homeowner's policy. But you MUST have it inventoried and valued.
                    While at college I had a saxophone stolen from the music building on campus, and it was covered under my dad's homeowner's insurance 170 miles away. Homeowner's insurance is the carrier, but inventory and current value must be provable.
                    Brad Johnson,
                    SDC since 1975, ASC since 1990
                    Pine Grove Mills, Pa.
                    '33 Rockne 10, '51 Commander Starlight. '53 Commander Starlight
                    '56 Sky Hawk in process

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                    • #11
                      Homeowner's is just one option. Not all policies would have covered your sax. Not all policies would cover auto parts as contents. Not all car insurance will cover extra auto parts. The only way to know is to read the policy.
                      Just giving one option.

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                      • #12
                        UPDATE ! Received a quote from our homeowner's agent and a commercial type policy would cost about $450/year for $25,000 coverage. I don't know that I have that much in parts value and I could lower both amounts as I inventory the parts. I will be looking into other companies and policies . I was thinking of a smaller amount just to protect myself as I get some of the parts on the cars. I'm currently working on my '64 GT and convertible. It seems the best place to have the parts is ON the cars which are much easier to insure! If nothing else I will know the parts that are here and fondly remember when and where my Dad and I acquired a lot of them.
                        Rob in PA.

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