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Project Car Coverage

Many hobbyists enjoy creating contrast by restoring collector cars.  I am one who truly enjoys finding, at times extracting, collector cars, and then restoring them. This process often times takes years to start on the project, and then additional years to complete the restoration. While the car is not on the road, needing liability insurance coverage, I still want to ensure my project car is protected should it get stolen from storage, or loosing the car to a total loss peril, i.e. fire, tornado etc.

Thankfully collector car insurance carriers offer project car coverage without the need to buy on-the-road liability. This often times cuts the premium in half. A vehicle cannot cause damage to another person, or property if it is not on the road.

Check out this Pro-Tip here for details on my ’69 Plymouth GTX I keep insurance coverage on even thought it is not on the road.  Before  you know it, a project can get $50-$60k tied up in parts and other costs.

Link to the restoration at www.jakesgeneralstore.com my personal collector car restoration blog. https://jakesgeneralstore.com/69-plymouth-gtx/

To kick things off to get the right coverage on your project cars click and complete the submission form here at Octaneroad.com

Collector Car Insurance

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Hot Rods To Restomods

Back in the ‘40s and 50’s the term was Hot Rod. In my opinion that term has lived on and has been synonymous with cars from that era. Over the years we have seen customs, day-two add-ons, low riders and cruisers, Prostreet, and Tuners. Today there are Restomods that get mods, short for modifications. Thankfully there are collector car insurance policies that will cover any of these vehicle types and everything in between.

Here is a nice breakdown;

Hot Rods and Street Rods

Typically pre-1950 American vehicles with large engines, detailed paint jobs and structural modifications.

Resto Mod

Classic vehicles with a modernized drive train and safety features.

Pro-Street

High horsepower vehicles that are tubbed and caged

Custom Cruisers

1960s and newer big-bodied vehicles with 22” rims or 100-spoke wheels, hydraulics or airbag suspensions.

Custom Imports/ Tuners

Generally 1980s and newer Japanese and European cars with performance and/or aesthetic upgrades.

Kick things off with a quote here, that will lead to an application for coverage. – Jake

Additional coverages built for modified vehicles 

Cherished Salvage®

If a covered total loss does happen and you want your vehicle to live on – to rebuild, for parts, or for personal reasons – with Cherished Salvage you can keep it and still receive its Guaranteed Value. No salvage value will be deducted from your final payment if you choose to retain your vehicle*. Cost is 15% of your vehicle’s physical damage premium.

Spare Parts

Your policy through Hagerty automatically includes $750 of comprehensive coverage for spare parts. Additional coverage is available beginning at just $1.

Automotive Tools

Coverage for personal tools used to maintain your modified vehicle including toolboxes, storage cabinets and accessories.

Automobilia

Includes any historic or collectible automobilia items such as posters and signs, gas pumps, model cars, license plates and much more.

 

* Any deductible and/or salvage value if vehicle is retained by you will be subtracted from the total amount paid. Guaranteed Value includes all taxes and fees unless prohibited by state law.

Policies subject to final underwriting. Insurance carrier determines final risk acceptance. Some coverage not available in all states. This is a general description of coverage. All coverage is subject to policy provisions, exclusions and endorsements. Octane Road Insurance Brokerage DBA- Octane Road Jacob Mayne Agent.

 

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Pet Peeve: TOWING Coverage

Pet Peeve: TOWING Coverage- I am not a fan of insurance companies offering towing coverage through an insurance policy. Insurance policies are for liability, Comprehensive, and Collision coverage in the event of a covered peril loss.  Your collector car is on the road one one hundredth of the time that your daily driver is, yet you are buying towing insurance coverage? First off, the chances of a break-down in your hot rod are slim and none, given that you rarely drive the car. IF a breakdown should occur, call a buddy, a pal, your wife, or here is a thought, call a damn tow truck yourself!  The towing coverages offered are for hook up and have very limited towing miles included. Most of the time you WILL pay something for the towing. Save the money on the premium.  Negotiate with the tow truck driver yourself since you are paying the bill directly.  The chance ratio is very low here. Stop buying towing coverage through your insurance policies. As your insurance agent, I will do my darnedest to talk you out of it. -Jake

*For a direct insurance quote and application on your collector car visit the insurance information page here. Click the Submission Form

**If you are with Hagerty Insurance, as I am, contact me today for a policy review. Being insured properly is more important that receiving a glossy magazine in the mail. I can review your policy inside my Hagerty Agent Dashboard.  email me directly at jake@octaneroad.com to kick things off.

*** Yes, the picture above IS my tow truck with the Daytona on top. One of the great hunting stories at jakesgeneralstore.com Visit my hobby blog by clicking here

 

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NOT STOLEN! Enclosed and open trailers

Enclosed and open trailers- A lot of us have enclosed and or open car trailers. These trailers are not cheap. Please make sure they are listed on your homeowners’ policy. If they are not listed on your homeowner’s policy most policies will not cover them if they are stolen, or damaged by a covered peril. Simply call your agent and ensure the trailer is covered. Of course, most auto policies will cover the trailer when it is hooked up to your tow vehicle, which would include when it is going down the road. When unhooked and stored, please make sure you have coverage through your homeowner’s policy. Just give your agent the VIN.

Also, do your part to protect your trailer from theft. Thieves are more brazen today than ever before. Always use a tongue lock AND a wheel cable lock. These are mere deterrents and thieves can and will cut through both. I take an extra third precaution and park a blocker vehicle in front of the trailer, or a snow plow etc. In the winter I plow a pile of snow in front of it.  Snow is a great theft deterrent.  Yes finally all of that snow we have here in ‘Minnesnowta’ has a good use. In addition, I am a YUGE fan of tracking devices. They are very inexpensive. – Jake

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Collector Car Insurance: Why the hype Jake? 

Collector Car Insurance: Why the hype Jake?  Insurance products come and go for consumers. For decades collector car insurance products have evolved in a good way as the collector car hobby has grown. There was a need for better, more specific coverage for collector cars.   At first, most major insurers would not even cover a Ford Model T for liability on the street. Now there are several carriers offering that coverage.  Then the battle ensued over valuation in the event of a total loss came into play. The collector car insurance industry responded with Agreed Upon Coverage and Stated Coverage. These two terms are very different, so get educated before you sign up for one or the other. Bottom line is collector car insurance is as much as 40% cheaper than your mainstream auto insurers. For auto enthusiasts, including late model cars, tuners, modern muscle etc., collector car insurance makes owning one, or multiple cars, far less expensive. The policies MUST be structured properly. That is where I can help. Learn more at octaneroad.com

In 2004 I opened my first general insurance agency in Minnesota. At the height of my insurance career, I managed a commercial property & casualty insurance territory serving the franchise automotive industry. In 2020, after becoming frustrated with the collector car insurance market, I launched Octane Road Insurance Brokerage to help my fellow hobbyists understand what’s what.   Octane Road offers collector car insurance in all 50 states! Octane Road Insurance Brokerage understands the collector car insurance marketplace and is appointed with only top tier insurance carriers like JC Taylor, American Collectors and Hagerty.  Talking to an in-house customer service employee in a call center at one of the insurance carriers may not get you the most non-bias advice.  Based on my experience I know very few in-house representatives are experienced automotive hobbyists. I am a life long car guy and an insurance agent.  As your agent I MUST look out for your best interest, which is why I am a broker/agent vs a direct agent. Contact me at to get non bias advice without having to explain why your Mustang II front end under your street rod is more safe than the OEM design. Feel free use the quote form here COLLECTOR CAR INSURANCE . – Jake

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