Insurance policy location requirement

[Rich G.]

[Ed S.]

Re: Insurance policy location requirement

Rich, I believe one of the factors that are used to determine insurance rates is the physical location of the property being insured. It might be related to the incident of claims or car thefts reported. It is the same as the difference in rates for living in a large metro area as compared to a rural area. I haven't relocated cars on an extremely basis (a few times a year) but having served 28+ years in the armed forces when I would be reassigned to a new duty station (even within the US) when I reported the new location to my insurance company my premium always changed.

[Rich G.]

Re: Insurance policy location requirement

Thanks Ed. In this case the locations are 5 miles apart and there was no change in premiums. I understand the issue of location versus risk however.
In this case the airport location is probably safer than my home garage which I thought would make it a no brainer to be able to move back and forth. No big deal. But I was curious if other companies have this requirement.

Rich

[Tom B.]

Re: Insurance policy location requirement

I do recall my insurer asking where my cars are stored when I signed up with them so I suspect I would have to notify them if I was going to store them somewhere else. But you have both locations approved. I don't see the problem since parking your car in either location would still be approved. As long as you have full coverage so you would be protected while driving there should be no problem.

I think it depends on the definition of moving. I'd get a clarification on that. If you take a car that is normally stored at the hanger and decide to keep it at your home garage as it's primary domicile then you should make sure they know that. I'd get a clarification on how long you can keep a hanger car at home before it constitutes a change of domicile. A few days or even a week should not qualify as a change.

Tom

[Mark E.]

Re: Insurance policy location requirement

My company is American Collectors. I’ve had them for 18 years and no complaints, also no claims either.

Rich G

Requiring you to notifiy them each time you switch already approved parking locations does seem silly. I'd have to ask Hagerty (my collector car insurance company), but I wouldn't be surprised if they were also silly.

Like you, no claims filed with Hagerty, so no complaints. They also seem happy how easy it is to receive money from me every year with nothing needed in return. The real test with insurance is when you need them, so the jury is out.

[Edward B.]

Re: Insurance policy location requirement

Isn't the FAA cracking down on the cohabitation of aircraft and automobiles in hangars? You might want to check with both your aircraft and hangar insurance policies.

[Rich G.]

Re: Insurance policy location requirement

Not a problem at our airport but it has been an issue at larger airports. This is a private hangar complex and insurance is covered. But it has been a concern at other places, mostly where the airport authority owns the hangar.

Rich

[Frank D.]

Re: Insurance policy location requirement

Classic car policies are all about risk, to wit, that is why your premiums are lower than daily driver insurance. Part of mitigating that risk is having the car stored in an enclosed and locked facility. Usually, a private residence, in which case they prob assume the owner is usually nearby and the space is monitored and secured.... The exception might be a body or paint shop.

Frankly, I'm surprised a classic insurer would allow the same premium for long-term storage away from the owner's primary residence (other than for repairs, paint, etc). I'd be interested to know which company that is...

[Rich G.]

Re: Insurance policy location requirement

Frank

My company is American Collectors. Frankly, the airplane hangar could be considered safer than my home. The hangar is a metal building with heat and centrally monitored fire alarms. The complex is under 24 hour Video Surveilance. There is a chain link fence topped with barbed wire around the whole complex. There is only one gated and monitored access for ground based vehicles. There are more people around there than around my house most hours of the day. So, I guess if somebody wanted to steal my car it would be much easier to do it from a residential garage. Unless they had a C119 Flying Boxcar.

Rich