Are your spare Corvette parts insured?

[Patrick H.]

In going over some things with our homeowners insurance agent I found out that none of my spare auto parts are covered by them even though they are all stored in the basement (well, most of them). So, I called Hagerty and their policy gives a $750 "spare parts" valuation per car. Well, I've got a lot more money in parts than that so will be getting a rider on my Hagerty policy to cover it.

I just thought that the others here with plenty of spare parts for their cars should check on their own policies too. We've had a lot of basement flooding around here and I don't need to lose my parts collection or its value.

Patrick

[Pat M.]

Re: Are your spare Corvette parts insured?

My spare parts are insured, although I forgot for what amount. After one of these insurance threads a year or so ago I came across the "spare parts" coverage in my policy and provided pictures to State Farm to insure them.

[Clem Z.]

Re: Are your spare Corvette parts insured?

check with you home owners as i asked about all the tools i have at my house and they said put a value on them and they would insure them at no extra cost as long as they know about them before anything happens to them

[Jeff G.]

Re: Are your spare Corvette parts insured?

Patrick - From what I understand, the typical homeowners policy doesn't cover flood damage unless you purchase a rider specifically for that. I along with many other people in the Atlanta area were flooded out late last year. My insurance company felt sorry me but that's all.
As for for personal contents, you will likely need to take on a rider for an expensive collection of parts that exceeds something like $25k.

I just wonder what Joe Lucia does for protection for all those NOS parts he has?

Jeff

[Patrick H.]

Re: Are your spare Corvette parts insured?

check with you home owners as i asked about all the tools i have at my house and they said put a value on them and they would insure them at no extra cost as long as they know about them before anything happens to them

I did. No go.
I'm even putting a rider on for "things that go bang."

[Patrick H.]

Re: Are your spare Corvette parts insured?

Patrick - From what I understand, the typical homeowners policy doesn't cover flood damage unless you purchase a rider specifically for that. I along with many other people in the Atlanta area were flooded out late last year. My insurance company felt sorry me but that's all.
As for for personal contents, you will likely need to take on a rider for an expensive collection of parts that exceeds something like $25k.

I just wonder what Joe Lucia does for protection for all those NOS parts he has?

Jeff

Jeff,

You need to take out a rider on ANY parts. My local agent and the Hagerty agent confirmed that auto parts are covered only by your auto policy - NOT your homeowners policy.

And, Hagerty doesn't care how they would be damaged - that's the beauty of it.

[Jeff G.]

Re: Are your spare Corvette parts insured?

Jeff,

You need to take out a rider on ANY parts. My local agent and the Hagerty agent confirmed that auto parts are covered only by your auto policy - NOT your homeowners policy.

And, Hagerty doesn't care how they would be damaged - that's the beauty of it.

Now I follow you, good deal, I learned something new today. I also collect other classic / antique things, among them - S&W, Winchester.

[Patrick H.]

Re: Are your spare Corvette parts insured?

Now I follow you, good deal, I learned something new today. I also collect other classic / antique things, among them - S&W, Winchester.

Weatherby.

[Pete B.]

Re: Are your spare Corvette parts insured?

How about this....I have JC Taylor. During my body off, and the cash was flowing out, I called to see how I should declare the thousands of extra parts, paint body work ect. I was concerned about fire theft or?? Well I was told by the agent, that there is $750 in coverage for parts not on the car. Thats it! so during the restoration I'm basically bare with an agreed policy until it is done and we get an apprasial and new limits.

[Clem Z.]

Re: Are your spare Corvette parts insured?

i wonder what is different about car parts as i had milling machine and lathe and lots of machinist tools which the average home does not. ???

[Paul J.]

Re: Are your spare Corvette parts insured?

Car parts are all covered under the amount of personal property that I determined under my homeowner's policy. It pays up to a set amount, and an itemized list is not necessary unless the loss is well below the total. This discussion has reminded me that I need to re-visit my policy and raise this coverage.

[Henry S.]

Re: Are your spare Corvette parts insured?

Don't know if vintage car parts are handled the same as antiques but our agent with Owners and Auto Owners Insurance said if antiques are worth more than the personal property coverage that comes with your homeowners policy you need to add a rider for coverage. He suggested taking pictures or video and placing in your safe deposit box. That may be tougher/time consuming for bolts and smaller stuff but worth it if something happens. After all no one knows when or if disaster strikes. Like they say "better safe than sorry". We all probably need to check with your agent and make sure you have it in writing as to what your coverage is. As Jeff mentioned after the fact is too late. Good thread for remindering us Patrick.

[Patrick H.]

Re: Are your spare Corvette parts insured?

Car parts are all covered under the amount of personal property that I determined under my homeowner's policy. It pays up to a set amount, and an itemized list is not necessary unless the loss is well below the total. This discussion has reminded me that I need to re-visit my policy and raise this coverage.

Paul,

My homeowners agent and the Hagerty agent told me that this is specifically not the case. I would suggest contacting your homeowners agent and if he verifies your parts are covered, get it in writing.

I thought the exact same thing - until this week.

Patrick

[Ridge K.]

Re: Are your spare Corvette parts insured?

Patrick, I suffered a residential break-in my professional thieves six years ago. A $35K loss to contents (jewelry, computers, electronics, antiques, antique coins, precious metals, etc.).

When building my home, I had hidden the attached garage/shop light switch, and my garages/shops always do not contain windows. I think hiding the switch helped a bunch.
At the time of the burglary, I had about $40K worth of vintage parts in the shop. With no lighting available to the thieves, and overhead doors securly locked down, nothing was taken. I could tell they looked in, and left.

The parts were not insured. Maybe I was just lucky on the parts....

p.s. I had a full-replacement homeowners policy on contents. Long story there, but in short.....I was paid about 33 cents on the dollar for the total loss.

[Kenneth B.]

Re: Are your spare Corvette parts insured?

Now I follow you, good deal, I learned something new today. I also collect other classic / antique things, among them - S&W, Winchester.

All home owners policy's do not cover jewelry,collectibles or antiques/vintage car parts except for a small fixed amount. They are treated like old car insurance & you have to get a stated value policy that is expensive & they need pics & doc's to verify worth. I also collect every thing from antiques,coins guns,civil war, ww-2 ETC. & garage attic full of Corvette parts. Premiums would be out of this world. I have a safe & a hell of a good security system but no insurance except for the Corvettes.
KEN