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04-06-2016, 09:16 PM | #1 |
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Join Date: Dec 2014
Posts: 286
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Insuring hard to find or rare parts.
I checked with my homeowners insurance, and they can't help me. Any ideas?
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04-06-2016, 09:33 PM | #2 |
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Join Date: May 2010
Location: Above the gnat line in Georgia
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Re: Insuring hard to find or rare parts.
Why not??? It is personal property. Try Lloyds of London. LOL
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Life is like a roll of toilet paper. The closer to the end, the faster it goes. It is better to be seen, than viewed. "We sleep safe in our beds because rough men stand ready in the night to visit violence on those who would do us harm". |
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04-06-2016, 09:36 PM | #3 |
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Join Date: Jul 2011
Location: SF Bay Area
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Re: Insuring hard to find or rare parts.
What kind of homeowners insurance doesn't cover personal property? You can specify additional coverage for any personal property such as camera, jewelry, coin collection, and collector cars in non running condition. That's the key, non running, incomplete.
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Alan |
04-06-2016, 10:53 PM | #4 |
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Re: Insuring hard to find or rare parts.
take photos and store any other documentation of these parts. Then if there is a loss, you have proof.
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04-06-2016, 10:59 PM | #5 |
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Join Date: Oct 2011
Location: elmira,ny
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Re: Insuring hard to find or rare parts.
Most home owners ins. can have "riders" added to the policy that covers, jewelry, musical inst, art etc. Check with your ins co.
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04-07-2016, 12:28 AM | #6 |
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Join Date: May 2010
Location: Tinley Park Ill
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Re: Insuring hard to find or rare parts.
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04-07-2016, 10:35 AM | #7 |
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Join Date: Jan 2011
Location: sw minnesota
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Re: Insuring hard to find or rare parts.
one of my friends who makes his living from gas pumps and signs etc, has no insurance either. he says the insurance people do not like that inventory is always changing, prices are hard to determine and too many deals done in cash. he gets awful nervous on stormy nights!
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04-07-2016, 10:45 AM | #8 |
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Join Date: Dec 2014
Location: Upper Peninsula, Michigan
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Re: Insuring hard to find or rare parts.
Every printed U.S note does have printed on it
" For all debts ,public and private" It's incredible how much we're unable to do or cover based on insurance companies. |
04-07-2016, 11:10 AM | #9 |
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Join Date: Nov 2010
Location: Anchorage, Alaska
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Re: Insuring hard to find or rare parts.
Not to mention what they are doing to "Doctor's Orders". They are now telling the doctors what they can and cannot do and prescribe.
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04-07-2016, 12:46 PM | #10 |
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Join Date: May 2010
Location: Newington, Connecticut
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Re: Insuring hard to find or rare parts.
Gotta take care of the stockholders... #1 rule. Your health, not that important.
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04-07-2016, 01:18 PM | #11 |
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Join Date: Sep 2013
Posts: 3,005
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Re: Insuring hard to find or rare parts.
as long as you have a price proof you paid you can add that to you insurance.
You can't buy a part for 1 dollar and have it insured for 100 dollars unless you can get the part appraised..which is a hassle. |
04-07-2016, 01:19 PM | #12 |
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Join Date: Sep 2011
Location: Muskegon, MI
Posts: 252
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Re: Insuring hard to find or rare parts.
Hagerty does;
https://www.hagerty.com/Insurance/Cl...re-Parts-Tools |
04-07-2016, 02:36 PM | #13 |
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Join Date: Dec 2014
Posts: 286
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Re: Insuring hard to find or rare parts.
Thanks for the input from all. I will contact Hagerty. Ray
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04-07-2016, 02:47 PM | #14 |
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Join Date: Aug 2010
Location: Oregon
Posts: 311
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Re: Insuring hard to find or rare parts.
The key, no matter how you go with insurance, is to document what you have. Take a video around your shop, or just still pictures. While purchase prices paid is helpful, it's not necessarily what you'll get. If you got a smoking deal on a rare part 20 years ago and it's now worth 10 times what you paid, you should be able to get the current value. Take some time and keep your documentation up-to-date.
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04-07-2016, 04:03 PM | #15 | |
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Location: Melbourne Fl
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Re: Insuring hard to find or rare parts.
Quote:
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04-07-2016, 11:09 PM | #16 | |
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Join Date: Oct 2011
Location: elmira,ny
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Re: Insuring hard to find or rare parts.
Quote:
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04-08-2016, 12:23 AM | #17 |
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Join Date: Dec 2014
Posts: 286
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Re: Insuring hard to find or rare parts.
My situation is that I have accumulated some high end engines and parts that I need to insure for an agreed value. I never intend to install them on a car. Thanks for all the responses. Ray
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04-08-2016, 07:38 AM | #18 |
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Join Date: Jul 2010
Posts: 2,593
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Re: Insuring hard to find or rare parts.
Raybee,
If that's the case, could they not be insured as an "art collection"? Martin. |
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