Insurance is confusing and varies among companies.
Basically, no vehicles or parts are covered on a Homeowners' policy. This
gets complicated with snowmobiles and ATVs as they are not licensed highway
vehicles. If you want coverage for your project vehicle you need to purchase
Comprehensive coverage (fire,theft,vandelism) from your auto insurer. You can
normally add this vehicle as an additional vehicle on an existing policy. You
will need a year/make/serial number. This is ACV (actual cash
value/depreciated) coverage. Agreed value (agree to total value) is available
from some standard companies and is available from specialty companies that
insure antique/specialty/hot rod cars.
Tools for hobby use (non business use) are covered on most Homeowners'
policies.
Make sure you have replacement cost coverage (no depreciation) which is not
expensive.
Each of us needs to sit with our insurance agent and discuss what
exposurers/hobbies/toys we have so we can protect our individual investments.
If we do not explain what we have at risk we cannot expect basic coverage to
answer all our needs. Policies are specific, and not "catch alls," because of
the great variety of interests people have. The same house, with the same
policy, could have collections of antiques, silver, guns, stamps, autos,
boats, art, etc., with great variations in value and risk.
Pick your agent carefully. He or she is much more important then the company.
However, the agent needs to know what the exposures are in order to advise
you properly. When we invest our money in our hobbies, we should expect to
spend a little extra to protect this investment.
As an aside, make sure you have adequate liability limits also. I have a
friend who lost everything he had after a simple car accident and he had
$100,000 liability coverage! A child was badly injured in the other car, with
no car seat, and a 40 mph accident, and the jury awarded the parents $1.2
million!
On that happy note..........Happy Holidays!
Sam Turner
SGHT@aol.com
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