Vehicle Under Construction Coverage
Protect Your Car While Restoration Work Is Being Done
Building or restoring a collector vehicle? Then you should invest in our vehicle under construction coverage to protect your investment. This special insurance option is designed to provide automatic quarterly increases in physical damage coverage for your classic or collector car. For most policies, this means that owners can rest easy in knowing that they’ll gain an additional 10 percent in coverage every 4 months, allowing them to continue their restoration work without worry.
How Does Vehicle Under Construction Work?
At Wayfarer Insurance Group, we understand that building and restoring classic vehicles is an important aspect of the collector car hobby. But not every classic car will fall under this special program. As a general rule of thumb, any vehicles under construction must meet a few coverage requirements, including:
– Active work must be taking place
– The value of the vehicle must be determined in its current condition, not the projected finished value
Because restoring or building a collector vehicle can be a very involved hobby, we can only offer insurance coverage for vehicles that are in the process of being “actively” restored. To qualify for coverage, policyholders must demonstrate that the vehicle is in active restoration mode. To do so, you may provide current, high-quality photographs and restoration details. Once an active restoration status has been confirmed, the policy will take effect.
What Does Vehicle Under Construction Coverage Cover?
Typically, vehicle under construction coverage includes a few special incentives for policyholders. These include:
Automatic Quarterly Increase
Once your vehicle’s guaranteed value has been determined, you will receive automatic coverage increases each quarter (or every 4 months) up to a maximum value of $25,000.
Additional Tool Coverage
Not only does it take a great deal of time and effort to restore a classic car, but you’ll likely need access to a variety of special tools to complete the job. Taking this fact into consideration, vehicle under construction coverage generally provides additional tool coverage of up to $750 to protect your automotive tools from damage.
Transporting a collector’s car from one shop location to another while it’s under construction can be a risky task. That’s why many vehicle under construction policies provide policyholders with access to member assistance towing. Simply call the dedicated toll-free number listed under your policy to schedule a pick-up from a local collector and classic vehicle towing specialist who can make sure your car gets from one destination to the other safely.
It’s also important to keep in mind that these coverage options are not available in all areas. To determine which incentives are available to you, it’s necessary to speak with your local collector car insurance broker.
Contact Wayfarer Insurance Group Today
Interested in learning more about the benefits of comprehensive insurance protection for your collector and classic vehicles? Whether you’re thinking of beginning a restoration project or you’re already up to your elbows in motor oil, vehicle under construction insurance can be a valuable asset when it comes to protecting your investment. Please give us a call at 1.844.929.4768 today to speak with one of our knowledgeable insurance agents.