Project Car Insurance
Remember when you started to rebuild your Porsche? It’s still under construction out in your garage and you’ve let the registration and insurance lapse to save a little money. Do you realize that the car and all those expensive parts in the garage are not insured? If your garage catches fire, your homeowner’s insurance will not cover an unregistered vehicle. Homeowner’s insurance does not cover your Porsche project unless you have a specific rider in the policy for that specific car. A basic rule in the insurance industry is, “If we don’t know about it, it’s not insured.” Most classic car insurance companies offer something called “Project Car” Insurance or “Vehicle under Construction” insurance. The premiums are usually less than $100 a year. The actual cost depends on the value of the car and the parts stored on the shelves. The exact cost of a policy is something you have to discuss with your agent. NCM Insurance (http://ncminsurance.com) offers a policy that has an automatic va...