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 value increase. Given what’s happened to the Porsche market in the last few years, this is important. Also keep in mind the value of your Porsche project will go up as you get closer to completion of the project and you install more of those expensive parts.

Make sure you have receipts safely stored away. You’re going to have to prove how much you paid for all those parts. If you can’t believe what Porsche parts cost, just imagine how your insurance company will feel when you tell them a 1973 fuel pump is over $900. It’s best to have records. 

This originally appeared in Porsche Profile published the the SunCoast Region of the PCA




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