5.0 MUSTANGS- WORTHLESS?

[chobracobra]

I have been thinking about this for a while and was wondering what happens if one of our cars gets stolen or wrecked. What does insurance do? I know my car has about 10 grand in it, and countless hours of blood and sweat, but according to blue-book values for year and mialage it gets about 5 grand. How do insurance claims work with our type of cars? Should I get an apprasial or something like that? I dont want to even think about that stuff, but i cant help it considering there are too many ****heads in the world. thanks

 

[90blacknight]

I would definitely get the car appraised and then check with your insurance company. Now it's quite possible that they will refuse to insure you afterwards, especially if the car is highly modified. I don't know how it works in the US, but in Canada insurance companies don't like to insure modified cars. See if there are companies or brokers that will insure it as a classic, or if there are plans out there for modified street rods. In my case my car was over 15 years old and since it wasn't my daily driver i was approved. If it happens to be your daily driver then you might be out of luck, but look around.

 

[srothfuss]

You might need to find a insurance company that will settle on a "agreed upon" value. To us, these cars are priceless... to a bean counter, it's an old car that should be sent to the crusher.

 

[302RollinHard]

I would think that if you kept receipts you could re-coup at least some of the cost of the upgrades above book value. I have had lightly modded cars wrecked that I got an "agreed on" value settled for as stated above

 

[Ozz]

What do you expect? You can put money into ANY car but if you don't insure against it, it won't be covered.

 

[mike50sa]

I've been through this myself. I was in an accident, the car was declared 'totaled' and the insurance company only wanted to give me 75% of its blue book value (since I wanted to keep it). I was a hit in the rear by a Tahoe with a cattle guard going approx 30-40mph. The dumbass said he didn't see me. btw-my car did survive.

I haven't done it yet, but I'm planning on contacting Hagerty or Grundy insurance. These guys specialize in helping ppl like us. They offer agreed-upon values, appraised values, etc. and the rates are supposed to be affordable.

We all need to protect our cars against a-holes out there on the road. Most ppl don't care about their cars. They're just transportation to most. That's why they drive like ass. Plus, they don't see me (from way up in their SUV POS) driving most of the time, even though my car's red (maybe they just love chevys, hondas,etc. and hate mustangs - jk).

 

[Aaron'S'tang]

I have been thinking about this for a while and was wondering what happens if one of our cars gets stolen or wrecked. What does insurance do? I know my car has about 10 grand in it, and countless hours of blood and sweat, but according to blue-book values for year and mialage it gets about 5 grand. How do insurance claims work with our type of cars? Should I get an apprasial or something like that? I dont want to even think about that stuff, but i cant help it considering there are too many ****heads in the world. thanks

5k??? an 89 gt is worth like $1650 last time I looked in Blue Book.

 

[87ttopstang]

As said above, you need to get an apprasial and then get collector car insurance. Thats what I had to do a few years ago. Once you start doing mods, your insurance company will not want to insure you.

Usually at decent size car shows there are collector car insurance reps.

Not sure how all of the collector car insurance policies work, but the broker I am with requires the car to be 15 years old and not a daily driver.

Good luck.

 

[Ozz]

What sucks for me is my state doesn't allow for outside insurance. The only way around that is a car that is, I believe, 18+ years old.

 

[1SLO306]

once i do they stuff 2 my car im having customized insurance put on it. like if i put a stalker bumper on it and it get wrecked they will pay for a new stalker bumper and if its toltal they will give u what the car is worth will all the mods.

 

[wythors]

We have both my 93 and my wife's 96 Cobra insured through Hagerty. This is a "stated value" policy, with my car insured up to $15,000 and her car up to $20,000. It costs us less than $800 a year for full coverage with really low deductibles for both cars. This is a great thing, but there are some conditions. The car cannot be your primary means of transportation, it must be kept in a garage and you can't drive it more than 8,000 miles a year. If your car meets those criteria, by all means, check it out.