How did you insure your modded mustang?

redsn95gt · Apr 7, 2011

I am facing a dilemma at the moment. I purchased my 95 for a puny $1800. It has since seen over $10,000 in parts, the only thing stock on the car is the rear disc brakes lol. Its currently covered for basic driving under Geico, but I am having a heck of a time trying to find a way to insure the car so that I am covered in the event of a total wreck or someone steals it. It does qualify for classic insurance being 15 years old, but they are so strict, they don't let you have any fun, and definitely can't take it to a race track.

How have you guys done your insurance to cover your modded ride?

95Vert383AOD · Apr 7, 2011

I'm having the same issue and in RI classic cars must be 25 years old

JJ95GTID · Apr 7, 2011

You think your car is covered at the track with your basic insurance? Of course it isn't.

Go ahead and get the insurance for an amount you think your car is worth.

Just know that when you take your car to the track that you are not covered. Just like regular insurance.

cjrpony · Apr 7, 2011

I have AAA insurance for all my "regular cars" and had Allstate before that. They both refused to insure the 95. So did several other companies. So I went with American Collectors Insurance. About 360 a year for 12500 (IIRC) coverage and 5000 miles a year driving which I don't come close to.

Of course they do have limitations on driving it, but it was the best I could do at the time. It was that or that the chance with standard insurance that it wouldn't get totalled or stolen.

I don't think anyone will insure you at the track.

My renewal is due in a few weeks so I am going to check into what else is out there. I will post if I find anything better.

stprorolla49 · Apr 7, 2011

I recently insured my car through Geico after I switched off my parents policy, and they asked me since I had a sports car, if it was modified in any way so they could give me added coverage based on the cost of mods. I covered my wheels, suspension, and exhaust system for about $3k of mods. It was only like another $5 a month. Totally worth it as far as I'm concerned.

blksn955.o · Apr 7, 2011

I have been thinking about a Grundy stated value policy myself.

revhead347 · Apr 7, 2011

I have a Grundy stated value on my Mustang. There are some limitations. You have to keep it in a garage, and you can't drive it to work. They don't have a limitation on mileage, and they don't have a limitation on the age of the car. You must have a daily driver listed (not insured with them), and I think it has to be newer than your collector car. They say that the car can't be used for racing, but I'm not too concerned, because no one insures you at the track anyway. I pay about $350/yr for the policy. I'm thinking of switching to Hagerty, because they have a deal with Progressive, and it would be easier to only have to deal with one statement.

Kurt

toyman · Apr 7, 2011

Ask whomever you are insured with if they offer "declared" value insurance. However, the process probably starts before this. In my case an application was made to register a Modified Vehicle with MOT (DMV). This application is submitted with a Vehicle Inspection Report which essentially certifies the vehicle meets the standard required to be licensed. The make of the vehicle is now "Modified". My declared value is $20k and the premiums are less even though the declared value is much higher then when it was registered as a Ford Mustang.

redsn95gt · Apr 8, 2011

Hey guys, thanks for all the feedback, learned some great stuff. Currently with Geico I am paying around $380 bi-annually and thats not even comprehensive coverage or anything, which started me on this whole trek. They will not cover any suspension or motor modifications. I know theres nobody that covers racetrack stuff so I know I am on my own there, I'm just worried about the car getting hit on the street or stolen. I am going to definitely check out some of the companies listed above and see if I can just get it ensured for $12500 or something.

Thanks!

COBRA90GT · Apr 9, 2011

As others said, shop around for an "agreed value" (aka: "delcared") insurance policy.

Check with all of the "collector" and "speciality" car insurance companies out there and give these guys a call too (a fellow enthusiast passed their name along to me when I was comparison shopping for agreed value insurance policies - btw this is NOT a formal endorsement for this company):
Insurance for Collector Cars and Collectibles | American Collectors Insurance

G'luck!

Last5.0 · Aug 14, 2011

I know it's a few month old thread, but me and my father in law have been building a '33 Ford 2dr Sedan street rod and he went with Grundy because they seemed to have the best rates and options. We just went down to Louisville last weekend for the NSRA nationals and Grundy had a booth there and I talked to them about my '95 mustang. I'm getting $13,000 in coverage with $500,000 liability and comp/collision with $0 deductible for only $215 a year. I previously had State Farm ever since the car was new and was paying $182 every 6 months. The car mostly sits in the garage and only driven occasionally to a show or cruise (only has 54k miles on it...lol). I do take it to the track now and then, but since Gateway International closed last fall there's nowhere close to do that anymore.

ProKiller · Aug 15, 2011

i have state farm. they have a stated value policy that seems pretty robust, but the problem is you have to get it appraised professionally first. the appraisal is only a few times a year and cost like $200.

RIO5.0 · Aug 15, 2011

Mines insured thru SafeCo. I just asked my agent to check for 30k in coverage as that was my last appraisel. It came in at 525.00 per year for 30k replacement. I asked her to go 18k as I feel thats reasonable to replace it and it's 424.00 per year. I always drop my collision when it goes into storage for the Winter and that runs about 50.00 for 6 months... It averages out to around 250.00 for the year...and they didn't ask for an appraisel either....

chaos254 · Aug 15, 2011

Im currently using Liberty mutual but after talking to my dad i'm going to go with american collectors insurance. He has his vette insured through them and it's pretty cheap. I just got a quote and it will save me about $500 a year and that is with 0 comp/ 100 collision. Plus like others have said you can go with a stated value on your car.

Last5.0 · Aug 15, 2011

RIO5.0 said:
Mines insured thru SafeCo. I just asked my agent to check for 30k in coverage as that was my last appraisel. It came in at 525.00 per year for 30k replacement. I asked her to go 18k as I feel thats reasonable to replace it and it's 424.00 per year. I always drop my collision when it goes into storage for the Winter and that runs about 50.00 for 6 months... It averages out to around 250.00 for the year...and they didn't ask for an appraisel either....

Damn, $30k appraisal? You have gold valve covers or something...lol

How did you insure your modded mustang?

redsn95gt

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95Vert383AOD

JJ95GTID

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cjrpony

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stprorolla49

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blksn955.o

revhead347

Apparently my ex-husband made that mistake.

toyman

redsn95gt

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COBRA90GT

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Last5.0

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ProKiller

RIO5.0

chaos254

Last5.0

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How did you insure your modded mustang?

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