Insurance And Modified Foxbodys

[FoxMustangLvr]

I brought this subject up to a friend that works in the auto insurance industry, in a nutshell, comp-collision insurance on my 89 gt is worthless, payout on a total loss is in the 800 to 1200 range, they will insure you 'race' car just driving it around, it does not include 'non stock' equipment, all insurance policies have a disclainer, (not counting specialty insurance) about racing or in their words, exhibition of speed, is not covered. That would include property damage. It also will not cover in a nuclear explosion. It also varies state to state, he said California has some of the highest insurance rates.
Something he did mention, you take a 4cyl no frills lx and spend a fortune putting a v8 air power this and premium that in it they will pay what a 4cyl nothing special price, negotiations not withstanding.

$800-1200? Wow that's low. In my area a Fox will go for anywhere between $1 to $7,500 (sometimes more). When I had Farmers insuring my Fox they told me the value of my vehicle would largely depend on replacement cost/value of me buying another Fox in our area in similar condition. My Fox is a low mileage car and in very good condition so my value was in the upper end. It will wasn't enough since I have/had big plans for the car and the value would still be less than half of what I value the car at and my investment in to the car.

The nice thing about collector car insurance is we get to set the value at the monetary investment we have in it (most of the time anyway). After my IRS swap, big brakes, new wheels, etc I was in to my car for a grip. So Farmers insurance was no longer adequate even though their value was decent when the car was stock. I now know that if my car is ever wrecked or stolen that I will be compensated for my entire investment in my vehicle which helps me sleep at night.

I have put less than 1,000 miles on my car in just over 15 months of owning it. The driving season is short where I am but that just means the "modding season" is that much longer for me

 

[General karthief]

That was average figuares, you can negotiate and get more money most times. The specialty car insurand is also dependant on independent appraisals. Naturally a fine fox up north likely will bring more money in a sale but they go by national average. Thats way you negotiate.
Here is another example of a classic car insured by a speciality car insurance company, 69 mach 1 four speed car, restored with minor mods, totaled, it was appraised for big bucks by an independent appraiser, the wreck showed that the floor pan was GLUED in along with the seat pans, and a couple other hidden hacks, insurance payed 70 % apraised value and he went after the offending driver for the balance and then went after the resoration shop that did the work, he bought the car through a car dealer that specializes in collector cars and was also named in the suit, don't know the outcome, it's the pitfalls of insuring crap, its a game, know how to play it.

 

[FoxMustangLvr]

That was average figuares, you can negotiate and get more money most times. The specialty car insurand is also dependant on independent appraisals. Naturally a fine fox up north likely will bring more money in a sale but they go by national average. Thats way you negotiate.
Here is another example of a classic car insured by a speciality car insurance company, 69 mach 1 four speed car, restored with minor mods, totaled, it was appraised for big bucks by an independent appraiser, the wreck showed that the floor pan was GLUED in along with the seat pans, and a couple other hidden hacks, insurance payed 70 % apraised value and he went after the offending driver for the balance and then went after the resoration shop that did the work, he bought the car through a car dealer that specializes in collector cars and was also named in the suit, don't know the outcome, it's the pitfalls of insuring crap, its a game, know how to play it.

That's a good point. Hagerty only required 4 pictures for underwriting the policy. One exterior, one engine compartment, one interior, one trunk. I gave them more than that but what's not to say a vehicle doesn't have more issues that lay beneath? I guess that's where you really need to inspect the vehicle yourself and make sure you're honest to them or you'll get what you deserve in the end if you have a claim.

 

[stangboy]

I'm getting Heacock Classic. I'm setting the value of mine at $15,000 and my yearly bill will be about $400. I was gonna get Grundy Worldwide but they stopped writing policies in Louisiana after hurricane Katrina. I told 2 of my buddies about them and they got their insurance with them(Heacock Classic).

 

[RangerJoe]

I believe even Nicks insurance does not cover him between the walls. His insurance covers him to and from the track but not at the track. I think he has Grundy.

Yes, obviously not while being raced, that was what I was referring to in the parenthesis. But the old post I was referring to noted that most will not cover you at all if you put the car on any track. And I am referring to the not covering you on the roadway.

Perhaps Grundy was it. I will have to look into them.

Joe

 

[Mustang5L5]

Unfortunately none of this really helps the OP. We are talking about collector car insurance, for our garage kept Mustangs. One of the companies I looked into also had requirements on your daily driver being a certain age. In other words, no 1987 civic beaters. They wanted a 2010 or newer car.

He has a modified daily driver. It's bad enough being young with a Mustang and paying high insurance, but if he tried to get an appraisal based on higher value, the insurance company is just going to charge him more.

Last time I registered my Mustang under normal insurance, it was something like $1800/year. My collector car insurance is $300 and I set the value. Huge difference, but due to my living situation, I easily met the requirements for the collector car insurance. The OP, being young, living at home, may not be able to swing a new daily driver, and stuff his coupe in a garage so easily.