Totaled mustangs and Insurance

90mustangfan · Mar 27, 2008

For those How have totaled your mustang, Im wondering how much money you got for you cars from the insurance company. I know my mustangs worth 5-6k and it blue books at $1800 in excellent condition. Im not sure how it works when you total your car and how much money the insurance gives you, but last I check they give you blue book for it....Im paying full coverage on my mustang, and If I total my car, how much do you think Ill get from my insurance, I hope its not blue book. any thoughts? Or how can you make the insurance give you credit for all the aftermarket parts on your car, so when you crash your covered on all your aftermarket stuff?

hamonkeiser · Mar 27, 2008

Call your agent & tell them what you've done to your car to make sure that the aftermarket parts are covered. Your company only has to cover what they insure (most policies will allow for up to $1500 in undisclosed aftermarket equipment). If another company is at fault they owe you for fair market value on your car & they must factor in aftermarket equipment. Usually your state will determine how the cash value on your car can be calculated.

Williams57 · Mar 27, 2008

depends on the company, in 2004 i was rear ended by some old lady, and her company wanted to total my car, give me $4900 for it, and make me pay $1000 to keep it..... luckly we had full coverage on the car and our company said the car was worth $8700, so an estimate for $6700 was written and the car was fixed with a clean title. i'd definitley say your best bet is to check the value of your car with your insurance company if you have full coverage.

woob · Mar 27, 2008

I got about $4500 for mine, but It wasn't in top shape at all -- probably worth 4.

matador91 · Mar 27, 2008

If you're really concerned about it try a company like hagerty I have my 91 insured for 17,500

Shakerhood · Mar 28, 2008

Yeah I gotta put my Stang on Collector Car Insurance!

67coupe · Mar 28, 2008

I will be able to tell you Monday. I was in a wreck last weekend (not my fault) and will be meeting with the other driver's insurance company.

http://forums.stangnet.com/showthread.php?t=743113

Over the phone they did tell me that my modifications WILL increase the value of the car. I will have copies of my receipts ($7000) with me.

Makdaddymac · Mar 28, 2008

well how do you put it on colector insurance every place ive tried. says the car either has to be built 86 or before, and or must have license for 10 years! so i guess im gonna be a risk take for a while!!!!

fastford91 · Mar 28, 2008

i dont know about in the states but in Canada we have silver wheels its a special interest car insurance like for rare cars, collector cars, and cars that have a lot of work done to them! i have mine insured for 22,500.00 and it only costs 500$ a year ! and with my normal insurance company they want the same amount for 6 months of driving and not even close to the 22,500 its valued at! so i would definitely put in under some kind of insurance that offers you the proper value of your car at a fair price!

impulse001 · Mar 28, 2008

Shakerhood said:
Yeah I gotta put my Stang on Collector Car Insurance!

I'm pretty sure your car has to be 25 years or older for Collector Car Insurance.. Plus there are a bunch of rules, such as limited miles per year, and I think some require it to be garage kept...

Flavadave4 · Mar 28, 2008

I just started an agreed value policy on mine, $8000 of coverage for $167 a year. No limit on milage, but I had to show them registration from my daily driver to proove it was a pleasure only type of thing. They are banking that when you drive your car its only once and a while and when you do you are carefull with it because its a toy to you.

Pretty good deal in my book.

Shakerhood · Mar 29, 2008

impulse001 said:
I'm pretty sure your car has to be 25 years or older for Collector Car Insurance.. Plus there are a bunch of rules, such as limited miles per year, and I think some require it to be garage kept...

Most of the Specialty Companies dont require 25 year old Vehicles for Agreed Value Policies. Mine is in a Locked Garage and is only used for Pleasure and doesnt see very many Miles.

Makdaddymac · Mar 30, 2008

Flavadave4 said:
I just started an agreed value policy on mine, $8000 of coverage for $167 a year. No limit on milage, but I had to show them registration from my daily driver to proove it was a pleasure only type of thing. They are banking that when you drive your car its only once and a while and when you do you are carefull with it because its a toy to you.

Pretty good deal in my book.

whtat company do you set a agrred with? and how do they know you keep it in the garage,lol.... i dont have a garage to lock it in!

Shakerhood · Mar 31, 2008

Makdaddymac said:
whtat company do you set a agrred with? and how do they know you keep it in the garage,lol.... i dont have a garage to lock it in!

They wont write you a Policy if you do not have it in a Garage and have a Daily Driver.

Totaled mustangs and Insurance

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