I just wanted to get some feedback on what others are doing for insuring their classic Shelby Mustang. Like most, I'd rather put the money into my car rather than pay some dang extra added insurance premium. But with the values now, I need to do what makes sense, and balance the risk with a somewhat reasonable insurance premium. Fortunately, I bought cheap back in 1980, and the financial loss would not be that significant. Mine is definately not a trailer queen, but I still worry about some idiot rear-ending me (like someone did to my 96 Saleen on the way to work this year), and not being able to replace a total loss, or to cover an astronomical amount to restore a crumpled piece of metal, or trying to convince an insurance company that it's not just a 66 Mustang. I've checked Heacock, which is about $450/year for $80,000 (too low) stated value and a 1000 mi/year (also too low ) driving limit. Anyway, I searched the forums and didn't find much on this subject. Not looking for $ specifics, just what insurance companies folks are using, and perhaps any good or bad experiences with major claims. Or maybe tips on reducing premiums on a stated value policy, or insurance companies that will insure both daily drivers and classics. Any advice would be helpful. Thanks!
I am using State Farm classic auto insurance for my 66 GT350 in need of paint and restoration with a stated and appraised value of 90K with annual premium of less than $400. Insurance requirement is the need for an appraisal (they will give a list of authorized appraisers) who usually charge a a fee around $150. Also Shelby must be not be your primary vehicle (your primary car must be insured by State Farm), used less than 5000 miles a year though not restricted to club, shows or parades. It needs to be on your property (home or condo), not parked on the street. Harris required the car to be in restored condition. Not all State Farm agents will write this kind of policy. It helps if you insurace all your cars and your home to get a better discounted rate.B)
I recently insured my unrestored '66 GT350 with Hagerty (www.hagerty.com). They seemed to have the best price and coverage for my specific situation. Didn't even think about checking with State Farm, but I don't think they would have written a policy for what I wanted. I needed coverage for transportation across the country and storage at the shop while the car is being restored. Anyway, I'd recommend you at least add Hagerty to your list of companies to consider. Steve
Make sure that you get "stated value" and not "agreed value". If it is agreed value then there is no guarantee that you will get the entire value if you make a claim. If you have stated value and the car is a total loss (think theft or fire) then you get the stated value amount - no quibbling. IIRC State Farm writes agreed value policies.
67200F5A02206, I think you may have that reversed. You would want Agreed value. Some time ago Robbin R. Terry, CIC of Midwest Classic Insurance posted the following on the Club Cobra forum: "One thing to keep in mind is you really do not want a stated amount policy. You want an agreed value policy. The difference between the two is in the verbiage of how a claim is settled. Stated amount says something like this - In the event of a total loss we will make payment of not more than the amount stated on the policy. In a nutshell this means you get something between $0.00 and $500,000.00" (or what you have 'stated', $500,000. in this example)" Agreed value means we agree the value of the vehicle is $500,000 and in the event of a total loss we will pay you $500,000." Here is his contact info. Midwest Classic Insurance Cobra Insurance POB 229, 110 South Fifth Street Auburn, IL 62615 Robbin R. Terry, CIC (888) 271-4000
I've been using Heacock Classic (formerly Parish-Heacock) for about the last seven years and been very pleased with them. Everytime I've asked to change the value amount (which has been quite a few times!) it's been absolutely no hassle. When I compared Parish-Heacock and Hagerty back then their rates for a stock vehicle were identical but Hagerty wanted triple that rate because I was running a stroker motor. Parish-Heacock didn't care about that and gave me the stock rate. I believe Hagerty may have relaxed their policy on that. Bottom line, ask lots of questions!
Thanks for all the info everyone! I never thought of State Farm as an option, but it's worth checking out, along with the others. Insurance is such a necessary evil! Ken.
I been using Hagarty on 6 cars for about 8 years. Never needed anything, but was the best price I found.
