Insurance And Modified Foxbodys

[Andrew Larsen]

Hello! I recently purchased a 1992 5.0 notchback with a Vortech V3 supercharger and tremec 3550 trans. The car is modified and I have a build sheet totaling over 9000 dollars. Making about 350-400 rwhp and 8 psi of boost.
I paid 8900 dollars for the car.
I live in the northwest where a clean stock notchback 5.0 goes for around 5000-7000 dollars right now on craigslist anyway.

My problem is that on KBB fox bodies are listed as being worth 2400 dollars. And NADA says around 5000 dollars.

Im afraid if I get into an accident where my car is totaled I will not get paid out anywhere near 8900 dollars.

I'm living at home and under my parents car insurance. I asked my dad to talk to our insurance agent and see if I am able to pay a higher rate per month to cover the cost of a 9000 dollar car. The agent said you can't do anything like that.

What can I do to protect myself and insure my car for the full value I paid for it?

 

[mikestang63]

I have Grundy. 100% agreed value with no deductable, road side assistance. and less than $400 a year. Only catch is it cannot be your DD. Haggerty is another classic car insurance company.

 

[Mustang5L5]

I have mine insured with Haggerty, but they require you to have a second daily driver car, and a garage. But they let me set my own value on my car.

What you want to look into is called an "agreed value policy". If your agent doesn't have it, you'll need to look around for one that does. Usually you'll need to go get a 3rd party inspection to justify it. Be warned, it may be expensive.

Your alternative is you take the risk, save documentation, receipts, maybe get an appraisal and argue you case if something happens. Hit or miss if you succeed though.

Nice car


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[CarMichael Angelo]

Ask about a stated value policy. I didn't have collector car insurance on the red car, although I had close to 20k in time and money invested. My agent is part of the Independent agents group and managed to find a "stated value" policy for me that was also minimal in cost. I did have to have the car inspected by one of the inspectors on their list in order to corroborate my stated value, (20k) but it was painless. I did get restricted to 5k miles per year and they did take a pic of the odometer at the time of the policy agreement.

In hindsight,..After getting it covered, the car was worth more totaled than it was running,..........maybe a thing to consider when it comes time to insure my one of a kind monster.

 

[General karthief]

Als

Ask about a stated value policy. I didn't have collector car insurance on the red car, although I had close to 20k in time and money invested. My agent is part of the Independent agents group and managed to find a "stated value" policy for me that was also minimal in cost. I did have to have the car inspected by one of the inspectors on their list in order to corroborate my stated value, (20k) but it was painless. I did get restricted to 5k miles per year and they did take a pic of the odometer at the time of the policy agreement.

In hindsight,..After getting it covered, the car was worth more totaled than it was running,..........maybe a thing to consider when it comes time to insure my one of a kind monster.

Be aware that if your car is deemed a total loss they will issue a salvage title. And the car is theirs. You can't fix it and drive on the street legally with a salvage title.
What ever insurance you get, if it gets wrecked make sure it gets towed to your home if possible or to a place that you can trust. You may have to pay the tow bill at the drop point but insurance will still pay you back.

 

[Mustang5L5]

^ I think state law comes into play with that. MA does allow salvage vehicles to be registered.


For instance, coworker totaled his car in the ice 2 winters ago. Insurance company totaled it, but he bought it back from them. They gave him $8k, minus $500 deductible, minus the $800 they charged to buy it back.

He fixed it for $2k in parts and garage paint job, and drives it today with a salvage title. Resale value is crap now, but he has a running car and all that he wants



But with regards to my car, if I total it sonehow, it's going back into my garage. That's the only place the tow truck is gonna take it. The parts are worth more to me than what the insurance company gives me. If they give me something it's a bonus, but I'd track down a clean 4cyl and swap it all over.

Now, if it gets stolen nice to know I'll get more than $1500 for it. That's the big one for me.


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[Grn92LX]

American Collectors agreed value insurance.

 

[FoxMustangLvr]

Hello! I recently purchased a 1992 5.0 notchback with a Vortech V3 supercharger and tremec 3550 trans. The car is modified and I have a build sheet totaling over 9000 dollars. Making about 350-400 rwhp and 8 psi of boost.
I paid 8900 dollars for the car.
I live in the northwest where a clean stock notchback 5.0 goes for around 5000-7000 dollars right now on craigslist anyway.

My problem is that on KBB fox bodies are listed as being worth 2400 dollars. And NADA says around 5000 dollars.

Im afraid if I get into an accident where my car is totaled I will not get paid out anywhere near 8900 dollars.

I'm living at home and under my parents car insurance. I asked my dad to talk to our insurance agent and see if I am able to pay a higher rate per month to cover the cost of a 9000 dollar car. The agent said you can't do anything like that.

What can I do to protect myself and insure my car for the full value I paid for it?

Where in the PNW are you? I have Hagerty and love them. They didn't put a mileage restriction on my car but they do limit how many times you can drive it to work. I have a $15,000 agreed value with them and a small deductible, towing, etc...Well worth it. That is a very nice car you have and I hope it's not a daily driver.

 

[Mustang5L5]

American Collectors agreed value insurance.

I believe they also allow carport storage, vs a garage.


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[Andrew Larsen]

Where in the PNW are you? I have Hagerty and love them. They didn't put a mileage restriction on my car but they do limit how many times you can drive it to work. I have a $15,000 agreed value with them and a small deductible, towing, etc...Well worth it. That is a very nice car you have and I hope it's not a daily driver.

I live in Vancouver. And it is currently is my daily driver. How many times can you drive it to work?

 

[mikestang63]

Als

Be aware that if your car is deemed a total loss they will issue a salvage title. And the car is theirs. You can't fix it and drive on the street legally with a salvage title.
What ever insurance you get, if it gets wrecked make sure it gets towed to your home if possible or to a place that you can trust. You may have to pay the tow bill at the drop point but insurance will still pay you back.

absolultely incorrect

You can negotiate with the insurance company if you want to purchase the car back or settle
Each state has different laws on salvaged titles, Most you can insure them, but you cant finance them

 

[bentley429isBAC]

Grundy here, $320 a year for 25k coverage.

 

[Andrew Larsen]

I tried to get an online quote at grundy and hagerty and both won't.

Starting to feel out of luck and like there isn't anyway to project my purchase. Especially as a daily driver.

 

[RangerJoe]

As a DD you are way more likely to get in a wreck versus those of use who move them once or twice a month.

Can you buy a $1500 civic to be your DD?

Joe

 

[General karthief]

absolultely incorrect

You can negotiate with the insurance company if you want to purchase the car back or settle
Each state has different laws on salvaged titles, Most you can insure them, but you cant finance them

Yes you can negotiate. But here in Fl if it has a salvage title you cannot insure or tag it. They will issue a rebuilt title but like you said hard to get finance. I don't take out loans on vehicles. I did work with a company that financed exotic sports and antique cars, don't know if they are still around. He might want to find a car club up there where he is and see what they say.
My friend had a 87 gt and the damage was only rt front damage and they deemed it a total charged him 500 bucks to keep it and gave him a salvage title. Pretty much shafted him. I here north of the border is a real pain in the wheel bearings.

 

[FoxMustangLvr]

I live in Vancouver. And it is currently is my daily driver. How many times can you drive it to work?

I negotiated about 50 trips to work. I'm in Eastern Washington State and the driving season is short due to the winter. My Mustang is not a DD which is where you're coming up short on getting insured. Hagerty and others are "collector" car insurance companies so a daily will not fit the category. You really need to get a beater with a heater for a daily so you can have your Mustang as a cruiser/pleasure vehicle.

 

[TOOLOW91]

I have hagerty . Agreed value. No issue with taking it to work when I asked.

Not my DD though.

 

[RangerJoe]

There was a thread like this a few years ago, but the hang up concerned racing the vehicle. I think there was one company out there that let you race it and still insured it (not a collision on track). Does anyone know which companies allow this?

Joe

 

[FoxMustangLvr]

There was a thread like this a few years ago, but the hang up concerned racing the vehicle. I think there was one company out there that let you race it and still insured it (not a collision on track). Does anyone know which companies allow this?

Joe

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.

 

[General karthief]

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.