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Has anyone thought about insurance after SS upgrade?


switz

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Ok, for a new topic: insurance. I have a pretty good deal on insurance on my GT500 paying around $550.00 for full coverage a year; not too bad. I do remember the lady asking me if I had made any modifications on the vehicle. I said no as I hadn't. However, with the SS upgrade what the hell do you tell your insurance company and, will they even continue to insure you. If such a major upgrade is made, and you don't tell them, will they honor the policy?

 

Has anyone contacted their insurance company to see what is going to happen to their rates if they get the upgrade? This is going to be interresting to see what happens. I would love to hear your thoughts on this.

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I live in Ft. Lauderdale and aGT500 is about $1500. per year with State Farm. They will only cover book value so, a Super Snake would be at risk.

I checked Hagerty and agreed value insurance of $80,000. is about $1500. per year as well.

THE CATCH?????????????????Hagerty only allows 3000 miles per year. I am not buying a car to admire it in the garage.

Any ideas will be deeply appreciated.

Thanks,

Bill

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I'm in PA by Philly (go Eagles) and have state farm and was told they will insure the value of the car. I told them I wanted to mod the car to have the super snake package and the total cost would be around $90,000 for the package and what I paid for the car and my agent told me(I didn't like this) you may get that or you may not he talked to the main office and they don't insure mods but they do insure the value of the car. This is one of the biggiest hang ups i have for doing the ss package. This is my first post so be easy on me with the spelling. I know its late and I'm tired sorry Butch

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I'm in PA by Philly (go Eagles) and have state farm and was told they will insure the value of the car. I told them I wanted to mod the car to have the super snake package and the total cost would be around $90,000 for the package and what I paid for the car and my agent told me(I didn't like this) you may get that or you may not he talked to the main office and they don't insure mods but they do insure the value of the car. This is one of the biggiest hang ups i have for doing the ss package. This is my first post so be easy on me with the spelling. I know its late and I'm tired sorry Butch

Welcome to Stangs Butch. I see your point. I am not getting a package on my car, but this seems to be one of those "You play....you pay deals". Good luck on finding the right insurance. It's gonna be tough.

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Welcome to Stangs Butch. I see your point. I am not getting a package on my car, but this seems to be one of those "You play....you pay deals". Good luck on finding the right insurance. It's gonna be tough.

Can I ask you why your not getting the ss package? Not tring to be to nosey

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I don't know if it is the agent or where you live that matters but I got a different answer from my State Farm agent.

 

Granted not a GT500 with Supersnake package but when I bought my Shelby GT and added almost $15K worth of mods (supercharger, hood, brakes, GT40 wheels, instrument cluster) I was told they would insure the car as it was titled, a Mustang GT, and then insure the rest including the Shelby package ($7,390) as modifications at my receipt/invoice values. My agent said it is the same way they insure conversion vans. They made copies of all my receipts/invoices for their files and said enjoy.

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Can I ask you why your not getting the ss package? Not tring to be to nosey

Butch,

 

I happen to really like the look of my hood on my GT500. I can not see having that much money tied up in my Shelby. Plus, I have done some minor mods to my car to make it special to me. Also....gotta keep my wife happy with some of the other better things in life. :)

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This may sound dumb but I guest I'm looking for a good reason why not to get the SS package

...$28K :hysterical:

 

Seriously, while you wait in line for the SS package go check out Evolution Performance in Aston. Look into Evos vendor thread for some of the stuff they are doing.

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I don't know if it is the agent or where you live that matters but I got a different answer from my State Farm agent.

 

Granted not a GT500 with Supersnake package but when I bought my Shelby GT and added almost $15K worth of mods (supercharger, hood, brakes, GT40 wheels, instrument cluster) I was told they would insure the car as it was titled, a Mustang GT, and then insure the rest including the Shelby package ($7,390) as modifications at my receipt/invoice values. My agent said it is the same way they insure conversion vans. They made copies of all my receipts/invoices for their files and said enjoy.

 

I got a very similar story from my agent. They also told me that there would never be an issue if I got it appraised once a year.

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  • 1 month later...

For any Canucks out there thinking about the SS package like myself. Today I got a call from my insurance company for the quote that I have been waiting for, for a couple weeks now, and they told me that they can not insure the car for me. I was told that it would be too expensive and they seemed not so keen on insuring a car with 600HP. I sent them the mod sheet for the SS package to try and get me a rate. Maybe that was a mistake but is there anyother Canuck out there getting the SS package that has someone to insure the car ????

This was thru TD Meloche Monnex

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For any Canucks out there thinking about the SS package like myself. Today I got a call from my insurance company for the quote that I have been waiting for, for a couple weeks now, and they told me that they can not insure the car for me. I was told that it would be too expensive and they seemed not so keen on insuring a car with 600HP. I sent them the mod sheet for the SS package to try and get me a rate. Maybe that was a mistake but is there anyother Canuck out there getting the SS package that has someone to insure the car ????

This was thru TD Meloche Monnex

I've spoken to my agent for ING Insurance, but haven't heard back. She suggested that I may need a yearly appraisal. I didn't go into details about what the mods were, just the value.

 

I'll post her answer when I hear back. BTW, I'm #392 and 393 for a convertible and a coupe. :happy feet: :happy feet:

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AA of MI will only insure on the value of the car not the mods. So if you buy a GT500 it is based on the vin and the value. I was also told the higher the HP the worse the rate, even if you have no prior tickets as it almost perpetuates speeding and careless driving? Anyways, I agree with most that the SS, although cool, may pose some insurance issues. Maybe that is why Ford only went to 540HP on the 1000 KR's? Now, this is another argument for the FRPP, at less than $800 bucks to get 40HP more, no real risk to insurance, no need to inform, and no real value or loss long term? Just my .02

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I got a very similar story from my agent. They also told me that there would never be an issue if I got it appraised once a year.

 

 

That makes sense. I too have State Farm and they quoted me initially $723 evey 6 mths ... than a few mths ago about $650.

 

What I opted to do was this: I called for price quotes and wanted a nationally known company and chose GEICO. I have two vehicles insured thorugh GEICO and two vehicles insured through STATE FARM.

 

My two vehicles through GEICO and my car hauler run a total of $630 every 6 mths :happy feet:

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I've spoken to my agent for ING Insurance, but haven't heard back. She suggested that I may need a yearly appraisal. I didn't go into details about what the mods were, just the value.

 

I'll post her answer when I hear back. BTW, I'm #392 and 393 for a convertible and a coupe. :happy feet: :happy feet:

 

 

Please do let me know what you find out from ING. Thanks

Must be nice to have a vert and a coupe - Are you in Edmonton.

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Please do let me know what you find out from ING. Thanks

Must be nice to have a vert and a coupe - Are you in Edmonton.

Calgary. But don't hold that against me...

 

We'll see how long I can keep them both. May not be possible, but at least I'll be able to decide first hand which one I'll like better.

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Please do let me know what you find out from ING. Thanks

Must be nice to have a vert and a coupe - Are you in Edmonton.

 

I talked to my agent. he said flat out. We go by the vin numbers. :redcard: That is what dictates the rate. he didn't even care about my future mods.

The only thing he said to do was to add lojack and he would give me a 35% discount on the thief portion.

Fancy alarms mean nothing either. Only lojack. :headspin:

 

On the "SS" list as of last friday, and advised that it will be some time next year. :banghead:

07 Blk on Blk vert, no strips just a clean lean mean sleeper with 400miles.

Had a little fun with a vet today :superhero: but still kept it nice and easy still breaking her in.

JimC

How about CobraJim or CJ in memory of my 69 SCJ :happy feet:

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I talked to my agent. he said flat out. We go by the vin numbers. :redcard: That is what dictates the rate. he didn't even care about my future mods.

The only thing he said to do was to add lojack and he would give me a 35% discount on the thief portion.

Fancy alarms mean nothing either. Only lojack. :headspin:

 

Jim

I understand that they go by the VIN # but with a 30K upgrade I want to make sure that I am insured for the value of the car and not only the value of what I paid but also any appreciating value, if the car decides to appreciate.

It would be pretty a ugly situation if someone stole your car or say hit you and wrote it off and you find out that you are insured for 45K on your 90K car.

I know several people in the Insurance business and I am starting to think that the best route may be to get the car insured on a appraisal. It may be the only way to do it in Canada to make sure that you are insured for market value of the car.

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I am curious what it costs to insure a $90,000.00 Mustang for 1 year ExclamationPoint.gif

 

I hear ya, That is why I am tuning in on this.

I always thought, and I believe someone mentioned it here, that, if you keep your reciepts as proof of what the car is worth, the insurance company would have to hornor that amount. subtracting any depreciation HA HA :hysterical2: funny funny :hysterical:. The value of the car may go up, but I think they can still devaule it depending miles and condition.

 

That was the impression I got from my Ins. rep. althought now I wonder if he really understood the dollar cost of the mods.

 

It seem the question may be; since ins is based on vin # which seems to be the concenses, is there a stated dollar amount that if exceeded is not insurable and/ or need to be valued or appraised, in order to be insured.

The other thing I would check for is some ins companies have a full value policy - they will reimburse you for the full replacement amount for a like car at current market pricing if stollen or totaled. cost more but wanta play gotta pay. Wait, that was through easy care, but ins. co. should have it as well.

 

 

I am guessing here, but farmers ins. in the USA for 90k =100k is about 7-750 per yr clean record, insured as a collectible less then 4000 miles per year. Daily driver rates at 600 plus hp would put a big crunch to pocket book and piss of the wife. not good.

JimC

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I hear you. $7-750/year would not be so bad for such a bada$$ car, IMO. Then there are insurance companies like Hagerty's, which insures 'specialty' cars, but I have not looked at that yet...

 

Crispy;

The problem is that the specialty insurance companies limit you to 3 or 4000 miles a year to car shows and such and also where you can go with the car(no malls). I am buying the car to drive it. I think 10,000 miles a year would be more acceptable. Perhaps SAI can get together with an insurance company.

Thanks,

Bill

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Crispy;

The problem is that the specialty insurance companies limit you to 3 or 4000 miles a year to car shows and such and also where you can go with the car(no malls). I am buying the car to drive it. I think 10,000 miles a year would be more acceptable. Perhaps SAI can get together with an insurance company.

Thanks,

Bill

 

I use Hagerty's and there is no mileage limit.

The premium is based on an agreed upon value.

I am paying $1300. per year for a $70,000 value.

They quoted me $1600 per year for a $100,000. value

when I get the Super Snake package installed providing

they get a copy of my Super Snake contract for there files.

Alan

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I use Hagerty's and there is no mileage limit.

The premium is based on an agreed upon value.

I am paying $1300. per year for a $70,000 value.

They quoted me $1600 per year for a $100,000. value

when I get the Super Snake package installed providing

they get a copy of my Super Snake contract for there files.

Alan

 

Thanks for the info..

I think JC Taylor does the same thing....

I have my '69 Fastback insured with them and that's what they did also.

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I use Hagerty's and there is no mileage limit.

The premium is based on an agreed upon value.

I am paying $1300. per year for a $70,000 value.

They quoted me $1600 per year for a $100,000. value

when I get the Super Snake package installed providing

they get a copy of my Super Snake contract for there files.

Alan

I know covering the cost of the car is important, but liability coverage is allot more important, and Hagerty is lacking in liability coverage compared to others, IMO. Don't get me wrong, Hagerty serves a good purpose, I have one car with Hagerty. I won't lecture about how a law suite could wipe you out and destroy you financially. Something to consider besides what's sitting in your garage.

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I know covering the cost of the car is important, but liability coverage is allot more important, and Hagerty is lacking in liability coverage compared to others, IMO. Don't get me wrong, Hagerty serves a good purpose, I have one car with Hagerty. I won't lecture about how a law suite could wipe you out and destroy you financially. Something to consider besides what's sitting in your garage.

 

I thought about that,

Its not only Hagerty, but all car insurance company's lack adequate liability coverage.

A good work around is to get a 1, 2 or 3 million dollar umbrella to cover yourself. (Just In Case)

The cost of a good umbrella policy is actually quite affordable and covers you on everything, not just your car. The umbrella kicks in when you reach your liability limits on your House, Car, Boat, etc.

I'm not an authority on insurance, I'm just a carpenter so talk to your insurance agent, I'm sure he will advise you.

Alan

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I thought about that,

Its not only Hagerty, but all car insurance company's lack adequate liability coverage.

A good work around is to get a 1, 2 or 3 million dollar umbrella to cover yourself. (Just In Case)

The cost of a good umbrella policy is actually quite affordable and covers you on everything, not just your car. The umbrella kicks in when you reach your liability limits on your House, Car, Boat, etc.

I'm not an authority on insurance, I'm just a carpenter so talk to your insurance agent, I'm sure he will advise you.

Alan

 

 

ati - it is a good idea. I've read several management publications on utilizing an umbrella liability coverage policy for many situations (personnal liability included).

 

The only downside to the concept, is that if an event were to happen, in most cases the first thing the legal defense for the affected party will do is look into your personnel net worth, as well as what type of liability coverages you carry. It gives them a fairly good idea of what damages to claim. Granted, the policy (if written correctly) will cover you in the event of an incident, however it will be difficult/expensive to purchase coverage in the future.

 

Isn't it funny how then never pursue anyone without a dime to their name. It's an insane world.

 

HSURB

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ati - it is a good idea. I've read several management publications on utilizing an umbrella liability coverage policy for many situations (personnal liability included).

 

The only downside to the concept, is that if an event were to happen, in most cases the first thing the legal defense for the affected party will do is look into your personnel net worth, as well as what type of liability coverages you carry. It gives them a fairly good idea of what damages to claim. Granted, the policy (if written correctly) will cover you in the event of an incident, however it will be difficult/expensive to purchase coverage in the future.

 

Isn't it funny how then never pursue anyone without a dime to their name. It's an insane world.

 

HSURB

 

Absolutely!!!

That's why my umbrella policy covers my entire net worth...

This my just in case... I will continue to have what I got....

Crazy world... and NY is the craziest!

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