insurance

[shelbypowered]

 

I am a 60 year old driver with a perfect driving record- I own an 07 GT 500 with 3200 miles and pay $ 64.00 per month for insurance- full coverage- SHELBY value who knows for sure maybe 33000.00--- Also own 1966 Chevrolet L79 Nova Super Sport numbers matching slightly modified $ 15.40 month full coverage- both cars down the track- Shelby mid to low 12s 115 to 118 mph- Nova low 13s 102 mph- best driver Shelby - most fun to drive Nova- Show winner Nova- Most eye catcher Nova- highest value Nova- Best kick ass all around power and class Shelby- most likely to increase in value Nova- Most likely to be known as a muscle car Shelby- Most driven both equal- insurance coveage at the track both of course not covered- My point is classic car insurance on older cars be it muscle or looks is a whole lot better bargain. That is 683.00 a year differance for the privlidge of driving the Shelby and with the high production numbers the car even in old age is unlikely to achieve true collectability but will be thought of as a muscle car and not that rare. With approxamately 5400 L 79s in 66 and less than ten in 67 the value factor really strikes home. There are also lots of old 60s cars that fit the same nitch and carry the low insurance premiums and have an increasing value. I sometimes wonder why I paid 15000.00 over sticker for the 07 but I believed it was going to be a one or at best two year run- wrong- and in early 07 most of us paid well over sticker. So dumb me I have over 65000.00 plus another at least four in mods for a car that would likely net me less than thirty five thousand and has a costly insurance premium- The Nova I paid 19500.00 six years ago and have been offered in these hard times over 45000.00 and pay peanuts for insurance- I am beginnig to think the Nova is the best for the buck- with gear changes and some mods on the Nova I could run equal numbers on the Shelby as well. When I drive the Shelby I know it is a great car however when I think about it in dollars and cents it makes little or no sense to me. Wont sell the Nova and cannot afford the loss on the Shelby so I guess in a nutshell I have two great cars - one for sure.

[Grabber]

I'm 48 and have a good driving record too. My full coverage insurance thru Farmers is $517 for 6 months which equals $86 bucks per month.

 

My deductables are $120 comp and $500 collision.

[mrdci]

Some Team Members have their car insured with Hagarty and some of the other collector car companies. Give them a try cause I got a quote of $400 a year from them but you have to do all the running to te DMV and cant have any tickets. I dont but my wife does. So I was SOL.

[shelbypowered]

 

I looked into Haggerty but found they were a little more restrictive than State Farm plus we get a mulit car discount and have our real estate and other insurance with them and have been pretty well taken care of with premiums going down of course as the cars age. Also State Farm is much more forgiving on mileage and where you take the car and storage from theft. I posted my age because I was curious how the younger guys got hit on costs opposed to an old fart like me. Grabber is just a kid and pays less than me and I would guess he stays with Farmers because he covers all his posessions be it cars or real estate under the one company. I think the Shelby has a fairly high risk number on the insurance rating and maybe if anyone knows that issue they could chime in, Also some of you young bucks might let us know in general what you are paying. It does not change the fun of driving the car but does compare rates etc. Bet the Z 06 boys are a lot higher than ours. My Shelby did not go down in premiiiums in the last two years which I found kind of strange. Another thing I found out about my insurance is that if it could be determined that I was ever streer racing and had an accident as a result the claim would not be covered- that is a tough one as street racing is two cars driving side by side at a high rate of speed which from a police standpoint sitting on the road could well be hard to prove as I sometimes juice the car and it could look as though I was racing. After finding about that problem I make very sure I am not in a traffic area and our in the toolies all by myself before I test the rocket. Better yet I hit the strip for the real fun. So a I said in another post I found out I cannot have anyone under 25 driving my car and then the street racing issue which could be a toughy. Check with your insurance company and see if you have any of these issues as we do not always read the fine print.

[ubnbitn]

I am a 60 year old driver with a perfect driving record- I own an 07 GT 500 with 3200 miles and pay $ 64.00 per month for insurance- full coverage- SHELBY value who knows for sure maybe 33000.00--- Also own 1966 Chevrolet L79 Nova Super Sport numbers matching slightly modified $ 15.40 month full coverage- both cars down the track- Shelby mid to low 12s 115 to 118 mph- Nova low 13s 102 mph- best driver Shelby - most fun to drive Nova- Show winner Nova- Most eye catcher Nova- highest value Nova- Best kick ass all around power and class Shelby- most likely to increase in value Nova- Most likely to be known as a muscle car Shelby- Most driven both equal- insurance coveage at the track both of course not covered- My point is classic car insurance on older cars be it muscle or looks is a whole lot better bargain. That is 683.00 a year differance for the privlidge of driving the Shelby and with the high production numbers the car even in old age is unlikely to achieve true collectability but will be thought of as a muscle car and not that rare. With approxamately 5400 L 79s in 66 and less than ten in 67 the value factor really strikes home. There are also lots of old 60s cars that fit the same nitch and carry the low insurance premiums and have an increasing value. I sometimes wonder why I paid 15000.00 over sticker for the 07 but I believed it was going to be a one or at best two year run- wrong- and in early 07 most of us paid well over sticker. So dumb me I have over 65000.00 plus another at least four in mods for a car that would likely net me less than thirty five thousand and has a costly insurance premium- The Nova I paid 19500.00 six years ago and have been offered in these hard times over 45000.00 and pay peanuts for insurance- I am beginnig to think the Nova is the best for the buck- with gear changes and some mods on the Nova I could run equal numbers on the Shelby as well. When I drive the Shelby I know it is a great car however when I think about it in dollars and cents it makes little or no sense to me. Wont sell the Nova and cannot afford the loss on the Shelby so I guess in a nutshell I have two great cars - one for sure.

I'm 34 with a clean record and i'm paying $76 a month for my 08 vert thru Grange Insurance!

:happy feet:

[Grabber]

I looked into Haggerty too. They had a bizzilion rules that would not work for me. I was asking them questions and they said..."this insurance is not for you".

 

Farmers is great. I have been with them for 20 years. My agent lets me put my car into storage insurance mode for the off season and just covers it for fire & theft for a few bucks. Then if I want to drive it for a day I just e-mail them and they cover me for that day. I save alot of money that way.

 

I put a sign on my steering wheel to remind me when the insurance is off, so I don't forget to turn it back on before I drive it. If you have a loan on the car....Insurance companies can't do this.

 

 

 

Soon...I will be turning my insurance back on for the summer...then it will get turned off again. I do the same thing with my other cars and Harley that I don't drive much.

[frydguy79]

i have shelter ins and my cost me 55. a month, i have my house and 2 other vehilces with them

[Dennis Brown]

I pay about $1,100 a year through Sneed Insurance but I have a 67 Shelby GT 350, 07 SGT and a 07 GT 500 all of them have a stated amount so I know I will get most of my money back on them, the down side is they limit the numbers of miles I can put on them in a year . I'm 39

[hawk3126]

Progressive insurance under 800.00 per year.

[2FST4U]

Progressive insurance under 800.00 per year.

USAA 645$ a year. 1000$ deductable,55 years old.

[whazen1]

I have Grundy Worldwide. Just renewed this week for $803.00 for the year. ($66.92 per month).

Full coverage, no deductable, agreed value of $55,000 if totaled. If I do get in an accident, my no deductable includes OE parts. This is the best I found. Everything else I have is with Nationwide and they were over $1800 a year with deductables and they depreciate the car if it is totaled or stolen.

I have a clean record.

[kylet]

Had st. farm for several years. Went with grundy a couple of years ago. 800.00, no deduct. They seem to understand collector cars and to me the policy reflects such. One example, if I have a accident in chicago, st. farm tows my car to the nearest ford dealer, grundy tows my car home. my 2 cents :happy feet:

[Paulie]

USAA 645$ a year. 1000$ deductable,55 years old.

 

 

Mine is USAA too, I think I pay about 40 dollars more a year, but have a $500 deductible and am 38.

[Shelby101]

I had State Farm and after I Super Snaked it they would not recognise the value.

I went with Grundy as they have no mileage restrictions.

Of course you can't race it and if you do it is not covered for race related accidents.

 

But "road Ralleys" are ok. Of couse not competitive ralleys.

But good coverage. They agreed to $110,00 for coverage on my SS and I pay $1,100 and change per year.

only 2 years younger than you

 

I do beleive if you have recent tickets the price goes up.

[skiph]

Might try asking your insurance company if taking a State (your state of course) recognized Defensive Driving course will lower your rates. When I asked (a friend of mine suggested it), I found out it will save me $75/year (forget what I am paying with the Shelby as my 3rd car, but it is not cheep) for the next 3 years, and the course is one day (Saturday) and cost $50. Pays for itself the first year. Oh and my record is spotless too. Nothing on my record unless you go back about 15 years and when I payed to pull up everything I could at the DMV, that is way to far back to even be listed.

 

DON'T just ask what you can do to lower your rates as they did not volenteer this when I asked the more general question.

 

Oh, and this worked with my Ins Co in GA, as the saying goes, your mileage may vary.

 

It was worth the Saturday and $50 to me. Do call you Ins. Co. first and ask that specific question though.

 

If I can save someone a few $$, it's worth the typing time.

[verlyn12]

I have been looking at these rates and for sure I'll be looking around! We live in rural South Dakota and drive the 12 Shelby 7 months a year for about 7000 mi/year. I am 61 and hubby is 63-absolutly clean driving records-no tickets or accidents yet anyway! Just got the notice that the Shelby alone is $2400-stock coupe with no mods. Garaged all the time. That is absolutely nuts at that cost! Also have a 12 dodge 2500 pickup and a 10 GMC Yukon Denali. They say we are getting the "old people good driving and additional vehicle" discounts. What the heck?

[Mustang_Scotty]

I Have Grundy Worldwide Insurance on my GT500 Vert, agreed value at $60,000 for $900 plus a year no mile restrictions.

[Mark]

Why would you pay for $60K of insurance on a $35K car? I have Grundy too and they have been great, but you should only insure your new car for about $32K in my opinion.

[Im1livewire]

Why would you pay for $60K of insurance on a $35K car? I have Grundy too and they have been great, but you should only insure your new car for about $32K in my opinion.

 

Mods & possibility of needing to replace with newer model if totaled...?

[Mustang_Scotty]

Why would you pay for $60K of insurance on a $35K car? I have Grundy too and they have been great, but you should only insure your new car for about $32K in my opinion.

 

 

Actually for only one reason, because they said, "No Problem" It only cost like $20 more a year to insure it to $60K. Doesn't it make sense. Do we have extra life insurance or umbrella insurance or wouldn't you want higher home owners insurance on your house if it burned down? Grundy's underwriters know, it's an "agreed" value and they allow it so I'll spend the extra $20. My KR was insured for $90k

[Mark]

They have a set equation which includes a liabilty and a New York state fee and then the amount of coverage you want to buy. It's something like $14 per thousand on a car that's less than 25 years old. I pay them $500 per year for $30,000 worth and you could too. It's just what ever amount you're comfortable with.

[mach 1 1970]

2007 Shelby gt500 insured for $33K with American collectors $425/ year . I have a 2 mill umbrella which requires higher limits on my collector car policy. Under 65 retired and perfect record for both wife and myself.

[FILF]

I'm 36 with an accident four years ago, a few tickets, and a forced defensive driver class which got me a defensive driver discount ironically. I'm paying $1600 through USAA. No deductibles and I was able to send them my window sticker showing its a Shelby GT not a regular GT so they upped the value of the car and my premium went up around $75. I also have the storage option in the winter that drops the price dramatically. My cars, home, and umbrella policy through USAA which also offers a decent discount.

[Mustang_Scotty]

2007 Shelby gt500 insured for $33K with American collectors $425/ year . I have a 2 mill umbrella which requires higher limits on my collector car policy. Under 65 retired and perfect record for both wife and myself.

 

 

Is there any mile restrictions with this insurance?

[Mark]

No, but I'm sure common sense would apply. The car must have a garage and you must have a daily driver. Only one driver allowed.

[Ford Fest]

Perfect timing, I was just talking to my insurance agent about this today. I too have a stated value of $60,000. I requested this amount due to the car being limited edition. I was told that the stated value does not guarantee that you will receive this amount if the car is totaled, nor does it increase the minimum amount paid. It simply increases the maximum the insurance company will pay.

 

My concern is how an insurance company will come up with a value of any of the SAI special package cars.

 

Reach out to your insurance company and ask if they too have the same stated value policy, don't assume the stated value is what you get. I'm pretty sure they will not allow us to put any dollar amount on our cars as we do with a life insurance policy.

 

Please post your findings

[Ford Fest]

Perfect timing, I was just talking to my insurance agent about this today. I too have a stated value of $60,000. I requested this amount due to the car being limited edition. I was told that the stated value does not guarantee that you will receive this amount if the car is totaled, nor does it increase the minimum amount paid. It simply increases the maximum the insurance company will pay.

 

My concern is how an insurance company will come up with a value of any of the SAI special package cars.

 

Reach out to your insurance company and ask if they too have the same stated value policy, don't assume the stated value is what you get. I'm pretty sure they will not allow us to put any dollar amount on our cars as we do with a life insurance policy.

 

Please post your findings

[mach 1 1970]

Is there any mile restrictions with this insurance?

 

Sorry for the slow reply but yes there is a 2500 mile limit and agreed value of $33K

[SSSNAKE]

'07 GT500 40th Anniversary Vert (lotsa upgrades and $100,000 agreed value)

 

'64 fairlane (stock and $10,000 agreed value)

 

Deductables: $500(?)

 

Total annual premium: less than $600

 

Chartis Insurance Group

 

Born in the 50's/60's

[SSSNAKE]

BTW, since there can be confusion in regard to the definition of stated and agreed value I thought I would paste this piece I found to help alleviate it:

 

 

 

"Agreed Value versus Stated Amount

 

 

 

There seems to be a bit of confusion among non-insurancefolk about the difference between “agreed value” policies and “stated amount” policies. Don’t worry, it’s probably done by design when the insurance underwriters (rarely) get together with the insurance marketers. Anyway, let’s clear things up.

 

When a piece of property is covered, whether it’s a boat or classic car, etc., insurance companies charge a rate that corresponds to the value of the piece of property. In most cases, values are well-known and can be verified by independent 3rd party sources like the National Automobile Dealer’s Association (NADA) or Kelley Blue Book. However, when you veer off the beaten path into special interest items, market values are not so clear-cut, and insurance pricing becomes more difficult. Enter Agreed Value and Stated Amount.

 

Here’s the main difference between Agreed Value and Stated Amount. Stated Amount policies are priced based upon what you say the item you’re insuring is worth. If you have a loss, the stated amount is the ceiling (maximum) the insurer will pay for that item. At the time of the loss, if market data determines that your item was worth less than you say it was, you will be paid less unless you can convice your insurance company otherwise. Agreed Value, on the other hand, is an amount that you and your agent/insurer agree your item is worth ahead of time. The rate you pay is based on this amount, and if you have a total loss of said item, that is the amount you’ll get for it.

 

Generally speaking, Agreed Value policies are more carefully underwritten to prevent the obvious fraud potential. But, from a consumer’s point of view, I’d have to say they are a superior policy."