GT500KR Insurance Premium

[LuisA]

Folks,

I have read some folks in this forum complain about the premiums for the KR......I just purchased full coverage with 250k/500k limits and $500 deductible for only $691.00 PER YEAR. They offer 1500/3000/6000 miles per year. I purchased the 3000 miles option.

 

Service was great and painless........hopefuly it will continue this way if I ever need them (hope not!).

 

Heacock Classic

Angela Burnett

(800) 678-5173

aburnett@heacockclassic.com

 

Just passing along what I think is a great deal!

[Dennis Brown]

Folks,

I have read some folks in this forum complain about the premiums for the KR......I just purchased full coverage with 250k/500k limits and $500 deductible for only $691.00 PER YEAR. They offer 1500/3000/6000 miles per year. I purchased the 3000 miles option.

 

Service was great and painless........hopefuly it will continue this way if I ever need them (hope not!).

 

Heacock Classic

Angela Burnett

(800) 678-5173

aburnett@heacockclassic.com

 

Just passing along what I think is a great deal!

What is the stated amount on the car

[SVTpower]

.......and they know it's a KR? I hope nothing bad ever happens because if it does and you need them........watch your premiums after they dish out money for parts like the hood or the splitter or..........your renewal envelope will be thicker. Insurance companies never give without taking back.......never

[mr4teth]

Folks,

I have read some folks in this forum complain about the premiums for the KR......I just purchased full coverage with 250k/500k limits and $500 deductible for only $691.00 PER YEAR. They offer 1500/3000/6000 miles per year. I purchased the 3000 miles option.

 

Service was great and painless........hopefuly it will continue this way if I ever need them (hope not!).

 

Heacock Classic

Angela Burnett

(800) 678-5173

aburnett@heacockclassic.com

 

Just passing along what I think is a great deal!

 

Interesting ..... Heacock didn't limit my miles. I wonder if I'll have a surprise next year at renewal? But yes, they are very nice people to work with and their premiums are unbeatable!

[kestrel]

Wow! I'm going to have to check into that company. I have mine insured at a stated value of sticker price through Progressive right now (my regular insurance carrier) and it is really expensive. My agent was supposed to be looking into other options, but I haven't heard from him. It's been too long and I'm going to find someone else anyway. After everything I've heard about parts costs, I didn't want there to be any problems getting a repair taken care of. Also, if I need to replace the car due to a total and prices go back up, I wanted to be covered from that end as well.

 

Looks like I'll be making a call to Heacock tomorrow.

 

Thanks for the info!!!

[LuisA]

Stated valued is what I paid $59,900.00; that IS the value of the car. At renewal, if price have gone up, I will change the stated valued. Insurance cost is not so much based on stated value but on the type of car. Example: a two seater sport car priced at $30k will have a much higher premium than a 4 door sedan valued at $40k.

 

Yes, they want to know your estimated yearly mileage........that is how the provide such a low premium.......based on low expousure to an accident = low mileage.

 

Yes, they know it is a KR......I email them the Ford and Shelby window stickers, so they also know the MSRP of the car, options and mods done by SAI.

 

I have spoken with many at car shows who use this insurance and none had a bad thing to say. If an accident takes place, well, I won't cross that bridge until I get there......if ever.

 

They also want copies of your insurance policy on your other cars. They won't provide a higher liability limit on your classic (GT500) than what you have on your other cars.

 

Just sharing a good insurance deal for those of you who may be interested.

 

The KR would have been at least double if I went with my current carrier.

[ctann]

Stated valued is what I paid $59,900.00; that IS the value of the car.

 

Guys, be careful - there is a huge difference between "stated value" and "agreed value". Stated value is just that - a statement. It is not binding, and the insurance company will still determine the "actual value" when it comes to a loss. Agreed value is a written agreement between the insurance company and the owner, and in this case there is no possibility of argument over the vehicle value. I assume that Luis has an "agreed value" policy...

 

I insured my S302E with Heacock as well (for agreed value of my purchase price), along with my '68 KR. I recently swapped to "Barrett Jackson Approved" by Delp/AIG (or whatever that part of AIG is calling themselves now). A little cheaper, fewer restrictions, and I liked some of their extras - such as the appreciation coverage, where they will pay up to 150% of the agreed value if the value of the vehicle has actually increased, and repair-value-loss coverage, where if a perfect repair still reduces the value of the car (common for collector cars), they will cover that difference.

 

As with any of these collector policies - do make sure you follow their rules, if they can prove you insured the vehicle as a collector vehicle, and then drove it as a "daily driver", you could find yourself without coverage...

 

DISCLAIMER: I am merely a policy holder, I have nothing to do with either company...

[LuisA]

Ctann,

In your case, you KNOW how much your 68 KR is worth.....in my case, I have no idea if my 08 KR will be worth more or less now that I took deliver (my guess is less). Once I get the actual policy, I will read the fine print and understand what value is my car insured to in case of total loss. Thanks for the heads up.

[GT500-07]

I think DELP would be cheaper and better. I have the CSX insured for $125K and the SGT insured for $65K and onlypay $900 per year. Great policy and coverage.

[kestrel]

Hi Luis,

 

Be thankful you don't live in Arizona! I talked to Angela today and here's what it came out to for me:

 

Agreed-upon Value: $65,000 (I want to recoup my taxes if a total loss)

Limits: 100/300

Deductible: $1000

Miles: 3000

 

Annual Premium: $1028.00

 

I'm still going to go with them as it's half of what I'm paying now and they seem to have good reviews. By the way, she talked to her adjuster, showed her the window stickers, and they will definitely repair the car with Shelby parts in the event of an accident. I told them how much the parts cost and they said it was no problem.

 

Thanks for the heads-up on the contact!!!

 

Joe

[Stephen Takach]

Hi Luis,

 

Be thankful you don't live in Arizona! I talked to Angela today and here's what it came out to for me:

 

Agreed-upon Value: $65,000 (I want to recoup my taxes if a total loss)

Limits: 100/300

Deductible: $1000

Miles: 3000

 

Annual Premium: $1028.00

 

I'm still going to go with them as it's half of what I'm paying now and they seem to have good reviews. By the way, she talked to her adjuster, showed her the window stickers, and they will definitely repair the car with Shelby parts in the event of an accident. I told them how much the parts cost and they said it was no problem.

 

Thanks for the heads-up on the contact!!!

 

Joe

 

Joe make sure they know you are a Team Shelby member It lowered my premium when I told Heacock this .

 

SVT

[kestrel]

Joe make sure they know you are a Team Shelby member It lowered my premium when I told Heacock this .

 

SVT

 

Thanks for the tip! I'll let her know and see what happens.

[6-Speed]

Hi Luis,

 

Be thankful you don't live in Arizona! I talked to Angela today and here's what it came out to for me:

 

Agreed-upon Value: $65,000 (I want to recoup my taxes if a total loss)

Limits: 100/300

Deductible: $1000

Miles: 3000

 

Annual Premium: $1028.00

 

I'm still going to go with them as it's half of what I'm paying now and they seem to have good reviews. By the way, she talked to her adjuster, showed her the window stickers, and they will definitely repair the car with Shelby parts in the event of an accident. I told them how much the parts cost and they said it was no problem.

 

Thanks for the heads-up on the contact!!!

 

Joe

You can do a lot better than that with the Barrett Jackson endorsed insurance (Delp Company) with higher limits and zero deductible. Coverage is based on "agreed value" and if a mishap occurs, you choose your shop and repairs are made with original manufacturer's parts.

 

Call Amy toll free at 877-545-2522.

[LuisA]

Guys, be careful - there is a huge difference between "stated value" and "agreed value". Stated value is just that - a statement. It is not binding, and the insurance company will still determine the "actual value" when it comes to a loss. Agreed value is a written agreement between the insurance company and the owner, and in this case there is no possibility of argument over the vehicle value. I assume that Luis has an "agreed value" policy...

 

I insured my S302E with Heacock as well (for agreed value of my purchase price), along with my '68 KR. I recently swapped to "Barrett Jackson Approved" by Delp/AIG (or whatever that part of AIG is calling themselves now). A little cheaper, fewer restrictions, and I liked some of their extras - such as the appreciation coverage, where they will pay up to 150% of the agreed value if the value of the vehicle has actually increased, and repair-value-loss coverage, where if a perfect repair still reduces the value of the car (common for collector cars), they will cover that difference.

 

As with any of these collector policies - do make sure you follow their rules, if they can prove you insured the vehicle as a collector vehicle, and then drove it as a "daily driver", you could find yourself without coverage...

 

DISCLAIMER: I am merely a policy holder, I have nothing to do with either company...

 

 

Policy declaration page states: Insured Value.

[LuisA]

Hi Luis,

 

Be thankful you don't live in Arizona! I talked to Angela today and here's what it came out to for me:

 

Agreed-upon Value: $65,000 (I want to recoup my taxes if a total loss)

Limits: 100/300

Deductible: $1000

Miles: 3000

 

Annual Premium: $1028.00

 

I'm still going to go with them as it's half of what I'm paying now and they seem to have good reviews. By the way, she talked to her adjuster, showed her the window stickers, and they will definitely repair the car with Shelby parts in the event of an accident. I told them how much the parts cost and they said it was no problem.

 

Thanks for the heads-up on the contact!!!

 

Joe

 

Joe,

I am glad it worked out for you......my policy came in at $676.00 not $691.00 as previously stated.

[kestrel]

You can do a lot better than that with the Barrett Jackson endorsed insurance (Delp Company) with higher limits and zero deductible. Coverage is based on "agreed value" and if a mishap occurs, you choose your shop and repairs are made with original manufacturer's parts.

 

Call Amy toll free at 877-545-2522.

 

I'll give her a call today. I just did an online quote and it came out to $421 with higher coverage and no deductible! Hopefully, it will turn out somewhere near there. Thanks!

[kestrel]

Greetings,

 

I got the quote from Barrett-Jackson (Delp) on Monday. I couldn't believe my eyes! Here it is:

 

Agreed Value: $65,000

Liability: $500,000

Uninsured/Underinsured: $500,000

Medical Payments: $10,000

Comprehensive/Collision Deductible: $0/$0

 

Total Annual Premium: $385.00

 

Needless to say, I think I'm going with them.

[LuisA]

They quoted me $478.00 with an agreed value of $80,000. She said it was $40/yr per every addittional $10,000 on value.

 

Have you investigated them for service, complaints in teh case of a claim?

[kestrel]

They quoted me $478.00 with an agreed value of $80,000. She said it was $40/yr per every addittional $10,000 on value.

 

Have you investigated them for service, complaints in teh case of a claim?

 

I haven't heard any bad things about them and several forum members are using that company. I went ahead and bound coverage with them at an agreed value of $80,000. Annual premium = $445. There is no technical mileage restriction, but the stipulations on the car are as follows:

 

Exotic auto means a late model motor vehicle or motorcycle of exceptional

condition, that because of its manufacture, design, high performance, limited

production, or limited availability is expected to appreciate in value. An

exotic auto is maintained primarily for use in car club activities, or for a

private collection and used only infrequently for other purposes.

 

1. We do not cover any loss to collector autos occurring during instruction,

drivers education, preparation, practice, testing or participation for or in any

race, speed contest, or pre-arranged handling and performance test, whether on a

closed track, public roadway or private property;

2. We do not cover any road damage to the tires of your collector auto;

3. We do not cover any loss to your collector auto arising out of the

ownership, maintenance or operation of the vehicle when it is used more than

infrequently:

a. to drive to work, school, or for errands; or

b. during the course of your business or occupation; or

c. as backup or substitute transportation for a vehicle other than a collector

auto.

4. We do not cover any loss to your collector auto caused by birds, vermin,

rodents, or insects, provided however this exclusion shall not apply to loss

caused by collision with birds or animals;

5. We do not cover any loss to your collector auto caused by inherent defect,

dampness, mildew, mold, rot or rust; temperature extremes or gradual

deterioration;

6. We do not cover loss or damage to your collector auto caused by or

resulting from reparation, restoration, conservation or retouching, unless

approved by endorsement.

7. We do not cover loss or damage to your exotic auto driven by any person

under the age of 25 years.

 

Basically, I can't use it as a daily driver or be covered in a race. I don't go to the drag strip or anything anyway, so that's no big deal for me.

[LuisA]

When I spoke with Amy she said 2,500 miles/year when I requested 6,000 miles/yr. I then said that 2,500 miles/yr was not enough and she said that they do not verify odometer reading.

 

She quoted me based on the car and address, did not ask for copies of my policy for other cars, did not ask me for driver license number....etc. So, she quoted me w/o knowing if I have a good driving record or not (of course, I do have a good one...Safe Driver).

 

Teh price difference is only $198/yr for very comparable coverage. Not sure if I shoudl switch or not.

[JeffIsHereToo]

3. We do not cover any loss to your collector auto arising out of the

ownership, maintenance or operation of the vehicle when it is used more than

infrequently:

a. to drive to work, school, or for errands; or

b. during the course of your business or occupation; or

c. as backup or substitute transportation for a vehicle other than a collector

auto.

 

This section seems overly broad and open to a lot of interpretation...what does "infrequently" mean? So if I am going to detail it and decide drive it to AutoZone to pick up some wax and someone hits me in the parking lot I'm not covered? That's an errand? If I do my Sunday morning drive to nowhere, because that's not a "club activity" am I not covered? While I understand that there seems to be a good vibe here frankly they can say anything on the phone to sell you and it means squat. All that matters is the policy language. I can see, worse case, you having to list your 5K miles of "club activities" when you file a claim lest they say you violated the conditions of the policy. While the prices are great I don't want to deal with this later should it be an issue and find your policy isn't worth the paper it's on, ESPECIALLY if you're found at fault and there are injuries etc.

 

They just seem too willing to take people's business for a really low price, even saying, hey "we don't check mileage" come on in the water's fine! We all know how much even a minor fender bender will cost in this car, so I was wondering how they manage to charge some so little and this article helped me understand:

 

http://www.latimes.com/business/la-fi-perf...,4257426.column

 

But this means for them to make money, when claim comes in, I have to think they review it with a fine tooth comb or their business model can't work right?

 

Here are some old threads on Heacock, Grundy etc:

 

http://www.svtperformance.com/forums/cobra...-insurance.html

[LuisA]

Jeff,

Thanks for posting. Good reading.

 

I have decided to saty with Heacock......I feel like they did more investigation on me and my driving record prior to quoting me a price. They also wanted to know my yearly mileage and we settled at 3,000.

 

Other carriers can be better, but I just felt more comfortable with Heacock than the other I spoke with.......and yes, Heacock has a higher premium (not by much).

[JeffIsHereToo]

Jeff,

Thanks for posting. Good reading.

 

I have decided to saty with Heacock......I feel like they did more investigation on me and my driving record prior to quoting me a price. They also wanted to know my yearly mileage and we settled at 3,000.

 

Other carriers can be better, but I just felt more comfortable with Heacock than the other I spoke with.......and yes, Heacock has a higher premium (not by much).

 

 

That's cool...I guess at the most basic I just don't understand having a car where you're willing to have restrictions placed on your use and enjoyment of it for a few hundred dollars a year, or am I missing something?

 

I mean to me it's like saying when you bought the car Ford told you that you could only drive it 3K miles a year and even then only for car club events. Then later someone came to you and said, hey, for $600 a year you can drive the car where ever you want, when ever you want, as far as you want, for what ever you want. I'd be like I'll take that deal! That basically the same as the difference between normal insurance right?

[6-Speed]

I've had my car for 2-1/2 years now and 3000 miles annually for me is just about right.

[kestrel]

Hi guys,

 

All collector car insurance policies are designed for cars that don't get driven much at all. That's why their rates are much lower than going through the regular carrier. These KRs have to be insured differently (at an agreed value) because of all the work that Shelby did to them. If you just call up your insurance agent and give him/her the VIN, the car comes up as a GT500, NOT a GT500KR, because the VIN is assigned at Ford before it goes to Shelby. So, if you just have "regular" insurance on a KR without doing agreed value and you get in a wreck, chances are the insurance company won't cover the $30,000+ worth of Shelby parts on the car because you didn't have them insured. The insurance company is going to say that the car is only worth about $38,000 (the book value of a 2008 GT500). Most regular carriers will let you insure a car at a "stated" value. With Progressive, my regular carrier, I could drive the car as much as I want and used a stated value of $80,000 and the premium was over $2000 per year. Also, as mentioned in a post above, a stated value is just that. I chose the high amount because I didn't want there to be a problem getting Shelby parts replaced.

 

Anyway, all collector car policies have restrictions on driving. If they didn't, they wouldn't be collector car policies. They would just be regular car policies. They're all designed for cars that will be driven very infrequently for pleasure drives, parades, car shows, etc., and, in the event of an accident, all of them will check the mileage on the car and make sure that it's not being used as a "daily driver."

 

If you read the restrictions carefully in the Delp policy, following grammatical protocol, it says We do not cover any loss to your collector auto arising out of the ownership, maintenance or operation of the vehicle when it is used more than infrequently to drive to work, school, or for errands; used more than infrequently during the course of your business or occupation; or used more than infrequently as backup or substitute transportation for a vehicle other than a collector auto. It does not say that they will not cover any loss...if it is EVER used for those purposes. So, yes I can make the occasional run down to AutoZone and pick up something or occasionally drive it to work. As long as I can prove the car is not being used as a daily driver (having another vehicle, low mileage on the KR, etc.), I'm safe in the event of an accident. All collector car policies are like that.

 

Regarding Heacock wanting copies of my regular auto policy, they're the first ones I've heard of doing that. I've had collector insurance through Hagerty in the past and they didn't want anything. So, Heacock is being extra careful, and that's good. Delp did want my driver's license number before actually giving me insurance, so they did do a check on me before handing out the policy. They just didn't need it to provide the quote (again, collector car policies aren't like regular car policies).

 

Here's what I really did not like about Heacock at all. When I contacted them (they are very nice, by the way) and went over everything for a quote, they gave me 3000 miles per year, 100/300 liability, and $1000 deductible on an agreed value of $65,000. The premium came out to $1028. This is quite expensive for a collector car premium. That's when I contacted Delp. For an agreed value of $80,000, 500 liability, and no deductible, the rate was $445. That's way more in line for a collector car policy (the rate on my 1970 Challenger with an agreed value of $50,000 was less than $300 per year through Hagerty). I contacted Heacock to tell them thank you, but I was going with another company, and here is their response (paraphrased):

 

We don't want to lose your business on this, so we're willing to give you 3000 miles, 100/300, and NO deductible for $731.

 

Now, WAIT A MINUTE. All of a sudden, I have no deductible AND the price dropped by $300 per year. That tells me that they were overcharging me in the first place. I felt like I was buying an appliance at one of those high-pressure stores. I tell them that I'm going elsewhere to buy and the price magically drops by $300 per year. Hmm. That pretty much turned me off immediately.

 

So, I did go with Barrett-Jackson through Delp. Their prices are better, their coverages are better, and they offer some special services that Heacock does not. Plus, I did not get the feeling I was being tested to see how much they could get out of me. It was very straight up. Also, Delp is an agency and can insure all of your other items as well.

 

The long and the short of all of this is that all collector car policies have restrictions on driving and that you have to shop around to see who has the best service, best coverages, and best prices. It all comes down to choosing who you feel most comfortable with. I felt more comfortable with Barrett-Jackson. Luis feels more comfortable with Heacock. No big deal. Let's hope that NONE of us ever have to find out how claims are handled.

 

Have a great weekend! I can't drive the KR today because it's actually raining here!

[LuisA]

Agree, lets hope we never find out how good they pay their claims......I haven't read all the fine print of the policy provided by Heacock......as soon as I do, I will comment regarding driving habits and mileage limits.

 

Hey, in this economy everyone is lowering prices to get a deal.......otherwise, we both would have paid an ADM on our KR's.......in fact we both paid over 20k below MSRP :happy feet: , so a $300 discount on a policy is in line....isn't it?

 

It's a buyer's market!

[LuisA]

OK, this are the limitations/exclussion on the Heacock policy:

 

1) 3,000 miles/yr: if found to drive more they can raise premium to a higher level of coverage or decline to renew.

 

2) Vehicle usage: Ocassional Pleasure Use, which means: use for activities consistent with and related to participation in vehicle exhibitions, vehicle club activities, parades, leisure/pleasure drives or maintennance.

 

3) Exclussions:

- principal means of transportation

- as substitute for principal means of transportation

- to or from work

- to or from school

- for business or commercial use

- used as public or livery conveyance

- racing

- test and tune events

- not being stored in a locked garage facility: exclussion for Other Than Collision coverage

- you must own a pricipal means of transportation which must be insured by a separate insurance policy that msut be in effect

for the entire time thsi policy is in effect. In no event will thsi policy serve as your only auto coverage.

- trented or leased to any person for a fee

- carry persons or property for a fee

- used for any illegal activity by any person

 

That's it! Sounds faierly restrictive.

 

Can anyone send me a pdf of their Delp policy, I like to read and compare it to mine.

[BCPD199]

Does anybody have a KR insured as a daily driver? If so, cost. I'd like to sell the '08 vert for one; but, I think the insurance is going to be a deal breaker.

[GR40Freak]

Interesting.

 

My 1947 Ford Super Deluxe Wagon (Woody Station Wagon) is insured for $175,000. I average about 3000 miles per year, but they have no mileage limit. Full coverage w/Collision and Comp. $500 deductible...

 

$531/yr

 

Its for collector cars only.

 

http://www.jctaylor.com/

[6-Speed]

Can anyone send me a pdf of their Delp policy, I like to read and compare it to mine.

Just call Amy and she'll email you their policy.