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How are you insuring your GT-H?


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I just purchased a GT-H and have to pick it up next week. I have contacted 3 insurance companies and they all want to insure a different way.

#1) American Family- Insure a regular 2007 GT Convertible with a bond for $8,000 in modifications.

#2) State Farm- Insure a regular 2007 GT Convertible. Keep invoice for modifications on hand in case there is a claim to show proof of modification costs.

#3) Hagerty- Insure at stated value. Great option but........limited to 3500 miles/year............... I want to enjoy the car, so I plan to drive it.

 

#2 will get me the best rates however I don't want to get burned if something does happen.

 

Do you have the same experiences or am I missing something??? :headscratch:

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I just purchased a GT-H and have to pick it up next week. I have contacted 3 insurance companies and they all want to insure a different way.

#1) American Family- Insure a regular 2007 GT Convertible with a bond for $8,000 in modifications.

#2) State Farm- Insure a regular 2007 GT Convertible. Keep invoice for modifications on hand in case there is a claim to show proof of modification costs.

#3) Hagerty- Insure at stated value. Great option but........limited to 3500 miles/year............... I want to enjoy the car, so I plan to drive it.

 

#2 will get me the best rates however I don't want to get burned if something does happen.

 

Do you have the same experiences or am I missing something??? :headscratch:

 

I would go with Barratt Jackson. They do have a mileage suggestion, but have never asked what the odometer says. Very good price. Mine was one half what Hagerty wanted/

 

Russ

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Do not do option 2. You will get burned if something happens!

 

Hagerty, Delp (a.ka. Barrett Jackson), or Grundy!

 

Hagerty and Delp both have mileage restrictions. While neither ask for odomoter readings, you may well run into problems during a claim!

 

Grundy doesn't have the mileage restrictions.

 

Those companies specializing in collector car insurance is the way to go.

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I just purchased a GT-H and have to pick it up next week. I have contacted 3 insurance companies and they all want to insure a different way.

#1) American Family- Insure a regular 2007 GT Convertible with a bond for $8,000 in modifications.

#2) State Farm- Insure a regular 2007 GT Convertible. Keep invoice for modifications on hand in case there is a claim to show proof of modification costs.

#3) Hagerty- Insure at stated value. Great option but........limited to 3500 miles/year............... I want to enjoy the car, so I plan to drive it.

 

#2 will get me the best rates however I don't want to get burned if something does happen.

 

Do you have the same experiences or am I missing something??? :headscratch:

 

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I got a grundy policy for Texas giving me $36,000 of insurance, full coverage and 6500 miles per year for $405 per year. I have had other cars insured with them and they are great if somehting happens to your car with few questions asked. Allstate wanted $1206.33 for a year for full coverage with 8000 mile per year. All grundy wanted is pictures and proof of documentation. Hope it helps.

Edited by stangman0_2
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My cars are insured with State Farm and have been for over 25 years. I spoke with them about the GT-H and the additional value is covered. It is insured as a 06 Mustang GT, but they have noted it is a GT-H and they have copies of my bill of sale and photographs of the car. Hopefully, I never need to use the insurance!!

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After my experience, I'd say Grundy all the way. They have no milage restrictions but they do restrict how you drive it. You can't use it as a daily driver for work etc. In 2008 I drove all the way to Terlingua, TX, ran all the events and my car received quite a bit of damage from rocks, etc. I called Grundy, they sent out an expert appraiser to my house, and I had a check the next day that covered all the damage plus, which allowed me to do an entire repaint. I'm a very satisfied Grundy customer. The claim did not effect my rates in any way.

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Anyone have the number for Gundy? I had on my 66 Fasback Hagerty. My GO Sgt I barely have time to drive and has 6500 miles since I have had it. Just got the Hertz and drive it just about everyday and need to insure both other than State Farm or Geico

 

 

http://www.grundy.com/

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I just went with Barrett-Jackson-saved 425.00 per year with better coverage

Sarge :happy feet:

In Canada I went with Legends Insurance, insurance matches the appraised value, $365 a year with and appraisal needing to be done every 5 years and with no more than 5,000 Miles a year put on the car.

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Anyone have the number for Gundy? I had on my 66 Fasback Hagerty. My GO Sgt I barely have time to drive and has 6500 miles since I have had it. Just got the Hertz and drive it just about everyday and need to insure both other than State Farm or Geico

 

 

Grundy.com I have it and a value of $50,000 and it is $720 a year. Rick

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Just recieved a proposal from Barrett-Jackson "Endorsed" Insurance. This is from the Delp Company. For agreed value of $50,000 the premium would be $273.00. This is with a milage limit of 2,500 miles. I ran a what if I had 20,000 miles and the car was 4 years old that is 5,000 a year and something should happen? I was told they would fix or issue check but they would not insure it again. Rick

Edited by RmGardner
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Thought I would 'Chime In" about insurance and give my 2 cents worth. I am an insurance agent and rep Hagerty Insurance for classic cars. Here is some advice from my experiences about car insurance and how to use it to your best advantage:

 

First, decide how you plan to use the car. If you plan to use the car for commuting to and from work, than you will probably need a standard auto indemnity policy. Some policies offer a "stated value" option that will help you with establishing a reasonable value for our specialty cars - but they usually cost more than a standard auto policy. By all measures - have receipts for any modifications if you go this way. And consider getting an outside appraisal.

 

Second is going with a classic car policy. Purchase this if you only plan to use the auto for pleasure and club events. Premium rates will be lower because the risk exposure is less when you are not commuting to and from work.

 

What if you purchase a classic auto policy and plan to use the car on a commuting status, hoping the insurance company will never figure it out? All policies have a "material misrepresentation" clause that could give the insurance company an "out" if you purposely "misrepresent" your car's usage. Many may pay your claim, but then cancel or non-renew your policy and note that event on the national insurance database (known as C.L.U.E.). Try getting another classic car policy after that. If you are planning on purchasing a classic car policy, also consider the "agreed or stated value" when you establish your Shelby's value. Here's my point - most people think that if they "state" their car at any figure (such as $50K for instance) and they have a total loss - the insurance company will simply cut them a check for that amount. Don’t be so sure! Insurance appraisal companies have the ability to run reports on equivalent car sales for up to the last 12 months on vehicles based on our VIN. Another words, they have the ability to look at all 2007 Shelby GT sales for the past 12 months in a particular state or market area. From there they will establish the fair market value for your car and that will probably be their starting point. Unfortunately many folks often think their stuff is worth more than it really is and will inflate (and over-insure), when they don't need to. My advice - get an outside appraisal and keep it updated every 5 years. Oh sure it will cost some extra cash (maybe $250-300) but could be worth it if your Shelby was ever totaled or stolen. Arguing with a claims adjuster that you saw a car on Auto Trader just like yours for $10,000 more than they are offering will not get you much traction. Having an outside appraisal showing it's established value and any receipts of mods since then will. I recommend that all of my clients get an appraisal for their own protection.

 

Finally remember the old saying "no-body is ever talking premium when they have a claim". Be careful not to chase price only - but look at the overall picture of the company your are working with. Do they have specific classic claims adjusters (that's whom you will be dealing with on a claim)? Do they understand your auto or are the adjusters just a typical auto claims adjuster whom has all types of cars? Do you have an agent to talk with about what to expect or are you calling an 800 number?

 

Recently I had a client whom we insured his '68 442 Olds. Perfect car until he hit a deer while on a club drive in the mountains. I met with him and also the claims adjuster. He selected a body shop that specializes in Olds about 100 miles away. The company towed the car to the shop for him, used only NOS parts for the repair (versus aftermarket parts) and even re-sprayed his car to color match the gold paint. He couldn’t have been happier and premium was never the point during this process - he wanted his car perfect.

 

My goal has always been to have my clients have a good claims outcome (and no I am not pitching myself or any company). So I try to stress and educate to folks to "do it right" the first time and not have any worries. Sorry to be so long - just thought I would throw some ideas out to everyone. Good luck on your insurance project.

 

I have a 2008 GT-C, a 1989 Shelby CSX, a 1987 Shelby Lancer and a 1967 GT500.

Adios and good driving!

Jon

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Grundy.com I have it and a value of $50,000 and it is $720 a year. Rick

 

 

I just got my 2007 GT-H this week and insured it today with Grundy for a stated value of $40K for $591 annually. I just didn't want to be limited on miles until I get a feel for how much I will really drive it. Had to sign a limited use agreement, but not a specific mileage restriction. I do like that it's $0 deductible!

 

Thanks to this forum for helping me know who to call!

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I just got my 2007 GT-H this week and insured it today with Grundy for a stated value of $40K for $591 annually. I just didn't want to be limited on miles until I get a feel for how much I will really drive it. Had to sign a limited use agreement, but not a specific mileage restriction. I do like that it's $0 deductible!

 

Thanks to this forum for helping me know who to call!

 

 

I am renewing with Grundy and dropping to $40,000 and enjoying driving with out being limited. Rick

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