Insurance Coverage

[spacecoastshelby]

I know I read on here somewhere about making sure the policy was specific regarding the car being a Shelby GT. And the individual that said that had switched to State Farm because they had the proper coverage. I have State Farm insurance, but my agent says it just shows as a Mustang GT when they run the VIN, but he noted the account that it was a Shelby.

 

This just isnt sitting right with me, does anyone know the specifics of how to make sure the proper coverage is in place, or is what I have about all they will do?

[SGT/SC2873]

I know I read on here somewhere about making sure the policy was specific regarding the car being a Shelby GT. And the individual that said that had switched to State Farm because they had the proper coverage. I have State Farm insurance, but my agent says it just shows as a Mustang GT when they run the VIN, but he noted the account that it was a Shelby.

 

This just isnt sitting right with me, does anyone know the specifics of how to make sure the proper coverage is in place, or is what I have about all they will do?

 

 

If you'll do a search there are tons of threads about this issue. I think for the most part it depends on how you use the car. For example, if it's a daily driver vs limited mileage. Key is to make sure SF documents exactly what you have and then I would have the agent put it to me in writing as to how they would handle a total loss. In other words, would they pay acv for a GT plus mods/ Shelby package, etc. Whatever they tell you - get in writing.

 

If you are not using for d/d, which I don't you have more options for better coverage w/ companies like Grandy, BJ Insurance, written thru Chartis aka AIG..AIG just split them off for the negative name recognition. I actually use the Barrett Jackson/Chartis and have been pleased w/ them but I am limited to mileage during the year. There are other specialize carriers that you will see when you do your search and some excellent options if SF don't work out for you. Good luck. Craig

 

edit-your agent is right about the VIN. All will show as a Ford Mustang GT as the Shelby is an upfitters package.

[Stormracer]

I also have State Farm and had this issue with the car reflecting being a GT. So what my agent did was document the file about what the car is upfitted as. I gave them copies of all the window stickers, the original GT one and the Shelby factory one. I also gave them a copy of my Shelby Certificate verifying it as a Shelby. The owner of the agency assured me that all would be probably dealt with if the need arises. On the SF policy I have my mileage set for 7500 miles a year. So far they have given me some great rates. I pay $53 a month for full coverage with a $250 deductible and $500,000 for property, medical and all the other liability stuff. So happy at moment, hopefully never have to deal with a claim.

[mjb3707]

i got haggerty i think they are outstanding and as long as you have another car for a daily driver, agreed value at 30k unlimited mileage for 500 a year had 1 claim with a different car and great service all you need is a vin# and 1 picture

[jmn444]

I just run it as the vin shows, I spoke with a freind who is an agent, and his outlook was that it was not a separate model, and that NADA shows it as an option and it will be valued as such.

 

That said, my cash outlay has gone up quite a bit on it this year, so I'm considering other options like Haggerty, but I truly use it as a daily, so I think for now I just take the risk that the cost of the mods may get lost in a worse case scenario. I'm not too worried though!

[slbgtsc]

I too am with State Farm and I documented all of my mods, and told them the value to replace was $60k. I would be more comfortable with a company like Haggerty as it is a stated value but mine is a daily driver. My suggestion is document everything and keep your receipts. I know that the cost of mods are taken into consideration when adjusters are figuring the value in the event of a total loss.

[FordRocks1]

I use my SGT as a DD and I carry USAA, it is insurance for Active, retired, and veterans of the Armed Services, I was in a fender bender last year and all was taken care as all Shelby pieces were put back together without any hassles.

[coldfingers]

I'm like stormracer, have state farm, drive 7500 miles or less a year and its $47.00 a month for full coverage with a 250 deduct on collision . now its in storage for the winter and it drops into the teens a month for that.

 

 

Coldfingers

[jmankoo1]

I'm like stormracer, have state farm, drive 7500 miles or less a year and its $47.00 a month for full coverage with a 250 deduct on collision . now its in storage for the winter and it drops into the teens a month for that.

 

 

Coldfingers

 

I use hagerty also, my fourth car, agreed upon value $30k. Jason

[07SGT4578]

I use State Farm for my car. I have an agreed value of 100k on her. The agent has seen her, documented her mods, copied reciepts, and the underwriters signed off on it.

 

Chris

 

Edit: Mind you I do not have 100k in my car, but my agent told the underwriters it would cost that much to replace it, if it was a total loss

[csm198]

Car insurance rates have a lot to do with where you live. New York, LA, Miami fagetaboutit its expensive. If you live in east bumble you are gonna pay less. All the numbers people talk about here have no bearing on anything without listing what city they live. Other things come into play as well. Such as do you have any 16 year old drivers in the house, how many tickets, accidents etc, etc, etc.

 

I did walk away with one thing however. Finding new insurance companies such as Hagerty and USAA.

Thanks for that.

[slbgtsc]

I use State Farm for my car. I have an agreed value of 100k on her. The agent has seen her, documented her mods, copied reciepts, and the underwriters signed off on it.

 

Chris

 

Edit: Mind you I do not have 100k in my car, but my agent told the underwriters it would cost that much to replace it, if it was a total loss

 

 

smart man!

[SVT NAJA]

I use my SGT as a DD and I carry USAA, it is insurance for Active, retired, and veterans of the Armed Services, I was in a fender bender last year and all was taken care as all Shelby pieces were put back together without any hassles.

 

 

+1 on USAA. One of the best, if not the best insurance company!

 

From Wikipedia...

 

Credit ratings

Since it is not a publicly traded corporation, USAA is not bound by the same corporate governance rules as publicly traded companies. Even so, USAA is subject to insurance regulation and examination by all 50 states as well as federal entities like the SEC, FTC, and FDIC. In addition, its records are audited by Ernst & Young as well as the major financial rating agencies, who rate both United Services Automobile Association and many of its subsidiaries. Relevant ratings include:

 

 

• A. M. Best Company: A++ (Superior)^[36]
• Moody's Investor Service: AAA (Exceptional)^{[citation needed]}
• Standard and Poor's: AAA (Extremely Strong)^{[citation needed]}

 

Service ratings

USAA has consistently received the highest customer service ratings available to all financial services companies, including those not in its niche. For its highly-rated customer service, in 2002 JD Power awarded USAA with its Chairman's Award,^[37] which at that time had been awarded to ten companies, none of them in the financial services arena. Since then, USAA has remained at the top of the JD Power ratings for auto insurance^[38][39][40] home insurance,^[41] mortgages,^[42] and home equity loans.^[43]

 

In their March 5, 2007 issue, BusinessWeek^[44] ranked USAA first in their list^[45] of "Customer Service Champs", a list of 25 national businesses which included the likes of Four Seasons Hotels, Lexus and Starbucks. USAA repeated as first on BusinessWeek's list in their March 3, 2008 issue.^[46]

 

A 2007 Forrester Research report referenced in the San Antonio Express-News on June 27, 2007,^[47] identified USAA as the leader in customer advocacy based on a customer survey. Eighty-eight percent of the USAA customers surveyed said "My financial provider does what's best for me, not just its own bottom line." No other company evaluated scored higher than 78%. USAA retained the top spot on Forrester Research's study in 2008^[48] and 2009.^[49]

 

In their May 2009 issue, Consumer Reports named USAA's brokerage division as the top rated discount brokerage service in the United States.^[50]

 

In a survey of 145 companies conducted by Zogby International, USAA ranked #1 in customer service out of 145 American companies, and was subsequently awarded first place in the 2009 MSN Money Customer Service Hall of Fame.^[51]

[MyBlueHeaven]

++1

 

I agree 100% with you on USAA. I've been with them for the last 8 years (5 vehicles and home) and they have been excellent. From coverage to customer service, always easy to work with and making sure the customer is always taken care of. I wouldn't go any other way. My insurance premium dropped almost 600 a year when I switched to them, granted that was a long time ago.

 

 

+1 on USAA. One of the best, if not the best insurance company!

 

From Wikipedia...

 

Credit ratings

Since it is not a publicly traded corporation, USAA is not bound by the same corporate governance rules as publicly traded companies. Even so, USAA is subject to insurance regulation and examination by all 50 states as well as federal entities like the SEC, FTC, and FDIC. In addition, its records are audited by Ernst & Young as well as the major financial rating agencies, who rate both United Services Automobile Association and many of its subsidiaries. Relevant ratings include:

 

 

• A. M. Best Company: A++ (Superior)^[36]
• Moody's Investor Service: AAA (Exceptional)^{[citation needed]}
• Standard and Poor's: AAA (Extremely Strong)^{[citation needed]}

 

Service ratings

USAA has consistently received the highest customer service ratings available to all financial services companies, including those not in its niche. For its highly-rated customer service, in 2002 JD Power awarded USAA with its Chairman's Award,^[37] which at that time had been awarded to ten companies, none of them in the financial services arena. Since then, USAA has remained at the top of the JD Power ratings for auto insurance^[38][39][40] home insurance,^[41] mortgages,^[42] and home equity loans.^[43]

 

In their March 5, 2007 issue, BusinessWeek^[44] ranked USAA first in their list^[45] of "Customer Service Champs", a list of 25 national businesses which included the likes of Four Seasons Hotels, Lexus and Starbucks. USAA repeated as first on BusinessWeek's list in their March 3, 2008 issue.^[46]

 

A 2007 Forrester Research report referenced in the San Antonio Express-News on June 27, 2007,^[47] identified USAA as the leader in customer advocacy based on a customer survey. Eighty-eight percent of the USAA customers surveyed said "My financial provider does what's best for me, not just its own bottom line." No other company evaluated scored higher than 78%. USAA retained the top spot on Forrester Research's study in 2008^[48] and 2009.^[49]

 

In their May 2009 issue, Consumer Reports named USAA's brokerage division as the top rated discount brokerage service in the United States.^[50]

 

In a survey of 145 companies conducted by Zogby International, USAA ranked #1 in customer service out of 145 American companies, and was subsequently awarded first place in the 2009 MSN Money Customer Service Hall of Fame.^[51]

 

[Dig-It]

Dropped USAA 9 years ago for really lousy customer service. I've checked them a couple of times since then to see if the rates were competitive with the GEICO coverage I have - not even close.

 

Forgot to add: +1 for Barrett Jackson/Chartis.

[shelbygt350s]

check out Barrett Jackson ins

[Anton Ruighaver]

Just got a quote from Barret Jackson on my 2008 Shelby GT/SC Convertible, $1,524/year... I can thank New Jersey for that!!!

 

Anton

[jherrera2]

I also have State Farm and had this issue with the car reflecting being a GT. So what my agent did was document the file about what the car is upfitted as. I gave them copies of all the window stickers, the original GT one and the Shelby factory one. I also gave them a copy of my Shelby Certificate verifying it as a Shelby. The owner of the agency assured me that all would be probably dealt with if the need arises. On the SF policy I have my mileage set for 7500 miles a year. So far they have given me some great rates. I pay $53 a month for full coverage with a $250 deductible and $500,000 for property, medical and all the other liability stuff. So happy at moment, hopefully never have to deal with a claim.

 

 

 

Did you say $53/month? How is that possible? I have to pay $181/month with geico for my shelby. I have 500 deductible. I had to get full coverage because I took a loan for it. Is SF better then Geico in this situation? 2012 Shelby.

[jmn444]

WOW, $181 per month??? That's a lot IMO... I pay less than that total for 3 cars (including the SGT) on my normal insurance....

[sireal66]

I think there are two different types of insurance that come into play here; a daily driver and A special use car i.e. collector car. I cannot speak to the dd situation except to recommend you get everything in writing.

If you go with a specialty insurance company like Hagaty, then make sure they offer agreed upon value coverage-you tell them the value of your car, and if they agree then that is what you get should you have a total loss, no dispute it’s in writing, and your premium reflects the agreed value.

I use American Hobbyist, have the GT-H ($45K value) and an ’85 Jag XJ 6 ($6K) and my total premium is $772 a year, and I live on Long Island. For each additional car they usually charge a very small fraction of the value. Each year you can increase the agreed value!

Am Hobbyist did right by me 3 years ago when my 427 Cobra SC replica burned, not only did they give me the agreed upon value, but kicked in an additional 2.5% for inflation, (I never saw that in the contact, they told me on the phone when making the claim) they were very sympathetic towards my situation and could not have been more understanding. When it came time to insure the GT-H they had no problem insuring me.

 

Bottom line, get the best coverage- which means it’s in writing for the type of use for your Shelby.

 

Just my 2 cents worth

 

Rich

[mywickedshelby]

I have Grundy with a stated value of 60k, no deductible, $883 per year, but it cant be your DD, NO mileage restriction and covered going to any car event.....

[Anton Ruighaver]

Mike, You've GOT to be kidding... In NJ?!?!? I have the same policy with Hagerty and it's $1480...

[HARALD KELLEY]

I understand the agreed value with the collector car insurance. How does it work if you are at fault? How do they cover that liability from those who have collector car insurance?

[jmn444]

I understand the agreed value with the collector car insurance. How does it work if you are at fault? How do they cover that liability from those who have collector car insurance?

 

 

I don't know about all companies, but Hagerty makes you carry the same liability limits that you have on your standard policy.

[AndyGJ]

Hey Guys....I am a State Farm agent and my Shelby GT is insured with SF....no problems and even tested it.

 

I recently had a dog strike my car head on and when Claims ran the VIN it showed all the Shelby GT option goodies.

Also remember that SF is one of (if not the only) insurance company that will only use OEM parts back on the car...since many of these parts are SAI specific parts, that is real important to me. Also, any work is to be guaranteed for the LIFETIME that you own the car...even if the repair shop goes out of business. Last Mustang I owned (1966 Conv) was in my possession for over 21 years!

 

There are many more reasons to use SF...but check with your local agent for the rest!

And, yes, the rates are excellent. My vehicle is not a daily driver either, so I pay accordingly for the low usage...about $300/6 months or so for maxed out coverage.

If it was a daily driver, I think my rates would be in the $420 / 6 mo range last I checked.

 

Just my $0.02....

 

Andy.

[Rex B]

Last month I got an insurance renewal notice from Progressive. We have 5 vehicles including the Shelby. The bill was $3500 for a year. It was also through Progressive.

I don't like funding the liberal politics of the owner of Progressive. And then there are those awful commercials...

 

So I found a local independent agent and turned him loose. I ended up with better coverage for all 5 at $1600 a year, through Met-Life.

 

However, I was unable to get collector car insurance on the Shelby. Met-Life doesn't have it. Haggerty and the others all want a garage, which I do not yet have.

Grundy did not require a garage and quoted $445/year, but they also wanted to insure my daily drivers. They were way high on the other cars. In fact, to insure all 5 would have been higher than my present policy.

 

So I settled on normal full coverage for the Shelby, which runs about $530/year. I am prepared to accept the risk on the possible coverage gap. I figure it will only come into play if I'm the one that screws up, and I'm willing to "self-insure" for any value that isn't covered by the insurance.

 

ETA: Is there any way to turn off text centering? Sure looks tacky

[Wayne Grey]

I use Haggerty also and have always been happy. Never had a claim and don't want one, but they are great people to deal with. I'm in New Jersey.

[crazydave]

I had State Farm and they also would only list my car as it's original Mustang GT designation. I told them it was a Shelby and they said "so what".

It was about $600/year with a $1000 deductible.

 

When I bought a 2012 Focus to drive daily, State Farm wanted to charge $800/year for that car in addition to the $600.

 

I went online and found SafeCo, got both cars covered for less than $1000/year. Still have $1000 deductible and listed Shelby as "pleasure only". State Farm stinks!

 

So what's the real issue with your insurance company not recognizing "it's a Shelby". I figure if it's totaled or stolen, they got to give me what it's worth. And after checking

that there are lots of Shelby GTs out there for not too much money, I think I could replace mine with no problem. I don't have any expensive mods to recover for.

[AndyGJ]

I had State Farm and they also would only list my car as it's original Mustang GT designation. I told them it was a Shelby and they said "so what".

It was about $600/year with a $1000 deductible.

 

When I bought a 2012 Focus to drive daily, State Farm wanted to charge $800/year for that car in addition to the $600.

 

I went online and found SafeCo, got both cars covered for less than $1000/year. Still have $1000 deductible and listed Shelby as "pleasure only". State Farm stinks!

 

So what's the real issue with your insurance company not recognizing "it's a Shelby". I figure if it's totaled or stolen, they got to give me what it's worth. And after checking

that there are lots of Shelby GTs out there for not too much money, I think I could replace mine with no problem. I don't have any expensive mods to recover for.

 

 

Just be careful....SafeCo won't use OEM parts, nor will they necessarily recognize ShelbyGT parts....State Farm does recognize your car as a Shelby GT when it comes up on the claims profile...it did with mine when I hit the dog and did the damage to the front bumper and stripes. The shop did not do the stripes 100% correct...for the lifetime that I own the car, they have to guarantee the workmanship, so I'm having them redo the stripes...100% at their cost.

 

The GT 500 shows up differently since it is the standard Mustang body with a totally different drivetrain in it -- both engine and tranny, from the Mustang GT and Shelby GT. That is why it has a separate deliniation in the State Farm system. The Shelby GT shows up as a Mustang GT with the U54 upgrade package....and State Farm is totally prepared to honor that.

 

Just wanted you to know.....

 

State Farm is #1 for a reason.

 

Andy.

[crazydave]

The money I save $500/year can be in my pocket in case I need it to do proper repairs with my own money.

 

It's a role of the dice, but a role I'm willing to take.