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Insurance rates?


cwilder

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I'm wondering what options are out there for insurance? What have you guys found to be the cheapest. I'm paying over 3k pre year for my Shelby, RR , and Acura. any thoughts would be great.

Thanks,

CW

Too many variables to give a good answer as far as which company. Be aware that some of the "collector" insurance agencies have some restrictive clauses such as no driving to work or for errands.

 

My advice? Get a big deductible....insurance IMO is for catastrophic losses...not $500 repairs. I compare it to my health plan at work. I don't get upset when they change our insurance such that I pay $40 for a prescription vs. $35...I'm just glad they covered all but $1,200 of the $24,000 reconstructive knee surgery I needed 10 years ago. :stats:

 

Good luck.

 

Dave

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MY insurance said $2000.00 C.D.N a year I think it is too much considering I am not going to drive it much mainly weekend and the odd nice weeknight.I also own 93 l.x that i pay $1200.00 a year but put between 1000km to 1500km.I think I'm going to check collecter car insurance does anyone have this type of insurance??

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MY insurance said $2000.00 C.D.N a year I think it is too much considering I am not going to drive it much mainly weekend and the odd nice weeknight.I also own 93 l.x that i pay $1200.00 a year but put between 1000km to 1500km.I think I'm going to check collecter car insurance does anyone have this type of insurance??

 

 

We have GRUNDY Collectable insurance and i cant praise it enough!!!

 

There is no limit on milage.

 

We did total our 1993 Cobra a few years ago and got full coverage($20,000) back then

(it was enough to get another one,Thank God)

 

 

Ive been quoted 700.00 year for a Shelby GT 500.

 

If we could just get it!!!!!!

 

Q2 2007-----ordered March 13,2006.

Still waiting!!!!

 

 

Judy

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I have J.C Taylor collectable car ins for my 69 mach1 (great policy) but they will not insure the Shelby because its a new car. I had a long coversation with the underwriter but no dice. I have the car insured with Nationwide for now. I have the max coverage that I can get for a car. Nationwide classed it as a regular GT due to the fact that they have no class or figures for a GT500. I maybe screwed when they figure this one out. I'm not fond of being under insured so I'll wait a year or so until J.C. Taylor will write it. Good luck with the insurance game.

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We have GRUNDY Collectable insurance and i cant praise it enough!!!

 

There is no limit on milage.

 

We did total our 1993 Cobra a few years ago and got full coverage($20,000) back then

(it was enough to get another one,Thank God)

Ive been quoted 700.00 year for a Shelby GT 500.

 

If we could just get it!!!!!!

 

Q2 2007-----ordered March 13,2006.

Still waiting!!!!

Judy

 

Grundy has a good reputation and great rates...but, if insure with Grunday keep in mind that they specifically exclude coverage for running errands. You might be able to force them to pay up...but insurance is for peace of mind. That limitation seemed a bit much for me and I'd rather pay a few hundred extra dollars annually to know that I'm covered no matter how I'm using the car.

 

I'm with AAA (northern CA) and the rates are in the middle. I might switch over to GEICO...to cover my 3 cars and up my umbrella policy an extra $1mm is about $500 cheaper ($3k total with AAA v. $2500 with GEICO). GEICO rates the GT500 the same as the Mustang GT. There are too many variables to compare insurance directly. My post here is just a point of reference: GEICO is cheaper than AAA for good drivers with multiple vehicles.

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Grundy has a good reputation and great rates...but, if insure with Grunday keep in mind that they specifically exclude coverage for running errands. You might be able to force them to pay up...but insurance is for peace of mind. That limitation seemed a bit much for me and I'd rather pay a few hundred extra dollars annually to know that I'm covered no matter how I'm using the car.

 

I'm with AAA (northern CA) and the rates are in the middle. I might switch over to GEICO...to cover my 3 cars and up my umbrella policy an extra $1mm is about $500 cheaper ($3k total with AAA v. $2500 with GEICO). GEICO rates the GT500 the same as the Mustang GT. There are too many variables to compare insurance directly. My post here is just a point of reference: GEICO is cheaper than AAA for good drivers with multiple vehicles.

JR,

I too talked with Grundy. They said no running to the store to pick up a Pizza or anything like that. They said no going to the beach and staying overnight in a Motel. I passed on their insurance. I am going to use my car how I like and if something happens...I want it covered.

 

I have Farmers and the GT500 ins. and the cost is the same as our 2007 GT/CS.

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I HATE BEING UNDER 25.

 

i pay $1800 with a $500 deductible. i have USAA but being i am 22 it is way expensive. I love my Shelby, i cant believe i am paying for my dad to drive it. Since i am at the Naval Academy i cant bring it here so its sitting in Dallas. i should make him pay the insurance. 3 years till its cheaper.

 

 

..don't feel too bad, usaa is getting an extra 1100 per year from me, 52 and clean record and 500 deductible. I am sure some of that is for having two young boys in the household, 21 and 17, but since they are only secondary drivers I think their main costs are factored into other vehicles. Congratulations at being selected for the Naval Academy. That says an awful lot about you.

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We have GRUNDY Collectable insurance and i cant praise it enough!!!

 

There is no limit on milage.

 

We did total our 1993 Cobra a few years ago and got full coverage($20,000) back then

(it was enough to get another one,Thank God)

Ive been quoted 700.00 year for a Shelby GT 500.

 

If we could just get it!!!!!!

 

Q2 2007-----ordered March 13,2006.

Still waiting!!!!

Judy

 

 

I'm with State Farm for near 25 years. I have the Shelby insured with them along with my 442. I have appraisals on the 442 but what concerns me is the Shelby. I asked them about the difference between the sticker price and what I paid. If somehow it gets totaled or stolen, will I only get the sticker price? She said no, while its relatively new I will get what I paid for it and not the sticker. I wonder how the NADA and Blue book prices will reflect these cars once they get listed in them.

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I'm with State Farm for near 25 years. I have the Shelby insured with them along with my 442. I have appraisals on the 442 but what concerns me is the Shelby. I asked them about the difference between the sticker price and what I paid. If somehow it gets totaled or stolen, will I only get the sticker price? She said no, while its relatively new I will get what I paid for it and not the sticker. I wonder how the NADA and Blue book prices will reflect these cars once they get listed in them.

 

You should read your policy on this point...it doesn't really matter what the customer service rep tells you, what matters is your contract. Besides, what the CSR told you doesn't mesh with common sense. What is "relatively new?" When does depreciation kick in? What happens if you pay $100k for a car that you could easily buy for $60k and then total it?

 

All these questions become moot because most policies will be for "actual cash value"...you are insured for your actual loss. Your loss is the market value of the vehicle--that is, what you can sell it for (plus sales tax and a pro rata share of license fees in some states). Some policies are for stated value. My policy with AAA says that AAA will pay based on the appraised value of the vehicle. If I disagree, I can hire and appraiser and then we go to court. At the end of the day, MSRP has nothing to do with what you will be paid in the event of a total loss.

 

From experience, the appraisal routine is what happens. I had a two week old Grand Cherokee stolen and AAA (southern CA...different than northern CA) ordered an appraisal and paid me based on that. They didn't want to see what I paid for the car as it was irrelevant. I was reimbursed more than I had paid for the vehicle.

 

As for NADA and KBB, they'll reflect the prices the same as any other car: by surveying actual sales data at both the wholesale and retail levels. So, the pricing provided by NADA and KBB should be just as accurate as it is for any other car and the fact that ADMs exist now and may or may not exist in the future won't impact the accuracy of the "book" value.

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For those of us who paid the ADM and took out a loan for more than MSRP, you are inverted (you owe more than the car is worth). I purchased at the time of sale, a loan protection plan. The plan will pay me the ADM and extras back if the car is totalled. Nationwide will only pay blue book and maybe some extras. The protection plan covers me for the life of the loan. Just an option.

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Blue Book Value

For those of us who paid the ADM and took out a loan for more than MSRP, you are inverted (you owe more than the car is worth). I purchased at the time of sale, a loan protection plan. The plan will pay me the ADM and extras back if the car is totalled. Nationwide will only pay blue book and maybe some extras. The protection plan covers me for the life of the loan. Just an option.

 

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My insurance rates thru farmers is the same as our GT like I said earlier and they pay Blue book value for the car which is a little bit over what I am paying for the car. Here is the current value.

 

 

*Definitions $42,975.00

 

Invoice*

$39,063.00

 

New Car Blue

Book Value*

What consumers are really paying for this vehicle

$60,165.00

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For those of us who paid the ADM and took out a loan for more than MSRP, you are inverted (you owe more than the car is worth). I purchased at the time of sale, a loan protection plan. The plan will pay me the ADM and extras back if the car is totalled. Nationwide will only pay blue book and maybe some extras. The protection plan covers me for the life of the loan. Just an option.

 

If you paid ADM, you're not necessarily inverted (e.g. if you paid $5k ADM, you're likely "in the money"). With respect to insurance, you are typically covered for your loss...which is the actual value of the car at the time it is totalled or stolen. So, if we assume a used GT500 coupe is worth $55k...if the car gets totalled you will get paid $55k...which may or may not be more than you paid for the car and has nothing to do with MSRP except to the extent that the market value of the vehicle is related to MSRP.

 

If you're not inverted (e.g. the market value is more than you paid for the car), then gap insurance or loan protection is a waste of money because you're already insured for your actual loss.

 

I personally think gap or loan protection is a waste of money even if you are inverted because all it does is protect you from realizing a loss that you have already incurred...and it does so only in the event that your car is stolen or totalled. That event is very unlikely. Much more likely is that you'll sell the car and realize your loss at that point...and you have no insurance to cover it at that time. The analysis doesn't change if you never plan to sell your car. Gap insurance is probably a good thing on a lease car because you are not already holding the loss...so you're buying protection against a potential loss as opposed to protection against realizing a loss you already incurred (...and will likely realize in the future anyway).

 

 

My insurance rates thru farmers is the same as our GT like I said earlier and they pay Blue book value for the car which is a little bit over what I am paying for the car. Here is the current value.

 

 

*Definitions $42,975.00

 

Invoice*

$39,063.00

 

New Car Blue

Book Value*

What consumers are really paying for this vehicle

$60,165.00

 

But that's the new car value. The used car value will be less (...notwithstanding ratnacage's post re: selling previously titled vehicles). Your insurance company insures you for the used car value.

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If you paid ADM, you're not necessarily inverted (e.g. if you paid $5k ADM, you're likely "in the money"). With respect to insurance, you are typically covered for your loss...which is the actual value of the car at the time it is totalled or stolen. So, if we assume a used GT500 coupe is worth $55k...if the car gets totalled you will get paid $55k...which may or may not be more than you paid for the car and has nothing to do with MSRP except to the extent that the market value of the vehicle is related to MSRP.

 

If you're not inverted (e.g. the market value is more than you paid for the car), then gap insurance or loan protection is a waste of money because you're already insured for your actual loss.

 

I personally think gap or loan protection is a waste of money even if you are inverted because all it does is protect you from realizing a loss that you have already incurred...and it does so only in the event that your car is stolen or totalled. That event is very unlikely. Much more likely is that you'll sell the car and realize your loss at that point...and you have no insurance to cover it at that time. The analysis doesn't change if you never plan to sell your car. Gap insurance is probably a good thing on a lease car because you are not already holding the loss...so you're buying protection against a potential loss as opposed to protection against realizing a loss you already incurred (...and will likely realize in the future anyway).

But that's the new car value. The used car value will be less (...notwithstanding ratnacage's post re: selling previously titled vehicles). Your insurance company insures you for the used car value.

 

I understand what your saying and did not like the idea of Gap insurance but the bottom line here is Nationwide would not underwrite it for 60k so I was not insured for a total loss at that point. So I spent the extra money for a peice of mind. I live in Pa and insurance policy terms and rates just suck. Thanks for the insight, its good stuff

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We have GRUNDY Collectable insurance and i cant praise it enough!!!

 

There is no limit on milage.

 

We did total our 1993 Cobra a few years ago and got full coverage($20,000) back then

(it was enough to get another one,Thank God)

Ive been quoted 700.00 year for a Shelby GT 500.

 

If we could just get it!!!!!!

 

Q2 2007-----ordered March 13,2006.

Still waiting!!!!

Judy

Grundy's website gave me a quote...but when push came to shove...they told me on the phone that they will not insure a 2007 vehicle unless it was "part of a collection". I complained about the fact that it gave me a quote on the internet, and they mumbled a lot before giving me some B.S. about how the web quote is not binding. They also said that the car could not be driven to work, which I do occasionally.

 

Good luck, maybe you can get a different story from them...or perhaps you have a collection.

 

Dave

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She said no, while its relatively new I will get what I paid for it and not the sticker. I wonder how the NADA and Blue book prices will reflect these cars once they get listed in them.

Did you ask her to point you to the language in the policy details that specifies that?

 

They can say whatever they want on the phone, but it's quite different to see it in writing. I've seen it happen too many times...including all the "deals" we've seen on this forum that were later pulled.

 

Dave

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Grundy's website gave me a quote...but when push came to shove...they told me on the phone that they will not insure a 2007 vehicle unless it was "part of a collection". I complained about the fact that it gave me a quote on the internet, and they mumbled a lot before giving me some B.S. about how the web quote is not binding. They also said that the car could not be driven to work, which I do occasionally.

 

Good luck, maybe you can get a different story from them...or perhaps you have a collection.

 

Dave

 

 

Yes,Dave, we do have a few cars on the policy.

Thats probably why we can just add the shelby to it........someday.

 

 

judy

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Grundy's website gave me a quote...but when push came to shove...they told me on the phone that they will not insure a 2007 vehicle unless it was "part of a collection". I complained about the fact that it gave me a quote on the internet, and they mumbled a lot before giving me some B.S. about how the web quote is not binding. They also said that the car could not be driven to work, which I do occasionally.

 

Good luck, maybe you can get a different story from them...or perhaps you have a collection.

 

Dave

Dave,

Grundy gave me the same song and dance. I did the internet quote and then e-mailed them some questions after reviewing their policy and then talked to them. They turned me down.

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Did you ask her to point you to the language in the policy details that specifies that?

 

They can say whatever they want on the phone, but it's quite different to see it in writing. I've seen it happen too many times...including all the "deals" we've seen on this forum that were later pulled.

 

Dave

 

 

It is very clear in my State Farm policy. ACTUAL CASH VALUE OF VEHICLE AT TIME OF LOSS. In this case the KBB blue book value would be pretty hard not to agree on. For my car, $64k and chage plus TTL which is about $15k more than I left with my dealer. My agent concurs this one is really pretty easy. It was much more difficult to document on my previous 98 Cobra that had such a wide range of values in the marketplace.

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But, there are different KBB values...new/used; trade-in/private party/retail; excellent/good/fair/poor condition. The point is, there is no single KBB value to look at.

 

If you look at your policy, it'll probably specify some method of determining actual cash value and it probably won't say KBB value. My AAA policy states that AAA will hire an independent appraiser and that is the value they will use. Period. If I disagree, I have the option of hiring a separate appraiser at my expense. If the two appraisers agree, then that is the value. If they disagree, then there is a process to resolve that (...I don't have my policy in front of me, but I think the process is basically litigation).

 

At the end of the day, insurance is a highly regulated industry and all of this stuff is clearly spelled out in the policy. I think the folks concerned about the gap between MSRP and actual value generally don't have anything to worry about. It could be that some states use forms that are not so consumer-oriented or they have special (e.g. collector) insurance with stated value terms.

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It is very clear in my State Farm policy. ACTUAL CASH VALUE OF VEHICLE AT TIME OF LOSS. In this case the KBB blue book value would be pretty hard not to agree on. For my car, $64k and chage plus TTL which is about $15k more than I left with my dealer. My agent concurs this one is really pretty easy. It was much more difficult to document on my previous 98 Cobra that had such a wide range of values in the marketplace.

Sounds like you have it covered...good luck.

 

Dave

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But, there are different KBB values...new/used; trade-in/private party/retail; excellent/good/fair/poor condition. The point is, there is no single KBB value to look at.

 

If you look at your policy, it'll probably specify some method of determining actual cash value and it probably won't say KBB value. My AAA policy states that AAA will hire an independent appraiser and that is the value they will use. Period. If I disagree, I have the option of hiring a separate appraiser at my expense. If the two appraisers agree, then that is the value. If they disagree, then there is a process to resolve that (...I don't have my policy in front of me, but I think the process is basically litigation).

 

At the end of the day, insurance is a highly regulated industry and all of this stuff is clearly spelled out in the policy. I think the folks concerned about the gap between MSRP and actual value generally don't have anything to worry about. It could be that some states use forms that are not so consumer-oriented or they have special (e.g. collector) insurance with stated value terms.

 

 

Currently there are no USED KBB values available. The cars are too new. As time goes on there will be. The value that applies is the one that describes the value of the vehicle lost. My SF policy does not have any such language about SF hiring an independant apraiser. It specifies market value. KBB and NADA are the recognized authorities on market values for vehicles. Been through this with SF on a previous vehicle. If KBB or NADA accuratly descirbe the value of your car, then there really is very little difficulty in a settlement after a loss. Now, actually replacing the car for the KBB value.....thats a little more difficult. And most add ons and mod do not add much if any value.

 

Different companies policies are written differently. I was just suggesting to some folks here that for our cars, SOME regular car insurance policies may be more beneficial and cheaper than specialty car insurance. Especially if you want to drive the car to work or run errands. I am taking mine to a Broadway play tonight, might even valet park it... well maybe not but I will take it. I bought it to drive and enjoy. If it gets hurt, SF has my back.

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