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Insurance Issues


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When I ordered my 2013 Mustang GT to be converted to a GT350, I had my insurance company insure it as a 2013 Mustang GT, but now that it has been (finally after 8 months +) converted to a GT350, I am way under insured. What have you guys done to upgrade the coverage after conversion? Thanks.

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Options are many. Some of that will depend on exactly how you depend on using your car. If it is only going to be for pleasure and not as a daily driver, etc, I would seriously consider one of the specialty insurance companies, such as Grundy, Hagerty, Chrome, etc. You most certainly want a stated value policy where you agree on the value of your car. Definitely shop around and ask many questions. Heck, call your current insurance company and find out what they can do for you. Maybe they have a stated value policy available at a decent cost. Just ask lots of questions about how they would repair your car if there was damage. Would they repair it properly, etc. I like the specialty car companies, because that is all they do and they know what these cars mean to their owners. But some of them have limitations on how you can use your car with mileage limits. I personally prefer Grundy. Mainly because they have no mileage limits and I have had a claim and they treated me very right and made sure that my car was repaired properly. However, I can't use my car to go to work etc. Only to events, shows, etc. All of us with Shelby GT's, GT-H's etc. are in the same boat where we have Mustangs of which their VIN numbers mean nothing special to insurance companies.

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I use State Farm for the primary no fault policy and Grundy for the supplemental value policy. A hassle, but necessary as the GT350 is a post-title car modified by SA and not on the primary vehicle insurance data base for major carriers. Oddly, State Farm will fully cover my 66 GT350 but that is because SA was the manufacturer of origin MSO back then. SA only has an MSO for the Series 1 and, with some insurance companies, the continuation Cobras. Grundy had the best rates and fewest restrictions that I found. But like you said, it is not for regular go-to-work transportation and must be a non-primary use car.

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Make sure you get agreed value not stated value. Stated is what you say it is worth and the insurance company will cover up to that amount, but doesn't mean you will actually get that amount. Where as agreed value is what you would actually received if a full loss occurs.

 

I just had this conversation with my DD insurance agent.

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Make sure you get agreed value not stated value. Stated is what you say it is worth and the insurance company will cover up to that amount, but doesn't mean you will actually get that amount. Where as agreed value is what you would actually received if a full loss occurs.

 

I just had this conversation with my DD insurance agent.

See, there you go! Must ask lots of questions to make sure you get the coverage you need. One wrong word and things can get messed up. I apparently meant agreed value, not stated. Thanks for the correction.

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Also try American Modern.

 

Their Chrome policy isn't offered anymore, if memory serves, but they have others.

 

Most of these agreed to value policies come wth mileage limitation per year and they vary by company and policy.

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