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What Do You Pay For Insurance ??


cormy

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Got my annual policy, on my 08 GT500 for basic coverage - $848/yr.

 

I'm the only driver, age is 49, no tickets, PA

 

Thought it was high so I got a quote from Hagerty since they qualify as collector vehicles- $693/yr.

 

Seems easy enough, so I talk to my current insurer, Kemper, and ask them to run the policy numbers now without the Shelby, its now just my 04 Nissan pick up and home. Since I lose the "multiple" vehicle discount, after all said and done, total savings is.... $37 !

 

So...just wondering what others pay ??

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We have the old people discount-clean driving records and no accidents. 2012 GT500 agreed $59000 value @ $1000/year. First year with that company was $600 then they raised it $400 "because they could". Nothing changed from first year to second year. They said the underwriters review it and raised it because of the horsepower. I said it didn't change from the first year and nothing else did either. That's when they told me they can change it 'because they can. Still the cheapest I could find but I am looking.

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I have State Farm and in Michigan, a no fault state. Car is in "Storage" for the winter so I pay minimum insurance, Maybe 10 dollars a month and its covered on my homeowners policy while in the garage (Homeowners is also with State Farm Ins) I think I am older than Grabber but not sure if that is reflected in the rates. For the other months, I have it on the road it has varied from 60 a month now to 65 a month I started off with. I like the idea of having it in storage and not paying so much. And a quick call to the local agent or a message on their machine and its active again.

Mine is an 07 Gt 500 convertible

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It's a bit ridiculous what we are being forced to pay for these limited use cars. I also have my Hertz insured for similar values as above, and that is with a boat load of restrictions. No track, no drivers under 21, mileage limits, garage storage limits, can't drive to work, etc..... It's stored for over half the year, too. What a bunch of crap. However, I can insure a Cobra Replica for less than $400/year (and a much higher stated value) with the same restrictions and a whole hell of a lot more power to weight ratio and danger quotient. My '66 Mustang has the same stated value as the Cobra exampled here but costs less than $200/year with the same restrictions.

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Well after some insights from another team member I need to correct what I said yesterday. My car is not covered by my homeowners policy, I have a farm and a "Ranch " policy which covers equipment in the barns.

But the reduced rate while in storage covers fire or theft. Probably covers any other damage like a falling tree if it were outside as well. But mine is in the garage. Guess i will continue to look around for a good deal and good coverage. Maybe those two items don't go together very well ? Maybe its time to look into A Cobra kit car like the Shelby anniversary model and add my own engine. Maybe that will be cheaper on insurance ?

Well, probably not. Maybe I need to move south where I will just leave the car insured all year long.

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For those of us who only have a few months of the year to drive these and they get little use, perhaps it might be worth looking into getting liability only and "self-insure" against the unlikely event of a large loss. Those that track their cars are on their own anyway, right?

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Looks like I'm the winner here.

 

Just a hair over $1,300.00 per year. 11,000 miles average, full coverage in Atlanta GA through USAA. We have both our cars and home insured with them, they also handle both our car loans as well. The problem is our location. My insurance DOUBLED when we moved here from Fort Wayne, IN. If we moved back I'd be much closer to some of you guys than what I currently pay now.

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For those of us who only have a few months of the year to drive these and they get little use, perhaps it might be worth looking into getting liability only and "self-insure" against the unlikely event of a large loss. Those that track their cars are on their own anyway, right?

 

There are a few companies who sell "on-track" insurance. This is allowed because most other insurance policies refuse to cover here so you don't have double coverage. From what I've heard it's relatively affordable considering the risk.

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Heacock would not allow me to drop portions of the insurance during long periods of storage (greater than 1 year) or during seasonal winter storage. I suppose you could insure it for far LESS than what it's worth but that could be riskier than insuring it yourself when you lose your car to your insurance company or get a nice salvage title slapped on it.

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You also need to check with your state DMV. Even if the insurance company offers decreased insurance, many states will not allow you to drop liability insurance on a car that is registered and licensed. I know first hand Montana and Virginia will fine you for no insurance if you don't turn your tags in prior to dropping liability insurance. And your insurance company will notify the DMV if you drop insurance.

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I'm at just under $800 annually for my KR through USAA. I think it's slightly high but I can't find another place that is cheaper after looking. I also don't see any guaranteed coverage value in my policy when several of you say your company guarantees $45-$59K...I need to look into that because I know they'll put the screws to me for the CF hood, splitter, etc. if it came time to replace those.

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I'm at just under $800 annually for my KR through USAA. I think it's slightly high but I can't find another place that is cheaper after looking. I also don't see any guaranteed coverage value in my policy when several of you say your company guarantees $45-$59K...I need to look into that because I know they'll put the screws to me for the CF hood, splitter, etc. if it came time to replace those.

USAA is good when it comes to aftermarket parts but keep in mind how the value is determined.... for example my CF wheels for my motorcycle are 4000, however stock wheels are 2700 so if I total the bike its only an increase in value of 1300 if I can show receipts for purchase. Same goes for other parts pieces if they replace stock parts.

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There are a few companies who sell "on-track" insurance. This is allowed because most other insurance policies refuse to cover here so you don't have double coverage. From what I've heard it's relatively affordable considering the risk.

 

Here is the link for track insurance.

 

http://locktonmotorsports.com/product/track-insurance

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I'm at just under $800 annually for my KR through USAA. I think it's slightly high but I can't find another place that is cheaper after looking. I also don't see any guaranteed coverage value in my policy when several of you say your company guarantees $45-$59K...I need to look into that because I know they'll put the screws to me for the CF hood, splitter, etc. if it came time to replace those.

 

I use the CHROME policy with American National

 

$2600 and includes 6 cars with agreed values on all.

 

As an example, my 08KR is insured for $60k, while my 68 KR is insured for $150k

 

They recognize the new gen KR for what it is, and not by the vin which many insurers see only as a base GT500

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  • 3 weeks later...

49 Y.O. and clean driving record.

 

I pay only 411 per year for '08 GT500 insured at 45K with FULL COVERAGE through Heacock Classic Insurance (American Modern underwriter).

 

Granted I have a "showcar" policy allowing only 1K miles per year but I drive entirely local all Spring/Summer/Fall long in the Chicago area so I can keep just under the 1K limit. They also have higher mileage limits (3k and higher per year) albeit with slightly higher premiums.

Great company, and great rates in my opinion and I've had them since car was brand new.

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