What are you doing for insurance?
A while back I put a call out to feature car owners to inquire about how they were insuring their feature cars. I only heard from one person. I'd like to hear from more. We are currently at an awkward time with these cars. On one hand, using purely book value, they are still depreciating. On the other hand, their collectability is being noticed and more people are getting into collecting fox Mustangs. A traditional insurance policy will likely come up short in the event of a total loss.
For reference, here's my original message:
For reference, here's my original message:
If you are using a specialty insurance carrier, have a stated value policy on your Mustang or have any thoughts on this topic let's hear you input.Probably much like many feature car owners, I have come to the realization that the book value of my car is less than what it would cost to replace the car. That has moved me to reconsider my traditional auto insurance policy. The only option my current insurance provider has available is to allow me to drop the coverage on my car (for a period of at least 30 days) while I have my car off the road during the winter months. I don't like that option and am looking to both get better coverage for the actual value of my car and get a reduction in cost because it is a third car in a two driver household and gets driven about 2,000 miles a year.
I am aware of several carriers like Hagerty, Grundy and Leland West that provide specialty car insurance. Some won't cover my car since it is less than 15 (or 20) years old. Some are too restrictive about use (never overnight away from its primary locked garage). My driving will be pleasure only (never used for a work commute), less that 2,500 miles a year, possibly it might be kept away from home overnight (although it never has) otherwise it will be kept in a locked garage. I have talked with a local appraiser and he said that I may not need an appraisal depending on the insurance carrier. Right now Leland West is the front runner in my consideration.
Comments
Don't have much input about insurance. As my car is my daily driver, I just have the traditional coverage. I guess I should look into upping my coverage, if the insurance company will allow that.
One more thing, thanks for considering my little write-up about the wheel refinishing good enough to post on your site...I am honored...
Sue
The information that I get from the readers of the site is amazing. I have been doing this for over two years and at any given time I still have a running list of around 10 things that I want to add to the site. It seems that I should have run out by now but due to the efforts of people like you I am still going strong
Thanks!
Sue
Well, when you request an online quote from Hagerty you get a message "The year for car #1 must be built in or before 1985 to qualify for a Stock vehicle in our program." I guess the car needs to be 20 years or older in order to qualify.
Grundy seemed like a better alternative becuase on their home page they state "NO MODEL YEAR LIMITATION." I also heard from another feature car owner that he used them. So, I filled out there online quote forms and waited a couple days for this response:
The search continues. If you have any leads on a company that I can insure my car for agreed/stated value, please let me know.