After talking with my State Farm agent, I find that the full coverage I have had on my 65 Mustang is basically no good even though I have been paying premiums on it for 2 years as I never had appraisals done and even in the event of a full loss claim, it would be up to the claims adjuster to determine the amount of value and the amount coverage. Which would leave me to believe that "if" the adjuster likes mustangs then I would receive a fair amount in the event of claim but should he/she look at the car as simple 40 year old car with 200,000 miles I would get $500 !! This mind you was my insurance agent telling me this....
What do other people do regarding their older Mustangs? While mine is not a show car, it's in good shape in such I just clean out the rusted panels and have repainted it; while it's not $20k show car I would put it's realistic value around $6,000 give of take a grand. My discussion with my agent was prompted by getting it out of the garage for the first time in a year after doing the body work and paint; having told my insurance agent to drop the full coverage while it was in being worked on I was just getting full coverage added back to my policy.
While I know I may value my car higher than a claims adjuster might, State Farm Insurance told me basically that there's no structure to such older car values as NADA on their computers doesn't go back that far and it was a mistake that they insured it with full coverage in the first place as usually they don't offer comp and collision on such older cars. (again this is what my agent is telling me and she was concerned too as she like Mustangs too).