Insuring a Classic Mustang

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).

Reply to
The Wes'ter
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FYI: I have been using American Collectors Insurance for about 5 years (1970 Mach 1) and am very satisfied with the price and service. Their web site is @

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Another classic car insurer to compare is Hagerty @
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Reply to
Grover C. McCoury III

I had a similiar conversation with my State Farm agent just a couple weeks ago, prompted by a nasty hail storm we had here a couple months ago. (Thank God my car was safe in the garage) He couldn't give me an answer, but he called and posed the question to his underwriter. I was told to keep documentation of what similiar cars were selling for to help determine a fair value for my car. I'm starting a folder with local ads and autotrader.com ads to show what people are selling these for. I will also be going back to my agent this week so he can take some pictures of the car for their records and have on file the current condition of my car.

BTW, this was for an 87 5.0 Mustang. Current NADA Guides for it is about $2100 or so. I was told they use that very loosely, and does not necessarily mean that is what they are going to base a claim on if I was able to show the actual prices these cars are going for.

HTH

Jason S.

Reply to
Jason S

Have it appraised and then show the insurance company what the appraiser says its worth then have it insured for that amount. The insurance company should be able to give you a list of there "approved" appraisers.

Reply to
John R Wiebalk

I use American Collector Car Insurance for my '66. It has an agreed upon value, full coverage, $100 deductable. Cost me about $100 a year. a few years ago I had a small engine fire. Only did a few hundred dolars in damage. They paid out quickly and without any question.

Reply to
boB

I have American Family and they have classic car insurance that covers the full replacement value of the vehicle, which must be determined by an approved appraiser. Which could be the local mustang shop with a written statement and their letterhead.

You must have another vehicle insured with them which only has to carry liability at the least. The REALLY nice thing about AF's classic insurance is no mileage restrictions!!! As long as you don't drive it to work or use it as your primary vehicle, you can drive it as much as you want. Plus IIRC it's only $15-20/month. Cheap for where I am in Colorado. Check it out. It's how I'm going to insure the '69 when it's ready.

Reply to
66 6F HCS

For classic cars, try Hagerty @

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Phone: 800-922-4050 or Great American Ins Group (formerly Parish/Heacock) @ 800-274-1804

Make sure the policy declaration states *Agreed Value* coverage in the event of a total loss. Keep in mind they require limited mileage annually typically between 2500-3000 miles...HTH

-- Mike

93 Cobra

Reply to
Mike R

Another classic car insurer to compare is Hagerty @

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I have my 66 Mustang with these folks, no questions on value and it is shown on the policy

Gerry Ft Collins,Co,

Reply to
Gerry

Thanks for the advice, I'm not sure what I will do yet but any case I should get apprasials and go from there. State Farm has a "stated value" coverage but I am not sure on a "agreed value" coverage. I am fairly pleased with State Farm (I worked for them for a few years) and have a fairly good discount with accident free and multi-policy with 4 cars, 1 motercycle and a house; 10K "Stated value" would only raise my premiums $50 a year.

My only issue with State Farm is if I total it I know I going to get fair market value which is easy to determine but State Farm isn't willing to tell me what they will cover a car that isn't in their little claim estimeter computer.

Thanks!

Reply to
The Wes'ter

I use State Farm and will be insuring my '88 ASC Mclaren under a collectors policy. I was told the requirements were the vehicle is at least 15 years old, I would have to bring it down for pictures, put a certain amount of mileage on it a year. The policy will be insanely cheap around $300 a year and cover upto $20k. There are book values (ex: nada.com has a section) for collectible cars they can use to obtain values.

-Nick

Reply to
Nicholas D

just like Gerry says here, I have gone with Hagerty for my 75 vette and 72 challenger. they make sure you have a daily driver for each driving member of the household but they aren't as strict to where you can drive your classic like the other companies sounded to be.

dave

Reply to
~Dave~

I went with Hagerty and have been pleased with the service, I needed insurance to get my liciense and registered, for my 50 F1 PU truck, they insured my truck while it was only a frame and engine, a complete chasis no body on yet, that let me get it liciensed in Calif and then I put the body on and have been having a blast driving it. I got at the time $7000 insurance at a cost of $130 and that included towing service. Not complaint yet Ed ke6bnl

Reply to
Ed ke6bnl

Reply to
Hugh Garrison

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