Agreed Value

[RZR BACK]

I'm looking at insuring the LE with one of the specialty collector car insurance companies. State Farm is not offering a discount for limited miles at this time. What does everyone think a reasonable value is on these cars? Surely it has to be higher than sticker, right?

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[Todd15Fastback]

I used Hagerty on my 10th Anniversary Cobra (2003) and my stated value was about 7-8k over the book value (About 31-32k). I had upgrades done, etc. They accepted this with no issues and I had 3,000 miles a year. Cost was about 450/year.

 

[Mustangchief]

I'm looking at insuring the LE with one of the specialty collector car insurance companies. State Farm is not offering a discount for limited miles at this time. What does everyone think a reasonable value is on these cars? Surely it has to be higher than sticker, right?

Must be a region thingy, State Farm discounted mine, but I also have at least one car per driver listed as daily drivers.:shrug:

 

[JWS]

Quoted around $1300 to $1500 for Allstate, and around $1145 with Haggerty through them. With 5000 Mile Limit. Low-end for Allstate was for $0 Deductible and the higher-end was with $1000 Deductible (as high a deductible as they would allow).

$55,000 Insured Value

 

[MandM9999]

I too looked into specialty insurance since, in this particular demographic, there are a few months out of the year I cannot drive it. Figuring that I would (try) not drive more than 7,500/year and we have other vehicles to drive it should be a 'weekend' car, during the better weather (April/May through Sept/Oct). I also feel that the value on this car will increase with time. Although, as of right now I believe it's only worth what the sticker price is, plus a little more - maybe. I don't honestly know how that's determined, other than blue book rates?

After being insured with Allstate for 20+ years, with no tickets or accidents, I presumed they would give me a reasonable rate.... I was dead wrong! Prior to adding the Mustang we were paying about $1400 / year for 4 vehicles (one with full coverage). Even though they'd quoted me an extra $1000/year (for full coverage), with the VIN, once the car came in it was a different story.

Allstate informed me that they could offer a policy, so that I could insure with Hagerty (for the Mustang only), but if I did so, we could drive no more than 3,500 mi./yr. which we weren't sure we could comply with... then they dropped the bomb. After my purchase, Allstate informed me that "because those cars are wrecked so frequently, it's been underwritten at a higher rate" and they told me my insurance, because of this car alone, was now going to go up $5000 / year!
(Yes, that's a total of $6400 / year, for 5 vehicles rated with a married couple, with no kids in the home, both of us with perfect driving records)!

Needless to say that wasn't going to sit well with me. I began searching with Hagerty, Heacock, and many others to simply move the Mustang off of our regular policy.

Most of them required a limit on the mileage. However, after speaking with Hagerty directly, they informed me that we could raise the 3500 mile limit up to 7500 miles and it would be approx. $1200/yr. They also agreed that we could select a 'reasonable' stated value which would be reviewed every 3 - 5 years. They also stated that if we had the car appraised for more, they would insure it for more.
(The key here is getting the car appraised)...

While continuing to look around, I requested a quote from Geico who offers regular auto insurance and, much to my surprise, specialty insurance.
The specialty policy would be about the same $1000/yr but did not limit the mileage. They said that it would have to be a car that was in a limited run (such as any of the limited editions, or any of those with less than 5000 cars of that particular model built).

They informed me that if I included all of our vehicles onto a regular policy with them, they could insure the Mustang, in addition to our other 4 vehicles for about the same price as the specialty policy alone ...

After working up our quote, we pay about $1200/year for all 5 vehicles, including full coverage on the Mustang and one other! So, all that said, looking around to price a policy was one of the best things we did. Now I pay less with Geico for all 5 vehicles, then I had previously paid for 4 vehicles with Allstate. So, while I was hesitant to switch insurance after all these years, it paid off to check our insurance rates and now we're saving money, thanks to my new pony car!

Therefore, I decided that perhaps I'll change the Mustang over to specialty insurance in a few years, or once they could no longer guarantee the value of the car. (As of right now they agreed to insure the value I stated, including the small dealer mark-up I paid, and then some). After all, if we're paying the insurance, an we want to insure it for a higher amount, there's no reason we shouldn't be able to... We may pay a little more because we stated the value higher, but that's okay with me, I want to know that my baby is covered, in full, because it is not replaceable!
My LE is currently insured for $58000 and they've agreed to revisit the price next year to determine if it's a fair value. Win-win situation if you ask me!

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