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Old 07-09-2014, 07:48 PM   #1
kyledugan07gt
 
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Default Historic Insurance

Hi everyone, I hope I am posting this thread in the right area (I am new to the forum). I am interested in obtaining a 1994 or 1995 GT within the next few months as these cars will be 20 model years old and historic tags and (hopefully) historic insurance. I was wondering if anyone here has gotten historic insurance on their Fox Mustangs. Specifically, which companies offer historic insurance and what kind of rates they are getting. Any information would be appreciated.

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Old 07-09-2014, 08:09 PM   #2
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I've looked into it before and there are some problems with all of the companies that do it (when I've called).

Limited usage: X miles a year or to-from certainly places only. Literally no place I've ever looked will let you drive it to work on a nice day.

Agreed value?: Doesn't exist.. They all want an appraisal. No one is interested in how much a 3G alt swap or your fluiddyne radiator cost you. This is pretty much true in an appraisal too. Few people can appraise a modified car (maybe that's not a concern for you) correctly.

I never got into the costs because no one has ever let me actually drive my car with their coverage. I've tried Grange, Farmer's, State Farm, Hagerty, Geico, and Grundy.
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Old 07-09-2014, 08:18 PM   #3
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Quote:
Originally Posted by Maxwelhse View Post
I've looked into it before and there are some problems with all of the companies that do it (when I've called).

Limited usage: X miles a year or to-from certainly places only. Literally no place I've ever looked will let you drive it to work on a nice day.

Agreed value?: Doesn't exist.. They all want an appraisal. No one is interested in how much a 3G alt swap or your fluiddyne radiator cost you. This is pretty much true in an appraisal too. Few people can appraise a modified car (maybe that's not a concern for you) correctly.

I never got into the costs because no one has ever let me actually drive my car with their coverage. I've tried Grange, Farmer's, State Farm, Hagerty, Geico, and Grundy.
Thanks for responding. I don't care about limited miles or only driving it on certain days because I am just looking for a weekend cruiser. And I hope to get a car that is all original or almost all original so the agreed value is no problem. My worry is that I won't get coverage because to the insurance companies a 95' GT with 100,000 is worthless but to me it is a gem!

Do you just pay for regular insurance then? If so, how much does it cost per month? Any deals for limited use, etc.?
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Old 07-09-2014, 08:19 PM   #4
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I use American Collectors. I currently have my car insured for 16 grand. $296 a year payment. Agreed apon price. The cars never been appraised. They do require a photo of the car in the locked garage you intend to keep it in. (Requirement) Second requirement is you can only drive the car 5k a year. And obliviously they have the same restrictions as any other insurance company. No racing, no contests of speed, etc. I used them With a 79 z28 I had. I dropped the car on Mjack stand and damaged the fender and rocker panel. They were very good about taking car of the claim. I can't say enough good things about the company.
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Old 07-09-2014, 09:05 PM   #5
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Do you have any driving restrictions or just the mileage thing? Never heard of your company before but I'm about to dig deeper!
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Old 07-09-2014, 09:15 PM   #6
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No they are pretty liberal about how the car is used. Any kind of driving that would be consider leizsure is ok. But I don't think they allow it as spare vehicle use. I.E. Driving it to work if your primary vehicle is down.
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Old 07-09-2014, 09:52 PM   #7
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That's one of my beefs... On a nice day I'd like to bring the car to work and shoot the bull with the other gear heads afterwards. Humph. I guess nothing is perfect.

I'm also concerned about how the language might read as far as taking the car on a trip (to visit family and such) and leaving it out over night at assorted locations.

I should probably just call them up! Thanks for the lead. Hopefully it does the OP some good too!
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Old 07-09-2014, 10:21 PM   #8
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I have it on mine, stated value of $6000.

No mileage limit, I can use it any time I want. They just don't want you driving it every day. To and from work or school on occasion is no problem. The main thing is you have to have another car for every driver in the household, they want to see that it's truly an extra car.

It has to be stored in a locked garage, like bluebeastsrt mentioned. I use the same company, but I've been looking into switching to Grundy. I hear nothing but positive things about them.

I pay $102 a year for full coverage and full agreed value.

EDITED: Oh yeah, and I too never had to have it appraised. Emailed them a pic of the outside, and one of the interior, that's it.
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Old 07-09-2014, 11:44 PM   #9
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You never know until you try, what makes you think you can't get insurance on an all original 95' gt? Don't overpay and you don't have to worry about losing cash at all.

Comprehensive/Collision (full replacement cost) from Progressive costs me 680/year, with roadside assistance, and higher liability coverages and absolutely no restrictions on mileage, at all.

I paid less for my car than it's worth, so, I'm not worried in the least about losing money on it should anything happen.

also, I don't know about other states, but in AZ you have to buy the insurance BEFORE titling the car as a classic, and not all states agree on the 20 year rule, arizona changed it a couple years ago to only certain years and older, not the sliding scale.
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Old 07-09-2014, 11:53 PM   #10
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It sounds like he wants to insure the car for what it would honestly cost to replace it. A totally stock SN-95 with ~100k that isn't a hack job car could easily exceed his insurance settlement. NADA on all of our cars is way low.

FWIW, mine is insured through Grange (Trust Guard?), full coverage, and it's about $500/yr after all sorts of discounts (multi-car, mutli-policy, platinum driver, I'm getting "old", etc). Grange would pay me MAYBE $4k for my car in a total with a $500 deductible. Good luck finding a clean and never rusty bone stock Fox with 80k miles for $4k around here (rust belt states). Even dry cluster farq Foxs with 150k and barely running are $2500+ around here. I've invested about about $2-3k more than the $4k in just in assorted upgrades.

I'm definitely going to check into this. It sounds like the rates are lower than the coverage is better.
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Old 07-09-2014, 11:53 PM
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