Hello Gentlemen,

As you can see, I am new to the site. I have recently purchased a '65 Mustang coupe for use as a daily driver and I am having a real time finding an insurance company that will insure it for an "Agreed Value" or "Stated Value" that won't depreciate the value of the car over time. I know the companies that specialize in classics and antiques won't underwrite it b/c I will be driving it so much and consequently don't have another car in the garage for myself. So, question is...how do I get around this? I know that if I take out a policy that states "Acual Cash Value"; they are just going to pay me out for an old, used Ford in the event of an accident and I won't see much...certainly not enough to cover the replacement of the Mustang. Any suggestions or is anyone currently doing what I am trying to do? Thanks for your time and help.

-Shane Hrobar
Kyle, TX

 

I am not aware of any one offering an agreed value on a daily driver.I have an agreed value policy on my 69 Mach 1 with State Farm but it is not my primary vehicle. I do not have a mileage restriction on my policy.

 

No mileage restriction? Do tell, what do you pay and what are the req's?

I drive mine more than 3k just messing around ( not a daily driver, but I do like to drive it ).

 

You didn't answer the question of the original poster Bulldog, you you just questioned the mileage restriction. You are being controversial. A 1965 Ford Mustang is just that; a 1965 Ford Mustang. It is not a classic, nor is it anything special as far as the insurance company is concerned. I pay less than 200 bucks for state required insurance on mine. I also have an 03 Mach on the same policy, but of course it is fully covered.

 

Hi Guys,
I have mine insured for 15G'ss but have a mil;age limitation on the car. I can drive on average 3-5,000 miles and I have it registered as an antique. It costs about $175.00 for full coverage at $15,000 dollars including theft and vandalism!!!

 

thanks Guys,

I think I have pretty much accepted defeat and will just have to drive it with liability only. There was a very informative poll done on the forum sometime last year that I found while doing a search on Insurance related posts.

 

.....

 

You probably won't be able to get a "stated value" policy with full coverage as they generally have mileage and useage restrictions. The downside of such a policy is that, if the value of the car goes up and you don't advise the insurance company of the increased value in advance of a claim, you'll only get up to the stated value on the policy. An appraisal is excellent idea as it shows the value of the car in the event of a claim. Insurance companies use more than one source in determining a car's value in settling a claim. Also, if you have any other insurance - renter's, homeowner's, etc. - that company may be of assistance insuring the car. Driving it with liability only puts you in a hole from the start. Any damage to the car and you're out the repair costs no matter what. Your last option, if you're able, is to buy a reliable car for daily driving and the Mustang will be considered a "weekend" car.

 

Shane,
It all depends. With my insurance company (USAA) It is covered for the NADA/Blue book value (whichever is lower) in my case around $8000. For the condition my car is in and considering what I paid it's a good deal. To insure it as a classic I have to provide an approved appraisal. And then after I do anything else I have to go through the process again. As of now I hardly pay a dime for my insurance on the 67. Most "classic car insurance" companies have milage rules you won't be able to get around.
However, Look up grundy's world wide. I did see that you do not have another car. Get you a beater honda or something as a daily driver (save a little on gas) and call them up. They have no stipulations on milage and use an agreed upon value system but you MUST have another car listed with them as you DD. Good luck.

 

You could try Sneed Insurance. I haven't insured through them yet, but I plan on using them to insure my truck once it is completed (still need to put the bed in). They say there are no mileage restrictions, but they also say no restrictions at all. I found that they would not allow me to use my truck even for the occasional run to the home improvement center for a couple sheets of plywood or whatever; so, they may have the daily driver restriction as well (require you to show you have another car that is your daily driver). Can't hurt to check.