Velatorix

[B][COLOR="Lime"]Hey guys, I realize I am brand new here and it may be kind of brash posting a thread as the first thing I do here, but I am hoping I can glean from your veterans years of wisdom. This is the deal: I want to buy a 2001 SVT Cobra that is pretty heavily modified. The problem is this, according to KBB and NADA a 2001 Cobra with 10,000 miles is only worth between $11,000-$14,000. Therefore the insurance company will only give me that or less if it's wrecked. I would be paying $25,000 for the car in pristine/show condition. The guy who owns it had nearly everything other than the interior replaced with the best of the best as far as suspension, wheels and tires, Al Papitto built Teksid Cobra block, JT trim supercharger, T-56 tranny, aluminum drive shaft, 4.10 Ford racing gears, full 3inch exhaust, etc, etc the list goes on and on. He showed me the receipts and he spent well over 50-60 grand on the mods and parts for the car alone, and that's not counting the stock car itself, which is in pristine condition. Obviously I'm getting a good deal here but I also want to be covered in the case of an accident. I only want to insure it for my purchase price of $25,000. For the last 2 days I have been searching the internet, calling insurance companies, and nobody will insure it for your purchase price or a set amount other than classic car insurers and they only insure for someone over Hey guys, I realize I am brand new here and it may be kind of brash posting a thread as the first thing I do here, but I am hoping I can glean from your veterans years of wisdom. This is the deal: I want to buy a 2001 SVT Cobra that is pretty heavily modified. The problem is this, according to KBB and NADA a 2001 Cobra with 10,000 miles is only worth between $11,000-$14,000. Therefore the insurance company will only give me that or less if it's wrecked. I would be paying $25,000 for the car in pristine/show condition. The guy who owns it had nearly everything other than the interior replaced with the best of the best as far as suspension, wheels and tires, Al Papitto built Teksid Cobra block, JT trim supercharger, T-56 tranny, aluminum drive shaft, 4.10 Ford racing gears, full 3inch exhaust, auto meter phantom gauges, roll cage, etc, etc the list goes on and on. He showed me the receipts and he spent well over 50-60 grand on the mods and parts for the car alone, and that's not counting the stock car itself, which is in pristine condition. Obviously I'm getting a good deal here but I also want to be covered in the case of an accident. I only want to insure it for my purchase price of $25,000. For the last 2 days I have been searching the internet, calling insurance companies, and nobody will insure a car for the price you purchased it for or a set value amount other than classic car insurers and they only insure for someone over 25, and I am 19. I am about ready to pull out my short hair with tweezers I am so frustrated that I can't find a company that will insure it. I was hoping that other mustang enthusiasts like yourselves would be able to tell me how you insure your cars when you modify them with whipple superchargers, gauges, or anything else you add to the car that cost a good amount of money and makes your cars worth more than the stock model would be. Are there companies that will insure just your mods like seperate from your car insurance policy, so that if you are in an accident they pay you what the mods were worth? Like for example, with collision on my policy they would pay me around $12,000 give or take. Is there a company I could get another policy with for an extra $13,000 to cover the difference between the insurance payout and what I purchased the car for or is there a company that will cover the price of some mods? Basically all I want is to be insured so that if it gets totalled I'll get close to $25,000 and won't have to take a huge loss. I'm just getting into the high performance/modded car world so I'm not sure if I just am not aware of how you guys do it or if there is actually no way to insure them. I have searched google with every keyword I could think of that's even remotely related to car insurance or mod insurance the past two days and I can't find anything close to what I'm looking for other than classic car insurance which I don't qualify for. If any of you guys could give me any information about this issue or what my options are I would greatly greatly appreciate it. Thanks guys.

Vela

PS. I forgot to say Progressive seems to have a set market value you can put on your car but there insurance rate is insane. So far they are the only company that comes close to what I am trying to do but are there any other options or companies that I could compare Progressives quote too?

Velatorix

Sorry about the the two colors and it posting half of what I said twice, I must have messed up when i was trying to change the color, just read it from the green text on, thanks. I would have edited it but I don't have the necessary permission to edit my posts apparently.

JD1969

How about you post in a normal color that does not hurt people eyes to read. Try...I don't know, maybe BLACK?

DRAGUL

Wow 19 buying a cobra your insurance rates are already going to be insane on a bone stock one

Misbehavin

Man that really hurts my eyes. What's the point of green, and what's wrong with black? I had to copy and paste the text into notepad just to read your post. That's a lot of trouble, and most of the time I wouldn't even bother. If you want an answer, do a favor to those you are wanting a response from and help them read your post.

Now, what you are looking for is something sometimes referred to as an agreed value. As you've found, most collector car insurance sites deal with this easily (wasn't aware of the normal age of 25+ though). It's tougher to find a standard insurance company to do this. Given your age, just the standard insurance rates for that car at your age have to be crazy. It would be much worse if you go the route you're talking about.

Sometimes standard insurance companies will insure a car as a leisure vehicle. There will be mileage limits with this option, but sometimes you can get a third party to appraise the vehicle to increase the written value of the car with the car listed as a leisure vehicle.

Good luck, and remember, black text is your friend.