Phil_R

I had my 2007 Mustang GT/CS insured with Allstate as I have for my other vehicles. I realized that I wanted a agreed value policy in case the car was ever stolen or totaled. Knowing any standard insurance company would look at the average price on what the 2007's are going for, yet mine still has under 5,500 miles and is just like new, I was concerned.

I called around and found that Hagerty was too expensive, Grundy you can't get through to without a long, as in very long wait and you can't leave a VM for your agent, and others were just expensive. (These are my opinions and experiences only).

However, I contacted American Collectors Insurance and agreed on a value on my Mustang and received a very fair rate. Realize mine is not a daily driver and it will spend a lot of time in the shop being polished over & over and just admired.

Any of you have an "agreed value" or "collector car" type of policy on your Mustangs?

Thought this might be an interesting topic to discuss

Thanks in advance for your replies!

Phil

69Mach1-409

I originally had State Farm. They were who my parents went through, so I just had them from the time I could drive (my own policy) until maybe 4yrs ago. I got to talking to some other mustang owners at a car show about covering all the mods / work we've done to our cars and what if someone stole them, etc.

That then lead to a call to State Farm about extra coverage. Their response was keep your receipts and if something happens we'll go from there.. (-.-) Not exactly confidence inspiring. One call to a fellow Mustanger who is an insurance agent for Farmers in my area, and after a few quick emails, I had a much better policy, with an agreed upon value for my stang, that was almost HALF the price of my previous policy!!!!

Turns out the State Farm Agent my parents had had forever been racking us over the coals for years.... We all switched everything out asap. Guess it pays to shop around, sense it seems you can't trust anyone anymore.

Glenn

progressive. I check several places when its time to re up my ins

Phil_R

Thanks for the reply!

Sounds like Farmers is a better company to go with than State Farm!

I paid Farm Bureau for 25+ years and they raised my rates and I never turned in any claims. I called and asked them why and if they could reduce my rates to compete. They never provided a reasonable answer or reduction so I switched to Allstate. A lot better rates, however just wanted the Mustang to have an agreed value and they do not offer it.

That is the reason I went with American Collectors Ins.

Phil_R

Hi Glenn,
Does Progressive have a agreed upon value policy like Jason (post above) and I now have on our Mustangs?
Thanks,
Phil

Automatic 5.0

I just switched from Grundy to Condon Skelly for my pace car. They did not have a problem with my car being a 1999.

Phil_R

Not aware of that Insurance Company.

Are they a collector car insurance company?

Thanks!

Glenn

I didn't inquire about that... in fact I don't think they want to insure modded cars/trucks. My mods are small so it wouldn't matter that much to me.

Automatic 5.0

It's a long story but I had Grundy from 2001 until 2013 and when my agent was getting ready to retire, she recommended Condon Skelly because she did not think Grundy was providing the service they once did. I did a bunch of research on Condon Skelly and Grundy and switched over. My research was based on customer satisfaction/claims/cost and other variables on various message boards and other media. I never had to make a claim with Grundy so I do not know how they would have handled it.

Same as others, you tell them the value, read the agreement thoroughly, fill out the forms, and then send them a check once everything is agreed to. I did have to clarify what category my car was in with them since it was not an antique and did not fit any other category. I have that information at home and can check when I get home if you'd like.

Phil_R

Thanks, however please don't go to any bother. I was just hoping to provide the TMS members here with more options so we could all learn and maybe save a few $$$ on insurance.

As an example, I have $20,000.00 worth of agreed value collector car insurance on my 2007 GT/CS with $0.00 deductable for about $365 a year. I thought that was a pretty good rate and the only drawback is a 2,500 mileage limit. However if I drive it more, I can up the mileage limit as well for a bit more money. They do not ask for a odometer reading however, so the miles driven is on a "trust" agreement.

Thanks again

roadrunner

$365 a YEAR!?!? wow I wish I paid that. Do you know how much it would be if you drove it maybe like 5000 miles a year?
I would to save some cash on insurance, its super expensive in CA. and recently state farm raised it again for EVERYBODY, just because some stupid people don't know how to drive and crash often. I've never crashed myself though, so it's ridiculously unfair

Phil_R

Realize it all depends on your location, driving record, age, credit rating, etc. I am going to be 60 this year, have a clean driving record, and live in a very small town in Indiana. I don't remember what the quote was for the 5,000 mile per year limit, but I think it was a bit over $400 a year. Hagerty was $512.00 a year, Grundy was $338.00 a year (but their customer service is questionable). I was paying $155.42 every 6 months for $1000 deductable with Allstate, but it was not on an agreed value.

I hate high premiumns too, however look at youtube at some of the young drivers in Mustangs flooring it in residential areas. That runs our costs up a lot as we get stuck helping pay for their accidents. If we had more "smart" drivers, we would all pay less.

About how much do you pay a year and what is your age if I can ask? Seems everything in California costs more though. Ever think about moving to a different location? (Yes, I know the weather is awesome there though)

laserred38

As a whole, State Farm is generally a better company than Farmers though. You might be paying higher premiums with SF, but if you actually have to use your insurance, they're rated better at actually getting things done and getting your claims handled in a timely matter.

That said, they're still expensive. I hate ALL insurance. Car/health/home...it's all a scam and I hate making those premium payments for crap I never use. Such a waste of money.

GrnT

State Farm. I sometimes think of looking else where but then I don't. Call it a comfort zone.

Way2QWK

I also have condon & skelly. I have my 87 Buick grand national and 88 mustang insured as collector vehicles. Very affordable rates.

tbear853

Erie Insurance since moving over from State Farm in 1976 when they were jacking my rates (due to some tickets ... Erie saved me $400 first year). After a couple years, I got a rate drop and increase in coverage because I stopped getting tickets and they were able to put me on the exchange.
Back when I had my '67 Chevelle SS, it was insured at a higher value with Erie, I just had it appraised every couple years.
Always great rates and now I have guaranteed no surcharges for tickets or wrecks as I have over 15 years no claims (way over). I have had home owners with them as well snce 1983.



You can be a good driver and still expose the insurance company to higher risk daily due to your residency and driving on highways and roads in a state that is loaded with unlicensed drivers, uninsured drivers, illegals with and without licenses .... and that doesn't include that there's just high density traffic. There's also the question of liability laws in your state.

houtex

Huh. Interesting post up there about SF vs Farmers... I have Farmers. I've been with them since I was, uh... I don't remember. Been a loooong time though, and never a regret.

The reason is, the insurance agents I've chosen keep trying to reduce payments, but keep coverage, without me even *asking*. You gotta like that. Rates are definitely reasonable. And when the wrecks I've been in with previous cars have happened where they had to deal with it, I recieved no rate hikes, and no questions asked. They just took care of my cars. Even for the one I accidentally smacked, dangit. A small lapse, that, at night.

I carry full coverage at all times. Not even a question. Farmers is win. Got 'em for the house and car.

Of course, the best policy is to not need 'em, so I try to do that.

laserred38

Our State Farm agents are the same way, try to find any applicable discounts for us. They even did so when I had my little "wet and reckless" incident 4 years ago.

wannabe

I haven't shopped in awhile, but mainly because I pretty much gave up trying to find anybody that could beat StateFarm for the last 20 years. That said, I WAS a little miffed that the put a surcharge on me to recoup what hey paid out to fix my $3,000 claim last year on the Mustang. It was my fault and nobody else involved... so I guess I should've expected it. That was MY first claim in forever... but they laid out some serious bucks a couple times for my wife over the years. We were due.