The Shelby GT, VIN AND Insurance
10/28/17, 08:02 PM
#1
V6 Member
Thread Starter
The Shelby GT, VIN AND Insurance
The question about the Shelby GT and what the VIN says I see talked about from time to time.
I think it is pretty much understood that Shelby GTs are manufactured by Ford, at their facilities, and then transferred to Vegas to be transformed into "Shelby GTs".
Because of that, a Shelby GTs VIN shows it to be nothing more than "GT Deluxe"
Am I correct so far? If not help me out.
My issue is with insurance. Because the VIN number shows the Shelby GT as nothing more than a GT, that is what banks and insurance companies consider it. I stayed with my insurance company and insurance mine through them but I did check other places and they were the same. I was told all we can go by is the VIN and the VIN states its a GT.
It is my belief that a Shelby GT is worth significantly more than a GT and therefore needs to be insured to reflect so. About a month or so ago, a Shelby GT with 38K miles sold for approximately $25K at Mecum's.
I have several motorcycles, and they are insured separately through a different insurer (Geico). With my motorcycles I can buy value on them. In other words, I can pay a yearly premium based on the book value of the motorcycle and I can add to that value incrementally for an additional amount.
I thought that may have been an option for my Shelby GT, but so far it doesn't seem possible.
NADA has a value for the Shelby GT, which is about $17K but again every insurer and bank I've checked with considers it a GT.
Has anyone else thought about this, and if so has it raised concerns?
I'm curious to see what other owners think about this.
I think it is pretty much understood that Shelby GTs are manufactured by Ford, at their facilities, and then transferred to Vegas to be transformed into "Shelby GTs".
Because of that, a Shelby GTs VIN shows it to be nothing more than "GT Deluxe"
Am I correct so far? If not help me out.
My issue is with insurance. Because the VIN number shows the Shelby GT as nothing more than a GT, that is what banks and insurance companies consider it. I stayed with my insurance company and insurance mine through them but I did check other places and they were the same. I was told all we can go by is the VIN and the VIN states its a GT.
It is my belief that a Shelby GT is worth significantly more than a GT and therefore needs to be insured to reflect so. About a month or so ago, a Shelby GT with 38K miles sold for approximately $25K at Mecum's.
I have several motorcycles, and they are insured separately through a different insurer (Geico). With my motorcycles I can buy value on them. In other words, I can pay a yearly premium based on the book value of the motorcycle and I can add to that value incrementally for an additional amount.
I thought that may have been an option for my Shelby GT, but so far it doesn't seem possible.
NADA has a value for the Shelby GT, which is about $17K but again every insurer and bank I've checked with considers it a GT.
Has anyone else thought about this, and if so has it raised concerns?
I'm curious to see what other owners think about this.
Last edited by MDMachiavelli; 10/28/17 at 08:03 PM.
10/28/17, 10:07 PM
#2
Legacy TMS Member
The Shelby GT is a slight modification to a standard GT Deluxe, with a CAI and tune for that, and appearance things such as the front and back bumper covers, Powered by Ford Badges, a Shelby grille, stripes, rather easily available wheels, and a few other touches here and there. It is somewhat worth more than a GT, but not a significant amount, no matter how much they might have been sold for new... except in the coverage of insurance, they're worth the same to them.
I've dang near replicated the thing with my mods to Awesome, and those aren't exactly walletbusters compared to other special editions. (Or weren't. Now, a few things are nigh on irreplaceable/unavailable. GTA mufflers and them '10 GT500 vert wheels mainly, and if you do... ouch, wallet.
) Hence the insurance value isn't going to be different than any other GT deluxe. The costs aren't any different to fix it is why. A bumper cover for a GT versus a GT/CS|Shelby is virtually 0, both ends, for example, and a CAI is nothing as well. Even the badges are not that much more.
Further, it's an '07-08, and they're getting near to totaling them in a wreck at that age, unless they're super low miles, in which case you might want to consider a specialty insurer instead of the nationwide ones. But if they're high to medium miles... And depending on the severity of course... they'll be worthless and totalled. Just the way these cars are meant to bend up is the issue.
As far as the NADA value, yes... that will be higher because people *do* pay more for those stripes, miles and such.. but that's not replacing/rebuilding/fixing. That's just collector car stuff going on, perceived/desired value versus actual repair value. They're not always the same.
I mean, honestly... an old Shelby that goes for, what $350,000? The only thing that makes it worth that is the VIN/serial number and other documentation. Otherwise, a knock off is easily achieved for much less than that... and were being done for that profit reason back in the day when Shelbys were worth bank, so, making one made monetary sense... before the enlightened times of the internet, that is, when all we had were magazines and word of mouth.
So anyway... yeah. TL;DR: The 07-08 Shelby GT are simply modded GTs and insurance don't care about no mods, no matter who made them or why.
/I wonder if the Shelby GT-H convertible, however, is a wholly other animal... possibly.. 'cause of that hood... but I'm bettin' even it is 'just another modded car' and it's 'just parts' to the insurance peeps.
I've dang near replicated the thing with my mods to Awesome, and those aren't exactly walletbusters compared to other special editions. (Or weren't. Now, a few things are nigh on irreplaceable/unavailable. GTA mufflers and them '10 GT500 vert wheels mainly, and if you do... ouch, wallet.
) Hence the insurance value isn't going to be different than any other GT deluxe. The costs aren't any different to fix it is why. A bumper cover for a GT versus a GT/CS|Shelby is virtually 0, both ends, for example, and a CAI is nothing as well. Even the badges are not that much more.Further, it's an '07-08, and they're getting near to totaling them in a wreck at that age, unless they're super low miles, in which case you might want to consider a specialty insurer instead of the nationwide ones. But if they're high to medium miles... And depending on the severity of course... they'll be worthless and totalled. Just the way these cars are meant to bend up is the issue.
As far as the NADA value, yes... that will be higher because people *do* pay more for those stripes, miles and such.. but that's not replacing/rebuilding/fixing. That's just collector car stuff going on, perceived/desired value versus actual repair value. They're not always the same.
I mean, honestly... an old Shelby that goes for, what $350,000? The only thing that makes it worth that is the VIN/serial number and other documentation. Otherwise, a knock off is easily achieved for much less than that... and were being done for that profit reason back in the day when Shelbys were worth bank, so, making one made monetary sense... before the enlightened times of the internet, that is, when all we had were magazines and word of mouth.
So anyway... yeah. TL;DR: The 07-08 Shelby GT are simply modded GTs and insurance don't care about no mods, no matter who made them or why.
/I wonder if the Shelby GT-H convertible, however, is a wholly other animal... possibly.. 'cause of that hood... but I'm bettin' even it is 'just another modded car' and it's 'just parts' to the insurance peeps.
Last edited by houtex; 10/28/17 at 10:10 PM.
10/28/17, 10:16 PM
#3
V6 Member
Thread Starter
The Shelby GT is a slight modification to a standard GT Deluxe, with a CAI and tune for that, and appearance things such as the front and back bumper covers, Powered by Ford Badges, a Shelby grille, stripes, rather easily available wheels, and a few other touches here and there. It is somewhat worth more than a GT, but not a significant amount, no matter how much they might have been sold for new... except in the coverage of insurance, they're worth the same to them.
I've dang near replicated the thing with my mods to Awesome, and those aren't exactly walletbusters compared to other special editions. (Or weren't. Now, a few things are nigh on irreplaceable/unavailable. GTA mufflers and them '10 GT500 vert wheels mainly, and if you do... ouch, wallet.) Hence the insurance value isn't going to be different than any other GT deluxe. The costs aren't any different to fix it is why. A bumper cover for a GT versus a GT/CS|Shelby is virtually 0, both ends, for example, and a CAI is nothing as well. Even the badges are not that much more.
Further, it's an '07-08, and they're getting near to totaling them in a wreck at that age, unless they're super low miles, in which case you might want to consider a specialty insurer instead of the nationwide ones. But if they're high to medium miles... And depending on the severity of course... they'll be worthless and totalled. Just the way these cars are meant to bend up is the issue.
As far as the NADA value, yes... that will be higher because people *do* pay more for those stripes, miles and such.. but that's not replacing/rebuilding/fixing. That's just collector car stuff going on, perceived/desired value versus actual repair value. They're not always the same.
I mean, honestly... an old Shelby that goes for, what $350,000? The only thing that makes it worth that is the VIN/serial number and other documentation. Otherwise, a knock off is easily achieved for much less than that... and were being done for that profit reason back in the day when Shelbys were worth bank, so, making one made monetary sense... before the enlightened times of the internet, that is, when all we had were magazines and word of mouth.
So anyway... yeah. TL;DR: The 07-08 Shelby GT are simply modded GTs and insurance don't care about no mods, no matter who made them or why.
/I wonder if the Shelby GT-H convertible, however, is a wholly other animal... possibly.. 'cause of that hood... but I'm bettin' even it is 'just another modded car' and it's 'just parts' to the insurance peeps.
I've dang near replicated the thing with my mods to Awesome, and those aren't exactly walletbusters compared to other special editions. (Or weren't. Now, a few things are nigh on irreplaceable/unavailable. GTA mufflers and them '10 GT500 vert wheels mainly, and if you do... ouch, wallet.
) Hence the insurance value isn't going to be different than any other GT deluxe. The costs aren't any different to fix it is why. A bumper cover for a GT versus a GT/CS|Shelby is virtually 0, both ends, for example, and a CAI is nothing as well. Even the badges are not that much more.Further, it's an '07-08, and they're getting near to totaling them in a wreck at that age, unless they're super low miles, in which case you might want to consider a specialty insurer instead of the nationwide ones. But if they're high to medium miles... And depending on the severity of course... they'll be worthless and totalled. Just the way these cars are meant to bend up is the issue.
As far as the NADA value, yes... that will be higher because people *do* pay more for those stripes, miles and such.. but that's not replacing/rebuilding/fixing. That's just collector car stuff going on, perceived/desired value versus actual repair value. They're not always the same.
I mean, honestly... an old Shelby that goes for, what $350,000? The only thing that makes it worth that is the VIN/serial number and other documentation. Otherwise, a knock off is easily achieved for much less than that... and were being done for that profit reason back in the day when Shelbys were worth bank, so, making one made monetary sense... before the enlightened times of the internet, that is, when all we had were magazines and word of mouth.
So anyway... yeah. TL;DR: The 07-08 Shelby GT are simply modded GTs and insurance don't care about no mods, no matter who made them or why.
/I wonder if the Shelby GT-H convertible, however, is a wholly other animal... possibly.. 'cause of that hood... but I'm bettin' even it is 'just another modded car' and it's 'just parts' to the insurance peeps.
You seem to miss the entire point of my post.
Its about total loss and receiving the true value of the car.
NADA states they are worth more, they are going for a lot more in some instances (Mecums example), therefore shouldn't the question be raised that they should be insured for what they are worth.
You can take a West Coast Chopper frame, build it to exact specs in your home garage and if you are lucky it would be worth $20K, but you can have WCC build you that same bike and it could be worth 5 times that.
The value or cost of the extra parts have very little to do with what drives the prices of things in this instance.
10/29/17, 09:15 AM
#4
Cobra R Member
You can get what you're talking about thru a collector car insurance co. They refer to it as " an agreed value " policy.
Hagerty & Grundy are two co.'s that come to mind. I have never done any business with either of them, so I can't tell you what is involved.
I would expect pictures & documentation to prove a car is worth what you say it is @ the least.
.
Hagerty & Grundy are two co.'s that come to mind. I have never done any business with either of them, so I can't tell you what is involved.
I would expect pictures & documentation to prove a car is worth what you say it is @ the least.
.
Last edited by 1 Alibi 2; 10/30/17 at 08:31 AM.
10/29/17, 10:32 AM
#5
V6 Member
Thread Starter
You can get what you're talking about thru a collector car insurance co. They refer to it as " an agreed value " policy.
Hagerty & Grundy are two co.'s that come to mind. I have never done any business with either of them, so I can't tell you what involved.
I would expect pictures & documentation to prove a car is worth what you say it is @ the least.
.
Hagerty & Grundy are two co.'s that come to mind. I have never done any business with either of them, so I can't tell you what involved.
I would expect pictures & documentation to prove a car is worth what you say it is @ the least.
.
I may try that, I was just curious to see if other owners of the Shelby GT had thought about this as well.
Thanks for your input.
10/29/17, 01:18 PM
#6
I have my 2000 R and my 2007 GT through Heacock which is a collector car insurance type but they do consider mustangs, especially Shelby GTs collector cars.
You’re can get a 15% discount by being a member of MCA too.
I have agreed value with them on the GT for $24k because of mods on it, and $42k for the R.
Both together cost me $800/year with $100 deductible on comp and collision. But there’s a catch. You can’t drive it to work or to get groceries and you can only drive 3,000 miles a year which isn’t a problem for me. The R has 2,800 miles and only 500 of those are mine in the last 7 years. GT only has 22,000 miles in 10 years.
They say you can do leisure driving which is what I do anyway. And my wife and I are the only people that can drive them under the policy.
You’re can get a 15% discount by being a member of MCA too.
I have agreed value with them on the GT for $24k because of mods on it, and $42k for the R.
Both together cost me $800/year with $100 deductible on comp and collision. But there’s a catch. You can’t drive it to work or to get groceries and you can only drive 3,000 miles a year which isn’t a problem for me. The R has 2,800 miles and only 500 of those are mine in the last 7 years. GT only has 22,000 miles in 10 years.
They say you can do leisure driving which is what I do anyway. And my wife and I are the only people that can drive them under the policy.
10/29/17, 01:36 PM
#7
V6 Member
Thread Starter
I have my 2000 R and my 2007 GT through Heacock which is a collector car insurance type but they do consider mustangs, especially Shelby GTs collector cars.
You’re can get a 15% discount by being a member of MCA too.
I have agreed value with them on the GT for $24k because of mods on it, and $42k for the R.
Both together cost me $800/year with $100 deductible on comp and collision. But there’s a catch. You can’t drive it to work or to get groceries and you can only drive 3,000 miles a year which isn’t a problem for me. The R has 2,800 miles and only 500 of those are mine in the last 7 years. GT only has 22,000 miles in 10 years.
They say you can do leisure driving which is what I do anyway. And my wife and I are the only people that can drive them under the policy.
You’re can get a 15% discount by being a member of MCA too.
I have agreed value with them on the GT for $24k because of mods on it, and $42k for the R.
Both together cost me $800/year with $100 deductible on comp and collision. But there’s a catch. You can’t drive it to work or to get groceries and you can only drive 3,000 miles a year which isn’t a problem for me. The R has 2,800 miles and only 500 of those are mine in the last 7 years. GT only has 22,000 miles in 10 years.
They say you can do leisure driving which is what I do anyway. And my wife and I are the only people that can drive them under the policy.
Thanks!!
11/6/17, 10:33 AM
#9
V6 Member
Thread Starter