I have been insurance shopping and my best quote by far is from Drew at Classic and we will most likely go with him due to his association with the forum. My conundrum is that other companies have quoted me a guaranteed value policy for the value I requested however Drew's company put a cap on both our 2005 & 2006 GTs at $215,000 each based on what they say GTs are currently selling for. Both our cars have Whipple blowers and other mods. We have seen similar cars sell for a lot more. Have any of you had the same experience? Is this the normal procedure to insure for less than a what car can be sold for?
Insurance
- Thread starter GToygrl
- Start date
DanielJ
GT Owner
If you have not already, please contact Tara:
Tara Reed >> PCS Account Executive/Renewal Specialist >> Hagerty Private Client Services
P: 888.460.6040 Ext. 8519 F: 866.922.9398 E: treed@hagerty.com
WWW.HAGERTY.COM | 141 RIVER'S EDGE DR., SUITE 200, TRAVERSE CITY, MI 49684
Hagerty policies are underwritten by Essentia Insurance Company
Best,
DJ
Tara Reed >> PCS Account Executive/Renewal Specialist >> Hagerty Private Client Services
P: 888.460.6040 Ext. 8519 F: 866.922.9398 E: treed@hagerty.com
WWW.HAGERTY.COM | 141 RIVER'S EDGE DR., SUITE 200, TRAVERSE CITY, MI 49684
Hagerty policies are underwritten by Essentia Insurance Company
Best,
DJ
shelbyelite
PERMANENTLY BANNED
- May 10, 2007
- 1
The car you purchased was advertised for several months for $209k - $219k. I would assume you purchased it cheaper than either of those numbers. As I would assume you know, the GTs are very mile / color sensitive. If I recall correctly, your yellow car had near 7k miles. The retail value on that car in my opinion is less than $215k today. Now, having said that, as we all know, the values can go both ways. If it goes up, I'm sure Drews company would reconsider raising your insured value, but at his current value you said he has granted at $215k, that sounds like a fair and realistic number to me. The whipple does not add a lot of resale value ($5k to $8k max if that). I can tell you from experience, as I have helped many people with values on their cars after a wreck or total loss, that Drews company will treat you right in the event of a total loss. If the values continue to rise, I am sure Classic will gladly up your values.
As for seeing similar cars sell for a lot more, please point out these cars. If there is proof of that, I'm sure classic will gladly raise the caps. But from everything I have sold and seen sell, $215k is a very accurate number for a Yellow 05 Ford GT with approx 7k miles. As for your other GT, I don't know any of the details on it, so I can not really comment on that one....
As for seeing similar cars sell for a lot more, please point out these cars. If there is proof of that, I'm sure classic will gladly raise the caps. But from everything I have sold and seen sell, $215k is a very accurate number for a Yellow 05 Ford GT with approx 7k miles. As for your other GT, I don't know any of the details on it, so I can not really comment on that one....
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andymlow
GT Owner
Has that estimation changed at all since July? I am renewing with Drew and the cap is still at 215 for my stock 2005 with 10k miles. Just want to be sure I'm doing the right thing.
Thanks for your expertise and willingness to share it Shelby.
GKW05GT
GT Owner
I am insured with State Farm for FMV which will probably involve a long negotiation to settle but in the end I anticipate a true replacement cost. I took my car when I purchased it to the agent for inspection and also sent pictures. I document the miles every year and also have auction records with prices to document value. It may be a little risky but it
seems to be a reasonable solution with the way these cars are going up at the present. The better news is the premium is $830 a year.
seems to be a reasonable solution with the way these cars are going up at the present. The better news is the premium is $830 a year.
FWIW I would NEVER insure for FMV, only replacement cost. Should the unfortunate need arise, they will come up with some value of their own that is far far less than you hope. Months of aggravation can follow, and possily an end result that is far from ideal, all to save a few hundred bucks a year.
Xcentric
GT Owner
Are there agreed value policies without mileage caps? IIRC, both Hagerty and Classic don't let you drive much. I had Hagerty at first, but blew through the annual mileage cap in six months. Now I'm relying on Allstate and karma.
The actual term is actual cash value at time of loss. With State Farm, when I wrecked my first GT, the settlement was agreed and check cut within 2 weeks of the accident for a very fair value. The biggest trouble we had is that the underwriting department refused to accept values and information from Shelby as I had purchased the car from him and made the mistake of letting slip that I would likely purchase the replacement from him as well. Throw out all data from Shelby and does not leave a lot to go on. In the end, we picked 2 that were on the market at that time and settled on a value in between them and then added allowances for upgrades recently purchased including lojack and sales tax. The settlement was fair and there was no negotiation or raised voices required. Just a bit of work to determine fair value. They paid for an independent third party market appraisal with instructions not to use data from Elite. I am still with State Farm nearly 2 years later.
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FBA
GT Owner
Here in Canada, I have all my toys insured with The Guarantee, for agreed fixed value, which is about market value today for them. There is no negotiation should there be a total loss; the value I pay for is what they will pay me and I look at and change it every year or so - with new appraisals every year. My white one is at 215 and my yellow one at 245.
