Insuring an older car with a lot of $$$ in it.

Makobra

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Some of you might know that I'm doing a pretty extensive restomod to my 97 cobra. Lots of time and love and a fair bit of money into this thing. Hopefully I can get her done this year and start really enjoying it but when that happens I want to make sure its covered in case the worst thing happens.

so like a super clean 97 cobra might go for 10K but to have it be what my car will eventually be you're talking 30-40K with a shop building it.

How do I go about insuring this thing to be something that if it gets stolen or totaled I can walk away and not lose my butt? Thanks Obi-Wans!

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IA Shelby

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You would need to get an agreed upon value policy. Collector car insurance. There are specific requirements which essentially means it is limited use vehicle, needs to be in good condition and stored in a garage. State Farm and specialty insurance companies like Hager’s and Grundy offer these type of policies.
 

gt347mustang

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so like a super clean 97 cobra might go for 10K but to have it be what my car will eventually be you're talking 30-40K with a shop building it.

You will need agreed upon value.

No 97 cobra will ever be worth 30-40k unless it's got over $120k into it(think promod).
 

7998

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Hagerty. I just upped my agreed upon value on my 2014 GT. Hagerty is a great company to deal with, really enthusiast driven. They also sell race insurance if you are entering it in an event. Also they put out the best automobile magazine in the industry.
 

Geno-04

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I’ve been using American Collectors for years now, it’s an agreed amount insurance.
 

nxhappy

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Hagerty. I just upped my agreed upon value on my 2014 GT. Hagerty is a great company to deal with, really enthusiast driven. They also sell race insurance if you are entering it in an event. Also they put out the best automobile magazine in the industry.
This ...
 

ccq8le

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I am also with Hagerty. I have 4 cars insure with them and my yearly rate is less than what i pay for my 2 dd cars for 6 months.

They have some special requirements like garaged, and that you have different insurance for your daily car etc, but you pick the agreed value of the car and that's what they insure you for.

I have never had a claim with them, but there are reviews online that say they seem to be good when you need them.

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Jefe

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Hagerty can insure it as is. You dont need to buy liability since it cant be driven so you just need comprehensive (storage only) coverage. They also have a cherished salvage coverage that lets you keep the car if totaled. You keep the car and get a check to replace it or rebuild it. They even have track coverage in case something happens in the pits.

If anyone needs a quote let me know!
 

DSG2003Mach1

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My cousin and I were just talking about this thread, he was having trouble with old F100 and paying $4xx every 6 months. He just moved it to Grundy for under $200 per year with up to 2500 miles a year, $0 deductible and 8500 agreed value. I read his policy and the descriptors under "use" which now matches Hagerty

I put my Mach into Grundy and it came back at $656 for 50k agreed value, as long as they'll really bind it at 50k I'll take it. My renewal with Hagerty is a little over $1200
 

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