Modified Insurance Options? Help!

[B's04GT]

Hey everyone,

Currently in the process of finishing up building my car and got to thinking about insurance. I currently am paying $1200 a year for full coverage on the car but it seems to be a bit high.. My concern is if I stick with the policy I have there is no way I am going to get half of what I have into the car if something were to happen to it. They last thing I would want it to have a total loss and not get paid squat for what I have into the car. Wondering what everyone uses. I have looked into Hagerty and got a quote of $630 every 6 months but that was with an agreed value of 20k.

What are the steps to take? How do I go about getting the car appraised for what it is worth.. Also the car is not necessarily "smog legal" so am I going to have any issues getting it appraised? This aspect of car insurance is new to me so any help is appreciated!

The car is a 2004 Mustang GT
Fully built teksid/Fully gone through heads (cams, springs, retainers, etc.)
Fore Fuel System etc. etc.
Built t56
Smoothed/Painted engine bay

I will have probably close to 15k into the car..

Thanks in advance!

 

[nxhappy]

ask hagerty if you can cover for $30k ...

 

[B's04GT]

ask hagerty if you can cover for $30k ...

Sounds like you have had some history with them?

 

[nxhappy]

they should be able to cover you for any amount you need.

 

[Tunedprt91]

I have Grundy for my 96 cobra with agreed value at 30k. I didn't get the car appraised but I knew what I would be comfortable with receiving if something happened to it so that's the number I gave them. I just had to send in pics of the car, receipts for stuff, and tell them what my dd is. I haven't had to make a claim yet so no telling how that would go. Only complaint, and that's with most special insurance companies, is that it's always kinda unclear what you can do with your car and what is a red flag to them. (Taking the car to dinner, making a quick run to Lowe's, etc)

 

[Weather Man]

I have Farmers and had my agent find a supplemental policy provider to cover the mods.

 

[LS2GTO]

No regular insurance company is going to pay for or cover those types of mods, especially with the basic car insurance.

Basically, your only option is go with a stated value policy from any number of carriers. So go back to Hagerty and tell them you want coverage for 30k, or whatever you want. They may come back and ask for justification for that amount, at which point you can show receipts of all the mods and stuff you've done.

 

[nxhappy]

I have Farmers and had my agent find a supplemental policy provider to cover the mods.

I am sorry you have Farmers lol

 

[B's04GT]

they should be able to cover you for any amount you need.

Ahh I see what you mean. An agree'd value of 30k would be very nice considering the money I have into it..

I have Grundy for my 96 cobra with agreed value at 30k. I didn't get the car appraised but I knew what I would be comfortable with receiving if something happened to it so that's the number I gave them. I just had to send in pics of the car, receipts for stuff, and tell them what my dd is. I haven't had to make a claim yet so no telling how that would go. Only complaint, and that's with most special insurance companies, is that it's always kinda unclear what you can do with your car and what is a red flag to them. (Taking the car to dinner, making a quick run to Lowe's, etc)

Awesome! Thank you for the insight! I have receipts for everything which I have been to scared to total up but I would assume its close to 20k.. Hagerty claims to allow up to 5k miles a year if you agree that it is only used for the occasional cruises, shows, or seldom dinner dates.

I have Farmers and had my agent find a supplemental policy provider to cover the mods.

Currently with Mercury and its costing me $630 every 6 months for full coverage and I know if something was to happen they'd go off BB value and I'd lose my arse.

No regular insurance company is going to pay for or cover those types of mods, especially with the basic car insurance.

Basically, your only option is go with a stated value policy from any number of carriers. So go back to Hagerty and tell them you want coverage for 30k, or whatever you want. They may come back and ask for justification for that amount, at which point you can show receipts of all the mods and stuff you've done.

Solid advice! Thanks for the help guys!