• Welcome to the CaliforniaSpecial.com forums! - You are currently viewing the forums as a GUEST. To take advantage of all our site features, please take a moment to join our community! It's fast, simple and absolutely free.

    If you have problems registering or can't log into your account, please contact Admin.

    Please Note: If you are an existing member and your password no longer works, click here to reset it.

California Special values

Doug

Well-known member
Joined
Apr 23, 2007
Messages
558
Location
Valencia, California
I have just purchased a 1968 CS - it is a 390 S code with auto and air. The question that I have is that I now need to obtain insurance. I am currently using Hagerty for a couple of my other cars. I know that this is a loaded question - but what are the values for these cars in the real world. I know that cars can go from 1 to 10 on a rating scale; with 1 being just a shell and 10 being a perfect non-driven car.

Any input would be appreciated
 

RedGTvert

Well-known member
Joined
Apr 17, 2006
Messages
262
I have just purchased a 1968 CS - it is a 390 S code with auto and air. The question that I have is that I now need to obtain insurance. I am currently using Hagerty for a couple of my other cars. I know that this is a loaded question - but what are the values for these cars in the real world. I know that cars can go from 1 to 10 on a rating scale; with 1 being just a shell and 10 being a perfect non-driven car.

Any input would be appreciated

Would this happen to be the Red car?

Whenever I insure my cars, I usually use NADA guides as the basis. One thing you don't want to do is under-insure the car. The cost difference between setting a low value and a high value is minimal when it comes to a collector car insurance costs.

Post some pics when you get a chance. Good luck with the new purchase.
 

CALIF GIRL

Well-known member
Joined
Oct 10, 2004
Messages
643
One thing you don't want to do is under-insure the car.

I have to agree...After I had pretty much finished restoring my car my house caught on fire. The mustang was in the garage. I got lucky and the car (with burned blistered and ruined paint) was not totaled. But it could have been easily. I think had I not had it insured properly the insurance company may have totaled it out.

I was worried for a while....
 

Midnight Special

Well-known member
Joined
Nov 5, 2005
Messages
3,713
Location
Grass Valley, California
Would this happen to be the Red car?

Whenever I insure my cars, I usually use NADA guides as the basis. One thing you don't want to do is under-insure the car. The cost difference between setting a low value and a high value is minimal when it comes to a collector car insurance costs.

Post some pics when you get a chance. Good luck with the new purchase.

..NADA is the best price guide and you might look into Condon & Skelly for classic car insurance. They have a great price and not as many restrictions...
 

BroadwayBlue

Well-known member
Joined
Apr 26, 2005
Messages
2,900
Location
Hudson Valley Area, NY
I have both of my CS's and my 96 GT with Hagerty and they are reasonable in determining the value.

I would go for more than the NADA. They have agreed value and don't hesitate to increase the values where it's valid. They even recommended I raise my value this year without my asking.

Keep in mind what the car is worth and if something happened to it what it would take to replace it. The agreed value of insurance on my 2 CS's is in the high 20,000's and low 30,000's with no questions asked. Both values were increased by them from what I was going for.

My 96 is a special policy and they insured me higher than what I thought it was worth as well. Their minimum on these policies are usually $15,000. Edmunds, NADA, Kelly's, etc have my 96 at around 7,000-8,000. They weren't sure it would go through since it was under $15,000. They called me back and said they use "Old Car Price Guide" and they said they would insure it for $12,000 if I was OK with that. I checked and Old Car Price Guide had my car at $12,000. That's a little over what I was trying to sell it for last year.
The extra value added very little to the cost of the insurance.

I found their prices very reasonable ... I'm paying about $650 annually for all 3 cars ... No restrictions (mileage, etc) except that I need to own another car as a daily driver ... and also includes roadside for ALL my cars, not just my Mustangs insured with them which was about $80 per year so insurance is around $570 without that.

You have Hagerty so you probably know most of this already. All you need to do is ask about the value you want. Worse case is they say no. I never thought they'd insure my cars for what they did but they went higher than I expected on all of them. I've been pleased with them overall.
 
OP
OP
Doug

Doug

Well-known member
Joined
Apr 23, 2007
Messages
558
Location
Valencia, California
Thanks for your reply and comments. I called Hagerty and they added my "new" car to my policy. Since it is a 390 GT/CS they valued it at 35k with no questions asked. It is interesting that they have the 55 Nomad at 65K and the 59 Sprite at 23K; the policy is $ 665 for the year. The CS is being pick up tomorrow and began it ride back to CA.

All I gota say is that this site is great and very helpful. It kinda reminds me of the old Shelby site - before they got too concered "mostly" with the car values. Of course that is IMHO.

You'll hear more about the car later - intresting history and story.
 

franklinair

Well-known member
Joined
Mar 1, 2007
Messages
4,740
Doug;
Congrats on the new acquisition. Is this the red one from the SW we PM'd & discussed? If it is, it looks like a sweet car. Sorry you can't make it to Grass Valley.
Neil Hoppe
 

RedGTvert

Well-known member
Joined
Apr 17, 2006
Messages
262
I would go for more than the NADA. They have agreed value and don't hesitate to increase the values where it's valid. They even recommended I raise my value this year without my asking.

My car NADA's more than what the street price is. They never assumed a value or recommended a value for any car that I have ever insured with them, they always asked me what I thought the value was.

The High Retail on a S-code GT/CS is in the $40-$46K area, so to me the car may be a bit under insured at $35K.

Like you I have my other car, a '93 Saleen with them under the exotic category, with a $25K agreed value.

I would ask for as much as I could, until the underwriters say no. The cost difference is minimal as I mentioned in an earlier post.
 

BroadwayBlue

Well-known member
Joined
Apr 26, 2005
Messages
2,900
Location
Hudson Valley Area, NY
My car NADA's more than what the street price is. They never assumed a value or recommended a value for any car that I have ever insured with them, they always asked me what I thought the value was.

The High Retail on a S-code GT/CS is in the $40-$46K area, so to me the car may be a bit under insured at $35K.

Like you I have my '93 Saleen with them under the exotic category, with a $25K agreed value.

I would ask for as much as I could, until the underwriters say no. The cost difference is minimal as I mentioned in an earlier post.

I think the $35K is a bit low too and I'm basing that on what my 302 and 289 are insured at. The 390 should be higher if I use that as a guide.

I said "Valid" assuming that if they didn't think the value was in line they wouldn't accept what we tell them.

They never assumed with me either. Just asked me the value and said OK to it. Then this year they sent me a letter recommending raising it another $3,000 for less than $15 per year.

Actually, with my "new" 289, before I could say the amount I wanted the girl said hope about "this" and it was a few thousand more than I was going to say.

With the 96, the value I gave them was below their limit for the exotic category, so they actually covered it for more than I said the value was and less than their minimum.

Point is they seem to be reasonable in accepting the agreed values. I've never had them turn me down yet.

In any case I agree - ask for more on the 390 - it's your call but I would if it was me.
 

68gt390

Well-known member
Joined
Feb 22, 2004
Messages
2,021
Location
Columbus, Ohio
I gotta chime in on this one. My car, an original "S" code now with a 428 CJ (pumped up) is currently insured at an agreed upon value (no appraisel) through State Farm for $60,000.00 (and my car still needs some work). I was hoping to get $50,000 originally but, they sent their own folks out and took photo's of the car and that's the figure they came up with. The bottom line with our cars is don't sell yourself short on insured value. Granted the majority of items are regular 68 Mustang pieces but, we all know what else is on our cars that is virtually impossible to replace. I've seen too many folks out there do that very thing and when it comes to actual replacement cost :icon_pani , it'll blow your sox's off along with a few other items. With our particular cars you can never be under insured in todays real world.

Don
 
OP
OP
Doug

Doug

Well-known member
Joined
Apr 23, 2007
Messages
558
Location
Valencia, California
I appreciate all the comments and advice. This will be addressing this with Hagerty sometime this week as I am out of town until Thursday. Some of you asked what car I bought; well it is the Red 390/automatic with air Texas car. I was able to confirm many of the details and even talked to the restorers prior to purchase. The toughest thing right now is waiting to see the car, it was picked up on Sunday and delivered to my mechanic today (Tuesday) at 11 am California time. Everyone who has seen the car says it is just fantastic and these people are much more knowledgeable than I. I will wait until Thursday for my own personnel introduction to this car. But by that time I think that my wife will have already claimed it as hers. Oh well worse could happen.
 

RedGTvert

Well-known member
Joined
Apr 17, 2006
Messages
262
Doug, before finalizing up with Hagerty, place a call to Grundy. I have been with Hagerty for 10 years, but was recommended to try Grundy. I just bought another Fox Saleen and priced both Hagerty and Grundy. Agreed value $30K and Grundy $358/year, Hagerty $493 per year for the same coverage.

Congrats on your purchase.
 

Mosesatm

Well-known member
Joined
Jan 18, 2005
Messages
9,009
If I remember correctly Hagerty and Grundy have different restrictions so check each to see how you are going to drive the car.

I think Hagerty has a mileage limit but you can drive the car anywhere for any reason. Grundy has no limit but you can drive the car only to shows, repair shops, etc. It cannot be used for errands, to dirve to school, or to work.
 

BroadwayBlue

Well-known member
Joined
Apr 26, 2005
Messages
2,900
Location
Hudson Valley Area, NY
If I remember correctly Hagerty and Grundy have different restrictions so check each to see how you are going to drive the car.

I think Hagerty has a mileage limit but you can drive the car anywhere for any reason. Grundy has no limit but you can drive the car only to shows, repair shops, etc. It cannot be used for errands, to dirve to school, or to work.

I've heard a number of people here and other places say that Hagerty has limits on mileage but they don't. I wonder if it depends on the state they're insuring someone in.

I verified this with them when I added my other 2 Mustangs to my policy a few months ago.

No mileage restrictions and you can drive it to work, etc ... not everyday as a daily driver at the Classic rate but told me I could drive it a few days a week to work.

I have more restrictions with NY State due to having Historic or Vintage plates. In NY having those plates they restrict your driving but not Hagerty.

You sign a statement in NY for Vintage or Historic plates stating the following:
I certify that the vehicle... is owned and operated as an exhibition piece or collector's item, and is used for participation in club activities, exhibits, tours, parades, occasional transportation and similar uses but is not used for daily transportation.

Either way it's worth pricing it out. For me Hagerty came out the cheapest compared to Grundy, Hagerty and 1 or 2 other companies I priced.

Can't hurt to shop around.
 

RedGTvert

Well-known member
Joined
Apr 17, 2006
Messages
262
If I remember correctly Hagerty and Grundy have different restrictions so check each to see how you are going to drive the car.

I think Hagerty has a mileage limit but you can drive the car anywhere for any reason. Grundy has no limit but you can drive the car only to shows, repair shops, etc. It cannot be used for errands, to dirve to school, or to work.

Nope, no mileage limits with Hagerty.

You have to remember, Hagerty is not an insurance company, they are an insurance agency. My cars with Hagerty are now with Encompass, and thier policy clearly states . . .

1. Is maintained primarily for use in car clubs, activities, exhibitions, parades and other public interest or for private collection; and

2. Is used only infrequently for other purposes.

#2 is kind of ambiguous, but with language like this, it is best to check out. It does not say you can drive the car for any reason or for any purpose.

I am sure if you are taking a cruise on a nice weekend day and something happens it will not be an issue, but you have to be careful with some of the other trips you may use it for.

This insurance is cheap, because they do not expect it to be on the roads often, and they do not expect that you are going to put tons of mileage on it.
 

BroadwayBlue

Well-known member
Joined
Apr 26, 2005
Messages
2,900
Location
Hudson Valley Area, NY
Mine is through Encompass as well.

I think bottom line is, for the "classic" insurance the car is not intended for use as a daily commuter. Like you said, that's why the price is so low.
They don't expect it to be on the road as often as a daily driver.
They're OK with driving it to work a few days a week but not everyday.

I'm not trying to recommend any insurance company over another.
I'm happy with Hagerty, luckily haven't had to make a claim so can't comment on that. Just passing along my experience so far.

Like we say with our cars. Shop around and "do what's best for you and what feels right".
 

RedGTvert

Well-known member
Joined
Apr 17, 2006
Messages
262
Rich, the saga continues. The Saleen is leaving the old owner tomorrow, so I wanted insurance in place before it hits the trailer. I Fedex all the paperwork needed to get the car insured along with payment.

I get a call yesterday afternoon from underwriting, asking me how I came up with the value. They can only come up with $12K. I go through everything with them, explaining how I came up with the value. They tell me, they will call back. I get a call half hour later, they tell me the max they will cover the car is for $20K. I tell them, thanks, return the check. I will go with Hagerty who had no problem with $25K.
 
Top