What will insurance cover for our Mustang Hobby?

GT Dan · 01-07-2003

Alright.....we pump a bunch of money into our cars and then something bad happens--an accident or theft.

I have to admit I have not researched my coverages at all. I'm wondering if any insurance companies will cover our real economic losses or will only pay out low blue book values.

Anyone find anything of interest to get some decent coverage for our passionate hobby?

Key questions I have are the following:

1. Coverage on a totalled wreck or theft. Low book, fair market value, or ???

2. Coverage for others driving our cars. Yes or no.

3. Coverage for accidents while at the race track or a racing event. Yes or no.

4. Any other converage issues that I should be concerned about?

Princess94GT · 01-09-2003

Quote:

Originally posted by GT Dan

1. Coverage on a totalled wreck or theft. Low book, fair market value, or ???

2. Coverage for others driving our cars. Yes or no.

3. Coverage for accidents while at the race track or a racing event. Yes or no.

4. Any other converage issues that I should be concerned about?

1. Unless the car is classified as an antique/classic (car has to be 20 years or older) you will get blue book value. But, if a total loss does occur, and you have receipts for a new trans, tires, brakes, etc, you can submit them to the adjuster and they will compensate for that.

2. As long as they have a license and you give them permission, they are covered. This talk about "the driver has to be 25 or older" is b.s.

3. No no no. but, if it ever happens, have the car towed and say you lost control and ran into a wall!

4. If anything gets stolen out of the car, and it isn't attached to the car; such as cd's, cell phone, clothing, or things you just bought from a day of shopping; is NOT covered under your auto policy. It would be covered under your home policy.

Greg_Hager · 01-09-2003

You the (wo)man Princess.

You sell insurance by any chance? Or do you read the fine print on the bottom of the screen. ?

Princess94GT · 01-09-2003

All right...I gained brownie points from my knowledge

Unfortunately, I'm not just a blonde with a brain....it's my profession!

Doug02 · 01-09-2003

Isn't it true though, that if your policy declarations state "no drivers under age 25" that the insurance company is not required to pay?

Also, in Texas at least, If you give someone permission to drive your car, and they have a liability policy of their own, for example on their own car, and they wreck yours, their insurance company is responsibile to fix your car.

Princess94GT · 01-10-2003

If your policy states "no drivers under age 25 will be covered" than no, they wouldn't be covered. But usually, when your policy states "no drivers under 25" it just means that your policy isn't being rated for any "youthful" drivers.

Now that is a touchy situation...when someone else drives your car. Rule of thumb is that the insurance follows the car, not the driver. If you give someone permission to drive your car, and they have an accident, your policy would cover the loss. But, if someone is driving your car and for some unknown reason they aren't covered under your car, than yes, their company should pick up the damages. Kind of like when you drive someone else's car, their policy would cover you in a loss, not yours...unless their car is uninsured.

I'm only licensed in the state of Illinois, so the laws may be different in other states.

7DMACH1 · 01-10-2003

Ok, here is a company that will insure your car for a stated value. The only stipulation that I know of is you can't drive over 5k per year. I had my 86 Capri and my 70 Mustang insured with them for about 12 years. RAY
www.parishheacock.com

kyle_c_21 · 01-10-2003

i have a question.... is there a type of insureance plan that will only cover your car a certain time outta the year?
ex..
here in ohio winters arent fun, and im wanting to really make my car look nice, and i was wanting to store it from november to march. can i get a plan that during that time i wont pay for it? just something i was thinkgin about. thanks.

ro51468 · 01-10-2003

That's easy, call you existing carrier and tell them you are storing the vehicle and only want comprehensive. Should only be about $5.00 per month. I do it every year.

Ron

7DMACH1 · 01-10-2003

I believe it would depend on the states laws. In PA. if you drop you liability insurance the state will revoke your tag. RAY

Princess94GT · 01-12-2003

Quote:

Originally posted by ro51468
That's easy, call you existing carrier and tell them you are storing the vehicle and only want comprehensive. Should only be about $5.00 per month. I do it every year.

Ron

And, if you do this...check to see what deductible you have. If you carry a $250 or $500 deductible, you'd be surprised at how inexpensive it is to carry a $100 or even $0 deductible. It would probably only cost you an additional $4 a month!