How many of you out there carry full coverage on your Fox body 5.0? - Mustang Evolution

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Old 05-31-2010, 01:38 AM   #1
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How many of you out there carry full coverage on your Fox body 5.0?

Do any of you out there have 1988 Mustang GT fully covered or liability only. Insurance company doesn't put a value on these cars so I was told it is best to insure it for liability only since value is only worth $2,000even though car is in perfect condition.
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Old 05-31-2010, 09:44 AM   #2
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Re: How many of you out there carry full coverage on your Fox body 5.0?

does the car have lots of mods and is restored? If so you can get a stated value ins. policy on the car. Like you would on a classic car. you just have to get a appraisal on the car, and they will insure the car for the value stated in the appraisal. I.E. the chevelle appraised for $50K so that's what it's insured for.
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Old 05-31-2010, 01:28 PM   #3
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Re: How many of you out there carry full coverage on your Fox body 5.0?

^^he pretty much covered it..

my 88 GT has only liablility but i don't put it on the road very often... once i get it painted and restored the way i want, i'll be putting 'custom' insurance on it...

i didn't know you had a foxbody.. pics???
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Old 05-31-2010, 04:01 PM   #4
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Re: How many of you out there carry full coverage on your Fox body 5.0?

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Originally Posted by hottcobra View Post
does the car have lots of mods and is restored? If so you can get a stated value ins. policy on the car. Like you would on a classic car. you just have to get a appraisal on the car, and they will insure the car for the value stated in the appraisal. I.E. the chevelle appraised for $50K so that's what it's insured for.
Yes it is factory stock condition in great condition but State Farm insurance company will only put a $2,000 value on it and that's after submitting ads from around the country of other similiar Mustang models for sale and popular Mustang magazines along with price lists printed out in popular Mustang magazines along with other legal actions.
They go strictly by the blue book which only goes back to 1989 now.
Called Haggerty and they do not consider this a classic car as it has to be so many years old.
It's strange though that they will consider a Corvette of any year and cover it as a classic.
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Old 05-31-2010, 04:03 PM   #5
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Re: How many of you out there carry full coverage on your Fox body 5.0?

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^^he pretty much covered it..

my 88 GT has only liablility but i don't put it on the road very often... once i get it painted and restored the way i want, i'll be putting 'custom' insurance on it...

i didn't know you had a foxbody.. pics???
This car doesn't need resoration. It's what you call a "survivor" Parts are OEM and in great condition. Yet the pay out on it is only $2,000 maybe less per their claims dept.
That's why we are considering dropping it down to liability only since we already know they will not pay what the car is worth which is at least twice that.
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Old 05-31-2010, 05:37 PM   #6
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Re: How many of you out there carry full coverage on your Fox body 5.0?

Well the stated value policy on the chevelle is from state farm, but it's a 1970. So they must have a min. age requirement.
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Old 06-01-2010, 10:20 AM   #7
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Re: How many of you out there carry full coverage on your Fox body 5.0?

I guess to keep full coverage is good in those situations where there just is maybe a damaged fender then you just pay whatever your deductible is.
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Old 06-01-2010, 10:36 PM   #8
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Re: How many of you out there carry full coverage on your Fox body 5.0?

Liability only on the 90 here. Looking to move it to a collectors ins policy in the near future.

You can probably get an agreed value policy at whatever amount you deem appropriate with limited mileage from a collectors ins company. I'll be doing some looking in the next month and let you know what I find if you'd like.
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Old 06-01-2010, 11:27 PM   #9
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Angry Re: How many of you out there carry full coverage on your Fox body 5.0?

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Liability only on the 90 here. Looking to move it to a collectors ins policy in the near future.

You can probably get an agreed value policy at whatever amount you deem appropriate with limited mileage from a collectors ins company. I'll be doing some looking in the next month and let you know what I find if you'd like.
When my brother made a claim for it they would not pay him more than $2,000 maybe less something like $1,500 for a salvage title. It was all cosmetic damage so he fixed it himself so now we already know State Farm will not pay what this car is worth. Haggerty turned it down saying it wasn't old enough or on their list of collectibles.
Does State Farm have this kind of policy because if they do they sure didn't offer it or let it be known we should get that kind of coverage. They even said for us to get an appraiser and they will get their appraiser.
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Old 06-01-2010, 11:40 PM   #10
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Re: How many of you out there carry full coverage on your Fox body 5.0?

What I would do is figure up the actual value. Keep full coverage just in case and put some cash aside. Just in case something does happen. However if they deem it totalled you could buy it back for dirt cheap and fix it yourself. This is why I am considering an SN95 when time comes to pick another up. I can easily get good full coverage on it.
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Old 06-01-2010, 11:57 PM   #11
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Thumbs down Re: How many of you out there carry full coverage on your Fox body 5.0?

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Originally Posted by sonic04edge View Post
What I would do is figure up the actual value. Keep full coverage just in case and put some cash aside. Just in case something does happen. However if they deem it totalled you could buy it back for dirt cheap and fix it yourself. This is why I am considering an SN95 when time comes to pick another up. I can easily get good full coverage on it.
He did do the comps with comparable cars but it was difficult because there aren't many around in this condition. Certainly though the junkers are in this $2,000 range and this one is running fine and strong great body and interior. Yet insurance wouldn't budge on this one.
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Old 06-02-2010, 07:53 PM   #12
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Re: How many of you out there carry full coverage on your Fox body 5.0?

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He did do the comps with comparable cars but it was difficult because there aren't many around in this condition. Certainly though the junkers are in this $2,000 range and this one is running fine and strong great body and interior. Yet insurance wouldn't budge on this one.
They'd have a heck of a fight on their hands if that's all they paid for our 90. I have that much in the interior almost.
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Old 06-03-2010, 10:09 PM   #13
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Thumbs down Re: How many of you out there carry full coverage on your Fox body 5.0?

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They'd have a heck of a fight on their hands if that's all they paid for our 90. I have that much in the interior almost.
You might want to check with them before anything happens. We found this out the hard way. Even trying to find the comps was difficult and when we did find them they still wouldn't pay more than 2,000 or $1,500 for a salvage title.
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Old 06-06-2010, 01:01 AM   #14
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Re: How many of you out there carry full coverage on your Fox body 5.0?

I got about 4 emails out to different collector companies to see what they would offer for an agreed value policy on both the 90 and 03. We shall see how it turns out.
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Old 06-06-2010, 02:03 AM   #15
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Re: How many of you out there carry full coverage on your Fox body 5.0?

My insurance company (liberty mutual) had my 92 insured for $5000 (500 deductible, so essentially 4k) by request, it only added ~$10 per month - full coverage - not sure exactly how that worked out, but we worked through a broker/agent and not just over the phone
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Old 06-06-2010, 03:18 PM   #16
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Question Re: How many of you out there carry full coverage on your Fox body 5.0?

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My insurance company (liberty mutual) had my 92 insured for $5000 (500 deductible, so essentially 4k) by request, it only added ~$10 per month - full coverage - not sure exactly how that worked out, but we worked through a broker/agent and not just over the phone
I wonder now this kind of insurance policy-what type or what is it called?
Does State Farm have this type of policy and it would be just a matter of switching over to that policy. No body tells you what your choices.
Do all insurance companies have this kind of policy and it is just a matter of bringing up this t ype of insurance to them?
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Old 06-06-2010, 03:20 PM   #17
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Question Re: How many of you out there carry full coverage on your Fox body 5.0?

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I got about 4 emails out to different collector companies to see what they would offer for an agreed value policy on both the 90 and 03. We shall see how it turns out.
Haggerty being one we tried flat out turned car down just based on the model make and year. Yet they said any year Corvette they will insure. I don't get it.
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Old 06-06-2010, 03:30 PM   #18
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Question Re: How many of you out there carry full coverage on your Fox body 5.0?

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What I would do is figure up the actual value. Keep full coverage just in case and put some cash aside. Just in case something does happen. However if they deem it totalled you could buy it back for dirt cheap and fix it yourself. This is why I am considering an SN95 when time comes to pick another up. I can easily get good full coverage on it.
This is what my brother did the first time. He knows he can easily get $4,000 - 5,000 for this car just the way it is now-great condition interior and exterior.
engine has 224,000+ miles on it, everything is original the 5spd. transmission, Ford put in a 3.55 rear end... work done is water pump replaced with Edelbrock, crane timing chain, Mr. Gasket thermostat and gasket, 130 amp alternator, silicone hoses, police clutch fan, 3 row radiator, new MAF. So you can see he has put alot of $$$ into it and time.

What the insurance companies does is they go by blue book which only goes back to 1989. They will look at prices of parts that Ford no longer produces and these prices are inflated and don't exist-not available from dealer.
So that makes the repair amount that much more higher in their favor of totalling it. So if you replace everything on your own and can't get the original FORD parts from a speciality Mustang parts store, he went aftermarket and you can't even tell and the cost is alot less of what this insurance company estimates.
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Old 06-06-2010, 03:34 PM   #19
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Question Re: How many of you out there carry full coverage on your Fox body 5.0?

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Well the stated value policy on the chevelle is from state farm, but it's a 1970. So they must have a min. age requirement.
That's the name of this type of policy Stated value policy. Does every insurance company have this including State Farm?
Cause we have State Farm and they never mentioned this type of policy for us to have for this car. They just put down for less than $7,500 miles a year but value of car is inaccurate when it comes time to meet the claims dept.

Does this mean if this Stated Value Policy is available that it will cost more than a regular insurance policy? Or there more limitations like on collector car insurance that won't accept this car anyway?

My brother pays $55.00 a month for this car and has a $100 Comp and 250 collision and yet they only value the car $2,000/totaled at that time.
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Old 06-06-2010, 05:52 PM   #20
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Re: How many of you out there carry full coverage on your Fox body 5.0?

Not sure of the exact tittle name of the policy, but it's a classic car policy. It does have a mileage limit on it and it is from state farm. Ask your agent about it. It cost $650 a year for $50,000 coverage. If the car is totaled they will send a check for that amount no questions asked.

I know because I had a 1935 chevy insured for $40,000 through state farm. The car went under water in Katrina, and within 3 weeks I had a check for $40,000
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Old 06-06-2010, 06:48 PM   #21
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Thumbs down Re: How many of you out there carry full coverage on your Fox body 5.0?

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Not sure of the exact tittle name of the policy, but it's a classic car policy. It does have a mileage limit on it and it is from state farm. Ask your agent about it. It cost $650 a year for $50,000 coverage. If the car is totaled they will send a check for that amount no questions asked.

I know because I had a 1935 chevy insured for $40,000 through state farm. The car went under water in Katrina, and within 3 weeks I had a check for $40,000
He pays $55. a month for full coverage which will only fetch $2,000 in cash or $1,500 for a salvage title buy back. That's with 100 comp and 250 Collision.

As it is now the limitation on mileage on this policy is 7,500 miles a year
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Old 06-06-2010, 08:20 PM   #22
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Re: How many of you out there carry full coverage on your Fox body 5.0?

The reason I say our 90 will probably be covered is it's a limited run 90 and I can prove it with paperwork...
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