I have been thinking a lot lately about getting insurance for my first ever classic muscle car. With the amount of money I already have tied up in my car I probably should have gotten insurance by now but I have been sitting on my nads and just havn't done it. I have approximately 42K just in receipts alone but I don't know the value of my vehicle for insurance coverage.

Who better to ask then the fellas who own and build these cars? I'm going to list everything my car has, what has been done to it and hopefully get a ballpark figure so I can be prepared when I call the insurance company. I know times are tough right now and if I were going to sell I should only expect to get half of what I got into my car. I don't ever plan on selling, I just need that peace of mind that I can recover the funds necessary to replace my car if it is a total loss.

My car is a 68 Coupe and it is in the process of a frame off restoration (currently being painted). The body was put on a rotisserie and bead blasted. The trunk pan, trunk drop off, RH floor pan front and back were replaced.

A new full RH quarter and new dash panel. The car has a new aftermarket 2 1/2 cowl hood, 2 new doors with all new hardware.

Front clip, radiator support and inner fenders blasted and powder coated

New powdercoated Ford 9" rearend with Currie differential and heavy duty axles/eaton positrack with 3:73 gears.

New Inland empire drive shaft

Heidt's 4 link setup with coil overs powder coated

Heidt's subframe connectors powdercoated

Wilwood disk brakes front & back.

Firewall smooth plates.

All new bushings/body mount

New tinted glass all around.
New Ididit polished stainless steel steering column
New American wire front to back
Covan's classic gauge cluster with super comp gauges
New Northern radiator with 2 spal fans
New Vintage air
New March BB midmount serpentine with polished stainless alternator and power steering pump.
Polished aluminum BB water pump.
Edelbrock RPM air gap intake with endurashine.
New foose legends with Nitto 555's (drags in the back)


Every interior part and every exterior part you can think of is new including Scat Rally Series 1000 Seats and completely re-upholstered back seat.


The engine is a 512 ci bow tie BB from the racing division with too many parts to list. This motor is advertised in the Summit catalog for 13K.

New Hooker competition headers
New Flowmaster 3" exhaust system

Rebuilt TH 400 transmission with kit.

Lastly a 7K paint job and i probably forgot a few things but you get most of what my car has.

I need a good number to throw at my insurance guy and I thank you for your opinion's in advance.

Do you want to insure for your investment or what the open market value is?

55,000.00 Imho

I want to be able to cover my investment I guess. I keep hearing about this agreed value, I just want to be sure my insurance and I agree on what it's worth if it's a total loss. Good question though, I'm sure insurance will try to go with market value. I would be curious to know both. Any guess on market value Gary?

Keith,

Is your car a daily driver?
Are you the ONLY driver?
Secured garage?

I will be the only driver, it will only be a weekend cruise here or there and it will be kept in my garage. I may try it out at the strip some day, I know they won't cover it there.

If the car looks good and the engine does not have a blower or tunnel ram intake, insuring it for the amount you want is doable, as long as it is within reason. I went from $25K to $50K and the premium roughly doubled. Classic car insurance generally limits driving to car events and 2500-3000 miles per year.

I went through the "agreed value" policy route myself here in KY. All i had to do was have the car appraised by a reputable shop( they can work out the numbers enough to get your investment covered) and then take the appraisel to your insurance co. They will send a copy of appraisel along with a few pics to their underwriters and there you have it! My agreed value policy covers $32,500 and runs me $110 every six months!

Not just any insurance company either. Only get "agreed value" insurance from a collector car specialty insurance company, there are many. Your homeowners company will NOT give you agreed value coverage, so dont even bother asking them.
Go to Bench section here and use SEARCH button and type in 'insurance' and read the many threads on this topic. :)

I appreciate the 411, thanks for the link Jim I will look into those threads.

I went with Hagerty on my 69, i can drive 5k a year, stated value of 30k, even tho i only paid 25k. All i had to do was give them a picture of the car. I didnt need an appraisal. That may change with the high values tho.

I went with Hagerty on my 69, i can drive 5k a year, stated value of 30k, even tho i only paid 25k. All i had to do was give them a picture of the car. I didnt need an appraisal. That may change with the high values tho.

Chris,
I too am W/Hagerty.
In Cali, Hagerty does not check mileage. Upon renewal each year, I've never been asked for the mileage. Your state could be diff.
Hagerty doesn't need an appraisal, only pics. My premiums for Agreed Value are,
1968 Z/28 60k coverage, $375
1969 Pro Touring Camaro RamJet 502 , 100k coverage, $850/yr

I was really worried about the 69 as it is now 85% finished and hasn't been on the road for 5 years. Hagerty will do "modified" under construction cars at a slightly higher premium than my stock 68 Z/28.
I emailed them pics and receipts and that was all that was needed.