1998 Ford Mustang V6, First Car!

Discussion in 'New Member Introductions' started by RyanCess, Nov 4, 2015.

  1. RyanCess

    RyanCess Member

    Messages:
    132
    Likes Received:
    0
    Joined:
    Nov 4, 2015
    Hey guys I'm picking up my 1998 Ford Mustang tomorrow and am signing up for insurance today. I wanted to know if you guys report your modifications to your insurance providers.:D:D
     
  2. g36 monkey

    g36 monkey Moderator Staff SN95 Supporter

    Messages:
    14,057
    Likes Received:
    539
    Joined:
    Nov 15, 2008
    Location:
    Orlando, Fl
    I never did and it bit me in the butt. I had a large sum of money dumped into a new motor, trans, and general restoration things. Some woman ran a red light, and totaled the car. Insurance tried to give me like $2k for it. It ended up being a pretty big battle but I managed to get a little bit more. Had I reported this stuff earlier, my rates would have gone up some, but they would have raised the value of the vehicle.
     
  3. RyanCess

    RyanCess Member

    Messages:
    132
    Likes Received:
    0
    Joined:
    Nov 4, 2015

    So so you're saying I should let them know before I do anything major?
     
  4. lwarrior1016

    lwarrior1016 Moderator Staff SN95 Supporter

    Messages:
    5,639
    Likes Received:
    658
    Joined:
    Sep 22, 2014
    Location:
    South Mississippi
    Ive never reported anything to my insurance people. They like to jack up the prices on your car when you make it go fast.

    Either way, welcome to the community. Make sure to post up some pictures when you get the new ride.
     
  5. Orange 94

    Orange 94 Moderator Staff SN95 Supporter

    Messages:
    10,855
    Likes Received:
    387
    Joined:
    Oct 21, 2012
    Location:
    Alberta Canada
    Welcome!

    If you do anything major you should report it.
    I really should get my car appraised now that Im out of school and can afford to pay more insurance.
     
  6. RyanCess

    RyanCess Member

    Messages:
    132
    Likes Received:
    0
    Joined:
    Nov 4, 2015
    What constitutes as a major modification?
     
  7. RyanCess

    RyanCess Member

    Messages:
    132
    Likes Received:
    0
    Joined:
    Nov 4, 2015
    I will post pictures tomorrow and thank you very much
     
  8. evilcw311

    evilcw311 Most Evil Mod! Staff Member Staff

    Messages:
    7,143
    Likes Received:
    1,754
    Joined:
    May 9, 2010
    Location:
    Louisville, KY
    Never report it to your regular insurance company as they will jack your rates up and they won't pay what it's worth. Keep regular drivers insurance knowing all they need to know and then find a company to do an underwriters policy as most car collectors do.

    My 73 stingray with all the custom work I had done to it only cost me 250 a year for the underwriters policy and it was for $75k. No matter what happened to that car it was covered for that amount.

    Only difference was that car was driven less then 2k a year.

    Still worth looking into. I will be on my Stang when I finish it this time.


    This message courtesy of crapatalk!
     
  9. 1998cobrasvt

    1998cobrasvt Well-Known Member

    Messages:
    1,531
    Likes Received:
    7
    Joined:
    May 4, 2015
    Welcome and good luck with your new ride!

    If your only planning on doing small things like a cold air intake and catback exhaust etc then it is not worth it, but if you plan on doing things like motor swapping / something big (which would put your costs approx double over book value) then yes definitely verify agreed value beforehand. I have my Cobra on an agreed value policy. When i build the motor for boost and build the rear end i will be sending them the bill for those parts to up the value of the policy at that time.
     
  10. Ferocious

    Ferocious Legend SN95 Supporter

    Messages:
    12,255
    Likes Received:
    592
    Joined:
    Jun 1, 2011
    Location:
    San Diego
    Welcome to the site. I don't tell my insurance anything. I pay my liability and move on with my life but don't follow in my footsteps.
     
  11. RyanCess

    RyanCess Member

    Messages:
    132
    Likes Received:
    0
    Joined:
    Nov 4, 2015
    Are you ever worried about what might happen because you don't? btw i love your car :thumbsup:
     
  12. Ferocious

    Ferocious Legend SN95 Supporter

    Messages:
    12,255
    Likes Received:
    592
    Joined:
    Jun 1, 2011
    Location:
    San Diego
    Thanks. Eh, not really. My insurance stay cheap and I don't worry about them paying the car off if something happens. It's not worth anything to begin with. I also don't drive it much so liability is perfect. Even my daily has just the basics for insurance. Everyone's case will be different though. Get whatever you think will be best for you in the long run. And if you're low on funds, just get whatever you can afford.