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$300 for a car that's driven? What's the catch here, that seems awfully low.
I am thinking of keeping my '05 Mustang but also don't want to have 3 cars on insurance. I would daily drive a Civic, my wife an SUV and the Mustang would be used maybe a few weekends a month for very short trips. Would love to hear some details on how this works at that price if possible.
If the car sees less than 5000 miles a year (a weekender with occasional weekday use) then an agreed value policy from someplace like Hagerty can be dirt cheap. That's what it's for, people who don't do the daily grind in their "fun" cars. And of course, even regular insurance gives a multi-car discount and can have basic insurance for the infrequently driven weekend cars.
Call Hagerty and check on prices. We use them for our hot rod '79 Chevy pickup that sees very little street duty, and it's about $140 a year for full coverage.
I am not offering my bone stock Mustang for sale because I think everybody want a great deal on a used car but are not willing to pay a fair price.
Not for sale but what is it worth?
2012 Mustang GT, 5.0, six speed manual with only 24,000 miles, original sr citizen owner. Never raced, never even did a burn out.
This is not an add to sell.
Best thing to do is to go to Edmunds or KBB and get a good idea. Location and demand can play a factor, but just doing a quick search based on the info you gave, you could ask around $20k private party.
If the car sees less than 5000 miles a year (a weekender with occasional weekday use) then an agreed value policy from someplace like Hagerty can be dirt cheap. That's what it's for, people who don't do the daily grind in their "fun" cars. And of course, even regular insurance gives a multi-car discount and can have basic insurance for the infrequently driven weekend cars.
Call Hagerty and check on prices. We use them for our hot rod '79 Chevy pickup that sees very little street duty, and it's about $140 a year for full coverage.
That might be something to consider in the future. I would love to have a Mustang that is just the weekend car in the future, and have something like a Civic or Sentra to drive during the week.
$300 for a car that's driven? What's the catch here, that seems awfully low.
There are conditions. For starters, hagerty requires the car be kept in a garage, and you have another insured daily driver in your name. Also, you aren't supposed to drive it for normal everyday type activities. For instance, they don't want you going to the grocery store with it, or commuting to work each day in the car. It's really meant for taking for a cruise on a nice Saturday, or heading to car shows and such.
It's also agreed value, so you set what the car is worth, or what you feel it's worth. in my case, market value is higher than KBB for my year. They asked for some justification from me, which I had no issues with at all.
If I had gone with normal insurance policy, it would have been $1500+ even with multicar discounts and such.
Last edited by BostonMike7; 09-27-2016 at 01:13 PM..
If the car sees less than 5000 miles a year (a weekender with occasional weekday use) then an agreed value policy from someplace like Hagerty can be dirt cheap. That's what it's for, people who don't do the daily grind in their "fun" cars. And of course, even regular insurance gives a multi-car discount and can have basic insurance for the infrequently driven weekend cars.
Call Hagerty and check on prices. We use them for our hot rod '79 Chevy pickup that sees very little street duty, and it's about $140 a year for full coverage.
Quote:
Originally Posted by BostonMike7
There are conditions. For starters, hagerty requires the car be kept in a garage, and you have another insured daily driver in your name. Also, you aren't supposed to drive it for normal everyday type activities. For instance, they don't want you going to the grocery store with it, or commuting to work each day in the car. It's really meant for taking for a cruise on a nice Saturday, or heading to car shows and such.
It's also agreed value, so you set what the car is worth, or what you feel it's worth. in my case, market value is higher than KBB for my year. They asked for some justification from me, which I had no issues with at all.
If I had gone with normal insurance policy, it would have been $1500+ even with multicar discounts and such.
Awesome stuff guys! This changes everything. I was quoted about $1,200 per year, even with a multicar discount, when I decided to buy the Mustang as a third car. So I got rid of the other car and have been daily driving the Stang. My wife needs an SUV and I am thinking of taking over her Civic as my daily driver. I put a whopping 7,500 miles on the Mustang last year driving it every day, so it wasn't a ton of miles anyway but I need a 4 door car for a soon to be growing family. If I can keep the Mustang for around $50 per month or less, I definitely will keep in covered and in the garage. Just a weekend toy for some fun.
I just tried to lookup my car and the lowest online quote I can get from Hagerty is $927 per year with a deductible of $1,500 and the car valued at $20k. Seems a bit high? My buddy has a rare 2010 Hurst Challenger with a $50k value and pays $60 per month. Thoughts?
I just tried to lookup my car and the lowest online quote I can get from Hagerty is $927 per year with a deductible of $1,500 and the car valued at $20k. Seems a bit high? My buddy has a rare 2010 Hurst Challenger with a $50k value and pays $60 per month. Thoughts?
What model are you quoting?
I'd probably get them on the phone and ask. My insurance agent who insures my home and regular cars also can write for Hagerty. After getting my online quote, I just forwared it to her and she did the paperwork. I made a few changes, and readjusted, but my initial quote was $297 under "stock" with a value of $7500. I upped it to $8500 and changed my class to "modified" and they asked for a list of mods, which I provided. They then agreed to it for ~$325ish.
Mile driven may have a role in it. I stated 2000 miles, which was generous for me. Realistically I'm probably around 500
I'd probably get them on the phone and ask. My insurance agent who insures my home and regular cars also can write for Hagerty. After getting my online quote, I just forwared it to her and she did the paperwork. I made a few changes, and readjusted, but my initial quote was $297 under "stock" with a value of $7500. I upped it to $8500 and changed my class to "modified" and they asked for a list of mods, which I provided. They then agreed to it for ~$325ish.
Mile driven may have a role in it. I stated 2000 miles, which was generous for me. Realistically I'm probably around 500
Lewdog will have to comment, but I'm thinking he might have thought in terms of driving the Mustang a bit more than just 2000 miles a year. In the beginning, I only drove mine on the weekend and still managed to put about 6,000 miles on it in a year.
I'd probably get them on the phone and ask. My insurance agent who insures my home and regular cars also can write for Hagerty. After getting my online quote, I just forwared it to her and she did the paperwork. I made a few changes, and readjusted, but my initial quote was $297 under "stock" with a value of $7500. I upped it to $8500 and changed my class to "modified" and they asked for a list of mods, which I provided. They then agreed to it for ~$325ish.
Mile driven may have a role in it. I stated 2000 miles, which was generous for me. Realistically I'm probably around 500
Quote:
Originally Posted by skinsguy37
Lewdog will have to comment, but I'm thinking he might have thought in terms of driving the Mustang a bit more than just 2000 miles a year. In the beginning, I only drove mine on the weekend and still managed to put about 6,000 miles on it in a year.
Quoting a 2005 mildly modified Mustang GT with a value of $15k.
Nope skinsguy37, 2k is about what I am thinking. I daily drove the Mustang for the past calendar year commuting every day to work (5 days per week) and only put on exactly 7,000 miles.
Got State Farm to quote me $50 per month ($1k deductible) to insure what is considered a seldom driven car, about 2k miles per year. I can live with that. The amount of gas money I will save driving a Civic every day will be about $40 per month, so it practically pays for the Mustang insurance.
I think through talking on this thread I have finally made my decision to keep this car. Originally I was going to sell it as I didn't want the expense of a third car. But seeing that we have two cars without car payments, I don't want to make a hasty decision and regret selling this car. Plus, getting the money that I think the car is worth in selling it, probably won't happen. It's worth more to me than it is likely going to get in finding the right type of buyer for this car. Selling it for the KBB value of $12k just doesn't do it for me.
Modifications are as follows for those wondering. These modifications were done by reputable shops shortly after my FIL bought the car new. Only thing I don't see listed on modifications sheet is lowering springs which were also done. He was the original owner and owner for first 10 years before I bought the car. He paid for all of the modifications. Currently sitting at 25k miles on the odo.
Quoting a 2005 mildly modified Mustang GT with a value of $15k.
Nope skinsguy37, 2k is about what I am thinking. I daily drove the Mustang for the past calendar year commuting every day to work (5 days per week) and only put on exactly 7,000 miles.
Got State Farm to quote me $50 per month ($1k deductible) to insure what is considered a seldom driven car, about 2k miles per year. I can live with that. The amount of gas money I will save driving a Civic every day will be about $40 per month, so it practically pays for the Mustang insurance.
I think through talking on this thread I have finally made my decision to keep this car. Originally I was going to sell it as I didn't want the expense of a third car. But seeing that we have two cars without car payments, I don't want to make a hasty decision and regret selling this car. Plus, getting the money that I think the car is worth in selling it, probably won't happen. It's worth more to me than it is likely going to get in finding the right type of buyer for this car. Selling it for the KBB value of $12k just doesn't do it for me.
Modifications are as follows for those wondering. These modifications were done by reputable shops shortly after my FIL bought the car new. Only thing I don't see listed on modifications sheet is lowering springs which were also done. He was the original owner and owner for first 10 years before I bought the car. He paid for all of the modifications. Currently sitting at 25k miles on the odo.
Awh man, Lewdog! You're breaking my heart! That is one sweet ride! Glad you're keeping it, though! I think you made the right decision. I would have jumped at the chance to buy your car if you were selling it at KBB value. I saw a white vert, '07 (I think) GT with just 21,000 miles listed with Carmax for about $18k. Carmax always tends to overprice their cars in my opinion, but seeing that it's going to get tougher and tougher finding an S-197 around the year of yours for the mileage under 30,000, I'm probably going to wind up paying a bit more than book value, even private party.
Nice car. I don't think I could sell that either. I had to sell my 2003 GT years ago and regret it to this day. It was in immaculate condition like it rolled off the showroom floor. What I ended up getting for it was not what I considered it was worth, and to find a car in as clean condition today would cost me far more.
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