Insurance Value

[svt2205]

Hey Guys

What do you think a 93 Cobra is worth. Current mileage is 80K, car is mostly stock, except for a little suspension, brake and exhaust work. Vibrant red, opal cloth, sunroof. It's time to renew my speciality insurance and now is the time to change the stated value.

Thoughts?

[BADBOY]

As mine sits , and if it was stolen or totalled, well I want 20k with the stuff in it and the stereo.

State farm will not do it, but I will find someone that will.

[svt2205]

20K.... I didn't pay that when mine was NEW.... So what makes yours worth 20 large? Massive stereo's and modifications take away from value on these cars.

[QWKSNKE]

20K.... I didn't pay that when mine was NEW.... So what makes yours worth 20 large? Massive stereo's and modifications take away from value on these cars.

if done right, it doesn't

[BADBOY]

20K.... I didn't pay that when mine was NEW.... So what makes yours worth 20 large? Massive stereo's and modifications take away from value on these cars.

Nothing has been cut in any way on the car. It has 65k on it so I figure its worth atleast $14,500, then the stereo in it is worth about $4,200.

Lets not forget my labor to install it, even though I did the work, if someone stole the car I would not get my labor back. There fore it must be paid in some way.

[Guest]

Want to know what it is worth????

Call your bank or credit union. They will give you retail value price for the Cobra. Compare your bank or credit union to what my credit union told me. This is what I told them: 93 Cobra, 10k, cloth interior, no sunroof. This is what they told me: Retail approximately $9,000.

Collectors/enthusiasts are the only ones that will pay top dollar for these cars.

Now what is the car worth to you or a collector/enthusiast??? Name your price and see if you get a nibble.

[BADBOY]

All you have to do it show the value of a similar car and as close to the condition,and around the same mileage.

I have been there with my 92 GT that got totaled, they offered $4200 and I showed State farm the value was more than they were paying. I then got a check for $5700. So they will pay its just showing them the market value, not the blue book value.

[phorty]

I've wondered about this when getting my Cobra insured. I'm shopping new insurance companies as we speak. Insurance companies must deal with this on a regular basis. Are there rates for collector rates?

[BADBOY]

Yes, but most will tell you to go get collector car insurance.

[phorty]

What is collector car insurance? Does it go through a regular insurance company? Anyone done this with their Cobra or another vehicle?

[BADBOY]

Most of he collecter car insurnce does not go through your regular insurance company.

Do a search on the net for it.

[black93svt]

I have mine insured through Hagerty. It's an agreed value. I just told them the car was worth 12k and they insured it. No questions asked.

[BADBOY]

Thats the way it should be !

[svt2205]

Many of the specialty insurance companies don't cover cars as new as the 93 Cobra. I'm insured thru Parrish Heacock, with an agreed stated value, limited use type policy.

Their policy is very restrictive, including age, miles per year, not to be used for driving to work or errands, bla bla bla.... But for less than 200 or 300, drawing a blank right now, I've got great coverage.

This year, I recieved the note asking if I wanted to change the stated value from the current amount. Thus my questions here and on svtperformance.

Thanks for all the feedback!!

Henry

[BADBOY]

Dont agree to such a policy, its a screw job