How do you insure the expensive mods on your car or insure it for an agreed car valu?

[lowflyn]

Most companies are able to add a "rider" policy onto your existing policy. At least that's how I have mine done until this summer when they go on a collector policy.

 

[Velatorix]

Alright guys, thanks for all the advice, what I was able to do was call Progressive and they said they would insure it for $25,000 and if I ever had to file a claim I would just need to show receipts for that much and he has $50k+ in receipts like I said so that shouldn't be a problem. I did an online quote with Progressive and put the policy in one of my older family member's names and then added myself as a driver and it cut my premium by over 40% to something reasonable and not outrageous. Not sure why that makes such a difference especially since now they are insuring 2 different drivers but whatever, it works. So it looks like it is all gonna work out just fine. I got him to agree on 25k and should be picking the car up next week. I took my certified mechanic uncle out with me to look at it and he said the work that was done to it was done very well and it's a high quality build. The owner had all the work done at pro performance shops so it's not an everyday car that some average joe just slapped a charger and performance mods to it. Everything has been redone and built so there is no weak link in the system. My uncle also said that it'd be hard to build the engine he had built for it for less than 20-25k, and that's just the engine, not counting any other part of the drivetrain, suspension, exhaust, etc. Plus the car looks beautiful other than it's not a new paint job, interior is flawless and everything works and is still stock inside other than the roll cage, short throw shifter, phantom gauges, and KB boost a pump controller. It looks almost brand new inside. Like I said only 9300 miles on the odometer and 1500 miles since the complete build was finished last year, so as far as I'm concerned it's a new car to me. Just WAY better than what Ford would give you in a stock car. I appreciate all of your comments and I read all of them, especially the ones about me overpaying, but my shop manager certified mechanic uncle said it'd be a dang good deal for 25k so I'm going for it. Feels good that I'll finally be driving a real American car that can stomp almost all the exotic cars out there, and it's a FORD! =D

 

[SASAP]

Alright guys, thanks for all the advice, what I was able to do was call Progressive and they said they would insure it for $25,000 and if I ever had to file a claim I would just need to show receipts for that much and he has $50k+ in receipts like I said so that shouldn't be a problem. I did an online quote with Progressive and put the policy in one of my older family member's names and then added myself as a driver and it cut my premium by over 40% to something reasonable and not outrageous. Not sure why that makes such a difference especially since now they are insuring 2 different drivers but whatever, it works. So it looks like it is all gonna work out just fine. I got him to agree on 25k and should be picking the car up next week. I took my certified mechanic uncle out with me to look at it and he said the work that was done to it was done very well and it's a high quality build. The owner had all the work done at pro performance shops so it's not an everyday car that some average joe just slapped a charger and performance mods to it. Everything has been redone and built so there is no weak link in the system. My uncle also said that it'd be hard to build the engine he had built for it for less than 20-25k, and that's just the engine, not counting any other part of the drivetrain, suspension, exhaust, etc. Plus the car looks beautiful other than it's not a new paint job, interior is flawless and everything works and is still stock inside other than the roll cage, short throw shifter, phantom gauges, and KB boost a pump controller. It looks almost brand new inside. Like I said only 9300 miles on the odometer and 1500 miles since the complete build was finished last year, so as far as I'm concerned it's a new car to me. Just WAY better than what Ford would give you in a stock car. I appreciate all of your comments and I read all of them, especially the ones about me overpaying, but my shop manager certified mechanic uncle said it'd be a dang good deal for 25k so I'm going for it. Feels good that I'll finally be driving a real American car that can stomp almost all the exotic cars out there, and it's a FORD! =D

I was going to suggest giving Progressive a call when I first opened the thread. I have all of my vehicles insured under a stated value that way I can always get whatever is needed to get a new car in case something happens. It surprised me that it isnt all that much extra to add a stated value so in my opinion its well worth it to get stated value on all of my vehicles.

 

[ford_racer]

LEARN GODDAMNIT!

 

[quik67mustang]

750hp? 19 years old? this will end well

 

[b dub]

My uncle also said that it'd be hard to build the engine he had built for it for less than 20-25k, and that's just the engine

How do you spend 20 thousand dollars on an "Al Papitto built Teksid Cobra block"? Gold valve guides?

 

[Velatorix]

How do you spend 20 thousand dollars on an "Al Papitto built Teksid Cobra block"? Gold valve guides?

He meant the entire engine build; Aluminum block, CP pistons, manley rods, steel forged crank, custom cams, ported heads, 72lb injectors, supercharger system, intake, custom intercooler, stainless headers, etc, etc.

 

[Thump_rrr]

...My uncle also said that it'd be hard to build the engine he had built for it for less than 20-25k, and that's just the engine, not counting any other part of the drivetrain...

How do you spend 20 thousand dollars on an "Al Papitto built Teksid Cobra block"? Gold valve guides?

The same way you spend 18,000 for a Rich Groh Racing 3V longblock.
RGR 322 Cubic Inch Long Block

 

[thomas91169]

He meant the entire engine build; Aluminum block, CP pistons, manley rods, steel forged crank, custom cams, ported heads, 72lb injectors, supercharger system, intake, custom intercooler, stainless headers, etc, etc.

fuel mods, boost makers, etc are not part of an engine build.

really this sounds more like some guy trying to upsell a standard forged motor build and blower thrown on with some fuel mods. Usually when people go "i have $50k invested, selling for $25k!" its a bunch of bullshittery. And reciepts only prove he overspent.....and youre buying into it hook, line and sinker. Good luck buying someone elses problems, because thats all previous modded cars usually are. Usually not a good sign when someone drops coin on a build and sells the car.....

 

[Jefe]

I know it sounds like an awesome car and it has a lot done to it so not to take away from it at all but all the problems Ive read regarding modified 01's you better hope that thing is rock solid before you buy it. You are paying way over Blue Book for a Mustang. Its just not the right time to do that and the seller has got to be tickled that he has someone interested at that price

 

[Velatorix]

You guys have made me just a little skeptical now about this car, which may be a good thing. I go to pick it up on Friday or Saturday this week so please let me know ASAP if this sounds like a very bad deal/build before I go through with it. Keep in mind that the car is also in mint condition with low miles. Also, it has all the 03-04 Cobra ground effects such as the hood, spoiler, bumpers, side skirts, etc, painted to match the car. This is the description that was on his ebay page and the link to the old page but keep in mind the pictures on that page are really crappy and low quality and don't do the car justice at all. It looks amazing in person: Ford : Mustang : eBay Motors (item 320492387232 end time Mar-01-10 17:25:30 PST):



"Mustang Cobra 4.6L 4V



This car is an 01 Cobra with the best of everything. It was a complete build completed in July of 2009. The car has 9,200 miles on odometer, but complete drive train has less than 1,500. Car made 758 R.W.H.P. with a mild tune. Engine build by Al Papito of Boss Racing and tuning by Mike at Superchips. I have invested over $75,000 ask for receipts.



Engine 4.6

* Tecsid block
* Manley H-beam rods
* CP Pistons
* 7 qt milodon oil pan
* Kooks stainless headers
* Full 3 in. exhaust with 3.5 tailpipes
* X pipe
* Magna flow mufflers
* Fully ported heads
* Customs comp cams
* 72 lb injectors
* X cal tuner
* Custom intake with 1 in. spacer
* Reichard racing 2.75 pulleys
* Vortech JT trim super charger 22 lb. boost
* Custom precision water intercooler
* Vortech mondo by-pass valve
* Spare tire mounted intercooler tank
* Custom made billet tension



Transmission

* T-56 viper spec
* Clutch Masters Clutch
* Pro 5.0 shifter
* Steeda Quandrant



200 Amp. Alternator

Custom Aluminum Drive Shaft

Wheels and tires rear 18x11 with Mickey Thompson Et Street radial 305/35/18

$3,900 CCW SP500 Front 18x9.5 with Nitto NT 555 275/B5/18

Roll cage Maximum Motor sports with swing out bars (painted to match car)

5 point harness

Front Brakes Aerospace components pro street

Rear end lock with moser 31- spline axles- 8.8

* Moser Diff cover
* 4i10 Ford motor sports gear



Fuel system

* Twin GT pumps
* Custom fuel rails
* Kenne Bell boost A pump
* 72 lb inj
* All braided lines and AN-fittings



Suspension

* Adjustable upper and lower control arms rear
* Strange Adj. strust
* Griggs Caster Camber plates
* Steeda lowering springs
* PA Racing at tubular k- member
+ Tubular control arms



Gauges

* Auto meter phantom

Many more things have been done to this car to find out more email me"



That is not an extensive list of parts, just going out to see the car I could see there were things he didn't add on that list. I also mentioned earlier that I took my uncle who's a certified mechanic with me to look at it as I'm not a car expert and he said it was a good quality build, everything was done right on it and that if he had 25k he'd buy it. When the owner took us out for a ride and while we were looking at it he mentioned a few times a lot of the different stuff he had them do to the car and the money it cost him so that it "didn't have a weak link anywhere in the system." My uncle looked at it and listened to it and said it sounded great and everything looked like it was done well. Also the owner mentioned that the car was going to be featured in Muscle Mustangs and Fast Fords last year when the complete build was finished but the car would have had to wait at the shop for 6 more days after it was finished for the magazine to come take pictures, and he couldn't wait to have his car so he went and picked it up and it never was featured in it. Here is the old ebay page for the car if you didn't see it above, but keep in mind the pictures are really crappy and low quality and don't do the car justice at all. It looks just amazing in person. Ford : Mustang : eBay Motors (item 320492387232 end time Mar-01-10 17:25:30 PST)

Now IF, I mean IF, not basing your opinions on the crappy quality pictures, but IF this car was a good quality build and everything was done right, does it seem like an ok deal to you guys? If so then I think it may be great for me because insurance is cheaper for me on a car like that than say a GT500 and would cost less for me to buy with almost twice the power, and already has all the mods I could ever dream of putting on a car, and then some. The owner seems to be a pretty good guy, doesn't seem shady at all, and answers all my questions or gets the answers for me and everything he has said has checked out when I researched it. I do realize all the money he spent was not just for parts, but also labor and supplies, etc. However, my uncle still thinks all the parts and mods that it has with 1500 miles on them + the car with 9300 miles is a "da** good deal for 25k," and I quote. So please let me know what you guys think ASAP before I go to pick it up at the end of the week. It looks WAY better in person than in the pics. Thanks guys.

 

[Slow500]

I have been meaning to get custom insurance on my car for a while.. I am just worried what the insurance agent is going to say.

 

[D-Rock]

As others have said, riders on your policy can be dirt cheap (mine is $26/yr and covers about $9k of aftermarket goodies) and most insurance companies do not question, because if it is damaged or stolen, the receipts cover you down.

 

[Drazga]

750hp? 19 years old? this will end well

especially when he didnt build it up to this. are you really just going to hop into a 700+ rwhp car? im 19 too i had a GT, modded it, drove the cobra unpullied, then pullied it. your barking up the wrong tree if you get this car cold turkey.

we might as well make a thread in smackdown betting on how many days after you get it, that it will be crashed.

 

[Velatorix]

As others have said, riders on your policy can be dirt cheap (mine is $26/yr and covers about $9k of aftermarket goodies) and most insurance companies do not question, because if it is damaged or stolen, the receipts cover you down.

What insurance company and do you mean $2600 a year for the entire policy covering all the drivers? Not sure what $26/yr means exactly sorry. Also how old are you?

 

[Velatorix]

especially when he didnt build it up to this. are you really just going to hop into a 700+ rwhp car? im 19 too i had a GT, modded it, drove the cobra unpullied, then pullied it. your barking up the wrong tree if you get this car cold turkey.

we might as well make a thread in smackdown betting on how many days after you get it, that it will be crashed.

I don't intend to drive a 750+RWHP car cold turkey. I will have to drive it home like that because I don't have much choice, but I am gonna drive it like a granny, praying the whole way home lol. I'm not completely irresponsible or an idiot. When the owner took us for a ride with 4 of us adults in it going uphill and got on it, I honestly feared for my life, it is so scary fast and rides way up and gets real light in the suspension in the front. As soon as I get it I'm going to get it tuned for 93 octane with an economy tune and get a pulley to lower the boost on it a LOT, because 22psi is just insane. Even with like 8-10 psi of boost the car is still gonna be flippin fast. After a while of getting used to it I may give it a little more boost and a better tune, but that is a ways off. I had a nightmare last night that the car was so powerful and fast it just couldn't be controlled which is pretty stupid I know, but that's how much I've been thinking about how dangerous it could be. I have no interest in racing it or dogging it, I have zero speeding tickets or points on my license, been driving since 16 and saving and waiting for a cool car, and that's all I really want, a car that people just say, "Wow, that is a wicked ride." I will already have the dyno sheet proving it CAN make 758RWHP if I just re-tune it and jack up the boost, so I will have nothing to prove, and hopefully being easy on the car with all the upgraded high quality parts will make it last a long time. I like to keep my stuff as nice as possible.

 

[RDJ]

750hp? 19 years old? this will end well

and committing fraud against the insurance company to boot.

 

[RDJ]

I would not pay that for that car. esp. at 19. I would do what others have said, get yourself an 03/04 for the same or less money. If you bought it off ebay however, you are stuck with it.

 

[Jefe]

I had a nightmare last night that the car was so powerful and fast it just couldn't be controlled which is pretty stupid I know, but that's how much I've been thinking about how dangerous it could be.

It will be in its current form if you give it more than half throttle. You will not get traction in 1st or 2nd gear so you'll be sliding all over the place. 500hp is dangerous in the wrong hands, 700+hp with 4.10 gears is almost insane especially at your age.

What do you drive now or what have you been driving? Have you regularly driven or raced anything with 400hp yet? Wait did you drive the car yet? He probably wouldn't let you

I would post this same thread up with the build list in the Cobra section here and see what the experts have to say: New Edge Cobras - SVTPerformance

Now IF, I mean IF, not basing your opinions on the crappy quality pictures, but IF this car was a good quality build and everything was done right, does it seem like an ok deal to you guys? If so then I think it may be great for me because insurance is cheaper for me on a car like that than say a GT500 and would cost less for me to buy with almost twice the power, and already has all the mods I could ever dream of putting on a car, and then some.
[/B]

From the pics it looks very clean and very well put together. It seems to be a solid car but again you would be paying more for the mods than the Blue Book value of the car. KBB is around $12-14k. I'm assuming you're getting a loan for this car? Has it been approved? I don't see how they could approve a loan for something like this. Will the title be in your name alone? If so, then I'm not sure Progressive will allow you to not be rated as the owner on the policy. The quote you got was probably with a parent as the registered owner and you as a driver. Either way you need to make sure you would be primary since you're over 18.

As nice as the car looks Im still sticking by my statement before. You could buy a fairly low mileage 03 with some mods for around $20k, get it insured to value easily and still be drivable. I have just seen way too many horror stories with seriously modded 01 Cobras.

 

[Dirks9901]

IMO, seems like a quality build with good parts.

However, I would not buy that car for 25K. Not in a million years. 18k is the very most I would spend if this car is as nice as you say. Since you seem pretty green to the game, this would be after the car was thoroughly inspected by a reputable shop. If the seller is stuck at 25k, move along. My moneys on you will be getting a call a few months later saying he will take 18k.

In all honesty I would get a 03/04 Cobra. 450-500rwhp will crush 99% of the cars on the road and still be fast.