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

[Velatorix]

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.

I appreciate you taking the time to reply Dirks. However, I have a question. More than just you have said to get an 03/04 Cobra and just play around with that. But we all know an 03/04 with mileage that low in excellent condition would cost close to the same amount of money as this 01 would. Except this car has better parts in it and is a lot faster. I just don't understand what your reason for saying that is. If you could please explain the reason I should get an 03/04 I would appreciate it man, thanks.

 

[thomas91169]

lol @ $75k invested with that mod list. Sounds like your standard run of the mill motor build to me.

id say $15k at most, unless Al Tapatio or whoever the **** charges $100/hr for labor and did all the work, in which case id say that definitely doesnt add value to the car either.

 

[P49Y-CY]

there is an insurance company that advertises in "drive" magazine

i forget the name of it. but they specialize in vehicles that are modified or those whose value cannot be determined in the normal fashion (blue book).

but it sounds like that is what you'll need :shrug: i'll look for it when i go home later :beer:

 

[thomas91169]

I appreciate you taking the time to reply Dirks. However, I have a question. More than just you have said to get an 03/04 Cobra and just play around with that. But we all know an 03/04 with mileage that low in excellent condition would cost close to the same amount of money as this 01 would. Except this car has better parts in it and is a lot faster. I just don't understand what your reason for saying that is. If you could please explain the reason I should get an 03/04 I would appreciate it man, thanks.

and the 03/04 is also way closer to stock at those levels, will hold its value far longer off the car alone (without a mod list), and will be far more reliable than a car thats been totally messed with. If you cant do the work yourself when that car does break with all those mods, then having one like the 03/04 thats pretty close to stock is going to be more beneficial.

you can find a hell of an 03/04 Cobra for $25k. or you can get a decent one for $18-20k and put the rest into nice mods or some other aspect of life (house down payment, etc).

 

[Jefe]

I appreciate you taking the time to reply Dirks. However, I have a question. More than just you have said to get an 03/04 Cobra and just play around with that. But we all know an 03/04 with mileage that low in excellent condition would cost close to the same amount of money as this 01 would. Except this car has better parts in it and is a lot faster. I just don't understand what your reason for saying that is. If you could please explain the reason I should get an 03/04 I would appreciate it man, thanks.

A stock Cobra motor can handle over 1000rwhp, it can be insured under a regular insurance policy, and it will hold its value much much better than a 99/01. the biggest factor though is reliability. If you are keeping this car forever then do it. If you plan on selling, you wont get anywhere near $20k for it. I couldn't imagine paying more for the mods on the car than the car itself! This just doesnt sound like a smart buy

Check this out for $10k

[ame=http://www.socalstangs.com/forums/showthread.php?t=29784]SoCalStangs.com[/ame]

This is a 2001 Zinc Yellow Cobra. It has approximately 88K miles, but only about 2500 on a new motor.
The mods:
323 Big bore stroker built by Powerheads Racing (Eagle crank and rods, Diamond pistons)
2003 Cobra heads with Comp Cams beehive valve springs and Ford GT cams
ARP head and main studs
Procharger D1-SC with 3 core intercooler
ATI 12% overdrive crank pulley
80lb injectors
Ford GT fuel pumps
Full length subframe connectors
Bilstein shocks and struts
Maximum Motorsports caster/camber plates
Maximum Motorsports clutch quadrant and firewall adjuster
Fidanza billet steel flywheel
2004 Cobra clutch
MGW short throw shifter
Billetflow differential brace
Heavy duty IRS pinion brace
Aluminum driveshaft
Bassani catted X pipe
Autometer boost gauge
PLX wideband
Nitto 555R drag radials in the rear and 555's in front
The reason I'm selling is that it has a possible blown head gasket. I'm asking $10,000 for the car. The mods alone are worth that much. The only thing I won't include is the Borla catback, but I have a stock one to replace it.

You wouldnt need to put more than $2k to get this car back strong again and its half price!

 

[Steve@BAS]

Did you ask him why he is selling? Lot of work to only put 1500 miles on it and then sell...

Also at 19, why would you want a roll cage? Do you have a second car? When you get to college and you and a buddy want to go out on the town and pick up some chicks where are you going to stick them?

Go for the 03/04 as all here have told you.

 

[Velatorix]

Did you ask him why he is selling? Lot of work to only put 1500 miles on it and then sell...

Also at 19, why would you want a roll cage? Do you have a second car? When you get to college and you and a buddy want to go out on the town and pick up some chicks where are you going to stick them?

Go for the 03/04 as all here have told you.

He said his wife is pregnant and they don't have a good nursery or whatever for the baby so he wanted to sell his car to pay for an addition to his house. He is in his 20s. Also, he has been stuck on no less than $28k for weeks and I told him I just couldn't do that and he said ok he'd just have to hold on to it for awhile longer or whatever. So apparently in the last 1 1/2 weeks, someone in his line of work is retiring and agreed to give him a great deal on his used equipment but him getting the deal depends on him selling the car. He was solid as a rock before on $28k, no matter what I tried to do, so I offered him 25 considering his impending deal and he said fine, that would get him his deal. Like I said before he seems like a good decent guy just trying to get what he can out of his pride and joy. He said he never intended on selling it but the baby happened and things change and it was hard for him to even consider selling it. He keeps it washed and waxed and covered at all times from what I could tell. Very nicely taken care of. Said he drives it once a week on Sunday to church and that's it. Also, the roll cage bar across the back seat is removable, and the purpose of the car is not to pick up girls. =)

 

[Jefe]

Is he on this site or any mustang site? Might be able to find some history on the car...Did you run a Carfax and Oasis report?

I dont think the roll bar is removable. If anything the bar by the drivers side door will be removable

 

[DRTHV8R]

I say do it.. it sounds like a sweet ride man.

 

[vettez062002]

have fun. my trex was insured by agreed value.. 700 a month

 

[Jefe]

I actually just had a great conversation with a Claims Supervisor for Farmers Insurance

Basically he told me that if you're going to file a claim its most likely going to be a total loss(collision or theft). If that happens, then put as much back to stock as possible and they will pick up the balance under the Customization endorsement up to a certain value.

We have to separate out Stereo/Speakers coverage from Paint/Engine/Suspension mod coverage

I can add up to $4k for stereo/speaker coverage. We can also do a max of $10k customization per vehicle for everything else. He said its an Actual Cash Value policy so if you can prove with receipts and/or pics what was on the car then they have to cover it up to the ACV of the car. He also said just know up front you will never get back dollar for dollar what you have put into the car. It just doesnt work like that. Thats not what your insurance policy is for.

 

[hydroshutter]

wall of text

 

[Velatorix]

A stock Cobra motor can handle over 1000rwhp, it can be insured under a regular insurance policy, and it will hold its value much much better than a 99/01. the biggest factor though is reliability. If you are keeping this car forever then do it. If you plan on selling, you wont get anywhere near $20k for it.

I don't intend to ever sell it, I want it to drive around myself. I can do all the work on it pretty much myself except completely rebuilding the engine, never done that before. You think I'll have issues with it being reliable even if I don't abuse it?

 

[Jefe]

Hard to say. The tune is the biggest factor. Call the shop that tuned it and ask as many questions as they'll answer. They should shoot you straight

Look around this site and see how many 700+hp 01 Cobras are on here running or not running. I bet you'll find less than 20. Maybe talk with them too about this build

 

[rotor_powerd]

Buying this car sounds like the next greatest idea right after flushing 25 grand down the toilet.