Valuation for Insurance Purposes

[fizley]

I am in the process of updating my insurance policies.  One of the items I was reviewing was the valuation of my 68 Charger R/T. 

My current insurer is Hagerty with a guaranteed value. 

Hagerty has a valuation tool, and I was quite surprised at what their tools are suggesting for the value of my Charger R/T.   Nada classic guide is suggesting much less.

What other sources are you using for Valuation?  Who are you using for "agreed upon value" coverage on your classic cars?

[bakerhillpins]

I'm betting if you spend a bit of time looking at prices and comparing what you have to those other cars you might be surprised. It's hard to change your normal shopping impulse to get it for as little as you can. After all, if you're in the position of using insurance you either need to buy another one or pay to get it all fixed up. Neither of which is like all the other insurance coverage you have for your daily drivers. The labor is more expensive and harder to find (good shops) or you have a much smaller pool of cars in the market. Both of those things increase cost from my POV.

[Birdflu]

I've been with Hagerty for years...no complaints! Thankfully, I've also never had to 'lean' on them. My buddys Challenger was rear ended on the freeway by a distracted driver from Canada. Needless to say, dealing with a guilty insurance company from Canada was no easy task. He also had Hagerty and they took care of his claim and went after the Canadian insurer. As far as values, I feel Hagerty's valuation tool is generous as far as the cars I own. That, in combination of where I feel the market is at, determines the agreed value of my cars.

[BrianShaughnessy]

I called up Hagerty before just staying with American Collectors when I put Sinnamon on the road.  They had a 'generous' value based on pics but they weren't cheap.    I was able to get American Collectors to fix my mistake from years back of calling Black Betty 'modified' and was able to get both cars insured for less than what I was paying previously.   

A friend with a 69 Judge awhile back was using his Hagerty value as a bragging point   I used to roll my eyes when he'd start with that crap...  I knew better   

[c00nhunterjoe]

Drivers run anywhere from 15-30. Decent restorations are 30-40. Show restos are 40 and up. Hemi and 6 pack or 4 speed rare options go up.

[Mike DC]

  

Drivers run anywhere from 15-30.

$15k?  For 2nd-gens? 

Maybe you and I have different ideas about what "driver quality" is.  

[bakerhillpins]

 

Drivers run anywhere from 15-30.

$15k?  For 2nd-gens? 

Maybe you and I have different ideas about what "driver quality" is.  

I'm not looking over the market quite the same as I was in the past but that's what I'm seeing. Then again I'm looking at it as the average price of a running and driving entry level car. 

[toocheaptosmoke]

I have insurance through Erie because I don't qualify for Hagerty or American collectors.  They give you the option of an "agreed upon" value, however they have an appraiser that checks the car when this option is chosen.  Last year I tried to increase the value from 15k to 20k, because of new parts I've added over the years and market just seems to keep going up.   Well, their appraiser looked at the car again and rejected my request, only increased it to 16k.     Not sure why it's such a problem when you're willing to pay the premium?  So apparently daily driver 2nd gens are easy to find for 16k...

[bakerhillpins]

I have insurance through Erie because I don't qualify for Hagerty or American collectors.  They give you the option of an "agreed upon" value, however they have an appraiser that checks the car when this option is chosen.  Last year I tried to increase the value from 15k to 20k, because of new parts I've added over the years and market just seems to keep going up.   Well, their appraiser looked at the car again and rejected my request, only increased it to 16k.     Not sure why it's such a problem when you're willing to pay the premium?  So apparently daily driver 2nd gens are easy to find for 16k...

This is why my agent moved me from my previous carrier to Hagerty while I was sitting on the showfield in Carlisle last year.  I called to check on adjustments and about an hour later he called me back and he said that they were giving him the runaround. 20 minutes later I was insured with Hagerty.

[cdr]

I have insurance through Erie because I don't qualify for Hagerty or American collectors.  They give you the option of an "agreed upon" value, however they have an appraiser that checks the car when this option is chosen.  Last year I tried to increase the value from 15k to 20k, because of new parts I've added over the years and market just seems to keep going up.   Well, their appraiser looked at the car again and rejected my request, only increased it to 16k.     Not sure why it's such a problem when you're willing to pay the premium?  So apparently daily driver 2nd gens are easy to find for 16k...

JC Taylor will insure 40k with just pictures

[c00nhunterjoe]

 

Drivers run anywhere from 15-30.

$15k?  For 2nd-gens? 

Maybe you and I have different ideas about what "driver quality" is.  

Driver as in bondo, 20 footer paint. Clear title, big block automatic, probably has rust holes under the carpet patched with sheetmetal. Thats what i see on fleabay and craiglist regularly. More bondo and wavy lines, the closer to 15k they are.

[NHCharger]

I have insurance through Erie because I don't qualify for Hagerty or American collectors.  They give you the option of an "agreed upon" value, however they have an appraiser that checks the car when this option is chosen.  Last year I tried to increase the value from 15k to 20k, because of new parts I've added over the years and market just seems to keep going up.   Well, their appraiser looked at the car again and rejected my request, only increased it to 16k.     Not sure why it's such a problem when you're willing to pay the premium?  So apparently daily driver 2nd gens are easy to find for 16k...

I think the key words here are "daily driver". I had Hagerty for years with agreed values but was forced to switch to American collectors when I got an Umbrella Insurance policy. Both companies were amendment about the cars NOT being daily driven and American has different mileage caps. The more you drive, the more you pay. With American I was able to increase the agreed value of the Daytona clone from 20k (while under construction in my shop) to 60k now that it's on the road with just a phone call and sending them two pics of the car.

[Nickrc3]

I have insurance through Erie because I don't qualify for Hagerty or American collectors.  They give you the option of an "agreed upon" value, however they have an appraiser that checks the car when this option is chosen.  Last year I tried to increase the value from 15k to 20k, because of new parts I've added over the yearand market just seems to keep going up.   Well, their appraiser looked at the car again and rejected my request, only increased it to 16k.     Not sure why it's such a problem when you're willing to pay the premium?  So apparently daily driver 2nd gens are easy to find for 16k...

JC Taylor will insure 40k with just pictures

I've had American Collectors for 7 years. Insured for $60K with just pictures also, however, I'm sure they research one's history, as with most Insurers (motor vehicle incidents, credit, assets, geographic area of car use, etc.) .

[Challenger340]

I sent Hagerty pictures of our '69 R/T SE 5 years ago, and the documentation and history, they researched and came back with a "suggested" agreed value $XX,XXX  U.S.

5 years later I was re-contacted by a guy who surprisingly had some knowledge about Mopars and B-Body's !, as he had re-assessed the Car and information/pictures etc. in the file for this years renewal, then compared with their tracked sales valuations , and suggested I should have an appraisal done ?, or, if I didn't wish an appraisal done ? he would increase the agreed valuation coverage on their own based on if I would send him 2 current pictures verifying same/same.
"Normally", I would have thought some guy calling canvassing extra insurance coverage was a "sales/marketing" ploy ? But like I said before, this guy had some knowledge on Mopars/B-Body's far beyond just a sales call, and he could speak relevantly about valuations and continuity ?
Extra coverage and costs therein were minimal.

I'm very happy with Hagerty

[toocheaptosmoke]

I have insurance through Erie because I don't qualify for Hagerty or American collectors.  They give you the option of an "agreed upon" value, however they have an appraiser that checks the car when this option is chosen.  Last year I tried to increase the value from 15k to 20k, because of new parts I've added over the years and market just seems to keep going up.   Well, their appraiser looked at the car again and rejected my request, only increased it to 16k.     Not sure why it's such a problem when you're willing to pay the premium?  So apparently daily driver 2nd gens are easy to find for 16k...

I think the key words here are "daily driver". I had Hagerty for years with agreed values but was forced to switch to American collectors when I got an Umbrella Insurance policy. Both companies were amendment about the cars NOT being daily driven and American has different mileage caps. The more you drive, the more you pay. With American I was able to increase the agreed value of the Daytona clone from 20k (while under construction in my shop) to 60k now that it's on the road with just a phone call and sending them two pics of the car.

That's correct, not "daily driving" the car was a requirement for them.  The others were having a primary vehicle less than X amount of years old, and keeping the car in a locked garage or storage facility.  I struck out on all 3    The only good thing with a general insurance carrier is that there's supposedly no restrictions for use...   You just get the luck of the draw on whether the appraiser is familiar with the specific car market or not.

[Rolling_Thunder]

I have insurance through Erie because I don't qualify for Hagerty or American collectors.  They give you the option of an "agreed upon" value, however they have an appraiser that checks the car when this option is chosen.  Last year I tried to increase the value from 15k to 20k, because of new parts I've added over the years and market just seems to keep going up.   Well, their appraiser looked at the car again and rejected my request, only increased it to 16k.     Not sure why it's such a problem when you're willing to pay the premium?  So apparently daily driver 2nd gens are easy to find for 16k...

JC Taylor will insure 40k with just pictures

I have AAA of SoCal - collector car policy with agreed upon value up to $50K with a stupid low premium - limitations is can only drive to/from shows, clubs, parades etc...    They will do more on an agreed upon value plan but require an inspection and substantiating documents

[baullz]

I use State Farm's Antique/Classic car insurance and have the Charger insured for just under $54k and all I had to do was send them some pictures.  It is a limited use policy (car shows, parades etc.)  but I do have road side and otherwise full coverage.  I pay $30 bucks a month.