Register now to get rid of these ads!

Car value for insurance

Discussion in 'The Hokey Ass Message Board' started by imperialman67, Apr 13, 2012.

  1. imperialman67
    Joined: Dec 29, 2008
    Posts: 42

    imperialman67
    Member
    from minnesota

    I apologize in advance if this is a beaten down subject here.
    My question is ,when trying to set a value on your vehicle for insurance purposes how do you do it?
    Old car price guide, NADA, or something else?
     
  2. EchoOfGecko
    Joined: Aug 4, 2010
    Posts: 254

    EchoOfGecko
    Member

    Insure it for what would it cost you to replace it with an identical car. Either based on your receipts and knowledge, or based on an appraisal.
     
  3. MIGHTY
    Joined: Sep 18, 2006
    Posts: 448

    MIGHTY
    Member

    Its agreed value usually. Tell them how much you want and you pay accordingly. I use Grundy. Told them how much insurance i wanted, sent them a pic and were done!
     
  4. mj40's
    Joined: Dec 11, 2008
    Posts: 3,281

    mj40's
    Member

    If you are going to use Grundy, tell them 25k agreed value. Any thing less and it is more monies to you for the same coverage. That is their base line.
     
    Register now to get rid of these ads!

  5. tommy
    Joined: Mar 3, 2001
    Posts: 14,758

    tommy
    Member Emeritus

    Talk to the insurance company. You most likely will be required to send in pictures. The specialized insurance companies know the market. When I wanted to insure my SS 396 for 20 Gs they balked at first until I explained that is was a true SS and they said oh OK. This was several years ago. It's pretty easy with a computer to figure out the current "asking prices". I never wanted my car to be valued at the top of the range because that would cost me more. If you are off base they will tell you.
     
  6. imperialman67
    Joined: Dec 29, 2008
    Posts: 42

    imperialman67
    Member
    from minnesota

    Thanks, doing some mundane things today ,car insurance being one of them.
    I found out that my "cheap" policy thru State Farm was not agreed value.
    I also found my agent putting the burden of proof on me as far as proving the (what i thought was very reasonable) value of my 60 Imperial.
    Leaving the agents office this morning , I knew it was time to shop insurance.
     
  7. Dane
    Joined: May 6, 2010
    Posts: 1,353

    Dane
    Member
    from Soquel, CA

    Add up all the receipts and figure in what it would cost to do it all over again. Make that the agreed value.​
     
  8. MIGHTY
    Joined: Sep 18, 2006
    Posts: 448

    MIGHTY
    Member

    I have used grundy for way less and way more than 25k. I had agreed value on my suburban for 7k and it was insanely cheap per year. even at 50k it waS CHEAPER THAN INSURING A NEW CAR.
     
  9. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    One way to set your value is to get an appraisal.
    In your area (Minnesota) the Auto Appraisal Network rep: http://www.autoappraisalnetwork.com/local/Minneapolis.html

    Check our website for more info:
    http://autoappraisalnetwork.com/index.html

    We will provide a PDF for you to send electronically and a bound & printed paper copy for you to keep.
    The value we provide for this instance is REPLACEMENT VALUE to work in conjunction with AGREED VALUE coverage.
     
    Last edited: Apr 13, 2012
  10. x2. I have Grundy as well. I sent them a few pics of the car, a pic of my garage where it's kept and they accepted my stated value, no questions asked. Hopefully, I never have to use it. Cars can be replaced. The time, work, and care you put into something cannot.
     
  11. rld14
    Joined: Mar 30, 2011
    Posts: 1,609

    rld14
    Member

    One of my cars is worth a bunch, and it's been in the family since new. I had no problem insuring it for what would possibly be record money for a car like it. However its got shiny smooth undamaged original paint, top and interior and 21k documented miles. Wasn't an issue insuring it for what I feel it's worth.
     
  12. 73super
    Joined: Dec 14, 2007
    Posts: 778

    73super
    Member

    Appraisals are good. I had a buddy who just got done restoring a '65 Mustang. It wasn't all that sweet and it had a inliner.. but he had it appraised for more than I thought it was worth or that he could ever get out of it (must be a former DOL worker). Anyway.. some ol' lady nailed him up front and my buddies insurance company totaled the car and was going to give him a check for $2500. He brought out the appraisal and got $11,000. So even if you have crappy insurance.. get an appraisal.. it really helps! For what it's worth.. his insurance company was NOT a classic car insurer like Grundy, etc.
     
  13. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Thanks for backing up the appraisal idea!:cool:
    Check the AUTO APPRAISAL NETWORK website. We have quite a few locations on both coasts. Put your zip code in the find your local appraiser and make the call!
     
  14. BrandonB
    Joined: Feb 24, 2006
    Posts: 3,125

    BrandonB
    ALLIANCE MEMBER
    from nor cal

    Agreed value=Grundy

    I told Grundy what I wanted to insure the 34 for. It was insured at one value, but after getting it road worthy I requested a substantial increase. After putting me on hold for a couple of minutes they got back to me and it was done. No pictures requested. I've been with them for around 11 years with various other cars.
     
  15. Have the car appraised, in writing. Submit the appraisal with pictures and a stated value. That way, if you have a loss, there is no dispute.
     
  16. tfeverfred
    Joined: Nov 11, 2006
    Posts: 15,795

    tfeverfred
    Member

    I guessed about how much I had in it and then doubled that. Agreed value. Grundy.
     
  17. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Just a Small semantic correction: you used the phrase "stated value" ; in the case of specialty insurance make sure to use the phrase "AGREED VALUE". This may sound picky, but to insurance people the two terms are NOT interchangeable.

    That way, if you have a loss, there is no dispute.[/QUOTE] That statement and our appraisal report can ease a lot of headaches if you need to verify what went into building your car.
     
  18. 1950ChevySuburban
    Joined: Dec 20, 2006
    Posts: 6,206

    1950ChevySuburban
    Member Emeritus
    from Tucson AZ

    Make sure you update your policy every couple years or so. I have Allstate with mine, agreed value and a 70K policy.
     
  19. Roger Walling
    Joined: Sep 26, 2010
    Posts: 1,144

    Roger Walling
    Member

    I wanted to insure a truck with Markel for $5000 and they said that I would have to insure it for at least $10,000 agreed value.
     
  20. Killer32
    Joined: Feb 3, 2012
    Posts: 210

    Killer32
    Member
    from California

    I just had appraiser check my car last week and it went very well.
    He checked inside,outside,under,and all around.
    He also sent me a nice"book" with pictures and full documantation and emailed a copy to my insurance company,I think that appraisal are the way to go.
     
  21. Dane
    Joined: May 6, 2010
    Posts: 1,353

    Dane
    Member
    from Soquel, CA

    I have $30,000 agreed value with Haggerty for $315/year on the Coronet. It includes $250,000/$500,000 liability and damage.
     
  22. Don's Hot Rods
    Joined: Oct 7, 2005
    Posts: 8,319

    Don's Hot Rods
    Member
    from florida

    No. The agreed value is only between you and your insurer and has nothing to do with your ability to use that as it's value when trying to borrow money against it or to sell it. Banks would want an independant appraisal from a company who does that exclusively, I would imagine. Years ago I borrowed $ 15 k against my 27 and the bank only wanted pictures of it and the title, depends on the kind of relationship you have with your bank.

    Don
     
  23. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    We did a Fair Market Value appraisal on a Rolls recently.
    The appraisal was requested by the car owners bank representative.
    The car was collateral for a loan.
     

Share This Page

Register now to get rid of these ads!

Archive

Copyright © 1995-2020 The Jalopy Journal: Steal our stuff, we'll kick your teeth in. Terms of Service. Privacy Policy.

Atomic Industry
Forum software by XenForo™ ©2010-2014 XenForo Ltd.