After38Years

It's time to renew my insurance and I've gotten a lot more informed about the types of policies than when I first took out the policy a year ago. What's difficult is trying to figure out what my car is worth (I have no interest in selling it).

What would be a good approach to establish a value for insurance purposes?

It's a '66 L79 convert, both tops, fresh frame-off restoration (looks really good at any distance) While I'm not into NCRS judging, the car has been restored faithfully to as-new condition except for the clear coat. The drive train is original numbers matching. I'm the original owner. I have the original window sticker.

Frankie the Fink

Well - you could use the Hagerty price guide as a starting point; some swear by it; other don't. But, since its "agreed value" set a price that its worth to YOU. Don't cheat yourself.

I had my split window insured for $78K and an insurance agent told me that was a bad idea -- so I upped it to $95K which put me into the "Large Collector" category and my premium actually DROPPED !

MAD IN NC

I went through my primary insurance carrier (Erie) who doesn't offer "classic car" insurance but they connected me with Infinity who wrote a replacement current stated amount policy for $65K for an annual fee of $231. Car was a ground up 10 yr restoration and now as good as it can be!

It is on a policy with three other "antique" cars, stored in secure location and I'm the primary driver with occasional usage.

hope this helps ya.

Frankie the Fink

You should drop that policy in the next 10 minutes and get an "agreed upon" value policy:

http://r.search.yahoo.com/_ylt=A0LEV...PkxzZxZJQSAwk-

ptjsk

Another item to think about when purchasing collector car insurance.

Besides the obvious items such as, agreed value, acceptable drivers, type of usage etc., be sure you find out at what percentage of the agreed value the insurance company will determine a "total" loss.

Some companies will consider a total loss if an estimate comes up to, or close to 60% of the agreed value. Other's use 75% of the agreed value as a factor when determining it's a total loss.

So be sure you know that factor regardless of who you choose to go with.

Good luck,

Pat

Powershift

I would get an agreed value policy of around $80K. My 1967 car is probably not as nice as your restored car, although it is a 327/350 HP factory air convertible….. and it is insured at $70K at this time with Hagerty.

Simply go to the Hagerty site and use their valve guide to assess your car, and then use that number if it looks reasonable to you.

I don't think you want to be underinsured in today's market.

Larry

Frankie the Fink

I think you've got your "M"s and "K"s mixed up my friend.

Powershift

I guess it just depends on how you are used to seeing "thousands" abbreviated. I've done it both ways. But I'll change it to make all the posts consistent.

Larry

Frankie the Fink

"M" is mega (millions) and "K" is kilo (thousands) in electronics/computers; never seen the used interchangeably for finance but I'll take your word for it.

But I like it, makes my cars seem to be worth much more

Powershift

A bit "off-topic", but http://english.stackexchange.com/que...m-for-millions

Larry

Frankie the Fink

Mmm...I worked at the Securities & Exchange Commission and never saw this protocol before - but I'm trainable

mrg

After the big fight this past weekend in Las Vegas seems "M" was the operative word. .. Who walks away with a check cut for 100M? .. WOW

After38Years

Thanks for the inputs - looks like I may be a little underinsured at the present $60K...

Redbird

Call Adam Boca at the National Corvette Museum in Bowling Green. Very helpful with "agreed value" and price.

Oaker57

Actually "K" is Kelvin, as in the Kelvin theory in regards to Thermodynamics and wattage...
K=1000 Watts. But it seems that there are lots of interpretations of "K" , so I guess it depends on ones field......
Non-the-less, I believe the majority concurs that "K" is Thousand and "M" is Million........ ..... but Hey, wasn't there an insurance question here somewhere??

Stingxray

Good Info ...
Understanding it's about Insurance
But being a Nuke .. when I See "K"
It's keff = 1
keff = k-effective , the effective neutron multiplication factor within an assembly of fissile material. Sorry didnt mean to Hijack

After38Years

I don't think I can insure fissile material-it can be hard to find after a while...

Stingxray

I hear ya ...Just another ½life .

RatDog

You can research the Hagerty and NADA sites to get a ballpark figure for your car. There's also a free app for that (CorvetteDNA).

Once you've done that, call up or email Adam Boca (National Corvette Museum Insurance) and talk to him about value. He is very helpful and a great guy to work with.

-- Steve