GEM '62

I am looking for some thoughts on what insurance value I should place on my car. It's a 62, strictly a driver that gets a lot of miles put on her. This is a very decent driver but has the war wound from being driven. NOM, discs in front, cruise control, AC, and a very mechanical sound car. I am about to renew my policy and need to review the value that I placed on the car 15 years ago and have never changed. At the time I put a value of 30K but that was before body work and paint, new interior, wind shield, chrome, rebuilt motor, etc. etc.
I know you need a lot more info to an exact value on a car but I'm just looking for some thoughts on rather I'm way out of line on value.

dkleather

I'd suggest you take a look at the prices for similar cars that are for sale now privately and at dealers. That should give you an idea of what it would take to buy a replacement if anything should happen to your 62. My guess....at least double what you have now to $60k.

Robert61

My insurance co. requires an appraisal for anything over $30k. I paid almost that much for my 61 just for a starting platform for a restomod. On the other hand they require the vehicle have a minimum value of $10k so that leaves my C4 out.

fyreline

Well, for comparison, here's my 1962. It's a very nice 63,000 original mile driver. All numbers match. 300hp 327, 4-speed, original 2-top car. She runs and drives well, and has the expected nicks and dings from actual use (Hell, so do I). The car shows very well, and the Fawn Beige color is always a crowd favorite. I have it insured (agreed value - accept no other kind) for 50K, and I have been offered more than that several times but I'm not ready to sell yet. I'm in New York State so the NCM coverage is not available here - if it's available in VA that's the way to go. Give them a call. Mine is through State Farm with my other cars, but even the coverage they are able to offer varies from state to state. From the description of your car, 30K sounds very light to me. Despite what you may hear elsewhere, the value of decent C1s remains pretty damned strong. Make sure your coverage represents what the car is actually worth to YOU.

Frankie the Fink

I wouldn't insure a non-basket case running C1 for less than $45k. Don't cheap out to save a few bucks.

GTOguy

I have mine insured for an agreed replacement value of 55k. No appraisal needed. American Collectors Insurance. Hopefully, I'll never have to make a claim. My '61 is worth less than that, but replacing it with a comparable car would probably take every bit of that 55k. These cars are expensive to replace/rebuild. Don't under-insure.

SDVette

My "barn find" '61 agreed value was $45K..

That was when I first got it running, but almost EVERYTHING needed to be repaired or replaced.



Wow - that was a lot of blood, sweat, and tears ago!

jimh_1962

Yeah... 45-60k for a nice driver. From there it all depends upon the specific car.

I have not had my insurance ask for an appraisal on agreed value.

Duck916

I'd say at least $55-$60K for the OP's car. And Fyreline needs to increase his coverage to at least $75K, IMHO....

Solid axle car values are going up, judging by the last few auctions I attended.

Frankie the Fink

I haven't seen 'em going up...but as a data point my numbers-matching 270hp '61 went for $65K last August -- took 9 months to get that price. A rock-solid driver, two top car with paint a shade off and the steering needed overhauled. I've seen nothing to indicate I left ANY money on the table. Sold another $5K in spare parts thereafter...

Do not under-insure your car....

jimh_1962

This year, I am bumping mine up to 60K from 55k. Just part of the plan.

C-1 Generation 2

I had mine appraised in 2009 after complete repaint, hardtop restore and new contrasting soft top and it came to $74,500. Five years ago added new ZZ 4 GM crate motor and larger wheels and red line tires. Just don't sell your self short.

GTOguy

Here's mine after I got it out of an airplane hanger where it had been for 20+ years....no kick panel trim yet and still dirty, but rust/corrosion free from being in a super dry environment!

SDVette

Wow GTO.. Your hanger was much friendlier than my hanger! Mine was in the hanger for 28 years.. Unfortunately, it flooded 1 or 2 times during it's slumber....

GTOguy

One of the reasons I bought the car...all the chrome and trim was usable as-is, and that stuff is EXPENSIVE! Here's another shot before I got it cleaned up.

Randy G.

Mine is insured for $55,000. It's an all original good driver quality car except for the Blueprint 383 and 700R4 trans.

ohiovet

My 62 Almond Beige red interior 340 HP hardtop only car is insured through State Farm with a agreed upon value of $68,000.00.
Once a year my agent takes pictures, we agree upon a value and I am insured for another year.
The key is to have a good agent, not a 800 number.

Kerrmudgeon

How much do you guys have to pay for an appraisal on average? They want 175$ here in town and the insurance co. needs one or they won't deal.

Frankie the Fink

Find another insurance company - pictures should be all you need for 'agreed upon' value, many companies don't even want that.

Any appraisal you order for yourself is tainted anyway.

C-1 Generation 2

My insurance company also needed an appraisal. For me back in 2009 the appraisal cost $105.