After reading all the suggestions on this forum re: collector insurance, I think I have decided to go with Haggerty. My question is how do I determine a fair and reasonable value for my 68 Coupe for the Agreed Value.
I had thought I would use $30,000.00 but now I am wondering if that is reasonable. I just finished spending the last 10 years restoring this car to factory condition, so the question is can I replace it for $30K or should eI insure for somthing different? (higher or lower)
How did you all arrive at values for your car?
To me it is worth a million bucks since I've had it since 1972 and everything is new on it now but Haggerty might not agree with that number.
Any thoughts or suggestions?
It is a small block car not a Barret Jackson big block candidate.
Thank you in advance,
Kurt

 

You may want to get a professional appraisal. Certainly will make it easy when talking to Hagerty. Just send them the appraisal and insure it for that.

 

 

I agree with you on the appraisal idea.
I had that done a few years ago for another car I purchased and it cost me $250 for the appraisal and since I am going to be insuring 2 cars with Haggerty this spring I was trying to avoid paying $500 or more in appraisal fees since Haggerty quoted $375 to insure both cars. In other words, $500 appraisal to get $375 insurance. Wife will think I am nuts (no argument there).
Appraisal is probably the best way to avoid a hassle if (God forbid) I should have a claim for either car.
Kurt

 

$250.00, shop around I had my 71 & 79 done for 1/2 that. First car $100.00 each car after $25.00 extra. I get a 2 books for each car, pictures and a listed rated detail of everything on the car. I give one book to my insurance company and they insure it to the appraised value

 

my two cents is i see fair to nice dally drivers in a 68 for some were around 20 or more .so a realy nice one like yours thats like a new car, is a 30.000 car.
i dont think i could find one like yours for 20
and i think small blocks in that year can go up in price,they were 300 hp and up to 350.i would love to have a 68 with a 327 -350hp or a 350-350and 4 speed.
anyway all that work you put in it it i would not put it in for less

 

I kept all my receipts and recorded everything I spent on my rebuild. This plus sweat equity (alot of mine!) brought it to a certain value for me.

Ultimately though, it's "market driven" as they all look at the vehicle and what it would bring in the market based on the options and condition of the vehicle at the time they insured it. If market says it's worth $30K, it's doubtful that they would agree to insure it for a whole lot more.

 

Doesn't Haggerty require an appraisal?

 

They didn't require an appraisal for my 76 vette or my 29 Mercedes Gazelle reproduction car. Of course, I didn't insure them for $30k either.

 

70LS1,
They did not ask for an appraisal. I asked them if I needed to bring it somewhere so they could look at the car and the lady said no need to do so, all they want me to do is send or e-mail two (2) pictures, one of the front and one of the side of each car I am insuring.
I think that's crazy since the side you don't send could be damaged or the rear could be likewise damaged and they would insure a car that already has damage. I would have thought that at the very least they would want pictures of all 4 sides and interior to make sure the car is in the condition I said it is.
Beats me,
Kurt

 

Buzzardz Vette,
I asked them to quote me for a 68 Corvette for $30K agreed value and a 79 450SLC Benz for $20K and the total for one policy to cover BOTH cars was $375.
I live in Massachusetts and am presently paying almost $800.00 for the Benz alone. I couldn't believe the rate and asked her twice. Received the quote in wiritng in the mail yesterday. Sounds like the bargain of a lifetime to me.
Do you have any limitations on your policy, anything hidden I should know about before I sign up?
Kurt

 

I thought most companies wanted an appraisal after 25k?

 

The policy is an agreed value policy. That means you agree on a value with your insurance company before the policy is written. If the number is reasonable they usually don't balk( a million dollars might not be reasonable for your vette) and ask for pictures to show condition. Your premium is based on the agreed value so $30K will cost you twice as much as $15K etc.for the same policy. I would look at some of the online ads and see what a like car would go for. Getting an appraisal is not necessary with most classic car companies. They have access to much the same information as you do.

If you get greedy remember you are paying a premium on the insured amount and if you are thinking fraud be ready to pay the price twice. Insurance companies are not profitable because you are smarter than they are. They insure classic cars because we love them and treat them with care, drive them very little, and keep them in tip top shape. Their risk is small as a result.

 

Buggsy 1970,
I agree.
My only concern is that if something happens to this car which I have pampered for the last 33 years of my life, (and just completely resored) that I can replace it.
I am 58 years old and have only had one automobile insurance claim in my entire life when my Camaro was stollen by two 14 year old kids. I assure you, my goal is not fraud. I earn my money honestly through real estate investments, not insurance fraud.
I just don't want $15k or $20K coverage and then learn that to replace the car will cost me more than the coverage I purchased.
Kurt

 

Kurt, you could go on the Barret-Jackson web site and see what comparable cars sold for at their last auction. Typically they get a pretty high price for them, so you probably won't get burned using their sale price as a comp.

I think Hagerty is a great company, you made the right choice. I've had mine with them for 3 years now, no claims but I don't think there would be a problem.

 

Hagerty (One "G" ) is very reasonable and they are big supporters of the hobby, so they are unlikely to say, "gee you car isn't worth $30k" if you think it is.

I have Hagerty insurance. I should know this, but I don't for sure... but the typical collector insurance policy requires that you keep the car in a locked garage, do not ever use it for commuting to work, do not use it as a substitute for a daily driver (ie, run errands while your driver is in for service) and do not leave it unattended. This last one is a problem for some people, but you can see how that restriction would dramatically reduce the risk to the insurance company. On the rare occasions that I have stopped at a restaurant while driving the vette I have requested a window seat from where I could see the car, and have eaten out on a terrace likewise overlooking the parking lot. (Golf courses are often explicitly listed as off limits in these policies!!) The only overnight trips I have taken in the vette have been to Carlisle, and there at times probably stretched the limits of my policy.

As for the agreed amount, sounds like you have the right idea. You want an amount such that if you lose the car you won't be excluded from re-entering the hobby, and if you ever decide to sell your car you won't be saying to yourself it would be a better deal if you torched it rather than sold it.

 

Check Hagerty policy restrictions, in your state, to see if you can live with them. I have seen several people allegedly quote their Hagerty policy, and their restrictions are vastly different then what my policy says. i.e., I have nothing in my policy that says the car can not be left unattended or unobserved.

It can not be used as a DD, but can be used for pleasure driving. I actually E-Mailed Hagerty, to get it in writing, that the car would be insured when parked in a Motel/Hotel lot. Hotel/Motel out of town is ok, but they suggested (not mandatory) that you use a car cover.

5 or 6 year customer of Hagerty - they are great.

 

My insurance carrier is also Hagerty. As far as hidden conditions, I suppose I'll find that out if (god forbid) I ever have to file a claim .

There are plenty of upfront restrictions that I'm sure weeds out people quick. Their rates are competitive to other classic car insurers. The big difference I found was mileage restrictions.

They are a respected company and I'm comfortable with them.