Insurance Questions???
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From: Burlington Connecticut
Insurance Questions???
Well it's getting time to put the car back on the road and I was wondering if I should up my current replacement value on it.
I think right now I have it insured for $17K. I've been looking at NADA and they have it at a ridiculously high average retail value of $34,200 plus 15% because it has a 350 and 4 spd (no joke) which gets me to $40,380.....I can't even tell you how ridiculous the "high retail" value is..
I don't want to over insure the car but I also don't want to short change myself if I needed to replace it. What does everybody do?? check out "My Corvette Photos" to see the car. 1973.
I think right now I have it insured for $17K. I've been looking at NADA and they have it at a ridiculously high average retail value of $34,200 plus 15% because it has a 350 and 4 spd (no joke) which gets me to $40,380.....I can't even tell you how ridiculous the "high retail" value is..
I don't want to over insure the car but I also don't want to short change myself if I needed to replace it. What does everybody do?? check out "My Corvette Photos" to see the car. 1973.
Melting Slicks
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St. Jude Donor '13-'15, '17 thru '22
NADA puts the value of my car at $115,000. I have said that because I like the forum so much, I would let it go to a forum member for the bargain-basement price of $100,000. Let me know if anyone is interested.
On a more serious note, it is hard to put an insurance value on these cars for a variety of reasons. I selected a value slightly higher than what I paid for the car thinking that in a total loss, I would at least get back my initial investment. This would leave me far short of being "made whole" as I have already spent close to $1000 on parts and dozens of hours of labor, so I would much rather have the car than the money. The insured value is just there to keep me from getting totally burned, and give me the money to buy something else should I lose my car.
On a more serious note, it is hard to put an insurance value on these cars for a variety of reasons. I selected a value slightly higher than what I paid for the car thinking that in a total loss, I would at least get back my initial investment. This would leave me far short of being "made whole" as I have already spent close to $1000 on parts and dozens of hours of labor, so I would much rather have the car than the money. The insured value is just there to keep me from getting totally burned, and give me the money to buy something else should I lose my car.
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Joined: Sep 2007
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From: Burlington Connecticut
Manhiem Gold
Manhiem Gold $$
1973 CHEVY/CORVETTE CORVETTE
Dsp/HP Eng Fair Good Exc Show Loan
CONVERTIBLE 350/190 V8 10,500 19,000 32,500 40,000 S 17,000
COUPE T TOP 350/190 V8 7,500 12,500 22,500 27,000 11,000
Add: 454/275 $5k, 350/250 $1k, AC $1k
I would like to say it's in excellent condition but I might be a little biased.
What baseline value do the insurance companies use??
1973 CHEVY/CORVETTE CORVETTE
Dsp/HP Eng Fair Good Exc Show Loan
CONVERTIBLE 350/190 V8 10,500 19,000 32,500 40,000 S 17,000
COUPE T TOP 350/190 V8 7,500 12,500 22,500 27,000 11,000
Add: 454/275 $5k, 350/250 $1k, AC $1k
I would like to say it's in excellent condition but I might be a little biased.
What baseline value do the insurance companies use??
Thread Starter
Advanced
Joined: Sep 2007
Posts: 97
Likes: 0
From: Burlington Connecticut
NADA puts the value of my car at $115,000. I have said that because I like the forum so much, I would let it go to a forum member for the bargain-basement price of $100,000. Let me know if anyone is interested.
On a more serious note, it is hard to put an insurance value on these cars for a variety of reasons. I selected a value slightly higher than what I paid for the car thinking that in a total loss, I would at least get back my initial investment. This would leave me far short of being "made whole" as I have already spent close to $1000 on parts and dozens of hours of labor, so I would much rather have the car than the money. The insured value is just there to keep me from getting totally burned, and give me the money to buy something else should I lose my car.
On a more serious note, it is hard to put an insurance value on these cars for a variety of reasons. I selected a value slightly higher than what I paid for the car thinking that in a total loss, I would at least get back my initial investment. This would leave me far short of being "made whole" as I have already spent close to $1000 on parts and dozens of hours of labor, so I would much rather have the car than the money. The insured value is just there to keep me from getting totally burned, and give me the money to buy something else should I lose my car.
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From: Ontario
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From: Burlington Connecticut
I agree, a lot has happened since then but would that really effect the insured replacement value? I guess I'm looking for what the insurance companies go by with regards to value. Should I let them come up with a number or should I push for a number?? right now I would get back what I paid out but may or may not be able to get a direct replacement..... By the way, I CAN'T WAIT to get this thing back on the road!
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Joined: Aug 1999
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From: Ontario
I agree, a lot has happened since then but would that really effect the insured replacement value? I guess I'm looking for what the insurance companies go by with regards to value. Should I let them come up with a number or should I push for a number?? right now I would get back what I paid out but may or may not be able to get a direct replacement..... By the way, I CAN'T WAIT to get this thing back on the road!
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From: In limbo
St. Jude Donor '13-'15, '17 thru '22
I agree, a lot has happened since then but would that really effect the insured replacement value? I guess I'm looking for what the insurance companies go by with regards to value. Should I let them come up with a number or should I push for a number?? right now I would get back what I paid out but may or may not be able to get a direct replacement..... By the way, I CAN'T WAIT to get this thing back on the road!
Hagerty and Grundy usually get high praise here if you want agreed value.
Good luck! And get that car on the road! And post some pictures!
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Joined: Aug 1999
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From: Ontario
What they use is dependent on what kind of policy you have. Most folks here use classic car insurance with an "agreed value". Basically, Hagerty let me pick what our agreed value is, and I pay accordingly. If I wanted to pay a lower rate, I could lower my agreed value amount. If I wanted to get $60,000 in a total loss, I would have to pay more (too high and they will want to inspect the car to be sure it really is worth at least close to the value you have chosen). If it is not an agreed value policy, you will get in a total loss what the insurance company says it is worth. My DD insurance (Liberty Mutual) uses "depreciated value" to determine the value of the car, so they take the original purchase price and depreciate it over time. For a 39 year old car, I'll bet you can guess what the value is (hint: =$0). If it is not an agreed value policy, you will have to read the policy itself to see by what method the insurance company arrives at the value of your car and determine if you think that is acceptable or not (I'm guessing not).
Hagerty and Grundy usually get high praise here if you want agreed value.
Good luck! And get that car on the road! And post some pictures!
Hagerty and Grundy usually get high praise here if you want agreed value.
Good luck! And get that car on the road! And post some pictures!
With "stated" value you can declare/state what you wish and pay accordingly. But when push comes to shove you own a 30+-year-old Chevrolet. Perhaps $2,000? Buyer beware with insurance matters.
Last edited by Paul L; Mar 11, 2009 at 03:39 PM.
Melting Slicks
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We have two classic cars, the other is a 68 mustang convertable. Haggerty sent us a letter last year on the mustang asking if we wanted to increase the agreed value by an additional $2K than what we currently have insured. Nothing changed on the vehicle (it still needs paint) but we paid for the increase in value anyway. Doing so didn't raise the insurance premium all that much, I think it was $30 more for the year. I'm pretty happy with Haggerty.
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From: Southeast, Tennessee
St. Jude Donor '09 thru '26
i have haggerty also, and have had them stand up to the policy for a total loss (theft of vehicle) on one of my cars several years ago. the insured agreed value was fair to both parties and there wasn't any problems on their paying and on my accepting the agreed figure. of course i would rather have the car, but that's another story.
my suggestion when there is such a variance in the value you have placed on your car and the value of the so called "blue book" reference sources, is to seek a professional appraisal on the car. you will have a realistic value of your property and the report can be included (along with pictures, etc) when applying for the appropriate insurance agreed price. it may just be the best money you can spend.
my suggestion when there is such a variance in the value you have placed on your car and the value of the so called "blue book" reference sources, is to seek a professional appraisal on the car. you will have a realistic value of your property and the report can be included (along with pictures, etc) when applying for the appropriate insurance agreed price. it may just be the best money you can spend.
Team Owner
Joined: Aug 1999
Posts: 30,995
Likes: 99
From: Ontario
i have haggerty also, and have had them stand up to the policy for a total loss (theft of vehicle) on one of my cars several years ago. the insured agreed value was fair to both parties and there wasn't any problems on their paying and on my accepting the agreed figure. of course i would rather have the car, but that's another story.
my suggestion when there is such a variance in the value you have placed on your car and the value of the so called "blue book" reference sources, is to seek a professional appraisal on the car. you will have a realistic value of your property and the report can be included (along with pictures, etc) when applying for the appropriate insurance agreed price. it may just be the best money you can spend.
my suggestion when there is such a variance in the value you have placed on your car and the value of the so called "blue book" reference sources, is to seek a professional appraisal on the car. you will have a realistic value of your property and the report can be included (along with pictures, etc) when applying for the appropriate insurance agreed price. it may just be the best money you can spend.
Melting Slicks
Joined: Aug 2005
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From: Lincoln CA
Another vote for Hagerty. They insure my 69 BB Vette and my 69 Mustang convertible. I've had a couple of claims on the Mustang and Hagerty made it more than simple to get the problems taken care of promptly. Besides, they include "pleasure driving" in their policies. Many classic car insurers will only cover you to, at and from shows and other events. If you have a problem in a parking lot at the local shopping center or at work or just about anywhere besides a show, they will not honor your claim.
Hey 78VetteChic, what color is your Mustang vert? Mine's Meadowlark Yellow with a black standard interior and top.
Hey 78VetteChic, what color is your Mustang vert? Mine's Meadowlark Yellow with a black standard interior and top.
Last edited by RagTop69; Mar 11, 2009 at 06:34 PM.
Melting Slicks
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I filed my first claim with Haggerty on the Vette last year. Walked into the garage one morning (which was closed and locked) and found the passenger side window shattered. Glass broke on its own for no apparent reason. Called a glass shop for a quote and then called Haggerty. Haggerty called me back the very same day with a claim number and instructed me to call the glass shop to do the work, and said glass co can bill them directly.
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Joined: Sep 2007
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From: Burlington Connecticut
Thanks everybody! I think I'm going to try to "up" my agreed value to somewhere around $22K. I have American Collectors Insurance on the vette. I have Amica for the rest of my vehicles and American Collectors was recomended by them. All I had to do was send them pictures and we agreed on a value, I'm hoping now they will allow some "appreciation" on the car but who knows?? My wife drives the car (she sneaks it out when I'm not around) so I just want to be sure it's covered for whatever she might do to it...I already have to put a clutch in it..