I just purchased a really mint rebuilt 76. The fellow I bought it from always garaged it. 110 K miles, absolutely clean, no body damage. I have historical plates on it. When I called the insurance folks they said to get a value that it's worth and get back to them so they can insure it. How can I tell how much it's worth?

 

I'd insure it for $20,000.....car would probably bring between 15 to 20.
L84... is right....it's around midnight.. what the heck was I thinking...
$10,000 would be closer to top end price for a 76...sorry. Thanks L84
I'm usually the one saying "It's worth whatever someone will pay for it"

 

It is best to be honest. Fifteen to twenty sound really high. If you are going to try to insure the car for that much, that is the premium you will be paying. At the time
But, if you wreck the car, you will have to prove that value to claim it.
Twenty five years ago, I wrecked a 69. The insurance offered me $6,000. I told them no. I wanted $10,000.
I had to get a bunch of articles from papers and anything else I could,*no internet back then).
Once I showed them that your average 69 sold for $6,000, but my car was a 350/350 4-speed, A/C, car with power windows, steering, and brakes and black interior. Same car with red interior was $2,000 less back then. Automatic was $2,000 less and so on and so on.
I eventually told them to just find me a similar car and I would fix it up again. I eventually got my $10,000 and got to remove all the parts I wanted off the car.
That was a great deal for me. This is in the 80's.
So, my point is, if you just bought it, that is your value. You may have gotten a deal, but be honest. Unless you were the first one there and bought it right then, its value is what you paid for it.
Some of these guys think their cars are still worth a fortune. I just watch one of mine drop 40K. It is a very tough pill to swallow. It was all equity for me anyway. I have had them so long, but it still hurts to watch it go away.

 

Why not just get an appraisal done?

 

i don't get it? the value is what you paid for it. any lower you are cheating yourself, any higher, you are cheating the insurance company.

 

I'm insured with Hagerty. I spoke with an agent just last week about the agreed value on my 82. They told me I was under insured based on their book values.

Keep in mind, my current agreed value is almost 2x what I could hope to sell my Vette for in a reasonable amount of time in the current economy.

I plan to increase my agreed value to the amount they suggested, an increased bump in value by $5K.

I'd advise you to insure it through a classic car insurer for an agreed amount of at least 1.5x what you think you could sell it for in one day on craigslist.

 

Tex,
Doesn't he have to take the car in and have it looked at by the company. The average 77 is worth $10,000 on a good day. There are a number of really nice ones for sale in my neighborhood for $9,000 and $11,000. Neither seller has had any interest at those prices. These are both California cars, and they are in good shape.
The $11,000 car is orange with black, but the other one is a tan on tan, which is a low dollar combination.
To me, these seem like prices of a few years ago.
I just cannot see $20,000 for one of these cars.
I honestly think I would have a tough time getting much more than 20K for my 1972, numbers 454, 4-speed, A/C, Tilt-tele, pw, pb, Red with black deluxe interior in this market. I am talking about what cars are actually selling for.
A lot of people are asking the moon price wise for some of these cars. You can ask all day long. That does not mean the car is worth anywhere close to that.
Value is what they sell for.
He just bought the car. If it is his first corvette, there is a chance he may have even paid too much for the car. we all had to learn at some point.
But again, the bottom line is, he just bought the car. that is what it is worth. there really should be no question here.

 

Why not call or drive over to Mershon's in Springfield - - they might either be able to give you a written appraisal, or suggest someone whose credentials would be acceptable to your insurance carrier.

I suppose you could always go "stated value" but I'm thinking you need to have some basis in fact and a qualified basis for the valuation.

Just my .02 - -

 

I own several Corvettes all with "collector" insurance on them
My 76 is insured for $14,000 which is what I actually think I could get for the car IF I WAITED AND WAITED for the right buyer... actually all my Corvettes are insured the same way..

The HIGHEST priced I "could" get from the right buyer...

Bob G.

 

I purchased by Vette 6 years ago for $10K. At that time I sent in the dealer pictures of the car to Hagerty Insurance and asked for an agreed value of $10K. I didn't ask an agent for any advice at that time.

The next year I called Hagerty and asked them specifically if I was insured for enough. At that time the agent told me that $17K was a better agreed value. I kept that amount for the next 5 years.

As I stated, last week Hagerty told me $25K was what I should insure my 82 for. I've made no major improvements to the car since I bought it in 2005.

I can only speak from my experience but if my insurer is saying I need to raise my coverage, then I'll certainly consider it. It's not illegal or sneaky to follow the advice of your insurance carrier, so my conscious is clear.

My best advice is to ask your Insurance agent. They are actually helpful and offer advice you can count on.

 

check ebay for sold cars similar to your's. that would give you a low end value.

 

Took my '70 to the Volo auto museum to have if appraised. Cost me $50 but I came away with a $30K evaluation which is my agreed value at NCM. Most insurers will require an appraisal for agreed coverage over a certain amount. Spend the money - it's worth it.

 

My restored 76 with 138K is covered for $25,000.

 

Anybody can say anything. The appraisal is the only real way to know. There was two LT-1's for sale. Similar condition. One was 30K and one was 40K. The only real thing that was different was the $40,000 car was blue with black interior and the $30,000 car was green on green.
In that case the color combination was a valid $10,000 difference.
I am sure the Green on green owner told people that 1970 LT-1's were worth $40,000 even though his car was not even close.
there are so many difference in cars. I have heard ever tale in the book. I have seen the cars go up in value, then the bottom falls out of prices. then they went up again about ten years ago, now the price has fallen out again.
Who knows, they may go up again, but not like they did.
Own them drive them, enjoy them.
Again, the cars value is what you paid for it if you are lucky.

P.S. If your 76 was restored, why does the odometer still have 138K miles on it. It should have been set back to zero.

 

I see several posters talking about how insurance value is what they could get for their car. That's not what you base your insured value on. The insured value is the amount of money it will take to get you a comparable car on short notice.

 

You can insure the car for anything you want, as long as it is within reason. Hagerty would approve anything between $10K and $20K, if it's as clean as you say. Why would they do that for a car that is probably only worth $10-12K at max? Well, because the premium you pay is proportional to the value you place on it. $10K Agreed Value = $X; $20K Agreed Value = $2X. Or something near that value.

I select a value that I would actually be willing to sell my car for. And, since I don't feel like selling it, I insure it for about 50% more than it's probably worth. But, if you are not "attached to the hip" with your car and it can be easily replaced, you might only want to set the value at, or slightly above, the actual market value and then save some premium money.

So, setting the value is not that big a deal...just select what works for you and send in a few photos.

P.S. If you misrepresent the condition of your car, the insurance company will likely discover that during their investigation of any claim you submit....then, you may not get what you think.

 

I spent 6 months looking for C3s before I purchased mine. The agreed value I have with Hagerty is for me to easily find a comparable car in a short period of time.

If you watch the Antiques Roadshow on PBS, you will regularly see the appraisers tell people to insure their property at a value that is much higher than retail.

At any rate, Ive given more than my fair share of opinions in this thread. This is my last word on this subject.

To the OP, don't short change yourself. Speak to the Insurance Agent and you can't go wrong.

 

I'm confused with how you guys down south deal with collector insurance. I was with Silver Wheels (Lant Insurance in Ontario) up until the Haggerty buyout......so maybe my way of dealing will change also..........Anyways, I had to have an appraisal done by a reputable company, then fax that info along with pictures to the insurance company. The appraised value is what the car is insured for.....$16,500.....no more,no less.I didn't have a choice to insure for more.

It seems weird that I could call up an insurance company and tell them I want for eg. $25,000 worth of coverage on this same car. Especially if I have to file a claim, and then try to prove to them that the car was actually worth that much. These company's are always looking for a way to get out of paying.......this to me just gives them more ammo.

I'm afraid if Haggerty tries to pull this BS at renewal time they're in for a good fight. I never asked to be with them in the first place.....guess I'll have to wait and see what happens in August. At least with the appraisal, in my opinion, both parties are on the same page as to car condition at time of policy write up.

 

You still don't get it. If you try to insure for a LOT more than it's worth, or submit photos of a $5000 car with a requested value of $20K, Hagerty would certainly balk on that deal. But, if your car is a $15,000 car [with appropriate photos] and you ask to insure it for $25K, they really don't care. The increased premiums [of all those folks who choose to go at it in that manner] will more than cover any losses that are incurred by those same folks. In fact, Hagerty will make 50% more profit if folks insure for 50% more value...for the same number of cars. You just need to think like an actuary...