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Haven't updated agreed value policy through NCM for quite a while. Currently have an $80k agreed value policy. Have been busy with kids and haven't really followed the current market. Insurance renewal coming up so figured I would post this here.
Numbers Matching Blue/Blue 69 427/390 4 Speed convertible pretty much loaded with factory options documented with tank sticker. Repaint in Lacquer and new carpeting, otherwise a survivor. Engine never out of car. Smog intact. All matching date coded components.
Factory side exhaust
Factory AC
PS
PB
Tilt/Tele
Leather
Speed warning
Fender Louvers
Factory Alarm
AM/FM
NCRS Duntov Car in 2014. National Top Flight. Bloomington Silver (Sore subject, 2 weeks before Nationals and Nothing changed)
I am thinking Agreed Value should be like $125k today. Any thoughts?
Dont know, myself. Careful not to over insure it.
Buddy did and balled his car up 2x showing off.
68 Mustang show winner highly modded. Insured it for 70.
Body shop had an estimate for 25ish+- the damage was bad.
Finally after being redone 2x as hes picky the car looked perfect once again. But wasnt quite right ever again.
If mine got balled up or ripped off I wouldnt want it back. Think you can update values at any time maybe Adam Boca will pipe in.
Good co. to work with.
if you collect 80 cuz it is totalled or stolen are you losing your shirt? or already coming out ahead? cuz odds are you are never gonna collect on the policy. but odds are 100% they are gonna collect from you...
As a full time investor I look at this type of coverage as part of my investment. I can say this will plenty of experience, WASTE OF MONEY. These policies have so many loopholes and conditions getting paid out is next to impossible, but let's just assume for argument that the policy is going to pay out when you want it to. You need to look at inflated insurance the same way you would on any other asset or investment. Does the increased monthly rate justify the protection vs investing that money in something different. What you need to do is run your policy at a very low number, in this case 40-50k, then an average number 80k, and then a high number, 120k. Then calculate the difference and decide based on that. If you can only save 1k a year, crank it up to 120k and get the max you can, because 1k/yr won't provide any substantial investment ROI. But if it's 5-10k year difference then you have a bigger decision. 5k for 20 years = 100k, you just paid for your car again, you should just invest the 5k into a high yield account and you would be at the same 100k in 10 years or less. I'm building investment properties in SW Florida right now that create 100k of equity in 1.5yrs, only takes 80k of total capital to build (with financing). I use a private lender for the 80k and all he charges is interest which is 20k for the build. So for less than 20k out of pocket you can generate enough ROI to buy another '69 427. I'm not a rocket scientist but I'd rather have 2 Corvettes than 1 for the same out of pocket expense, but maybe that's just me.
i think 80k is adequate. maybe could see 100k in this crazy market. 125k just seems like too much. you're talking BAT crazy prices, not real world.
Not for nothing but BaT pricing is the real world. That doesn't mean you can't do better as a buyer or a seller, but the cash changing hands there is real and I see no reason to consider it an aberration with a nearly 500 car a week run rate.
Get in on it while you can.
I can say this will plenty of experience, WASTE OF MONEY. These policies have so many loopholes and conditions getting paid out is next to impossible, but let's just assume for argument that the policy is going to pay out when you want it to.
I will say this with 11 years of running the NCM Insurance Agency that the above comment is absolutely incorrect.
I have seen millions in claims paid and at times, the very next day.
Your comment may be the case with standard auto insurance, but 100% false with Collector Vehicle Insurance.
Not for nothing but BaT pricing is the real world. That doesn't mean you can't do better as a buyer or a seller, but the cash changing hands there is real and I see no reason to consider it an aberration with a nearly 500 car a week run rate.
Get in on it while you can.
But is it? I've asked about actual sale data (not just marked sold on the site but actually money changing hands) and have had no luck finding that number. I've asked this of a few 'high end' sales sites and the answer I get is their 'sale' rate. But since the actual transaction is handled outside the auction, they don't track the data on actual sales that happen. The site gets their money and moves on. How many of those sales are done to drive pricing? It's probably worth spending some money in buyers fees to drive the market for a certain car. No proof of that other than seeing just stupid pricing for cars on those sites.
I suggest insuring it for as much as you think you would need to buy a replacement should something happen to it. Could be more than market value if you think it likely a replacement vehicle would need work to make it comparable to what you have now.
Seems high. Thats. Big block mid year pricing to me
I agree. Nice car though
I am thinking about upping it on my 1966 L72 car to $125k as an example. However my car has never and never will be judge as long as I own it and I KNOW it would never do as well as yours.
Your missing the point, it’s not about if they do or don’t pay out, it’s the cost vs ROI. What’s the policy cost for 120k using this vehicle?
If the car in your avatar is an example of you knowledge base on this subject then you are WAY off base in your comments. These classic car insurance rates are very reasonable. If you are trying to insure one for what they think is unreasonable they will ask you for more info before writing a policy The market is crazy right now but for comparison of the statement about a like midyear at $200k here is a link to one by a DEALER and you know they always want crazy money.
Your missing the point, it’s not about if they do or don’t pay out, it’s the cost vs ROI. What’s the policy cost for 120k using this vehicle?
I suspect you have never priced classic & antique auto insurance. One of my Corvettes is valued at $100k through NCM and only costs about $270 per year with a $250 deductible. The liability, personal injury, etc. driver coverage adds $72. These types of policies certainly have restrictions on use and mileage, but I don't find them restrictive to me.
another restriction. they insist on a pic of it in your garage. where you attest it lives full time. that throws theft off on your homeowner's policy as it was stolen from inside your house...
another restriction. they insist on a pic of it in your garage. where you attest it lives full time. that throws theft off on your homeowner's policy as it was stolen from inside your house...
NCM only asked pics of the car - didn't specify a location for them. It does specify that storage is in a "locked garage/building/barn".
(Not arguing, just adding info for those who are unfamiliar with the NCM/American Modern policy.)
03-30-2022, 07:48 PM
Insured Value through NCM for 69 427
