How do you value your car and insure for that amount.

 

Get an independent appraisal. Cost about $125

 

Vetteguy is correct but I would add a few comments. First, ask your insurance company if they offer "agreed value" policies. If yes, get the car appraised by a person/garage acceptable to the insurance company. No use getting an appraisal that the insurance company will not accept. And last, generally "agreed value" will exceed "stated value" so be prepared to pay a higher premium.

You have to watch stated value policies: many insurance companies think of vintage Corvettes as old Chevrolets. You can state whatever value you wish upfront and pay accordingly but ultimately in case of total loss you will receive some form of book value settlement that may or may not be close to reality. Getting the value agreed to at the outset is the way to go.

Watch the markets as values shift. I have my Corvette re-appraised every two years. The prices of C2s and chrome bumper C3s have gone up substantially in the last three years. This may not continue owing to an overall economic slowdown seen for 2007 (housing markets are already down) but at least you know where you stand. And your asset is protected at an appropriate level.



Several years ago I had an agreed value policy on this 1979. I was happy with the premium and level of coverage. My insurance broker decided to save me a few dollars and switched companies on me without my consent. On renewal I noted that the cost of the policy had dropped 50%. There are no freebies in life so I pursued this. Turns out that the new company had placed a market value of $2,500 on the car!! The paint cost more than that. They wouldn't budge so I switched companies and went back to agreed value.

 

with paul67, I have haggerty for my 72

 

72ragtop,
I should have mentioned classic car insurance which I have. The link below is Canada's version of Hagerty. Not available in the USA but it might give the original poster an idea of what these type of companies offer.

http://www.lant-ins.ca/

 

Damn Paul, you own my dream car...color and all

I have been with Parish Heacock on an agreed value which I pay acordingly for a while now

All they asked for was a pic of the car in the garage and a pic of the odometer
The policy does have restrictions as far as milage and who drives it.
I think I will be shopping for a new company come next July when the policy expires

 

Bob,
You and I are probably the only persons who believe green (in this case Goodwood Green) belongs on a Corvette. I was informed this summer past that it cut the value of my car by $5,000-8,000. Guess it's time for re-sale red .

 

Goodwood Green is wild
In low light it's hard to tell WHAT color it is
Its almost kinda spooky
I love it!

 

Hagerty insurance. 335.00 per year for an agreed value of $20K. This policy has no deductable!

 

NOTE: this topic does NOT belong in the Tech/Performance area.

 

I had hagerty at $665 per yr, 20k agreed and I was 24yrs old.
Shopping around now, JC Taylor is similar in price.
Looking at Grundy right now, very cheap. I think it was $350 per/yr for 45k agreed value and I'm now 25! no milage limit

 

Being a former NJ resident I feel for you... I was 25 in NJ and had Hagerty @ $600/yr with an agreed 25k.

I moved to PA and now Hagerty @ $216/yr with an agreed 25k.
I am thinking of upping the agreed 25k because I've heard my car is worth more.

 

If thats your car in your avatar I would up it to at least 35-40k.
Only issue is I think you need to have it appraised past a certain limit. But the way the market is going for our chrome bumper cars, i don't think 35-40 is an issue.
Once I secure a company and my car is done with its frame off, I'm going for an appraisal and hopefully 45k.
I've also thought about moving to PA, an hour from where I am now is the PA border. Cheaper car insurance, homes, home insurance, generally your cost of living is cut by 25%.

 

I pay $132. per year for agreed value of $12,500. restrictions are ;5,000km per year, no drivers under 25 and must be kept in garage overnight.
Suits me just fine as its a sunnyweather/weekend cruiser


Green looks great!, looks black at dusk

 

Be sure you fully understand the conditions of the policy. Hagerty, for instance, only covers "pleasure driving" and the car must be garaged. So, if you decide to drive your Vette into work on a nice sunny summer day and you end up in an accident, guess what - you're not covered (because you were driving to work, which isn't considered "pleasure driving")! Or, if you keep your Vette under a cover in a side yard, you're also violating the T&C's of the policy (the car must be garaged). OTOH, Hagerty doesn't have any mileage limits.

 

I also have an agreed value policy with Hagerty. Yes, they asked that the car be stored in a locked garage. There is NO mileage restriction and I have a ZERO deductable along with high medical and such. MY yearly rate is $270. NO way Allstate could ever come close to that, not to mention an agreed value. As far as the worth of your Vette, Figure a number of what it will cost you to replace YOUR car in the cond it is in. Most likely, Hagerty will NOT have any issues with the price, unless you are in a dream world.
Hagerty...Highly recomended.

 

Yeah what sucked for me is i did an agree upon value. And sold my 1972 olds 98 after buying my vette. Went back to being primary driver on my 72 vw. So what does my insurance do? They raise my vw from 182 dollars liability to 430. >_< it pissed me off so much for the simple fact that they were only charging me 300 for liability on a car that had a hell of a lot more horses.. Thank god they didn't screw me on the vette yet though..