The other way to look at it is, if you went to the expense to buy NOS fenders for your car, then it was hit, would you accept patched up rusty fenders as replacement? That's where a good appraisal comes in. Either way, under insuring your car by just guessing at the value is only going to hurt you in the end, the insurance companies don't care, it's less they will have to pay out if something happens.
Probably none of this is helping Darren with his question. I'll just say, Dave, you have a good point on partial loss. :Handshake Would like to discuss it more but not on Darren's thread.
Why not? it's part of the whole discussion. I'm sure he doesn't care. No different than adding this: "A nice add to one of the gatherings would be to have an appraiser available for anyone that wanted to get their Maverick or Comet appraised. "
Contact Rayzorsharp. He's a licensed appraiser and works for a company that does appraisals all over the country, probably in Canada, too. He can probably set you up with somebody close by.
No problems. This is the kind of discussion I was hoping for. Mine is appraised but its real low thanks to the 78 year old that did it. HAs a great history with classics etc over many decades but hes really old now. Didnt even know what ebay was. Im getting a new one this spring that will likely be at least double his. I think he was around 6000 when my car was first reassembled. He just looked it up in his book and took his pics. Anyhow I have to call them this week so maybe I can get a bit of a game plan in my head prior to that.
Hagerty...$20,000...no appraisal... their top roadside service (covers my truck and Effies car also) no deductable...$285 yr. she suggested I raise that amount after it's painted... I've used their roadside service twice...tow on Effies car and a set of keys made for the '72 I had. I don't know what Earl has his insured with them for but they have paid out over $13,000 in repairs on his car... ...no questions asked.
I think thats a great idea. The big problem I had with my appraiser was that hes real old school. Would have been great if I had a Duesenberg or 57 Chevy etc. He kind of looked down on the Maverick since its not a "collectable". You guys know what I mean. We need an appraiser that knows the current market and direction these cars are headed. We had one on here that auction'd for over 20 grand in Florida if memory serves. Maybe if we could get a copy to print of the auction results??
OK, hope Darren agrees with you. Buying insurance is a bet with the insurance company. If you have an accident you win the bet and probably take away more money than you put in. If you don't have an accident, you lose your premiums. With appraised value insurance, the buyer can decide how big a bet to make. High value and the stakes (premiums) go up. Low value and you stand to lose less if no accident and recoup less in the case of an accident. Some people like to insure for every possibility and will pay the higher premiums to get the better coverage. Some people would rather have the lower premiums and assume more of the risk themselves. I'm more in the latter group. If my car was totaled I'd probably take the money and try to find a car of similar value. So, the target coverage for me is the current market value. On the partial loss, however, you make a good point. I spent $300 to get my bumper rechromed. I don't want a rusty replacement if it gets damaged. A high agreed to value would probably make it more likely I'd get a nice bumper. Anyway, that's how I think about it. So, Darren, when you ask how to get a "good value" I suppose "good" depends on what you want from your insurance. If the car is lost, do you want to rebuild your current car or buy something of similar value? Or do you want the maximum value the insurance company will allow? If you want to buy a replacement of similar value, a Maverick/Comet savvy appraiser should be a help.
My insurance has been low for past few seasons. I took a gamble I guess with his low appraisal. Only good point was the low payment each year. I figure if I can get it up around the 15000 mark Id be happy. I can buy a nice Mav in that price range I would think. I want more coverage than I have invested in the car. I dont have my buddies at work in the body shop anymore so no chance I could get the same job anywhere close to what I paid them. Ive only got around 2000 in body and paint for a complete disassemble,strip,body/paint,reassemble. A lot was my own time, favors owed and cash. I dont think my insured value should be lower because I didnt dish out 8 grand or so for body and paint. I have to try to remember that when I am asked how much I have invested in the car. Thats kind of why I look at what I would need to buy one comparable more so than what I have invested in mine.
I wud rather have "Agreed Value". I keep a record of how much have invested and raise my value as I invest more in the car. Most of the regulars here have replaced drivetrains, suspensions, interiors and some major exterior restoration. I wud think if u don't have somewhere in the vicinity of 20K replacement -- Ur really underinsured ---IMO. I have 10K on my car, only drivetrain upgrade was complete rear center sec rebuild, same engine, trans that came in the car, and no paint body work yet. Some suspension, brake and interior along w/ other misc upgrades. Point being, there is a lot more invested in these cars than the owners realize regardless of it's appriased value. When an my insurance comes due in July I will be raising the "AV" commensurate to what I have invested.
This is becoming a interesting thread.I just talked to my appraiser the other day about this topic.Really sucks for him since his buisness has just been cut because the agreed value ins no longer needs his services.One downfall of agreed value is the dishonest people and the people desparate for cash.Some donkey with a 4 door Chevelle worth $4000 agrees for insurance at $20,000 and a month later it's stolen or burnt.Belive me it happens expecially with the thousands out of work around here. Anyway i feel my insured value is what i would be satisfied with if i HAD to sell the car.(I actually sold my truck for $8000 less than it was insured for) My Comet is insured for $7500 probably $2000 more than it's worth.My appraiser took the time searched out similar cars in similar condition and current market values at the time and valued it accordingly.Just make sure you can afford the premiums if you want the big number on your agreement.
in dealing with my accident claim i my car was appraised twice. the insurance company's appraiser came in at 16,400.00 my appraiser came in at 30,000. they went to arbitration and the arbitrator came in at 20,000.00. darren, i know your cars paint and body was allot nicer than my car. i could easily see 25k-30k value on your car. my biggest problem with this appraised value system is that its the sell-able value not the cost to build a comparable replacement car. when im ready to insure my next car i will be pushing for the full rebuild cost value. i doubt ill get it but it should at least have the agreed value as high as possible.
we have a member on here that had a 4 dr. Mav that burned in his driveway...Hagerty paid the...$17,000...agreed value... that's one of the reasons I went with them... another reason was...Earls claims on his car...
Appraised value isn't necessarliy market value, you need to cover the cost of finding and rebuilding a car, like the one you have now. My green car is insured for $33000.00 that runs me around $250/year. The price of chroming in Ontario is insane, let alone paint & body work.