"Stated Amount Replacement Cost" from Insurance Co.

[seanratpel]

Insurance Co. informs me it will cost approx. $125.00 for appraisal to get an adequate "stated" amount for the car. Anyone else dealing with this?? Seems they're going up in value so quick insurance co's can't (or won't) keep up with realistic replacement costs.
I guess flippin' through NADA is no longer any good!

[Christien]

Ask if you can have it independently appraised. $125 seems low, at least for around here (usually $250-300) so it might be their "in-house" appraiser, who will have no idea of a specific market like air-cooled 911s and may wildly undervalue your car. An "agreed value" policy is what you want, with an appraisal to prove it. That way, under a total loss they'll pay out exactly that amount with no discussion. Otherwise they'll say "oh, it's a 30 (whatever) year old car, it isn't worth anything" then find a few junkers in auto trader to make their case.

[seanratpel]

Yea, I Know that's what worries me. I'm pretty sure this is an independent guy doing this. How many appraisers actually are in the know with 911 Air cooled's anyway??
Thanks for the info........."Agreed amount it will be....I hope

[MBAtarga]

I'll appraise it for $100
What valuation do you want?

[Deschodt]

Why don't you use another ins. co that does not require this ? Hagerty, grundy, etc... generally only require a picture of your car and its value to fall within their broad range. I've used appraisers once 15y ago and it cost 2x that amount then ! And the results were between so-so and "meh" vs. what I knew of the market.

[stomachmonkey]

Originally Posted by seanratpel

.....Seems they're going up in value so quick insurance co's can't (or won't) keep up with realistic replacement costs.

True, upped the agreed to on the 190SL twice in the past 2 years.

I just use Haggerty's valuation tool which is telling me it's time to make another call.

[Deschodt]

Originally Posted by stomachmonkey

True, upped the agreed to on the 190SL twice in the past 2 years.

I just use Haggerty's valuation tool which is telling me it's time to make another call.

Good for you scoring an SL in time, I missed that boat twice... Still, on valuation, I have to make that call almost every quarter on 911/912s ;-(

[seanratpel]

Tell me more about Haggerty's. How do they structure, like so many miles a year type of thing or only 6 months etc etc?? Myself, I'm pretty much only a weekender year round (only stop over 2 feet of snow!)

[stomachmonkey]

Originally Posted by Deschodt

Good for you scoring an SL in time, I missed that boat twice... Still, on valuation, I have to make that call almost every quarter on 911/912s ;-(

Can't really take the credit.

Mom bought it as a used car in 64'

Was her DD for many years.

#7 off the assembly line first production year.

I did have a 57' that I sold a bunch of years ago.

[Por_sha911]

Originally Posted by MBAtarga

I'll appraise it for $100
What valuation do you want?

That only works for home appraisals!

[SoCal911T]

Originally Posted by seanratpel

Tell me more about Haggerty's. How do they structure, like so many miles a year type of thing or only 6 months etc etc?? Myself, I'm pretty much only a weekender year round (only stop over 2 feet of snow!)

When I first got my Hagerty policy I think it was a 3000 mile per year limit but it looks like it's loosened up since 2003.

"Our policy is a flexible, limited use policy. We do not, however, limit you to just show and club use. Occasional pleasure driving fits our underwriting guidelines, but our policy is not intended for vehicles regularly driven to work or school or for running errands. We look for usage that is consistent with owning a valuable automobile and the availability of insured regular-use vehicles for daily transportation. While the average mileage generally put on a collector vehicle is approximately 2,000-3,000 miles annually, our policy language does not state a specific mileage limitation.

This limited, flexible use policy includes coverage for pleasure driving. That may mean taking your family out to dinner, out for ice cream or on an enjoyable Sunday cruise, for example. Taking the vehicle once in a blue moon to work to show it off is acceptable as well. We ask that you as the owner of a collectible vehicle make the decisions that are right for your situations. We have not had a problem with our clients abusing the privilege of flexible usage, so we are able to continue without the strict guidelines that some of our competitors may have. We would prefer that you do not take the vehicle to high-risk parking lots, such as the gym or the mall."

[MBAtarga]

Have you checked with State Farm for coverage? There was a thread on here recently about there new agreed value collector car coverage. Many (including me) found their premiums very reasonable. Their system "automatically" provided a value for my car - which I thought was accurate.

[seanratpel]

No I haven't, but I will, thanks for the info

[PabloX]

I go through Grundy and just increased my stated value by about 80% a couple of months ago. They just asked for a few pictures.

[Deschodt]

I even got Hagerty in writing telling me that it was OK to drive the car to work "on occasion" to show it off to colleagues... I'm very happy with them, the proof is in the pudding as they paid the one accident I had (well my mechainc had with my car) without a hiccup!

But regardless of your preference (hargerty, grundy, leland, american, chubbs, etc), do pick one of those agreed value companies that specialize in this, no BS appraisal required.

[bleucamaro]

My stated value insurance went like this:

Agent: How much is your car worth?
Me: $xxxxx
Agent: Here's your quote, $yyy/ year
Me: Thanks, I'll take it.

Insurance is through American Collector.

[seanratpel]

OK OK the longer this goes the more confused I get. Does anyone the exact definition of AGREED valule vs STATED value?? tx

[stomachmonkey]

Originally Posted by seanratpel

OK OK the longer this goes the more confused I get. Does anyone the exact definition of AGREED valule vs STATED value?? tx

https://www.hagerty.com/articles-videos/Ask-Hagerty/Whats-the-difference-between-Agreed-Value-and-Stated-Value-coverage