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Discussion in '1977 Z28' started by severum17, Oct 23, 2021.
Interesting. My insurance requires a professional appraisal every few years in order to get stated value coverage. I’ve always thought that was standard practice.
Not so apparently?
Progressive will let you go with stated value unless its questionable, but they will sell you what you want to pay for. They did ask if the rear suspension was stock, so not sure what would happen if I said no. My 79Z is far from stock,(except rear suspension) and like most are worth what someone will pay for it. For your car you need to be in the 25k to 30k stated value, which would be market value for your very nice Z28. Like others have said you cant replace it, but for that kind of money you can get one as nice.
Be sure you get a collector policy with AGREED value, not STATED value I use Grundy.
I would also look into a feature where you get your car back if it's totaled. Hagerty has something like that. It's called Cherished something or another, I forget. I didn't want to try and buy MY car back from some salvage company or in an auction.
EDIT: It's an endorsement called Cherished Salvage Coverage.
I still have my silver 7T7Z I bought new. 4 speed with all options except a/c and body side moulding. I have had hagerty and others over the years. Right now I do not have a stated value policy but intend to return to that type of policy on next renewal. It's not as original as yours for sure. It has had 3 repaints over the years and I could drive it cross-country today. Anyway if it's worth $1000 or $30000 I don't care. I'm leaving it to my gear head 9 year old grandson when I check out. Very nice car there sir.
I’d ask what’s the maximum amount you can insure without an appraisal or furnishing all receipts. My insurance allowed me to go $50k.
Why would you go back to stated? Coverage and cost wise that's backwards. Now I realize I live in the weird State of New Jersey when it comes to car insurance, but my agreed value policy on my camaros is cheaper than my liability only on the truck I drive 2000 miles a year. and adding comp&collision would only raise the premium. Then there's the fight on value if something happens.
First off, I wouldn't recommend insuring it through most standard insurance companies. Mine wanted so many restrictions and it was well over $1,000 a year for one car. I would recommend only using a collector car insurance company such as Hagerty, Grundy, Heacock etc. They understand the collector car market, how difficult it is to replace one and will even insure the parts you have for it. They have many, many options. You, set the agreed value, no appraisal. I just bumped mine up on 4 of my cars as the cost to "try" to replace them has gone up dramatically! So I upped it from $15K to $25K on my 72 Camaro and from $20K to $30K on my 67 Convertible Firebird 400. I was paying only $306 a Year, now it's still just over $400 a year for all 4 cars on agreed value. So make sure you shop around and don't go with the standard insurance companies, but shop the collector car insurance companies for the policy that fits your needs. You want it covered so you still have something to pass down to your family if something should ever happen to it. If it's under insured, you will have nothing to show for it.
I have a 79, very similar situation to yours. I am the original owner, one repaint, headers and intake upgrade. I have mine insured with Hagerty for 25k. But I have had it insured for that value for the past 20 years, maybe I should adjust it a bit. The trouble with determining the value of an original owner car is that it will always be worth more to you than the next guy. As suggested best to go with agreed valve, which is what I finally did. Getting my car appraised every year or two was getting to be a PITA. Only thing that might hurt your value is the automatic transmission, 4-speeds are more desirable.