Insurance value

Discussion in '1977 Z28' started by severum17, Oct 23, 2021.

  1. Willie Bifulco

    Willie Bifulco Member

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    I went through American Collector Insurance a couple years back while my basic '70 coupe was in restoration. The car has been in the family since new and has value to me beyond what it's worth in the resale market, so my AGREED upon price recommendation for the insurance company was based on the cost of restoration, based on receipts. To my surprise & delight, they accepted the #. I would recommend this company as they were great to do biz with and hopefully I never have to test how well this agreed upon # holds up.
     
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  2. Buddy70z28

    Buddy70z28 New Member

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    I don't know who your insurance is with? I had Grundy and the first 25k was still $185 a year for premiums. However I agree with the rest of the comments that no amount of money will bring it back and the insurance company will not be able to find you another one this nice! I would just make sure that the price you put is a "agreed upon value " and not depreciated value because some insurance companies don't offer agreed upon coverage. Just my thoughts and if it were mine I would start with the 25k. Nice car!
     
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  3. giggity

    giggity Veteran Member

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    Go with one of the company's that allow you put a value on it. I plan to do this soon as my project is over the hump and I need to start thinking about finishing it. Not to mention, not many people know this, your homeowners insurance will NOT cover a vehicle, even if its in the garage.

    I plan to insure my 70 for about 40k. Ive got about 25 in it, and have done most of the labor myself.
     
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  4. BonzoHansen

    BonzoHansen Administrator Lifetime Gold Member

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    Is it not insured now?
     
  5. green1971

    green1971 New Member

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    I’d have to disagree when you say that you got “nothing” for your Camaro. I bet you got a good amount of psychic rewards from giving it to your son. And he received a car that meant so much to his Dad - that sounds like an invaluable win-win to me.
     
  6. Dave Darke

    Dave Darke New Member

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  7. Dave Darke

    Dave Darke New Member

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    Hello. I would suggest hiring a qualified appraiser to write a thorough report for the insurance company. Make certain the vehicle is insured to proper appraised vehicle in the event of a theft and/or total loss situation. This is what we do up in Ontario, Canada. Nice car.
     
    70-camaro likes this.
  8. G72Zed

    G72Zed Veteran Member

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    As others have said, get it professionally appraised, and make sure you have a 19A, now called "Guaranteed Value" through Hagerty, even if the paint is chipped up and brakes - tires worn out, you will get the full agreed amount in the event of a full loss.

    If you have custom or one off / expensive parts, have them all noted down, part # and date with cost of purchase at that time. In the event of a partial loss, or theft, you will get the money for those same parts.

    I had almost 50k in parts 4+ years before my car hit the road, I had it appraised and insured for that "agreed" value should someone clean me out, or the shop burn down as it would not be covered under my home insurance. Even though I could not even drive it, I had to protect my investment, and could not afford a loss of any kind, HIGHLY recommend this for projects in the building stages.

    My policy now contains "Cherished Salvage Endorsement" in light of a total loss, I pay my 500$ deductible, and I keep the car, and get a cheque for the full amount of the agreed value premium, no betterment or depreciation to worry about.
     
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  9. mallard

    mallard Veteran Member

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    As is required here in Sask for a collector car. You have to have your car appraised, the appraiser assigns a value and the insurance grants you coverage for that amount. However, I'm not quite clear on some terminology used here by some posters "stated" value vs "agreed" value, or for that matter "appraised" value. The way the insurance company explained it to me is, the appraised value is what the insured person gets if the car is a total loss.
     
  10. BonzoHansen

    BonzoHansen Administrator Lifetime Gold Member

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    https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm

    Agreed: you get what the amount of the dec page says
    In the event of theft or a total loss we will pay the Agreed Value.

    Stated: prepare to haggle with the Ins Co.
    In the event of theft or a total loss we will pay the Stated Value
    or the Actual Cash Value, whichever is less.
     

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