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richards
04-07-2006, 05:54 PM
I am going to have my 1974 TR6 appraised for insurance, as I want to keep it covered along with all my other cars under State Farm. Have any of you had your car appraised?
What was your experience?
I want to keep All my cars with State Farm because of the Personal Liability Umbrella coverage I have from State Farm.

wooolffy
04-07-2006, 07:06 PM
I too wanted coverage under the same insurance. They do not recognize a historic car. I to asked for a quote, and I got the salesmans rendition, oh ya, we do those, yet it was a full quote for 750 a year. I promptly declined their quote which turned into a full scale plan. I got dinged for a $5/month for their mistake. What a joke, I changed insurance companies because of this, I was with them for eighteen years and they treated me like poop. No break for their mistake! /ubbthreads/images/graemlins/nonono.gif

Musicman
04-07-2006, 07:38 PM
FWIW - I have my '75 TR6 insured with Haggerty with an "agreed to" value of $30,000 (and there's a basic level of coverages for liability as well). My premium is less than $250/yr. I say at least give it a glance.

04-07-2006, 07:45 PM
73 TR6, American Collector insures me @ $26,500.00 with no deductable, complete insurance (liablity included) at a whopping $186.00 per year, American money.....


Bill

ObiRichKanobi
04-07-2006, 08:18 PM
I have my Spider insured with State Farm (as are my other vehicles). Agreed value $6000, premium $110 a year. When I switched it from regular to classic coverage, I didn't have it appraised and my agent didn't bat an eye at the value I declared.

Hayfever
04-08-2006, 07:50 AM
[ QUOTE ]
FWIW - I have my '75 TR6 insured with Haggerty with an "agreed to" value of $30,000 (and there's a basic level of coverages for liability as well). My premium is less than $250/yr. I say at least give it a glance.

[/ QUOTE ]

What did you have to do to insure it that way with Hagerty? My father's 69 TR6 is insured with them and when he finished his frame-off restoration a few years ago he wanted an Agreed Value for ~$30k (amount invested). They sent an appraiser and insured it for $12k.

Musicman
04-08-2006, 11:02 AM
Hayfever,

I really didn't do anything special. I merely called them after I purchased the vehicle and told them I wanted to insure it for an agreed upon value of $30,000. They asked me for proof of having another car that I would use as an everyday driver and I sent them some photos of the TR6. Maybe it has something to do with the fact that your father's car was a frame-off restoration. I'm not sure. With me, I paid almost $21,000 for the car and have since sunk another $2,000 to $3,000 into it. Maybe your father's situation is due to the fact that his major investment into his car came after the initial purchase.

hondo402000
04-08-2006, 11:12 AM
Like all the others, Your regular insurance company will not insure for replacement value, they look up the car and will tell you its worth 500 dollers. you need a company that insures antique cars. I have USAA insurance and they put me intouch with a company that insure our cars for the value we have in them. Good luck

04-08-2006, 03:10 PM
I too have USAA for everything else. They use American Collectors. Check them out at americancollectorsins.com.

I have no financial interest in this company, just happy with their product.


Bill

ObiRichKanobi
04-08-2006, 03:58 PM
[ QUOTE ]
Like all the others, Your regular insurance company will not insure for replacement value, they look up the car and will tell you its worth 500 dollers. you need a company that insures antique cars.

[/ QUOTE ]

It depends on how you have the car rated with them. When I first got my TR7, I had it insured as a "reglar" car, pleasure only, under 7500 miles a year. If it had gotten wrecked, they would have "book valued" it for repair/totalling purposes. I now have it insured through State Farm as a classic, 3000 miles a year, keep it garaged, etc. The agreed on value is $6000. I recently had a fender-bender (other guy's fault). I was concerned that his company was going to value it not as a classic and total it. When I talked to my State Farm agent, he said if they talk about totalling it, tell them that it's value is at least $6000, as that is what State Farm would pay if it was totalled.

trrobbie
04-08-2006, 04:16 PM
/ubbthreads/images/graemlins/rolleyes.gifHey All, I went to progressive and they never asked any qwestions about or asked for an apprasiel. Was only for liability but still I got a real good deal.(about 200+usd a l year less then with Allstate. That was my old co.) They didn`t ask for anything either even though I told them my 7 was a "collectable". /ubbthreads/images/graemlins/jester.gif Roobie in Wyoming USA

zekjet
04-08-2006, 08:05 PM
I used Hargarty with a $11,500 agreed value for $146.00 a year with equal coverage I have on my regular vehicles. My regular insurance company AIG would not insure any Triumphs. At least that is what they told me.

Geo Hahn
04-08-2006, 08:20 PM
I too use the State Farm antique endorsement with an agreed value. They required an appraisal when it was set up, after that I have incrased the value from time to time with just a phone call.

The appraisal guy I went to was pretty flexible -- had a figure but took into consideration what I thought I needed on it.

I recall he said "I don't see why you can't insure it for whatever you want... after all, a dancer can insure her legs for a million dollars".

I pointed out "The dancer probably wouldn't crush her own legs to collect the million". He said "Oh, I see what you mean". It's what the insurance companies call a 'moral hazard'.

Anyway, I see no problem with having an appraisal on record, simplifies any later discussion of value.