Insurance re-evaluation

Gliderman8 · Apr 9, 2019

It’s that time of year... I received my notice from Hagerty that it’s time to renew my policy. This got me thinking about agreed values. I have three vehicles: my TR6 and two Lambrettas.
It got me thinking... I have not changed my values 8-10 years! How often should agreed values be modified? What’s the best way to determine value?
What do you do?

NutmegCT · Apr 9, 2019

I'll be following this with eagle eyes. I've re-evaluated my Hagerty agreed value every two years, on my various old cars. I've followed various websites for estimated values, actual sale prices, printed guides, etc. Then mixed those results with my estimation of my MG's condition compared to the cars I followed. Main thing for me is, I'd rather have a "high" agreed value, than a value too low. I think Hagerty, and others, are a bargain when balancing annual premium with service and reliability.

Tom M.

JPSmit · Apr 9, 2019

I think the trick to any change is an appraisal

DavidApp · Apr 10, 2019

Who would you get to do an appraisal?

David

waltesefalcon · Apr 10, 2019

DavidApp said:
Who would you get to do an appraisal?

David

A local garage, when I was a mechanic we used to do appraisals for guys trying to get collector insurance.

Gliderman8 · Apr 10, 2019

I'm not confident that a local garage mechanic will know anything about a Triumph... he may not have even heard of it. In short the local mechanic probably doesn't know what he is looking at.

Boink · Apr 10, 2019

Honestly, I think you'd know more about the car's value than most people. I'm sure Haggarty will accept most anything you give them.

Gliderman8 · Apr 10, 2019

Boink said:
Honestly, I think you'd know more about the car's value than most people. I'm sure Haggarty will accept most anything you give them.

I called Hagerty this morning and inquired. The agent I spoke to seemed "wishy-washy" when I asked "How often should you consider re-evaluation?"
The answer I received was that it is really up to me and as far as values the agent said "some people watch the auctions on TV then base their values on that".
To me that answer seems ridiculous as I'm sure factors such as zip code of auction location certainly come into play as well as the "auction format". I mean a 4-wheel drive Subaru will bring more money in Colorado vs the same car in Florida.
I did get a quote to raise all three covered vehicles slightly and the cost for the year is a no-brainer.

John Turney · Apr 10, 2019

I used Hagerty's valuation guide since I have a car that has sufficient data. Then just raise it a bit each year. For example, for a 1973 TR6:

Condition 1 - $36,300
Condition 2 - $23,000
Condition 3 - $13,000
Condition 4 - $ 7,000

As long as you don't go over $36,000, there should be no argument.

Boink · Apr 10, 2019

Given the market for collector cars is a national one, I don't think regional variation would matter (like it would for average cars). I'd just ball-park the value... even erring on the high side (though not beyond condition 1).

waltesefalcon · Apr 10, 2019

Gliderman8 said:
I'm not confident that a local garage mechanic will know anything about a Triumph... he may not have even heard of it. In short the local mechanic probably doesn't know what he is looking at.

Elliot, you have no vintage or foreign shops around? I live in SW Oklahoma and we have one.

Gliderman8 · Apr 10, 2019

waltesefalcon said:
Elliot, you have no vintage or foreign shops around? I live in SW Oklahoma and we have one.

Mostly chain repair shops... Midas, Pepboys, etc. Yes, there are a few local shops but non that I would take my 6 to.

JPSmit · Apr 10, 2019

John Turney said:
I used Hagerty's valuation guide since I have a car that has sufficient data. Then just raise it a bit each year. For example, for a 1973 TR6:

Condition 1 - $36,300
Condition 2 - $23,000
Condition 3 - $13,000
Condition 4 - $ 7,000

As long as you don't go over $36,000, there should be no argument.

I am surprised they will let you estimate anything. A less scrupulous me would be buying condition four cars, insuring them as condition 1 and having them "stolen" all day long.

I needed an insurance appraisal when I initially got it on the road - and a few years ago they asked me for another one.

I got mine appraised by guys I found through my clubs and car shows - they typically (appraisers that is) advertize pretty regularly.

The interweb is our friend also, for instance https://pennsylvaniaautoappraisers.com/

There are different appraisals too - my insurance one was very thorough - many pictures and a list of characteristics. OTOH my mechanic has done 3 for me that were to value the car(s) for registration tax purposes (a requirements of the Ontario Government) that was just a form he filled out.

Boink · Apr 11, 2019

I believe Haggerty has always let you set the fair-market value (within reason).

PAUL161 · Apr 11, 2019

After seeing about 8 photos they requested, Hagerty appraised my TFs value for insurance coverage, I could make money if I totaled it! :encouragement:

tabeeR · Mar 18, 2021

I am not a professional in this field, but as far as I know, there are a lot of websites on the internet where you can calculate your average car insurance cost per month, as well as the price of the car itself.

AngliaGT · Mar 18, 2021

I have our MGs on collector insurance.They had the Midget insured for $7500,
which I thought was crazy.I had it lowered,& the premium went down.

pdplot · Mar 18, 2021

Not having seen your car, I would guess that somewhere around $15-$17 K would not be too far off for a clean daily driver with no big issues. These cars are easy to buy and hard to sell. If it's a show car - that's a different story.

DavidApp · Mar 18, 2021

Do you have a local Hagerty agent? If you do they may be able to give you a good idea of the best agree value. I did not know there were local Hagerty agents till I was at a show a few weeks ago and saw a Hagerty tent with an agent eager to sign up car owners.

David

tabeeR · Mar 19, 2021

Yeah, it is not that hard to find a cool website where you will be able to calculate the average car insurance cost per month. These websites are very helpful when it comes to calculating the insurance cost of your car, because it depends on a lot of factors, starting with the price of the car, its mileage, and finishing with your experience as a driver and other factors that can influence the price of your car insurance. You can read more on the internet, I am sure you’ll find something.

Insurance re-evaluation

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