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Insurance companies valuing our Healey's

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drambuie

drambuie

Jedi Warrior
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Not long ago I talked to American collectors insurance and wanted to review my policy. They are a very good company and very helpful when it comes to collector cars. In any case, I remember a thread not long ago regarding skyrocketing Healey prices and thought I would get the insurance companies view and value quote. As it turns out after sending them photos of my particular 1967 BJ8 55K is the value range they quoted me without hesitation after viewing detailed photos of my car. Certainly, no less! Now, I don't know what other folks out there have their Healey's insured for "replacement" cost. But it would be Interesting to hear from other Healey owners as to what their insurance companies value there particular Healey at "replacement" cost?
 
Hagerty lets you set your own value, though there are some practical limits. You also do have to send them photos, and they also have their own valuation guide you can use.
I valued mine for more than I paid but once the details of the restoration are done I will increase the value as well. Currently they have it increasing in value quarterly while I'm working on it.

FYI a friend had them value his Corvette, and they gave it a value FAR higher than he could ever sell it, despite the awards it has gotten. Since they have to insure it and he has to pay the premium I guess that's an agreement for the two of them to make, but seeing that I'm not sure I would put a lot of stock in the insurance company's value.
 
Not sure I understand your question. What exactly did they quote you? Was it good, reasonable or bad. Do they guarantee to pay you an agreed valuation or is it still 'market' based?
 
DerekJ said:
Not sure I understand your question. What exactly did they quote you? Was it good, reasonable or bad. Do they guarantee to pay you an agreed valuation or is it still 'market' based?
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Basically, I wanted to get some average replacement cost quotes from the forum members as to what most Healey owners insurance companies are valuing there particular cars for. I think the replacement cost was reasonable for the amount I have personally invested combined with current Market values for a excellent condtion unrestored and documented 67 BJ8. Yes, the agreed guarantee replacement amount is 55k without me prodding them. Depending on ones personal thoughts, 55k can be to little or too much! All depends on a persons views and desires. I guess the current markets determine Healey's for the most part. Let me put it this way, I had literally five people who inspected my Healey in person offer me without prodding 52k to 57k...I simply wanted more time to think it over since I am so attached to my particular Healey because of its great original condtion and richly documented history.
 
I'm betting an insurance company will accept a higher valuation on your car than you could get if you tried to sell it. Collector car insurance is pretty low risk and I think the insurance company makes out better collecting additional premiums on cars that have been slightly overvalued by their owners than they have to pay out in the event of a total loss.
 
HealeyRick said:
I'm betting an insurance company will accept a higher valuation on your car than you could get if you tried to sell it. Collector car insurance is pretty low risk and I think the insurance company makes out better collecting additional premiums on cars that have been slightly overvalued by their owners than they have to pay out in the event of a total loss.
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.

Rick, in my above post I stated I already have been offered 52k to 57k five times in resent months... I just haven't fully decided to sell at that time. As far as insuring my Healey, the most important thing was agreement with the insurance company for replacement cost, they suggested 55k after viewing my photos. I am sure they have a large data base and method to determine current values. Most Healey enthusiasts surely follow the markets and know the current pricing trends. One thing for sure! They sure are not going down in price! But that's safe to say about most things of collector value. My head is still spinning in regards to E-type pricing, I never seen the jags make such a huge leap before. I have to wonder if the crazy E-type prices hold, it may boost Healey's along with them at some point? In my mind, if one can grab a nice Healey or E-type at a price deemed fair to the buyer with a price relative to the times within reason... Personally, I would jump on it and enjoy ownership. I remember I could have bought E-types all day long for 6k and Healey's for 3k Just relative for the time and current market, Same as today.
 
Drambuie,

I probably didn't convey myself properly. I didn't mean to imply that your car wasn't worth the insured value. What i was trying to say was the insurance company might have happily insured it for $65k, rather than the $57k you were offered. I hate to try to place a value on our cars, it's so subjective.
 
So true Rick, in fact I want to share a new thread since it is winter and hope you will find interesting! If can only figure how to share the link from YouTube.
 
If you've had offers from $52-57k, I'd be insuring it for $65k. Just think of what it would cost to replace it?
Many companies will also offer an automatic yearly adjustment if you wish so that you don't forget to increase it next year.
 
drambuie said:
So true Rick, in fact I want to share a new thread since it is winter and hope you will find interesting! If can only figure how to share the link from YouTube.
Click to expand...

Real easy. When you start a new thread, you'll see an icon like the one circled here:

2010_2D00_05_2D00_28_5F00_insertmediabutton.png


Click on the icon and you'll open this box:

Insert Video Clip
X​
Enter your video clip URL below.

Example: https://www.youtube.com/watch?v=1234567

Supported videos include:
Hulu YouTube (Long) YouTube (Short) Vimeo Dailymotion Metacafe Google facebook




Copy the Youtube link and paste it in the space provided in the box and hit the OK button. Your video will be embedded in the post.
 
To be honest, I have been out of the buying and selling Healey market for a long time...I was surprised when all five gentle man made the offers in the fifties. Understandably I had to pause and tell them I needed more time to evaluate my particular Healey. It is a factory original never restored in great condtion, even the interior is beautiful condtion because the original owner never drove with the top down! I'm not kidding! Perfect wood, dash pad and gauges and great original interior. Original paint and interior with all the factory accessorys, pouches and tool bags, battery cover. Plus a treasure trove of original documents, shipping papers from Spain including the factory windscreen card with factory workers hand written notes. Boot has factory yellow chalk marks "67" written on left upper wheel well. Anyway, you get the idea. One gentle man told me he has literally traveled the United States looking for such a example and has never found one until he seen mine. You have me thinking of upping my insurance a bit!
 
HealeyRick said:
I'm betting an insurance company will accept a higher valuation on your car than you could get if you tried to sell it. Collector car insurance is pretty low risk and I think the insurance company makes out better collecting additional premiums on cars that have been slightly overvalued by their owners than they have to pay out in the event of a total loss.
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:iagree:
Additionally,insure your car for what you would sell it for.

Further, If you placed your car's insurance years ago and did not up the replacement value it probably is under insured.
 
In much of the collector car world an unrestored car can easily go for 25-50% more than a restored car. I have not seen photos of your car or seen your car, but if it's as you describe then I think it's worth a lot more than the numbers you've mentioned.

In my other car life I judge Corvettes for both of the major judging organizations, including the judging of unrestored cars. I also own one that is unrestored (1972), and it's a part of that hobby that I'm very involved in.
I mention this only to show that I spend a lot of time around unrestored cars and keep track of their value compared to restored cars.
I'll be evaluating two unrestored cars on Wednesday for their owners.

Patrick
 
I tend to disagree, there always have been serious car collectors that seek very nice examples of unrestored cars and British cars are no exception! They are very difficult to find in original unmolested condtion, I was talking to a high end collector about this very same topic and asked him if he planned to repair certain flaws in the old paint jobs of some of his old Italian sport cars.. He gave me a stern look and asked, would you paint over a genuine Picasso? In my case, I too have certain flaws in the original paint but literally everyone tells me to just leave it alone! They prefer it that way because it screams of its originality. I always said there are two camps, those who seek a fine original car for a collection and those who want a nut and bolt restoration car that starts out as a 100 point car then after some use, it gets run down to a 80 or 70 point car. But the fine factory original in the collection always retains its factory original state and appreciates! Serious car Collectors (not so much Healey enthusiasts) collect for a different purpose, "the investment grade world" being just one of them.
 
I'm obviously with drambuie on this one, and it applies to any collector car.

Watch any of the collector car TV shows, or keep track of the auctions. Some of the highest money cars are the barn finds, much less the unrestored cars.
As is often said, they're only original once.
 
HealeyRick said:
I'm betting an insurance company will accept a higher valuation on your car than you could get if you tried to sell it. Collector car insurance is pretty low risk and I think the insurance company makes out better collecting additional premiums on cars that have been slightly overvalued by their owners than they have to pay out in the event of a total loss.
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Just so. I have some "insider" information (must protect my sources) that in fact they are happy to over-insure your collector car as the risk of a total loss is very low, and meanwhile they collect more premiums.
 
PHulst said:
In much of the collector car world an unrestored car can easily go for 25-50% more than a restored car. I have not seen photos of your car or seen your car, but if it's as you describe then I think it's worth a lot more than the numbers you've mentioned.

In my other car life I judge Corvettes for both of the major judging organizations, including the judging of unrestored cars. I also own one that is unrestored (1972), and it's a part of that hobby that I'm very involved in.
I mention this only to show that I spend a lot of time around unrestored cars and keep track of their value compared to restored cars.
I'll be evaluating two unrestored cars on Wednesday for their owners.

Patrick
Click to expand...

Patrick, I just wanted to share a story with you, A few months ago the son of the long time owner called me and asked if he could see his fathers old Healey again since he was on a business trip near by. He told me he was only 14 years old when his father bought it and he is now 60 years old. You should have seen the look on his face when I invited him in the garage and he helped me pull the car cover off! Anyway, one thing always puzzled me about the interior, especially the wood dash, gauges and dash pad, and seat covers..everything looked too new but original at the same time! So, I had to ask him...did your father ever have the interior restored at some point? He replied, Oh no, my father never drove with the top down! He liked the sports car feel but did not like the convertable consept! There fore it was never exposed to the sun. Now it all made sense to me! I bought the Healey from his fathers estate with only 39,000 miles! Also, I was given all the unusual and rare factory documents and shipping papers. A long and very interesting story by itself! Not to mention all the factory acsessories and Vinyl pouches, battery covers and so on. Patrick, what venue would you market a such a car?
 
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