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Insurance coverage

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Gliderman8

Gliderman8

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I just renewed my classic auto policy on my TR6 last week. Yesterday I received an email from the Insurance provider recommending that I increase my agreed value by $10K. Currently I have my TR6 insured for $28K; the provider is recommending $38K. I haven't called them yet to find out the increase but I can't imagine it would be much.
Can't envision that to replace my car it would cost $38K.
What do you think?

IMG_0506 4.jpg
 
Agreed. Considering the likelihood of total loss is low, a higher value only benefits the company, which would charge a higher premium.
That is a *great* looking TR6!
 
Replacement for a good TR6 is still in the 20-25k range according to bring a trailer.

OTOH if you want your car repaired

38k - 10k paint - 5k parts leaves 230 hours at $100 an hour which goes by in a hurry.

How much more is the premium?
 
NutmegCT said:
Agreed. Considering the likelihood of total loss is low, a higher value only benefits the company, which would charge a higher premium.
That is a *great* looking TR6!
Click to expand...
Sure, of course the premium would go up for the added coverage. Can a replacement actually cost $38k?
 
JPSmit said:
Replacement for a good TR6 is still in the 20-25k range according to bring a trailer.

OTOH if you want your car repaired

38k - 10k paint - 5k parts leaves 230 hours at $100 an hour which goes by in a hurry.

How much more is the premium?
Click to expand...
All valid points JP. I havenā€™t called them yet but I canā€™t imagine it would cost a lot for the increase of $10k.
 
Gliderman8 said:
All valid points JP. I havenā€™t called them yet but I canā€™t imagine it would cost a lot for the increase of $10k.
Click to expand...
Keep us posted
 
JPSmit said:
Keep us posted
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Iā€™ll try to call them on Monday to get a price. It just seems (to me) that $38k for a ā€˜73 TR6 is outrageously overpriced.
Hereā€™s the email I got from the insurance carrier.


1653097900274.png
 
I agree that 38 seems high but, I am also astonished at what things are listing for and (apparently selling for)

doubly so if you are attached to the car and want IT rebuilt.

I am also amazed at how low classic car insurance is so I suspect another 10k insurance will be about $100 worth of premium.

I have been watching a guy restore a friend's car on another forum. The friend has owned it for years and this is kind of the 2nd restoration

1653099743790.png


as delivered. The car was basically sound with some rust work and some returning to the way it should have been work. What makes it fascinating is that the guy posts his hours every day.

Most recent post 913.5 hours
 
JPSmit said:
Keep us posted
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OK, just got off the phone with the insurance carrier. To increase my coverage $10K would be $51USD. I guess it's a no brainer for that amount of money not to increase my coverage. Using the valuation tools online a car like mine in excellent condition is showing a value of $34,300.
 
Gliderman8 said:
OK, just got off the phone with the insurance carrier. To increase my coverage $10K would be $51USD. I guess it's a no brainer for that amount of money not to increase my coverage. Using the valuation tools online a car like mine in excellent condition is showing a value of $34,300.
Click to expand...
good call! and yes, the dollar amounts are more than reasonable. (Is it hagerty?)
 
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