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Appraisal value For Insurance

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R

richards

Jedi Hopeful
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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.
 
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
 
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.
 
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
 
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.
 
[ 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.
 
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.
 
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
 
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
 
[ 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.
 
/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
 
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.
 
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.
 
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