Hi Guest!
Hey - did you know if you click on the title of a thread it will take you to the first unread post since you last visited that thread?
but were afraid to ask: 
STOP!! Never post your email address in open forums. Bots can "harvest" your email! If you must share your email use a Private Message or use the 
smilie in place of the real @
Pretty Please - add it to our Events forum(s) and add to the calendar! >> 
Randy Harris
Jedi Warrior
Offline
For the past week or so I've been following the various online threads on Healey values and recent auction prices. Concerned that my agreed value insurance policy is too low for both the '68 E-Type and my '66 BJ8, I called my agent who represents Great American Insurance Co.(among others) I've used this company for almost 20 years and have never had a problem coming to an agreement on a fair and just insurance amount.
My current policies are "agreed value policies", that is in the case of a total loss they pay out whatever we both agree to upfront and state in the policy, irrespective of the actual cash or replacement value. I set the Healey in 2003 at $38k and felt that was a good estimate at the time for a solid #2 show/driver. The Jag is slightly more at $40k. Its condition is similar to the Healey.
This morning I called my agent and asked her to increase my policies to $48k on the Healey and $50k on the Jag. After reviewing three different collector car guides including the NADA guidelines, allegedly updated monthly or quarterly, she said that both were too high for agreed policies and that I would have to obtain appraisals for insurance levels that high. The publications are showing '66 BJ8 Healeys at $50k for SHOW cars. I think this is too low by 20%. My Jag could be insured for close to what I want, perhaps $45-47k. I explained that guidelines be damned, if I were to lose one or both cars, I would want to have enough insurance to go out and purchase replacement vehicles in the exact same condition as what I have now. Although she was simpathetic, my agent was quite adamant in her contention that the cars were not worth what we think they are - at least to the insurance companies.
She says that for about a month after BJ and RM auctions, she gets frantic calls from collector car owners insisting on greater values due to the run ups at auction. The official guides (probably rightfully so) tend to discount those auction results and use actual sales recorded - not on eBay or Hemmings but I guess through retail and DMV records.
What does all this mean? Well for me it means I need to find an appraiser or change insurance companies. I KNOW that I cannot replace my Healey for $38k nor can I replace the Jag for $40k. It would be interesting to hear what others are finding as their renewals come up or they decide to increase values. It would also be good to hear if there are insurance companies out there with different ideas of what our cars are worth in a "stated value" policy.
Randy '66 BJ8, '68 OTS
My current policies are "agreed value policies", that is in the case of a total loss they pay out whatever we both agree to upfront and state in the policy, irrespective of the actual cash or replacement value. I set the Healey in 2003 at $38k and felt that was a good estimate at the time for a solid #2 show/driver. The Jag is slightly more at $40k. Its condition is similar to the Healey.
This morning I called my agent and asked her to increase my policies to $48k on the Healey and $50k on the Jag. After reviewing three different collector car guides including the NADA guidelines, allegedly updated monthly or quarterly, she said that both were too high for agreed policies and that I would have to obtain appraisals for insurance levels that high. The publications are showing '66 BJ8 Healeys at $50k for SHOW cars. I think this is too low by 20%. My Jag could be insured for close to what I want, perhaps $45-47k. I explained that guidelines be damned, if I were to lose one or both cars, I would want to have enough insurance to go out and purchase replacement vehicles in the exact same condition as what I have now. Although she was simpathetic, my agent was quite adamant in her contention that the cars were not worth what we think they are - at least to the insurance companies.
She says that for about a month after BJ and RM auctions, she gets frantic calls from collector car owners insisting on greater values due to the run ups at auction. The official guides (probably rightfully so) tend to discount those auction results and use actual sales recorded - not on eBay or Hemmings but I guess through retail and DMV records.
What does all this mean? Well for me it means I need to find an appraiser or change insurance companies. I KNOW that I cannot replace my Healey for $38k nor can I replace the Jag for $40k. It would be interesting to hear what others are finding as their renewals come up or they decide to increase values. It would also be good to hear if there are insurance companies out there with different ideas of what our cars are worth in a "stated value" policy.
Randy '66 BJ8, '68 OTS
