How Do You Determine Your Car's Value??

[NardisCNC]

For insurance purposes. My auto insurance agent, said I need to have some sort of written appraisal since this is an antique car that has been restored and has several upgrades. They typically go by the Blue Book value I think. What if it's a custom project? What does everyone do about this normally?

 

[JPSmit]

I got a proper appraisal. Then there is no arguing cost about $135 but there was really no alternative.

 

[NardisCNC]

I don't mind paying for it, but where do u go to even get a reputable appraisal that the insurance man won't argue with?

 

[dklawson]

When I wanted to get my Mini appraised, I contacted my insurance company and asked them who they would use. That's sort of the opposite to what you are hearing from your agent. I guess in this day and age you could Google for antique car appraisers in your area.

The guy I used inspected my car and compared it to what he found in "for sale" listings both published and online. He then prepared a written report describing what he found on my car and summarized his findings for comparable vehicles. Shortly thereafter I used the value he determined as the amount of agreed coverage I bought when I moved my car to Hagerty.

 

[Healeysince59]

I have Hagerty and they have never asked for an appraisal. They do want a picture to document condition. I think most companies would accept the NADA Classic car values. They tend to be on the high side IMHO. Be sure you are getting an agreed value policy and not stated value.

Marv J

 

[jvandyke]

Hagerty has let me name my value and has not balked a bit. When I insured my '63 I said lets go with 8K agreed value. They said fine. The cost difference between the 6k and 8K was something like $10/year. I think they are used to cars being insured at many times that price. I did have a car totaled while insured by Hagerty and they were awesome, cut me a check quickly and were fine to work with but be sure to understand the car can't be used as a daily driver, at least not technically, and if it is totaled in "normal use", ie; commuting to work, they "could" technically deny your claim, or so I'm told. My latest toy ('81 Fiat x1/9) I did not register as historical nor did I get a Hagerty policy simply because I intend to use it as a daily driver. I learned my lesson on the one that got totaled, I insured it for about what it was "worth" but that really isn't what you should do, you should insure it at a "replacement value" which isn't the same thing, to me, that's the cost of getting another similar vehicle in equally good condition immediately, which you will likely have to pay more for. I could not get another Opel GT in equal condition to the one I lost without looking nationwide and traveling and "fighting" for it for a long time. In other words, I say insure it at what it's "worth" plus the cost to get one fast, shipped in and all that. Current market value and another $1,500-$2,000 Hagerty shouldn't have a problem with whatever you come up with.

 

[Sarastro]

This is pretty much the standard situation with insuring any unique item, and of course the insurers know it. The appraisal is always on the high side, in part for the reasons you gave, but also to account for appreciation in value over time.

As for the concern that the insurance guys won't agree with the appraised value--if you get a professional appraisal and the insurance guy doesn't accept it, you really need a new insurance company. Reality is what it is, not what some insurance agent wants it to be.

 

[scoutll]

The insurance company looked at the car and the books and came up with the value on mine. I paid 5000 and was going to guess at somewhere between that and 8000. The have the current replacement value set at 12,000.