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TR6 What is a car worth?

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ichthos

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With my recent accident, I realized I hadn't really given enough thought to just how much my TR6 is worth. For insurance purposes, how do you come up with a reasonable estimate of what your car is worth? I am with Hagerty, and I want to be fair, but if the worst happened and my car was totaled, I would like to get enough money to replace it. Your thoughts on this subject would be appreciated.
Kevin
 
Hi Kevin,

I`m not really sure how Hagerty works but I`m sure an "Adjuster" would come & look over your car & give you "Repair or Replacement" value. "IF" you have "An Agreed Upon Value" policy & if "Totaled" and the adjuster considers the car "Totaled"; Then you already have that info. relative to $$$ value.

Do you have that?? If you do; You already have your answer.

Best Wishes & LOL,

Russ
 
ichthos said:
With my recent accident, I realized I hadn't really given enough thought to just how much my TR6 is worth. For insurance purposes, how do you come up with a reasonable estimate of what your car is worth? I am with Hagerty, and I want to be fair, but if the worst happened and my car was totaled, I would like to get enough money to replace it. Your thoughts on this subject would be appreciated.
Kevin
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Kevin, Send Hagerty at least a half dozen photos of your car, inside and out, engine bay and trunk. Figure what you would have to have to restore it or replace it, give Hagerty your estimate and photos and they will get back to you. That's how they used to work and they are very fair. Hagertys owner is a classic car person, not just a name plastered on a building representing a careless insurance company. They are very fair on repair claims also. I've been through that with them. PJ
 
As far as I know (and I have my coverage with them) Hagerty lets the owner select the value that goes on the policy. If the car is deemed a total loss then that is what you get from Hagerty, period.

Of course, a low valuation will mean a lower repair figure that will trigger a 'total'. They probably total a car at somewhere around 60% of the value insured.

Any additional loss (paper or cash) is either out of your pocket or recovered from another responsible party.

The key, of course, is that the value must be established before a loss occurs. That is the nature of an agreed value policy - which is what Hagerty uses.

I have always been able to increase my coverage with Hagerty (I do so every year or two) w/o any appraisal or additional photos (though I did submit new photos when I had a car re-sprayed).

As mentioned before, Hagerty has a valuation tool that may provide a starting point for deciding what value to place on the car:

https://www.hagerty.com/valuationtools/HVT/VehicleSearch

The results may or may not be your idea of replacement value -- but they are a guide and if you based your requested value using that tool I think it unlikely Hagerty would dispute your request. Indeed, it is in their interest that you carry adequate coverage.

But again, all I describe must occur prior to a loss -- once a loss has occurred you are under the policy & policy limits that were in place at the time of the loss.
 
It's not just for insurance purposes. On extremely rare occasions, one may wish to sell (one of) their Triumphs. Determining a fair price can be a challenge.

For insurance purposes, I took my TR6 to a restoration shop (over 200 miles away) and they provided me with a printout including their "guess" at what a fair replacement value might be. I sent that and a bunch of pictures to the insurance company, and have my TR6 insured for $15k. Before I got the TR3 on the road, I sent pictures of the TR3 to the same company, and told them what I spent on parts for the restoration, and have it insured for $25k -about the sum of the parts cost but excluding the 6 years to collect and install them.

Now I have the TR6 for sale, but can't get a nibble at $13k -and now $11,5. TR6s vary in price considerably depending on condition. I seriously doubt I could replace it for that, but it makes me wonder what it is really worth. -And to whom. "Worth", "value" and "replacement cost" are not the same.
 
Not only do prices vary based on condition -- but excellent condition may be hard to sell. I wouldn't hesitate to jump in any of my cars and drive 1,000 miles -- in fact I do that a couple times every year. But to look at pictures and descriptions on eBay they don't present as much different from a car that will let you down on the drive home.

'Well-sorted' will probably never carry the appeal of shiny paint and new upholstery -- so my replacement value (and possibly yours) was set at an amount that would buy a similar car and then get it fully roadworthy.
 
I haven't run a Hagerty evaluation in a while, but at my policy renewal, when the car was "finished", I increased my coverage. The guy on the phone ran one and came up considerably higher than what I felt was the real life value. While I totally agree with Geo on the condition thing, eBay can give you a baseline. If you search only the "sold" examples and do your own adjustments for condition comparisons, you should get in the ballpark. If you hit a little on the high side, it won't cost you that much, as the premium doesn't increase that greatly. I almost doubled my coverage and the policy only increased by about $30 per year.
BTW how did the claim turn out? everything work out OK for you yet?
 
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