Author Topic: Value for insurance  (Read 5149 times)

GaryL

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Value for insurance
« on: December 06, 2007, 04:13:43 AM »
I am very close to finishing my car. 1969 Z/28 (X33) with original differential, non-matching DZ and M20. All the dated components are matched to the engine. All original GM sheetmetal was refinished. I have used the best trim etc. (most NOS) and restored as many parts I could. The paint is a quality job. Everything was rebuilt except the differential which did not need it. NADA lists the low, med, hi prices as $25K, $45K and $84K. I don't consider this car a 100 point car by any means. I haven't added all the receipts but I am sure it is less than $45K. I am thinking $45-50K agreed value. Am I too low? Any opinions? Thanks.
Gary

Lemans Blue X33. DZ, M20, manual steering. Only BU code rear end is original.

lakeholme

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Re: Value for insurance
« Reply #1 on: December 06, 2007, 01:52:29 PM »
I think you are about right (by Gold Book values, as well).  But do not go any lower, since the value of your car continues to rise.
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jdv69z

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Re: Value for insurance
« Reply #2 on: December 06, 2007, 05:13:29 PM »
I am very close to finishing my car. 1969 Z/28 (X33) with original differential, non-matching DZ and M20. All the dated components are matched to the engine. All original GM sheetmetal was refinished. I have used the best trim etc. (most NOS) and restored as many parts I could. The paint is a quality job. Everything was rebuilt except the differential which did not need it. NADA lists the low, med, hi prices as $25K, $45K and $84K. I don't consider this car a 100 point car by any means. I haven't added all the receipts but I am sure it is less than $45K. I am thinking $45-50K agreed value. Am I too low? Any opinions? Thanks.

My 69 Z is pretty much unrestored other than 1 repaint 25 years ago, so I'm sure yours is much nicer than mine overall, and I insured my last year for 50K, no questions asked from the insurance company other than some pics, and my driving, etc. Might want to think higher depending on how much more the coverage costs. I don't recall it being that much cheaper to insure for a lower agreed value, eg 40K

Jimmy V.
Jimmy V.

wtexz10

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Re: Value for insurance
« Reply #3 on: December 06, 2007, 06:42:33 PM »
I'm a little suspect of NADA price estimates.  For example the average price on a Z10 350 4 speed car booked at $42K.  A RS/SS 350 4speed car booked at $47K.  I guess I need to paint mine yellow with a black hockey stripe? ;)

Kris
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68Zproject

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Re: Value for insurance
« Reply #4 on: December 07, 2007, 02:42:20 AM »
I just had mine renewed on my 68 Z which is in very good condition,  but not a show car.  The insurance company told me $65k and that's where I have it.
68Z28

KENSTOY1969

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Re: Value for insurance
« Reply #5 on: December 09, 2007, 03:24:08 PM »
This is an interesting topic.  With regards to insurance, can some of you provide feedback?

What insurer you use?
The replacement value the policy has if lost.
Is an appraisal required?
An estimate of your annual insurance cost is?

I'm looking to change insurer's.

Thanks,

Ken Boone

DAL777

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Re: Value for insurance
« Reply #6 on: December 09, 2007, 05:29:56 PM »
I have been using Grundy for several years and they have been great.  I have a 1966 Nova and my 1969 ss/rs and pay about $300. per year for both.  I have the nova insured for $25,000. and the camaro for $36,000.  No aprasial needed.

I just sent them updated photos of the ss/rs after I restored the engine and documented all the date codes and numbers.  I want to increase the insurance to $42,000. I will let you know their response.

Jerry@CHP

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Re: Value for insurance
« Reply #7 on: December 09, 2007, 07:51:33 PM »
$45K sound about right on the value of that Z28.  Top price on a nice 69 Z28 today is in the $85-95K range. 

When insuring, make sure that you have a stated value policy and ask if a certified appraisal is needed.  In many cases, the lower valued cars do not need any appraisal as long as the company will give you to full amount insured if someting happends.  But if you own a car that is at the top of the food chain, have it appraised.  Years ago, if I had a Camaro that was valued over $25K, you needed a certified appraisal.  Since then, many of the insurance companies have raised the stated value limit. 

Be very vocal with your insurance company and ask them hard questions.  If the car is stolen, or totaled will I get my stated value, etc.

Believe me, these companies are not your friends, they are in business to make money and to avoid paying claims unless they absolutley have to.

The NADA books are close, and in some cases not even in the right zip code.  I use comps when I'm on the road doing certifications and appraisals.  Have done enough to know the value with a little research on all !st gen cars.

Jerry@CHP,
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sd1968z28

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Re: Value for insurance
« Reply #8 on: December 10, 2007, 01:01:41 AM »
my insurance company told me 70,000 a year ago, who knows now. hey jerry i have this guy from your neck of the woods looking at my car, is he for real?

68Zproject

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Re: Value for insurance
« Reply #9 on: December 10, 2007, 02:21:07 AM »
I have Hagerty. $350/year.
68Z28

JohnZ

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Re: Value for insurance
« Reply #10 on: December 10, 2007, 06:52:43 PM »
I think Jerry meant "agreed value", not "stated value"; stated value only protects the insurance company, as the "cap" on the maximum they're obligated to pay in the event of a total loss, while their loss payout will still be based on their formulas for depreciation and actual cash value market valuation, exactly the same settlement method as the standard auto policy on your daily drivers.

With an "agreed value" policy (like those issued by the collector companies like Hagerty, Grundy, J.C. Taylor, etc.), the total loss payout is the "agreed value" shown on the Declarations page in the policy or the endorsement; no negotiation, no depreciation, no market valuation - they just write you a check for that amount, period.

I have Hagerty too.
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GaryL

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Re: Value for insurance
« Reply #11 on: December 10, 2007, 09:05:24 PM »
Thank you Jerry and everyone else. Looks like the NADA book is about right. I think I will "agree" on $50K. The company increases the "agreed" value a little every year for inflation. I have American Collectors insurance. No experience with claims and I hope it stays that way. ;D
Gary

Lemans Blue X33. DZ, M20, manual steering. Only BU code rear end is original.

lakeholme

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Re: Value for insurance
« Reply #12 on: December 11, 2007, 12:27:18 AM »
Gary,

I have American Collectors, as well.  Do you deal with them directly or through a local agent.  I have found my local agent to be very helpful.
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GaryL

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Re: Value for insurance
« Reply #13 on: December 11, 2007, 01:19:24 AM »
lakeholme, I deal thru an agent. Easier that way for me. They do have a website they encourage customers to use.
Gary

Lemans Blue X33. DZ, M20, manual steering. Only BU code rear end is original.

68Zproject

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Re: Value for insurance
« Reply #14 on: December 11, 2007, 03:29:49 AM »
I did have to have a tow.  I think I paid $5.  Had a truck there in 40 minutes. No complaints, except the embarrassment.
68Z28

red67l78

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Re: Value for insurance
« Reply #15 on: December 20, 2007, 02:04:11 AM »
Where do you look for good estimates on car prices?

1968RSZ28

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Re: Value for insurance
« Reply #16 on: December 20, 2007, 03:00:27 AM »
Where do you look for good estimates on car prices?

http://www.nadaguides.com/

Paul

red67l78

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Re: Value for insurance
« Reply #17 on: December 20, 2007, 03:08:12 PM »
I have been putting together a dated engine.  The sheets just show what engine.  Doesn't really go any further than that.
I have a 427 in it now and am going to put this dated 396/375 engine in this winter. Will the value go up?