CRG Discussion Forum
Welcome, Guest. Please login or register.
Did you miss your activation email?
November 28, 2014, 03:43:05 AM

Login with username, password and session length
Search:     Advanced search
Welcome to the CRG Discussion Forum!
Forum registration problems: Make sure you enter your email correctly and you check your spam box first. *Then* email KurtS2@gmail for help.
106641 Posts in 12432 Topics by 4791 Members
Latest Member: DEL
* Home Help Search Login Register
+  CRG Discussion Forum
|-+  Camaro Research Group Discussion
| |-+  General Discussion
| | |-+  Value for insurance
« previous next »
Pages: 1 2 [All] Print
Author Topic: Value for insurance  (Read 4665 times)
GaryL
Hero Member
*****
Posts: 538


Marilyn and me

gandmal
View Profile Email
« on: December 05, 2007, 11:13:43 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.
Logged

Gary

Lemans Blue X33. DZ, M20, manual steering. Only BU code rear end is original.
lakeholme
Hero Member
*****
Posts: 2181


*68-12D L30/M35*


View Profile WWW
« Reply #1 on: December 06, 2007, 08:52:29 AM »

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.
Logged

Phillip
HNR-AACA, Senior Master
Planning 2016 Sentimental Tour, AACA (and restoring a 40 Buick Special for it)
AACA Southeastern Division Spring Meet Chair
"Charlotte AutoFair, presented by the Hornets Nest Region, AACA, is the largest and greatest Collector Vehicle Event in the Southeast USA."
jdv69z
Hero Member
*****
Posts: 660


69 RS Z/28 52E


View Profile Email
« Reply #2 on: December 06, 2007, 12:13:29 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.
Logged

Jimmy V.
wtexz10
Member
***
Posts: 203



View Profile Email
« Reply #3 on: December 06, 2007, 01:42:33 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? Wink

Kris
Logged

69 Camaro Z10
72 GMC C1500
79 Mazda RX7
04 Mazda RX8
06 Corvette Z06
10 BMW 650i
68Zproject
Hero Member
*****
Posts: 1625



View Profile Email
« Reply #4 on: December 06, 2007, 09:42:20 PM »

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.
Logged

68Z28
KENSTOY1969
Member
***
Posts: 26


View Profile WWW Email
« Reply #5 on: December 09, 2007, 10:24:08 AM »

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
Logged
DAL777
Member
***
Posts: 30



View Profile
« Reply #6 on: December 09, 2007, 12:29:56 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.
Logged
Jerry@CHP
CRG Member
*****
Posts: 1445



View Profile Email
« Reply #7 on: December 09, 2007, 02:51:33 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,
Certified Appraiser
 
Logged
sd1968z28
Member
***
Posts: 258


View Profile
« Reply #8 on: December 09, 2007, 08:01:41 PM »

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?
Logged
68Zproject
Hero Member
*****
Posts: 1625



View Profile Email
« Reply #9 on: December 09, 2007, 09:21:07 PM »

I have Hagerty. $350/year.
Logged

68Z28
JohnZ
CRG Member
*****
Posts: 4142


View Profile Email
« Reply #10 on: December 10, 2007, 01:52:43 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.
Logged

'69 Z/28
Fathom Green
CRG
GaryL
Hero Member
*****
Posts: 538


Marilyn and me

gandmal
View Profile Email
« Reply #11 on: December 10, 2007, 04:05:24 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. Grin
Logged

Gary

Lemans Blue X33. DZ, M20, manual steering. Only BU code rear end is original.
lakeholme
Hero Member
*****
Posts: 2181


*68-12D L30/M35*


View Profile WWW
« Reply #12 on: December 10, 2007, 07:27:18 PM »

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.
Logged

Phillip
HNR-AACA, Senior Master
Planning 2016 Sentimental Tour, AACA (and restoring a 40 Buick Special for it)
AACA Southeastern Division Spring Meet Chair
"Charlotte AutoFair, presented by the Hornets Nest Region, AACA, is the largest and greatest Collector Vehicle Event in the Southeast USA."
GaryL
Hero Member
*****
Posts: 538


Marilyn and me

gandmal
View Profile Email
« Reply #13 on: December 10, 2007, 08:19:24 PM »

lakeholme, I deal thru an agent. Easier that way for me. They do have a website they encourage customers to use.
Logged

Gary

Lemans Blue X33. DZ, M20, manual steering. Only BU code rear end is original.
68Zproject
Hero Member
*****
Posts: 1625



View Profile Email
« Reply #14 on: December 10, 2007, 10:29:49 PM »

I did have to have a tow.  I think I paid $5.  Had a truck there in 40 minutes. No complaints, except the embarrassment.
Logged

68Z28
red67l78
Member
***
Posts: 63


View Profile
« Reply #15 on: December 19, 2007, 09:04:11 PM »

Where do you look for good estimates on car prices?
Logged
1968RSZ28
Hero Member
*****
Posts: 4824



View Profile
« Reply #16 on: December 19, 2007, 10:00:27 PM »

Where do you look for good estimates on car prices?

http://www.nadaguides.com/

Paul
Logged
red67l78
Member
***
Posts: 63


View Profile
« Reply #17 on: December 20, 2007, 10:08:12 AM »

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?
Logged
Pages: 1 2 [All] Print 
« previous next »
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.20 | SMF © 2013, Simple Machines Valid XHTML 1.0! Valid CSS!
Page created in 0.086 seconds with 17 queries.