I need to update my insurance and I am looking for some advice. I don't qualify for agreed value (antique car) insurance because my 240Z is my primary transportation. Therefore I think the best way to insure is to go with declared value insurance.

The declared value policies that I have looked at from StateFarm and Progressive both state that the maximum payout is the lesser of the declared value and the actual cash value. The actual cash value will be determined by an adjuster after an accident. Therefore my insurance agent(s) have advised me to document the car well and consider getting an appraisal from a certified auto appraiser. Not the self appointed appraiser that you find at most used car dealers but an accredited appraiser.

http://www.certifiedautoappraisers.com/

An appraisal from a certified appraiser costs about $250 where the local car dealer will do it for $30. Anyone have any experience with how the various types of appraisals stand up in the case of an insurance claim?

In 1992 I spent $350 having an appraisal by a certified appraiser. Then 5 months later, I was hit from behind by a drunk driver trying to pass between lanes. I spun 5 times and ended up facing traffic on the inside shoulder of the freeway. The woman next to me was out in a rice field on her top and had to be airlifted to a trauma center. The drunk was fine other than being under arrest and well... drunk.

His insurance company didn't even look at the car, they just told me over the phone that it was worth maybe $1500. I faxed the adjuster an appraisal showing a value of $14K. She said she wanted an independent appraisal. A second appraiser came and looked at the car and said it was worth $15K. Now she wanted to give me the $14K but I said no, your appraiser is more recent and I think probably more accurate. I got the check for $14.5 and got to keep the car.

Establish value in the most irrefutable way you can and you can even use your regular insurance policy. The laws are the same for all types of policies.

FWIW...

I can't qualify for collector insurance either - while I don't drive my Z daily, it is the third car in what is technically a three-driver household. (No matter that both my wife and son commute by bike, or that I often commute by motorcycle, 3 cars + 3 drivers = no collector status.)

I agree with Rob, no need to do declared value, as a normal policy has to cover ACV, and if you have it appraised correctly and the insurance company is aware of the appraisal, that will pretty much determine ACV.

Thanks for the feedback. I'll go for the appraisal next week.

You might also check with other insurance companies.

Hey, Steve. You will probably want someone familiar with Zs to do your appraisal. I suggest David Morreal (zcardave@comcast.net). He appraised mine a couple of years ago and didn't charge an arm OR a leg.

Frank

Hey, Steve. You will probably want someone familiar with Zs to do your appraisal. I suggest David Morreal (zcardave@comcast.net). He appraised mine a couple of years ago and didn't charge an arm OR a leg.

Frank

Excellent, thanks for the contact!

Man, this answers the same question I had about mine. I just switched to AAA and asked about it since I am paying for a declared value and they said would be much better that I have an appraisal to go with it. Sounds like I need to get going on that. Thanks for the information!!

-Eric

As d240 states above, try and find an appraiser that is familiar with Z's. Also one that somehow applies the proper value to a low VIN car! Does anyone have an opinion on if and how a low VIN number (< 500) affects the value of the car?