Agreed value. What's it worth?

[usafdarkhorse]

Hi all,

Sorry if this in the wrong forum! I'm mostly a lurker.

I've owned my 75 Z for about a year and a half now. I bought it from a prominent member on another forum and have really enjoyed the car 100% for the 30% of the time it has ran (which has actually been the majority of the last 6 months after the previous R200 gave up the ghost).

I've been riding around on regular collision and comprehensive insurance for the car, insured by USAA, but I am a little wary that if something were to happen to the car that I wouldn't get the full value of what at least I would think she's worth (sounds like the beginning of a fraud! haha )

So I've been looking into an agreed value sort of insurance policy. USAA doesn't offer it, but they partner with another company that does (and their name I can't remember for the life of me). So the question is, what should I be looking at as far as an agreed insurance value?

Here's some car specifics:

-1975 280Z, 2/75. Originally sold in Chicago I believe and once bronze in color (not sure of the color code).

-Spent over a year getting stripped, rust proofed, and painted silver. OK paint job. Only rust I can find is two pea sized holes where the driver's side frame rail meets the wheel well, and a few little holes in the passenger frame rail.

-Car has ~95,000 actual miles on the chassis.

-'82 L28ET completely torn apart, knived crank, 5 angle head, nismo pistons, 2mm HG, ARP studs, Garrett T3/T4 Hybrid, GReddy FMIC, TiAl 38mm wastegate and 50mm vent valve, 2.5" downpipe with 2.5" mandrel bent exhaust, JSK rail with 440cc Supras, Aeromotive FPR, Walbro 255, sumped OEM tank, ZX oil cooler,running on MSII w/ EDIS spark, Innovate LC-1 wideband, and manifold pressure controlled by GReddy PRofec B Spec II . Less than 15,000 miles.

-'83 BW T5, rebuilt when engine was rebuilt, Pro5.0 billet shifter. Extremely lightened and machined OEM flywheel, ceramic clutch

-Custom driveshaft, R200 3.54 differential, solid mount, polyurethane bushings

-Sectioned strut housings with my spec'd strut and spring combo which feels excellent to me , heim-jointed control arms, Carrera CC plates, can't remember much on the brakes anymore but I believe 13" rotors with Cobra PBR calipers.

-5 lug swap (part machine work, part 300ZX guts), ARP wheels studs, Aero race wheels, junky tires ha Really need new wheels for proper rubber.

-Decent seats with RCi harnesses, full autometer cluster, Grant GT wheel, PERFECT headliner and interior panels, dashcap.

Dyno'd once, 303rwhp at 10psi. Consistently runs at 10psi and 16psi, tuned to 21psi (only because MS MAP sensor pegs at 21psi! ). Looking at maybe their newer 4bar sensor.

Impressively runs like a top, could idle at 250rpm.

More importantly, I've made sure just about everything in this car works like OEM. Every modification the previous owner did pretty much runs along the same routings wiring-wise as the old system, and the car is very simple. There's an engine, a turbo, and a gas pedal.

I've always had turn signal issues with my old cars and I was determined to fix it, so I did on this car. Completely turn-key. The only things that don't work right now are the horn (I think I bumped a connection because it DID work) and the oil temperature gauge is dead (fixing that).

Shew! That was pretty longwinded. All to say I know she's not a 240Z, nor original, and the added value perceived by modifications in reality probably has no bearing at all, but what should I insure her for? If I overestimate, I'm losing money on premiums. Car was always garaged in Tennessee, and kept under cover ( and car cover ) here in Texas. I know some places will only insure agreed value if the car is garaged. At any rate, at least I'll get an idea of where she stands. Give a restomod some love?

Thanks in advance! Jared

PS. BTW I abhor the front end and have been planning on retrofitting it to the 240Z w/ Type 1 airdam for awhile now. Just acquired a nice set of OEM black Fairlady Z fender mirrors to bring it all together.

[Mike B]

I would say insure it for whatever you think it would cost to build another one like it and I would error on the side of having too much insurance rather than not enough. The difference in premiums shouldn't be that much. Keep in mind that if you go with a collector agreed insurance company (like Hagerty) you will have to have another car to use as a daily driver, keep it garaged, etc.

-Mike

[MK1888]

Cool beast, though.

[d240zx2]

One thing you can do to bolster your claim as to the car's worth is to have it appraised by someone familiar with the marque, history, etc.

[Carl Beck]

First let me say that it looks from the pictures to be a very nice restomod - has some very good modifications etc - - - Put on the market for sale today - you might find buyers in the $10K to $14K range... although at $14K the paint and body work would have be pretty good...{to build it or duplicate it today - I'm sure you would have the initial price of the car PLUS $18K to $22K}

With regular insurance, which would state ACV for collision/comp. coverage - if it was totalled/stolen - the Claims Adjustor would most likely offer $1,500.00 to $2,500.00 as the Actual Cash Value. With a lot of hassle, depending on how it was damaged - who was at fault - and if you had physical injuries... you might get them up to $5,000.00/$6500.00 range {IF YOU HAVE PHYSICAL INJURIES}.

Next question - Has the Z been shown at local or national shows, and has it been Judged in 1st place in its Class.? If so, you MIGHT get the Claims Adjustor up to $8,500.00....

Looking at the Z - the next question is; "what did you pay for it?" and that is followed by "did you report the full purchase price and pay the sales tax on that amount?" If you did, you have a record of the selling price and thus proof of its fair market value ... if you didn't, you have no record that you can use in court.

Also - it helps if your State issues a "Classic" or "Historic" license plate and you have taken that option.

IF - the car was securely garaged, and used primarily for pleasure/show use... and if you are within the age group and have the driving record that the insurer will cover - I'd say you would not have a problem agreeing with the insurer on a Agreed Value of $18K to $21K. That would cost you about $150.00 PER YEAR.

FWIW,

Carl B.

[sblake01]

That sounds about right. When I was with Hagerty, I paid a total of $168 per year which covered both my 78 280 @ $14K and my 64 L320 PU @ $9K.

[bounce]

gorgeous.

Progressive is partnered with USAA for motos/boats/RVs...but my Z is with USAA.

I just utilized their great feature of setting the vehicle to "stored" status... an 80% premium price drop....

now to get on the Theraputic carb swap

[Oiluj]

Nice looking machine. I've been told AllState may write agreed value policies, but have not confirmed this.

[JohnnyO]

I just switched to Allstate for my daily drivers and they do NOT offer agreed value in my state. Other states may vary. Haggerty works as does heacockclassic.com.

[mgmoreau]

Hi Jared,

I have my 72 240Z insured with Hagerty for an agreed policy of $30K. Last year I was covered at $25K and I increased the policy to $30K when I renewed this year. They did not give me any hassles to increase the coverage. They had pictures of the car from the previous year and all they asked for was a list of the work that I had done on the car in the last year. I have the highest liability limits $250K - $500K on this policy because of the Umbrella policy I have. My premium for $25K was $261.00 and it went up to $292.00 for $30K. I highly recommend going with an agreed value policy rather than a conventional cash value policy.

[Oiluj]

Hagarty is great if you don't want to actually use your car as you want...

When I talked to them recently, the agent said they would not cover the car for a once/year trip to Reno with my buddy or last weekend's non-sponsored sports car run to the Blackhawk museum. And forget even *thinking* about taking the car to work "once-per-month" to work to show it to co-workers...

The agent told me the only allowed/covered usage was driving to organized car shows or club events. To quote her: "It's a collector car and should be treated as such to preserve its value". Maybe I got a retentive agent on a bad day, but given these restrictions, I may as well build a trailer queen.

This seems unrealistically restrictive. After all, I restored the car so I could occasionally drive it! And yes, I have a clean driving record...

Guess I'll stick w/ CSAA with the understanding that that they will only go as high as high bluebook, providing I have receipts & photos showing the cost of the car.

[Carl Beck]

Hagarty is great if you don't want to actually use your car as you want...

The agent told me the only allowed/covered usage was driving to organized car shows or club events. To quote her: "It's a collector car and should be treated as such to preserve its value". Maybe I got a retentive agent on a bad day, but given these restrictions, I may as well build a trailer queen.

I seriously doubt that you talked to anyone at Hagerty. I and hundreds and hundreds of other Z car owners have dealt with them for decades - and none of us have been given that information.

More than likely you talked to some local Insurance Agent that can handle business though the Hagerty and they are very badly mis-informed.

FWIW,

Carl B.