Had my car appraised.

[mgood]

I have State Farm insurance and they wanted me to get my car appraised for a stated value policy. I contacted a local guy that owns a company called Antique Automobile Evaluation he seems to have a lot of experience. He is a Certified Appraiser by the Certified Appraiser Guild of America and is a member of 4 or 5 car clubs and is a senior master judge for Antique Automobile Club of America.

He seemed to know his stuff and was very through I thought. The info packet he sent me has descriptions and pictures of the car.

Some of the points listed.

Body- Very good to excellent condition with good fit.

Fenders - Very good to excellent condition with good fit.

Hood - Very good to excellent condition with good fit.

Top - Very good to excellent condition with good fit.

Wheels - After market in excellent condition.

Interior - Very good to excellent condition with good fit.

Paint - Very good to excellent original condition.

Chrome - Good to very good condition.

General Condition - Very good original condition throughout.

Comments - This is a very nice example of a well-maintained. rather low-mileage and mostly original 1976 Datsun 280Z.

He valued the car for insurance purposes at $11,000.

There are a lot of pictures of my car on my web site if you all would like to have a look.

I would be interested in hearing from the many experts here as to how close this guy is and your estimates.

I am in Pittsburgh, PA if that has any bearing on your estimates.

thanks Michael.

[cygnusx1]

Congrats! It is a nice car. Great attention to detail!

[Travel'n Man]

Why not Hagerty?

[geezer]

Michael, I had the pleasure of looking your car over a few years back at the ZCCA convention in Cleveland. I am sure that today she is in just as good or better condition, knowing your commitment to excellence. I am not very well versed on 280Zs but I know an extremely nice example of one when I see it. I certainly can't argue the point with a certified appraiser but I don't think you could replace your car with another comparable example for only $11,000.

Edited January 14, 2011 by geezer

[Oiluj]

I was thinking the same thing. Though I don't know much about the 280Z market, $11K sounds light to me. Here on the left coast I would expect a 240Z in that condition to be worth $15K.

[cygnusx1]

I won't comment on the $11k appraisal because it's not my place, but I recommend that, if and when, you do insure it for agreed value, add at least $4000 to the value. Think about what you would need to replace it, shipping, travel, and then a buffer just in case you need it when looking at accident damage. For example, my 280Z was insured for $8k and when the accident repairs estimated to around $6500, they were talking about totaling the car. My point is that you need to go some percentage OVER what it's worth with agreed value coverage to truly be safe. It was repaired, and is now covered for $15k, at my discretion, with Hagerty.

Edited January 15, 2011 by cygnusx1

[palosfv3]

Just because an appraiser is "certified" doesn't mean he is knowledgeable about the values of all cars and models. All appraisers will source value guides such as NADA ,KBB , ect...., and many times will follow the information in these books, which could be right or wrong. Always try to use an appraiser that is intimately knowledgeable about the car and model you need appraised.

An interesting point to think about on any appraisal , regardless of what type of property is being evaluated is , if you just purchased the car ( or whatever ) , did your research and bought the item for a sum above what was in keeping with the market , were you wrong in your purchase or did you just establish the new value ? This question drives appraisers insane because in some instances you just trumped them and the books , if you bought a proper car for the money. Remember the appraisal is the insurance company's way of minimizing and controlling their exposure in the event of a loss .

Another point to think about is why does an appraiser carry " Errors and Omissions " coverage ? Could be that they miss once in a while ?

[Jeff G 78]

+1 on what Geezer said. I was at Cleveland Rockz too and your car was a fine example of an original Z that has been properly cared for since new. I'd say that $11,000 seems fair, but like Ron said, I doubt you could replace it for that number considering it's only original once and there aren't many unmolested and unrestored cars left.

[conedodger]

There are many other insurance companies that insure 'classic' cars and often, major insurers partner with these companies. My own regular insurance company is USAA and they partner with American Classic.

It is a good idea to insure the car for more than the appraisal since that value is the value today when the appraiser had eyes on your car while any loss would take place in the future when the car might be worth much more.

Also, remember that 'stated value' is different than 'agreed value'. In the case of loss, the former says that on X date 'you said' the car was worth Y. While the latter states that on X date 'we said' the car was worth Y. In one, you still have a potential battle to wage, while the other is a smoother road to follow...

[mgood]

Thanks all for your comments, this is what I was looking for. I originally wanted to have a stated value of $15K with State Farm but they said they could not do it with out some kind of appraisal. That's why I got it and I agree with all of you that it is a little low. I don't know if State Farm will let me add the $4K to the appraised value, if they don't I will probably look into Haggerty.

I know for sure that there are not many Z's in the Pittsburgh and surrounding area. Even if you find one it's has to be for sale.

I don't like to think about the car getting in a car wreck but you always have to be aware of how bad people drive around you they just don't pay attention. It was here that I really started to think I should get more insurance. The one I remember where a car pulled out in front of him and now he is negotiation with the insurance company. I don't what to have to do that.

Again thanks, I will let you know what happens.

[Carl Beck]

Hi Michael:

There is a very large difference between a Stated Value Policy and an Agreed Value Policy.

With a Stated Value Policy - you state a value and the insurance company bases the premium they charge you in part upon that value and in part upon the liability rates for your age group in your area.

If you have an accident or the car is stolen - You will deal with a Claims Adjustor and he will in most cases "adjust" the value down do to the use {months from the appraisal date, or miles accumulated} as well as what the Actual Cash Value would have been without the Stated Value.

You are better off with a Stated Value Policy - - - but it really isn't all that different legally than listing Actual Cash Value on your policy. Note I said above "..you state the value".... That is NOT THE SAME AS the insurance company Agreeing to that value and agreeing to pay that amount in case of a total loss {accident or stolen}.

With an Agreed Value policy - there really is no claims adjustor. There is no question about the current value of your car.

Most Classic Car speciality insurers sell Agreed Value Policies. Classic Cars have very low loss rates and are rarely exposed to risk on the highways/streets because they are driven only for pleasure.

If you drive your Z only for pleasure - you have it garaged - you don't use it when your daily driver is out of commission - then your best coverage is with a Classic Car speciality insurer that writes Agreed Value policies.

Take your Agreed Value Insurance Policy - and sit down with a lawyer. Don't listen to any insurance agent - the agent that sells you the policy won't be the person settling a claim should you ever have one. Ask your lawyer what the legal difference is between Stated Values and Agreed Values...

If you do use your Z as a second car for transportation - it would not be covered by a Classic Car Policy.

If you drive your car for your pleasure - no matter where - if it was for your pleasure and you have other cars for transportation - then you should have your Z on an Agreed Value policy. Hagerty will issue and Agreed Value Policy if you e-mail them current pictures of your Z - and if your driving record is clean - $15K would be no problem - in fact $18K for a super clean 280Z is more reasonable in my opinion.

$18K Agreed Coverage would run you ABOUT / AROUND $150.00 PER YEAR {not every six months}.

FWIW,

Carl B.

[mgood]

Thanks Carl, I will look into Hagerty.