71 Value Appraisal

[yakhopper]

I've finally came to the point of actually driving my 71 Z, but first I need to insure her for the proper value.

I'm new at this, so I was wondering what is the best course of action. Do I go to an apraiser, or trust the insurance company to be fair on the value. If she needs to be appraised, who does this? Sorry for all the question's, I just want to cover my investment if the worst was to happen.

Any info greatly appreciated and always welcome.

Thanks for reading.

P.S.

this is the best photo I have, wil post a more recent (complete) photo after she is insured and registered.

;0)

[nix240z]

I use Hagerty for my insurance and I state the value of my car.

 

 

Steve

[djwarner]

Collector car insurers will insure for stated value. In the past this was limited to cars driven restricted miles per year, but today the insurers have realized many of us drive our collector cars often if not daily and have begun offering less restrictive policies.

 

Hagerty offers a valuation service on their website that shows values for cars in various conditions. Check their definitions. They also give the average value of their clients cars. You will find that most are not in Concurs condition. 

 

There are other sites for classic car valuation, do a search.

[Pop's Z]

I second the Hagerty insurance. They asked me how much I wanted to insure the car for. I started out with $10K, and have worked up to $18K. They allowed me to put the value on it. If you give them a call the very nice person who answers can take you through the "agreed value" of your car. They have very specific rules like no daily driving, locked garage, etc. They do not limit your driving as many other policies like this do, for instance you can only drive to car shows, etc. Hagerty believes that the reason you have a classic car is to drive and enjoy it. Hope this helps.

 

Cheers, Mike

[Hardway]

I use the National Corvette Museum Insurance Company (NCM).  It works the same way as other classic car insurers and you don't have to have a Vette to insure a vehicle through them.  I have the agreed value on my '71 240Z at $10K.  It costs me $125/year.  I really need to increase it to around $15K - $20K since values continue to rise.  Their customer service is good but I have never had to make a claim through them.  A lot of classic Vette owners use them so they must not be too bad.

[yakhopper]

Interesting to hear so many refer Hagerty, 

I called them first, and was not offered stated value insurance. 

I told the nice person on the phone that i was looking to cover the vehicle for a fair value, but wanted to be able to drive it when i felt the mood. The nice person politely told me that they offer classic car insurance and that would only cover driving to and from official events/shows and no more than a couple thousand miles per year. Than this nice person suggested to look at other insurance for daily drivers.

Good News is that my local State farm agent was kind enough to offer stated value insurance that would have no restrictions on driving or mileage.   

My baby is now insured for a stated value ($15,000) and the insurance company was very helpful in assessing the value.  

Just in time for the driving season 

;0) 

[Patcon]

What kind of cost? It will vary regionally but it might be nice to see what State Farm offers for !5k of coverage. If you don't mind sharing...

Charles

[yakhopper]

I'm sure the cost will vary depending on driving record, location of vehicle, other drivers in the house etc. 

best to call a local agent for a quote. 

I can say that the price was very comparable to other companies basic coverage.

Of corse I am getting multi discounts for multipule cars, home owners, and now, also life insurance

[rcb280z]

I used to be a Hagerty customer. Up til about 2 years ago I had my 77 insured through them. Received a letter one day prompting me to call, IIRC. They began asking me questions like; do I drove it daily. I said no. Told them maybe 2 weeks out of the month, at the most. Then I was asked how many people live in the household. I said 2. How many cars do you own, I said 2. They cancelled my policy because we didn't have 2 daily drivers outside of the Z! Said I couldn't prove I don't drive it daily. Pissed me off.  I really don't drive it daily. Told them I don't need a 3rd vehicle for work. I work out of my home. Had them for 8 years. Now I pay more for less coverage through Sate Farm. So unless they have changed........

[djwarner]

Their Valuation support aside, Hagerty also was refused coverage on my daily driver. Ended up going to Grundy. Found them competitive and would also write a policy on wife's car and got multicar discount on hers. I would recommend them. 

[Travel'n Man]

Hagerty is the way to go - agreed value  - send pics to document you build.  What you are really insuring is the value of your build.  Think of it as a" little life insurance policy for your car".

Natuarlly you have to have it in underoof protected and it can not be your daily driver.  Read the rules of the game

[z boy mn]

I"m not sure if this is helpful, but because I had bad luck with insurance companies in the past, I was extra careful with my Z. I do use it as a daily driver, and I had a long talk with my agent. What we did was get it appraised professionally by a body shop. I brought in all my receipts and we did the math on what it would cost to build it again. They charged $200 for the appraisal, but I brought the document back to my insurance agent, took lots of photos, and we insured it for that amount. If something happens, they can either repair the car at a cost up to the appraisal value or they can write me a check. Either way, they have to "make me whole" according to my agent (in other words, they can't drop off any 71-ish Datsun-ish 240z-ish and call it a day). It has to be equivalent to what I have now.

I keep the car covered and parked in the winter, and during that time I keep comprehension on it. When I put it on the road, I verify the appraisal amount, the insured amount, and check. The cost has been very reasonable ($250 per year), but it's probably because I have everything (house, cars, etc.) through one company. Of course, I can't verify this will work if something goes wrong, but I feel OK about it. My agent is an insurance broker, and my policy is through a major US company (Traveler's).

Hope this helps!