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GT4 Apprasial

Discussion in '308/328' started by jimshadow, May 27, 2007.

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  1. jimshadow

    jimshadow F1 Veteran
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    #1 jimshadow, May 27, 2007
    Has anyone gotten an independent apprasial on thier GT4 recently? I had to get one for my insurance company for an agreed value policy and the appriasial came back lower than I thought it would. For those who have gotten an apprasial, I'm curious what yours says...

    JIM
     
  2. dstacy

    dstacy F1 World Champ
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    #2 dstacy, May 27, 2007
    Who appraised it and what did he use to establish the current market?
    Jim you already know what the market is. Unless he was right on the money I'd argue his appraisal and ask him to justify his report with recent selling prices.
     
  3. Jay GT4

    Jay GT4 F1 Rookie

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    e sempre incinta
    #3 Jay GT4, May 27, 2007
    30-35K agreed value for mine.
     
  4. jimshadow

    jimshadow F1 Veteran
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    #4 jimshadow, May 27, 2007
    Appraisal was done by Dean Kruse Auburn, Indiana....I expected that it would fall in that 30-35K range. He sent a certificate for $25K appraised with no clear statement of what he used to determine "fair value"....
    I only did this because State Farm is requiring it for an "agreed value" policy.

    JIM
     
  5. f24nk

    f24nk Rookie

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    frank clementi
    #5 f24nk, May 28, 2007
    Tillack did you PPI, maybe they can write something for you?

    I just insured mine with State Farm too. (I also just 20 mins ago got pulled over and was glad I already had an insurance certificate, this is absolutely the quickest traffic stop I've ever had, car in possession for less than 72 hrs, but back to your story). My agent only asked what value would I like to insure. Same numbers you mentioned; up to 35K. I'm not relating value of yours vs. mine here. Just noting that I was able to declare an agreed value, sent them some pictures, and qualified for their collector car insurance. I pay approx 300/yr. Here in Litigation Land. CA.

    -f
     
  6. dstacy

    dstacy F1 World Champ
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    #6 dstacy, May 28, 2007
    Well there's your problem Jim.
    You use state farm for your daily cars and Hagerty for the toys.

    Mine is insured for $40k no deduc. for $139 a year.

    <EDIT> Hagerty never asked for an appraisal, just a picture.
     
  7. Jeff328

    Jeff328 Formula 3

    Sep 5, 2006
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    #7 Jeff328, May 28, 2007
    My insurance company (Erie Insurance, writes policies in the Great Lakes and NE regions only) sent their own appraiser to look at my collector cars. They valued my '88.5 328 GTS at $60,000. My premium is $533/year with no useage restrictions.

    Insurance is an odd product. Insurance for my Ferrari through my regular insurance company runs $533/year for unlimited use. Hagerty wanted $785 for far less coverage with a bunch of onerous useage rules attached. I found the same when I was looking for insurance for my '67 Pontiac GTO. Erie charges $420/yr, Hagerty wanted over $1200!!
     
  8. jimshadow

    jimshadow F1 Veteran
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    #8 jimshadow, May 28, 2007
    I've had State Farm for many years and they have been great. I pay $300/yr for the exact same coverage as I have on my Honda Odyssey. The only thing is the Appriasial. I'd like to have the value at $35K just incase ....I can have it re-appriased every 6 months I believe and adjust the value, so I may have it re-appraised next year vs. paying another fee....

    JIM
     
  9. Jeff328

    Jeff328 Formula 3

    Sep 5, 2006
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    #9 Jeff328, May 28, 2007
    Jim, did you recently buy the GT4? If so, perhaps State Farm would accept your bill of sale showing the price you paid as the agreed value? (assuming the price you paid accurately reflects its value)
     

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