Has anyone had their 348 or 355 appraised? | FerrariChat
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Has anyone had their 348 or 355 appraised?

Discussion in '348/355' started by GQ IMAGE, Jan 16, 2009.

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  1. GQ IMAGE

    GQ IMAGE Formula Junior

    Feb 10, 2005
    322
    PA
    Full Name:
    GQ IMAGE
    #1 GQ IMAGE, Jan 16, 2009
    What I mean is that has anyone had their car appraised professionally? I have a friend who is a attorney that is working a case with a client who had a car (not a Ferrari) that was beyond perfect and had a professional tear down paint job like Angelis Black 348 and the car was rear ended and totaled out. The insurance company is giving them a check for fair market value on his car and that is it. The problem is trying to find the car that was like his in that condition is impossible for fair market value, when his car was 100% perfect. If he would have had the car professionally appraised the insurance company would have had to honor the appraisal if it was done by a certified appraiser. This got me thinking. There is only one certified appraiser that most attorneys use in my city for all divorce hearings to value cars in settlements who is certified. I made a appointment to have him come out and do appraisal on my car. I called my insurance company and talked to my agent and told them I was going to get my car appraised professionally and if they would stand behind the appraisal and they said yes. The guy is going to come out next week. Apparently he is suppose to take like 20 plus photos and do a report and put them in a binder for the appraisal on the car. Has anyone had their car appraised like this?
     
  2. 348holland

    348holland Formula 3

    Dec 11, 2005
    2,202
    The Netherlands
    #2 348holland, Jan 17, 2009
    In Holland It's quite common to insure vintage (and other old) cars for the appraised value. Can't think of how you can determine a fair markte value of a vintage Ferrari.
     
  3. traimpz348

    traimpz348 Formula 3

    Apr 13, 2004
    1,568
    Avon,CT
    Full Name:
    Matthew
    #3 traimpz348, Jan 20, 2009
    Many companies have agreed values. I tell the insurance company how much my car is worth and they insure it for that. I've never had an appraiser come out and inspect my cars. I think this would only be required for rare show-quality cars. I have a 1956 Austin Healey insured at $60k, and 1926 Model T Ford for $18k, and my 348 at $50k. I would check with your insurance company about an agreed value before you pay an appraiser.
     
  4. 348_Spiderman

    348_Spiderman Formula 3

    Feb 16, 2004
    1,416
    Cumming, GA
    Full Name:
    Mike
    #4 348_Spiderman, Jan 20, 2009
    Did your friend's client notify his insurance company after the respray was complete to inform them of the modifications that would affect the value of the car? If not, I believe that your friend's client has a long up hill battle against the insurance company. I would be interested to read the policy for statements regarding the coverage for the car and whether or not additional equipment or improvements would be covered or not.
     
  5. Cavallino Aficionado

    Cavallino Aficionado Formula 3

    Oct 3, 2006
    2,016
    Lk. Tapps/Buckley WA
    Full Name:
    Brian
    #5 Cavallino Aficionado, Jan 20, 2009
    Sorry for the crud your friend is going through,

    As Spiderman mentioned... the same would go for a major improvement to a home and it burns to the ground. Any and all improvements if you feel are worth while should be submitted to your insurance for assessment. Trust me, the insurance companies would love to ding you a few more buck every upgrade you make.

    I have a friend that had a shop do a frame up on his 68 Camaro. Pulling out of the shop after months of work he was impaled by a drunk driver. What saved his butt was the shop was meticulous in taking step by step photos. And added value and tight records saved his ars.

    What now??? Does the shop have similar records? Could he find someone else that has done a similar restore in a forum of this nature and know what the insured value of that car may be? Similar to finding comps with houses.

    My $0.02

    Brian
     
  6. No Doubt

    No Doubt Seven Time F1 World Champ

    May 21, 2005
    72,740
    Vegas+Alabama
    Full Name:
    Mr. Sideways
    #6 No Doubt, Jan 20, 2009
    Appraised?!

    LOL! I appraise my 348 everytime I smash the accelerator and slide that beyotch sideways, tires squealing like a drunken cheerleader at a frat party!
     
  7. Mrpbody44

    Mrpbody44 F1 Veteran

    Jul 5, 2007
    7,899
    St Augustine Florida
    Full Name:
    Steve Metz
    #7 Mrpbody44, Jan 20, 2009
    I am a classic car appraiser PM me and I can help your friend out. I do this kind of work all the time.
     
  8. dlynes

    dlynes Formula 3

    Oct 16, 2004
    2,450
    Augusta, Ga
    Full Name:
    Dave
    #8 dlynes, Jan 20, 2009
    great thread and should be a priority for all.
     

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