308 QV NADA value/insurance | FerrariChat

308 QV NADA value/insurance

Discussion in '308/328' started by ferrariowner, Jun 15, 2019.

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  1. ferrariowner

    ferrariowner Formula 3

    Feb 21, 2014
    1,109
    Mansfield, TX
    Full Name:
    Ron
    I decided to shop around for home and auto insurance to make sure I am receiving competitive rates. The 308 is usually pretty inexpensive. I noticed the rates had been creeping up over the years and attributed it to inflation or maybe the increased value of the car. For most of the last 25 years it usually averaged less than $600 year.
    One of the agents suggested Hagerty's collector car insurance with a fixed value. They said, if there was an accident they would pay the cash value with no issues. However, their premium is higher. Does any one use Hagerty's?
    One agent suggested I check the value in NADA because that is what an insurance company would likely pay on a claim
    The NADA website lists the value of an 85 308GTSi as follows;
    $53,700 USD for low retail
    $84,500 USD ave. retail
    $107,200 USD high retail

    I don't think these values are too far out of line. Maybe my car is for sale :) Sure wish I would have spent the $250K for the GTO back in the day! Now well over $1.25 mil on NADA

    Comparing a standard insurance policy (Allstate/StateFarm etc) to Hagerty's it looks like Hagerty's is a bit more money, but maybe less hassle to collect if needed. I have never had to make a claim. I hope I don't ever need too.

    Does anyone have any experiences to share?
     
  2. miketuason

    miketuason F1 World Champ
    Owner Silver Subscribed

    Feb 24, 2006
    15,517
    Cerritos, CA.
    Full Name:
    Mike
    The NADA website lists the value of an 85 308GTSi as follows;
    $53,700 USD for low retail
    $84,500 USD ave. retail
    $107,200 USD high retail

    Are these what they called “agreed value”, if so, how much is the annual for each of these value?
    Example: mine has an $80,000 agreed value for $475/year with Grundy insurance.
     
  3. AZDoug

    AZDoug Formula 3

    Jun 17, 2009
    1,606
    Along the Verde , AZ
    Full Name:
    Doug
    It also depends on how you use the car,and the estimated annual mileage.
    Many collector car policies restrict what you can do, ex, not drive it to the grocery store, or work. Stopping by the store on the way home from a drive is OK, going shopping at the mall for an afternoon is not.

    Policies like that are less expensive.

    I had hagarty for many years, i switched to another carrier that had better rates, but has mileage restrictions of 1000 miles/year (my choice, they have higher mileage limits available), which is fine as i have a bunch of cars, and can't drive them all, all the time.

    For $1300/yr, 300/100, and agreed value, full coverage, UIM, etc

    Covers:
    1933 Chev Roadster: $45k https://i.imgur.com/MoMG0HG.jpg
    1937 Ford pickup: $35K https://i.imgur.com/Ln4Lekz.jpg
    1961 Corvette: $96K https://i.imgur.com/mctYF7k.jpg
    1972 Corvette: $30K https://i.imgur.com/sE9qHGs.jpg
    1979 308 GTS: $80K https://i.imgur.com/9y0ftnZ.jpg

    The '61 Corvette and '37 ford are more expensive, adding about $200 to the total as they are modified with significantly higher HP motors than they came with, vs what they would cost to insure, if stock.
    The annual total woudl be about $1100 in all stock config, with no change in agreed value.

    This is all through American Modern Insurance. Check them out, see if they have something that fits your needs
    Doug
     
  4. miketuason

    miketuason F1 World Champ
    Owner Silver Subscribed

    Feb 24, 2006
    15,517
    Cerritos, CA.
    Full Name:
    Mike
    I forgot to mention, zero deductible and unlimited miles.
     

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