Agreed Value Insurance | FerrariChat

Agreed Value Insurance

Discussion in 'LamborghiniChat.com' started by Anderson, May 10, 2010.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. Anderson

    Anderson Karting

    Nov 6, 2004
    51
    Colorado
    Full Name:
    David Anderson
    I have an Agreed Value Insurance policy on my 1979 LP400S Countach. The policy is with American Collectors Insurance. I have tried several times to raised the agreed value, but they refuse as their sources claim these cars are worth far less than I think.

    Today I went to the "2010 Collector Car Price Guide" and found a listing for an 1978-79 LP400S in "excellent condition, maximum professional standards." So, this might not be up to totally Pebble Beach standards, but a very, very nice car in all respects. They list this at $77,500. In my strong opinion, this is SERIOUSLY low!

    I suspect that a Series 1, LP400S in virtually perfect condition might go for 3 times this amount ($232,500) and this might sell in a few days or a couple of weeks.

    So, I am asking what other people do to get their Countaches fully covered under an Agreed Value policy? What sources are used to establish value?

    The agent I spoke with said they would consider evidence I could bring to the table. However, it must be convincing I imagine.

    [I should point out that my car is not in virtually perfect condition -- rather, I think it is an excellent driver and very original with the LP400 motor and Bravo wheels, etc. I use the "perfect car" example above just for illustration.]

    Thanks for any advice you can offer; I think this is not an isolated example -- rather a general problem we face.

    Anderson
     
  2. Nuvolari

    Nuvolari F1 Veteran
    Owner Silver Subscribed

    Sep 3, 2002
    6,638
    Toronto / SoCal
    Full Name:
    Rob C.
    While I would be more than happy to offer you $77K for your car I think that the best thing to do is get a professional appraisal done by a registered appraiser. That and a few letters from certain pros in the business should be all you need to document the value. This is best done BEFORE a claim so you may want to get your homework done.

    Or just sell me the car and I'll rid you of the hassle ;)
     
  3. Peter K.

    Peter K. F1 Rookie
    Silver Subscribed

    Jan 9, 2004
    4,448
    Connecticut
    Full Name:
    Peter K.
    You have a PM. This will help.
     
  4. EMILIO

    EMILIO F1 Veteran

    Feb 23, 2006
    6,854
    Italia
    i will raise the offer to a round 80k$! ;)

    seriously i had the same issue with my countach...not easy to insure it for more than the magazine's value...
     
  5. FredParoutaud

    FredParoutaud Formula 3

    Jun 9, 2004
    1,455
    #5 FredParoutaud, May 11, 2010
    Last edited: May 11, 2010
    wow, interesting. I'm with the same company (400gt)

    Well, I think they are way off the mark on that one. I think you should do some groundwork (like you are doing here) and educate them.

    Good luck, and keep this thread going -- it's a good one

    Fred

    PS: yes, I was thinking at least 3x that value
     

Share This Page