Insuring the 3x8

Same boat here, will be jacking up the agreed on value up shortly. Likely $50k, maybe more.

 

Who knows really I guess use the most resent auction sales as proof?

 

Going to talk to my AAA agent this week.

 

I would insure for at least $70,000.

Stop.

Think.

The 328 gets eaten by a lab raised genetically mutated bullfrog and....

You go out into the world to replace it.

These are the real prices now.

(no liability insurance from the mad scientist who created the Bullfrog XXXL)

I recently dropped my insurance company of 20+ years because they didn't agree with stated value increase. (well they did technically but then it would become a restricted antique show car)

I value piece of mind driving my car greater than taking a lesser price.

My 328 is quick but those damn mutated Bullfrogs are quicker.

 

Hagerty's has a great valuation tool which I've always found to reflect more or less what I see are real values, not just for F cars, but for others I follow as well.

As usual, it's based on the condition of the car... This is in part what I usually end up basing agreed upon values for my classics (coincidentally also insured with them).

Best of luck!

Ruben

 

Mine also has a coverage of 40k$, but I'm going for a coverage of 65k +- 5k as soon as the car is done in the paint shop.

 

I don't think $60,000 would be unreasonable. If you had to replace it that's the ballpark number.

 

In the last month, I reviewed my auto policy (with Allstate) and discovered the coverage I thought I had on the 308 isn't what I expected. I searched and landed with Grundy for an Agreed-value policy @ $75k. '84 euro 308, all original, 58K miles. But...I'm beginning to wonder if $75K is enough. Could I reasonably replace my car (with records literally back to day 1) for $75K...beginning to think that number is not high enough.

 

I have my '77 GTB at $75,000. Do you think it's enough?

 

That sounds a little light to me, George.
My UK 77 GTB is currently insured for £80,000 ($125k)..... and I'm just about to increase it in April when the renewal comes up, to £100k ..... for the extra £15-20/ month, its worth the peace of mind, and will ensure that i can still drive it , when i get the chance, without trepidation.

Finding these cars in great condition is only going to get harder and harder, so if you had to replace due to a write-off, you are probably going to have to pay through the nose to get the car you really want...... my Insurance company hasn't even raised a query regarding my agreed value request for the increase.....
BR,
Jez

 

No.

 

Ok I just spoke to my AAA insurance agent and I asked him if I can increase the coverage policy for my 84 308, he said there's no need to increase because if ever my 308 get into a total loss accident, AAA will give whatever the market value at that time. My question now is, should I stay with this policy or find another insurance Co?

 

I would ask him what the current market value (according to AAA) is.

Then if your comfortable with that number stay with them.

Market value of course is different from replacement value.

 

I insured by 1987 328 GTS for $75,000 and I have a 1989 GTB that I just insured for $100,000 through American Collectors insurance.

Raised the deductible from $0 to $1000 and the price increase was essentially a wash.

 

Thats the exact line my Allstate rep gave me. I then asked "where will you determine the current market value?" His response was they'd look at KBB, NADA, and Edmunds. I can guarantee I'm watching market values far more than Allstate, and...how would they value the tools & jack stuff, the original manuals, all of the maintenance & ownership records? I'm now with Grundy and an Agreed-Value policy.

 

QV cars are now 80-90 in good condition. I'm collecting asking and selling prices for hagerty so we can move the needle on agreed values.

 

I see this is quite the topic lately as I have found other threads about values and insurance.
I did give my agent the opportunity to match the Grundy quote. They're not able to do it.
So the question for me becomes, do I switch to Grundy? I haven't hear anything negative about them on the board and seems others here have used them.
I'm going with $60K for the 328 GTS and $45K for the 308 GTBi.

 

I just switched to Grundy and found them easy to work with. As far as your valuations...not sure of the condition and mileage on your cars, however, those valuations seem to be a little low.

 

Steve...what is yours insured for?

 

Agree on the valuations being low.

Grundy quoted me $500 more annually than I currently pay with Chubb for my two agreed-value cars (308 and Porsche).

 

Thanks,

'86, 328 GTS w/ approx. 45,000 miles, I believe, car's at home
'81, 308 GTBi w/ approx. 35,000 miles, ditto

I'd say both are needy is some respect ( aren't they all?), but good drivers and show pretty well.

 

52k Ahhhhhhhhh! its a 36,000 mile condition 2 1985. Near perfect all original car but with paint flaws. 30 year old paint is the only downside to the car.


That's why I called to discuss the fact that they are behind the market and to up my agreed value to 80-90k. That's when they asked me to collect asking and sale prices on QV's and submit them to update their market value trends.

 

77 GTB, 8/10 condition $80K agreed value Hagarty

 

Hey everyone,
just remember, most of these insurance guys r full of s--t. If they say something, make sure they put it in writing. They r there to collect premiums and not pay claims.