Proving a cars worth to the insurance co. | FerrariChat

Proving a cars worth to the insurance co.

Discussion in 'Ferrari Discussion (not model specific)' started by Beta Scorpion, Feb 10, 2007.

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  1. Beta Scorpion

    Beta Scorpion Formula 3

    Jun 22, 2006
    1,379
    If anyone has followed the #14582 308 GT4 thread one could imply I got a reasonable deal on the initial price of this car. Well, now that it is nearly all fixed up, I would suspect that it is worth more. I suspect, to replace this car would cost somewhere around 25-30K. Anyway the insurance company last spring only wanted to insure it for the price which I had paid. I just wondered if anyone had had thoughts or experience convincing a car is worth more after being fixed up.
     
  2. msgsobe

    msgsobe Formula 3

    Aug 10, 2006
    1,316
    Miami Beach/Aspen
    Full Name:
    Mark Gold
    Switch to Hagerty Insurance and get an agreed value policy!
     
  3. Steve King

    Steve King F1 Rookie

    Feb 15, 2001
    4,367
    NY
    My company requires an appraisal every 2 years and based on that they will pay full value if the car gets totaled.You may want to ask various companies. I pay $350 a year for 2500 miles usage with full glass and no deductable.
     
  4. jimshadow

    jimshadow F1 Veteran
    Lifetime Rossa Owner

    Feb 19, 2006
    6,251
    Indiana/North Carolina
    Full Name:
    JIM
    Steve,

    Which company?


    My company requires an appraisal every 2 years and based on that they will pay full value if the car gets totaled.You may want to ask various companies. I pay $350 a year for 2500 miles usage with full glass and no deductable.
     
  5. Paul_308

    Paul_308 Formula 3

    Mar 12, 2004
    2,345
    No problem with State Farm in setting the agreed value. I just had mine increased from 28k to 30k and the premium went from $93 to $96 biannual. I had chat with the agent about the new 'classic' category and it's implications but there is no stated seems to be no mileage or similar restriction. I note they changed the glass policy to what looks like 'orig equipt or equiv.' They do take a polaroid for the files every couple years to assure the car's integrity but no appraisal.

    Setting premium is no biggie. Everyone is happy until a loss occurs. What I'd like to hear is how really they accept the agreed value in case of a total loss. Any stories out there about settling after a total?
     
  6. Zanny1

    Zanny1 Formula 3
    Silver Subscribed

    Dec 19, 2003
    1,134
    Arizona
    Full Name:
    Mike
    Hagarty. Stated value on my C4 and a couple of pictures does it. I've never had a claim, so can't validate that piece. Courteous and professional service is always apparent. Don't bother with Leland West.
     
  7. 308GTS

    308GTS Formula 3

    Dec 27, 2001
    2,223
    TN
    State Farm is great. My father had an agreed value on his RR. He had a claim on it a few months ago and they totalled the car. He received the full amount without any problems. They were great to work with.
     
  8. dm_n_stuff

    dm_n_stuff Four Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2003
    43,721
    26.806311,-81.755805
    Full Name:
    Dave M.
    Get a valuation letter from your closest dealer. Send your insurer copies of the Ferrari Market Letter API (Asking Price index) and Cavallino's price guide too. I haven't looked for your car, but they may help to support your valuation.

    Come to an agreed value with the ins. co., and you're good to go.


    With the ever rising prices on Dinos, I update mine every six months right now. Don't want to get caught short on a claim on a car that seems to jump $10K in value every couple of months.

    I pay about $600 for $125K agreed value on the car. and 5,000 mile per year, full glass too.

    Full glass may not seem like a big deal, but a front windshield is probably $2K by the time I'm done, and God forbid something happens to my rear window. :D

    DM
     
  9. PAP 348

    PAP 348 Ten Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2005
    100,220
    Mount Isa, Australia
    Full Name:
    Pap

    Thats the way to do it. :):)
     
  10. Jeff328

    Jeff328 Formula 3

    Sep 5, 2006
    2,293
    WI
    My collector cars are insured with my regular car insuarance company, Erie Insurance. I pay about $400/yr for the Ferrari with no mileage or useage limitations and full coverage, even emergency road service. Hagerty wanted over $700 for a very limited policy.

    Erie had their own appraiser come to my house to evaluate the cars. I was pleased, their appraiser valued my 1988 328 GTS at $60,000. They will come out and reappraise the car for free upon request. My '67 Pontiac GTO had initially been appraised at $22,400 but last spring I restored the interior myself and they re-appraised the car at $30,000.

    I know some street rodders who had independent appraisals of their cars but still had to battle with their ins. co. over claims. I figure that if the ins. co. establishes the value using their own staff then they sure can't argue if something happens.
     

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