Proving a cars worth to the insurance co.

Switch to Hagerty Insurance and get an agreed value policy!

 

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.

 

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.

 

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?

 

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.

 

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.

 

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.

DM

 

Thats the way to do it.

 

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.