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What insurance value are you putting on your vehicle today?

Discussion in '308/328' started by Tricycle, Feb 8, 2015.

  1. Tricycle

    Tricycle Formula Junior

    Dec 21, 2004
    636
    LA Cnty 4,083sqmiles
    #1 Tricycle, Feb 8, 2015
    Last edited: Feb 8, 2015
    I am in the process of changing carriers now since my current one will restrict my car to a classic status only being used going to car shows etc.
    if I raise the value past what it was originally set at.

    This I do not want. I just want the freedom to take her out when I feel like it without restrictions (other than miles per year).

    So for my new carrier, what would you recommend value to place on my 328?

    I checked and they do not have a general "replacement value" clause. I have to give then a specific number.
     
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  3. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    21,097
    Indian Wells, California
    Full Name:
    Jon
    Year, mileage, colors? A red '89 GTS with 1,000 miles is probably a $100K-$120K car now. A prugna '87 with 90,000 miles... probably isn't.

    I use Chubb for my collector cars and tend to estimate on the high side. It's not that much more expensive.
     
  4. Tricycle

    Tricycle Formula Junior

    Dec 21, 2004
    636
    LA Cnty 4,083sqmiles
    I have been procrastinating and need to switch over. I wish I could use Chubb but

    "At least one vehicle must be 30 years old or greater to qualify for our program."


    My car is
    Rossa/Tan
    1989 42xxx miles
    In (I think) 4-5 out of 5 condition after I get the carpet replaced this spring.
     
  5. finnerty

    finnerty F1 World Champ

    May 18, 2004
    10,341
    Give LeLand West a call.

    Good rates, excellent support and claims handling, and they let you set agreed value about anywhere you want (within rational reason of course) as you long as you accept the small increase in premium.

    Just for the piece of mind, and to make sure I'm still getting a good deal, about every 2 years or so I make inquiries to re-quote with various other carriers...... and, no one ever beats what I am able to get with LW ---- been with them since '93.
     
  6. Il Tifoso

    Il Tifoso Formula 3
    Silver Subscribed

    Oct 22, 2013
    1,273
    SF Bay Area, CA
    Full Name:
    Ruben
    I've had great experience with Hagerty - easy to set agreed upon value (within reason, as was mentioned earlier), good options on mileage caps, and good road side assistance options with guaranteed flat bed towing.

    I have 3 classics with them and for all 3 I tend to go on the higher side as was mentioned earlier since the incremental cost is minimal. Their valuation tools seem to be reflective of the market, so I usually use that as a guideline.

    Cheers!

    Ruben
     
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  8. Owens84QV

    Owens84QV F1 Rookie

    Oct 2, 2001
    4,482
    Somewhere in NC
    Full Name:
    Greg
    I'm in the process of switching to Heacock Classic / Barrett Jackson...they seem to be using the same insurance underwriter, TDC Risk Management. Mine's an '84 euro 308, 63K miles...bone stock original; $75K.
     
  9. Oengus

    Oengus F1 Veteran
    Rossa Subscribed

    Sep 29, 2004
    9,080
    Between timing belts or Delray Beach FL
    Full Name:
    Chas
    State Farm
    1977 308GTB 150k
     
  10. GrayTA

    GrayTA F1 World Champ
    Owner

    Jun 25, 2006
    14,158
    Deep South
    Full Name:
    PDG
    I seriously need to update my value.

    I just have no idea what value to assign it....


    85 GTS QV - 82,000miles, mostly stock - a few cosmetic mods, but nothing that couldnt be undone in a day or so.




    PDG
     
  11. VIZSLA

    VIZSLA Four Time F1 World Champ
    Owner

    Jan 11, 2008
    41,211
    Sarasota
    Full Name:
    David
    Damn.
    The way things are going you have to readjust your coverage monthly.
     
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  13. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    21,097
    Indian Wells, California
    Full Name:
    Jon
    Does "Euro" affect anything? I.e., lack of bumpers, side-impact beams, etc. -- would certainly be more expensive to repair in a minor collision, and probably more chance of injury to driver/passenger.
     
  14. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    21,097
    Indian Wells, California
    Full Name:
    Jon
    Just an estimate, but I would go with $80K-$100K. I forgot about the vehicle age limit with Chubb - my '85 and '56 both qualified.

    You can always change it later.
     
  15. 360gtracer

    360gtracer Formula 3

    May 18, 2004
    1,022
    Here's a different way to look at it - how much risk are you willing to assume yourself, and how much do you want to assign to the insurance company? You can assign full replacement value (i.e. 100% risk) to the ins co, and pay large premiums, but then potentially (probably) *NEVER* collect anything. Or, you can assign less risk to the ins co, assume some of the risk yourself, and pay lower premiums with the same probability of payout.

    In other words, the value you assign to your car for insurance purposes depends not on its actual market value, but what risk you are will to absorb yourself.

    I'll caveat this by saying that I live in a very rural area where the risk to the vehicle is probably pretty low (as long as I'm "reasonably" careful, i.e., I don't have to be *insanely* careful, just "reasonably"...).

    Hope this makes sense.

    gp
     
  16. Bones2U

    Bones2U Formula Junior

    Jul 13, 2008
    791
    Ontario
    I'm bumping it up to $100,000 this year. I use the Hagerty Classic Car program and only pay about $650 with $2M liability and the 19A depreciation endorsement. Cheapest thing I pay every year.
     
  17. M.James

    M.James F1 Rookie

    Jun 6, 2003
    2,721
    Worcester, MA
    Full Name:
    Michael.C.James
    If you have an accident, and need to replace the car FULLY - how much cash do you need?

    If ebay is any kind of guide, you'd need in the neighborhood of $80K for a GREAT car.

    My 308 would probably require $50-$60K to replace what I have into it. Values have gone up....
     
  18. Owens84QV

    Owens84QV F1 Rookie

    Oct 2, 2001
    4,482
    Somewhere in NC
    Full Name:
    Greg
    So far in the quoting phases with different companies, the question hasn't come up. Interesting question though!
     
  19. flashman

    flashman Formula Junior
    Silver Subscribed

    Jan 5, 2004
    481
    Star Valley, Arizona
    Full Name:
    William Rappaport
    I have three of my car's insured with Hagerty, 59 Rolls, 91 Jag, and my 81 Ferrari. Every year I up the coverage, although I put very limited miles on each. This year I plan to raise the coverage on the Ferrari to $70,000. With what is going on in the market right now, if I needed to have the car rebuilt, I think even that would not be enough to put the car right.
     
  20. cavallo_nero

    cavallo_nero Formula 3

    Nov 3, 2003
    1,700
    colorado
    Full Name:
    Giovanni Pasquale
    Well said 360gtracer.
     
  21. Tricycle

    Tricycle Formula Junior

    Dec 21, 2004
    636
    LA Cnty 4,083sqmiles
    Thanks was thinking about that

    Yup I have been driving around with a replacement value of $50,000 which would not be sufficent if worse case I need another car after an accident/fire/theft. I think I will be more comfortable paying higher premiums and upping the value.
     
  22. 328PWC

    328PWC Formula Junior
    Silver Subscribed Owner

    Mar 5, 2011
    654
    Ft. Lauderdale, FL
    Full Name:
    Paul Cissell
    Interesting, as I have State Farm also and was informed the max they will insure is $85,000; without an appraisal. Did you have an appraisal completed? I just had Steve Ahlgrim do an appraisal on my car last Saturday and will be awaiting the results. Steve had some interesting comments about the current market as well as the appraisal process.
     
  23. Rich S

    Rich S Formula Junior

    Nov 30, 2013
    501
    Monterey, California
    Full Name:
    Rich Saylor
    I too have a State Farm policy; my cars are with them on a bundle deal, not because State Farm is the cheapest reliable company for classic cars- they're not. They have 2 options: classic car insurance, stated valuation as noted previously, or else normal insurance with replacement value. In either event it would be good to have some sort of appraisal, at least to establish a base value that will change over time. I note that you have an '89 328 GTS- nice car, but how about condition & mileage, which affects value of course. Most insurers don't mind putting a couple of thousand miles per year on a classic car, so long as it isn't a daily driver or especially used for commuting. In the past I've found JC Taylor & Hagerty to be very good insurers for classic cars.

    Hope this helps-

    Cheers,
    rich
     
  24. R.Robot

    R.Robot Formula Junior

    Nov 7, 2010
    350
    La Quinta CA.
    I requested an increase to my insurance from 75k to 100k about 10 months ago with Hagerty.

    They requested new pictures and an appraisal. At the time I just let it slide till I could accommodate their request.

    Two months ago my insurance broker called and told me Hagerty offered a 100k policy if I still was interested. No pictures no appraisal. I agreed and will now be considering a higher policy shortly. My guess I'll be taking new pictures and getting the appraisal, but is protection. I am a big believer in quality insurance.

    I have found through experience you still have to fight the insurance company (house) and in one instance had to hire a law firm to protect myself from my insurance company from selling me out in a law suit.

    The good news is our cars are recognized as a higher value investment. However I just can't see selling, just too beautiful and engineered perfection. Hard to do today.
     
  25. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    21,097
    Indian Wells, California
    Full Name:
    Jon
    That's interesting. Chubb just asked me what value I wanted to put on the car. No guidance. I told them $80K and didn't need any photos or appraisal.
     
  26. Tricycle

    Tricycle Formula Junior

    Dec 21, 2004
    636
    LA Cnty 4,083sqmiles
    State Farm (Classic) Antique Car Insurance doesn't work for me because

    "And here are some important conditions for classic car insurance eligibility:
    Your antique or classic car must be used on a very limited basis, such as exhibitions, club activities, and parades or similar events."

    That is too limiting
     
  27. Jedi

    Jedi Moderator
    Moderator Lifetime Rossa Owner

    Mar 18, 2008
    29,601
    Seattle Area
    Full Name:
    Jedi
    I just renewed my State Farm policy at $55,000 fixed value for my 1986 328GTS with 72.221 miles. I pay around $45 a month or so - forget the exact amount.

    I'm allowed 3000 miles a year with zero restrictions other than that - and I just don't drive anywhere near the 3k miles a year.

    Seems reasonable to me.

    Jedi
     
  28. Tricycle

    Tricycle Formula Junior

    Dec 21, 2004
    636
    LA Cnty 4,083sqmiles
    The main question I would have is if your 328 fell into a sink hole today.

    (with you diving out, right at the last minute by grabbing on to a tree limb, with your handy bullwhip) :)

    Would you be able to buy another of like quality with the $55,000 insurance money with minimum effort?
     

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