Insuring your car for what it's actually worth...

[Shevelle]

I'm wondering what some of you might be doing about insuring your cars for what they are really worth. My current insurance company will only insure my cars for the amount I paid for them unless they are able in some way to substantiate the value to be higher. I assume the way they substantiate value is by looking at past auction sales. Most of the time that works out fine, but what about cars that don't really have any comparisons out there, the ones that are normally sold privately, ie survivor cars? I recently purchased a survivor from someone who had owned it since 1969. He did not realize the value placed on original paint, interior, drivetrain, color, or paperwork, and as a result I acquired the car for a lot less than I would have been willing to pay. Before I even got the car home I had a standing offer of double what I paid. And there have been two similar/higher offers since then. I've told the insurance company that, but of course they are not going to consider hearsay, especially coming from the person who is wanting the insurance. The car is not for sale, I don't intend to sell it, but I would like to be able to insure it for what I know it is actually worth, not just what I paid. I'm not going to be driving it around and it's in a secure location, so collision and/or theft is not so much a worry to me. But I live in Oklahoma and the weather and tornadoes are a concern.

I'm just curious what some of you, maybe some of the original owners that only paid 4-5000 for your car that is now worth hundreds of thousands are doing about insuring them for actual value?

[firstgenaddict]

I was discussing the availability of riders for things such as original paint etc with a collector earlier today.
It is quantifiable therefore insurable, if insurance companies are not offering riders for such things someone will.

However the large classic insurers will take a certified appraisal and insure based upon it.

[njsteve]

Switch to MK, one of the site sponsors. I did and they had better rates than Hagerty, etc., and have no issues with insuring a car for the actual value regardless of what you paid for it.

For example, if you were gifted the car by a family member would the insured value be zero? Of course not.

The real test of a collector car insurance company is the claims process. And I can attest that MK has a very good claims department as well. I have had a couple minor claims over the years, one involved a nick in the door/quarter of my Grandmother's Firebird. I got an estimate from my painter to repair it, which included having to paint almost half the car to blend it in properly. I emailed them the estimate and they wire transferred the funds into my account while I was still on the phone with them. It was that fast.

I have been very impressed with them.

[Alss]

I went to MK with an appraisal and some market comparisions and got my value!..they call it agreed value now [img]<<GRAEMLIN_URL>>/grin.gif[/img]

[Shevelle]

I'm not sure who would qualify as a certified/qualified appraiser for a Chevelle? The appraisers that have been sent to look at cars we've had for sale before certainly weren't qualified to be giving appraisals at all. The last one that was sent out to look at a 57 Chevy actually asked me if it was manual or automatic... And one last year came and looked at one of the cars and then emailed me the appraisal form to fill out myself. I know plenty of Chevelle &quot;experts&quot; that certainly know the value, but they aren't certified appraisers so it doesn't seem the insurance company is too interested in their opinions.

Steve, my insurance company is MK. I have been very happy with them over the years, however I've not had a claim. I'm happy to hear your satisfaction with their claim service. They want to substantiate value, and I understand that. The problem is that there doesn't seem to be anything out there publicly to compare to. I know collectors who have paid as much and more for similar cars, but they have been private sales.

[TDW]

I have Hagerty on all my cars. When I needed to place a value on the 69, L78 Chevelle that I recently sold, I had Jerry MacNeish do an appraisal for me. He is certified, knows what to look for as far as 'Survivor&quot; status, and will write his estimate accordingly. Absoutely no problems or questions from Hagerty. For my 34 Ford, they asked for reciepts, as I have it valued at around 100 grand. I simply faxed a pile of paper-work to my agent. The accepted that with no questions.

[Lynn]

Jacquie:

First, I need to start taking you with me to check out cars. Sounds like I could learn from you. Where do you keep finding these gems? Nevermind, I know, it is good old fashioned detective work. I can't believe we are 40 minutes apart and have never met face to face. And the next metro cars and coffee is Sat, but we will be in Arkansas.

Secondly, shame shame shame. You buy a survivor Chevelle with &quot;original paint, interior, drivetrain, color, ... paperwork&quot; and you post ZERO pics. Really??????

Thirdly, I have MK as well. They never asked me for a certified appraisal. I agreed to the value over the phone and had to email pics of the car to them. As long as I met the other criteria (limited mileage, locked garage), we were good to go. Now, if they will not go above a certain number for your new acquuistion (yeah, the one we don't have pics of), I would just insure it for the max they will agree on for now, then perhaps get it certified at MCACN. Isn't there a vintage certification program?
I would think any person (or organization) that can do vintage certification could provide at least a range of value for the car.

NOW, WEHRE ARE THE PICS?????

[RPOLS3]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Lynn</div><div class="ubbcode-body">Jacquie:

I have MK as well. They never asked me for a certified appraisal. I agreed to the value over the phone and had to email pics of the car to them. As long as I met the other criteria (limited mileage, locked garage), we were good to go. </div></div>

Same here for me...........


Jake

[Material_Boy]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RPOLS3</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Lynn</div><div class="ubbcode-body">Jacquie:

I have MK as well. They never asked me for a certified appraisal. I agreed to the value over the phone and had to email pics of the car to them. As long as I met the other criteria (limited mileage, locked garage), we were good to go. </div></div>

Same here for me...........


Jake </div></div>

Same for me too. Been with MK for several years. Better service and lower rates for more coverage than the previous collector car insurance co. I was with. Call and talk with Tamra or Jackie.

Dave

[Shevelle]

I agree with everyone about MK. Always before I have called with value, sent the necessary pics and all was good. I have 11 cars with them and have only had this issue on the last two. When I talked to them last they said it was because of the value of the collection. But I know there are a bunch of people with collections valued a lot higher than mine! LOL - some of you have one car that is worth more than all 11 of mine combined. Don't get me wrong, I'm not complaining about MK. Tamma and Jackie have been great! I understand their position and don't have a problem with them needing to see what I paid and insuring for that amount... 99% of the time. But when you buy a car for less than it's worth, you need to be able to insure it for true value. I did get a couple of suggestions on who might be good certified appraisers, so I will check back with MK and see what steps we might be able to take next.