Vintage Mustang Forums banner

1 - 16 of 16 Posts

·
Registered
Joined
·
112 Posts
Discussion Starter #1
Just trying to get some thoughts on this subject.

I have insurance through Hagerty. When I bought my 67 in October I looked at their values report to determine the value based on being in "good" condition. I was just on their website checking some things and the overall value of the 67 coupe has gone up since October by $5000 for "good condition" and that did not take into account the 10% addition for 4 speed or the 6% for being an AC car that I never added back in October. Looking at what the "asking" prices are currently compared to even when I was buying in October I would not be able to replace my car for what I have it insured for at the moment without searching long and hard.

So the question is do you guys go off the Hagerty Value, the asking prices in the market or what to determine your value? Do you revisit the value during the year and adjust based on how you determined the insured value to start with?

Thanks
Joe
 

·
Registered
Joined
·
4,969 Posts
its hard to say what these things are worth as there are too many factors involved.
i take the market value of what i think its worth if i should sell it. I dont look at it every year

maybe every 5 years i'll do a change.

I have my 70 at $45K which is probably more than i think id get for it and my 93 at $15K

better to error on the more side
 

·
Registered
Joined
·
32 Posts
First off I have been using Hagerty for years and they are a great company, It is hard to determine a value like was said above with so many factor involved but Hagerty themselves have a panel of people who help to determine the value of classic cars and they will help you to figure out what value should be put on a car, Then of course there is the question of cost on the policy. With todays parts and labor costs, you should talk to them about values and cost and I'm sure they would be happy to help you to be in a comfortable position . I also consider on my own policies that I drive my car sometimes just a few hundred miles a year.
 

·
Registered
Joined
·
29 Posts
I'm an insurance agent myself and we sell Hagerty and I have my car insured with them as well. They actually have a valuation tool and as the poister above said, a conversation wit hthem is always a safe bet.

 

·
Registered
Joined
·
112 Posts
Discussion Starter #5
@Crotch thank you. Was just on their site looking at the Valuation tool and that's what got me asking questions. The value has gone up for "good" condition by $5200 from October and I have spent close to that restoring since October. I'm not thinking I'm at top end of "good" but should be higher than where I'm at currently which is 10k less then the valuation tool.

I sent them a detailed email and would anticipate then to respond shortly as they have always been very responsive.
 

·
Registered
Joined
·
4,806 Posts
Insurance value should always more than a comparable sale price.
The first couple years I used them I shot low to be legal cheaply. The last few years I add some every year. I pick a fair number and add 20+%:)
They make it pretty easy to pay up for a higher value in the grand scheme.
 

·
Registered
Joined
·
29 Posts
@Crotch thank you. Was just on their site looking at the Valuation tool and that's what got me asking questions. The value has gone up for "good" condition by $5200 from October and I have spent close to that restoring since October. I'm not thinking I'm at top end of "good" but should be higher than where I'm at currently which is 10k less then the valuation tool.

I sent them a detailed email and would anticipate then to respond shortly as they have always been very responsive.
Also with anything insurance related. Document, document, document. Keep your receipts. I'm sure they will advise you correctly.
 

·
Registered
Joined
·
2,777 Posts
It seems with an agreed value policy, it should be pretty simple. If you think your car is worth X ,and it is within reason, the insurance company will insure the car for X and charge you accordingly. If your car is totaled they should pay you X, the agreed value. If you do work to your car, or the price appreciates, and you want to increase the agreed value, call them. If X+5,000 is still a reasonable value then they should up the policy and the premium accordingly. Then if your car gets totaled you will get X+5,000. I would think they would be happy to sell you more insurance.

With a standard "stated value" policy the insurance company is likely to only pay you what they think it is worth based on their database of averages.

Given I will be driving my car more in spring I need to change my car from State Farm (stated value) to a specialty company like Hagerty for an agreed value policy.
 

·
Registered
Joined
·
1,873 Posts
I went with the Hagerty base price the gave me for a stock 67 which was $18k ish. It’s more than I could get right now on the market. No inspection, sign up and go. If you get outside the basic value window for your specific ride they’ll want pics before they write the policy.
 

·
Registered
Joined
·
126 Posts
It's agreed value. Up to whatever they are willing to cover you for and you are willing to pay for, it doesn't really matter. I have mine insured for the amount I have into it.
 

·
Registered
Joined
·
447 Posts
The Hagerty valuation tool is a pretty good resource. Typically I look at current and completed auctions on BAT and Ebay to see what people are asking as well as what similarly equipped cars are actually selling for, then I adjust for the condition, features and upgrades on my car, and Hagerty has always told me that my value is in line with what they're seeing, and they accept it.
 

·
Registered
Joined
·
3,896 Posts
Just trying to get some thoughts on this subject.

I have insurance through Hagerty. When I bought my 67 in October I looked at their values report to determine the value based on being in "good" condition. I was just on their website checking some things and the overall value of the 67 coupe has gone up since October by $5000 for "good condition" and that did not take into account the 10% addition for 4 speed or the 6% for being an AC car that I never added back in October. Looking at what the "asking" prices are currently compared to even when I was buying in October I would not be able to replace my car for what I have it insured for at the moment without searching long and hard.

So the question is do you guys go off the Hagerty Value, the asking prices in the market or what to determine your value? Do you revisit the value during the year and adjust based on how you determined the insured value to start with?

Thanks
Joe
I have a professional appraisal done every 5 yr or so and give that to my broker--I insure it for that amount. So far, the appraisal has always been more than market value. Since it is an agreed value policy, I feel I am safe.
 

·
Registered
Joined
·
34,577 Posts
I go with what I think I could replace my car for, in its current condition. Anything more and I'm paying additional premiums for nothing (except in the case of a total loss and what's the chances?) and less means I'm on the short end of the stick if I want another one just like it. I, personally, think that insurance agencies who provide their own (not associated with NADA or KBB) valuation tools are looking for ways of increasing their profits.
 
1 - 16 of 16 Posts
Top