Hello, I am going to start getting some quotes for insurance and I am wondering how you guys determine the value of the car for the Agreed Value coverage. Do you use the price you bought the car for or go by what the book value is on NADA(pretty large range) or do you actually pay to have the car appraised by a company and use that value for coverage? thanks for the help

I recently went through this as I was adjusting up from where I insured it when I bought it. I went with where I thought I fell on the NADA (between Medium and High in my case), which I arrived at by looking at an honest opinion of my car (and receipts). Finally, I adjusted after attending a good car auction to get a feel for the market. Your insurance company may have different requirements for proof (receipts, pictures, appraisal). I have found with some insurance companies and my lender that they use NADA as well as a starting point.

sr77, if it is something special than i would go with an appraiser. if a plain jane like mine, i just figured what i have into it and compared to one in similar condition. they will charge you by what you tell them i said $20k they said about $300 a year. shop around, i got w wide range of quotes. remember you get what you pay for. a few extra bucks for a top rated company will save a lot of headaches if you need them.

Hagerty asked me what I felt it was worth given how prices were being shown on Ebay and craigs list, so I gave them a number and they agreed it was ok to raise it to that level. A slight increase of premium came with it but still cheaper than any other car I own.

Just set it at the amount you would feel comfortable selling the car for today.

before you go with farmers insurance , give me a call !!

before you go with farmers insurance , give me a call !!

or better yet, don't go with Farmers. :D Nothing personal, but it's quite risky to use any of the standard carriers like State Farm, Allstate, Farmers on an older valuable car as they don't offer true agreed value coverage.

Jody

thanks for the replies

I just bought the car so maybe i will start somewhere around that value so i will at least not lose any money and as I add things to the car I will increase it. Its not a numbers matching original, so I guess it doesn't warrant an appraisal then. Setting it at where I would sell it at is good advise, thanks. I was just going to get a quote from Grundy & Hagerty as those are the only companies I know of right now that seem to have a good reputation/financial backing and offer agreed value coverage. thanks again for the help.

i went with haggerty. total parts, buying car and paint was 35000. never mind my labor. they wanted pic of outside car, inside hood and trunk and interior. i wanted 50000 coverage. they said no problem cost me around 300 a year. they want pics to see if no nos in trunk or superchargers on engine.and dont race it.as in roll cage.

For my agreed price, I just doubled what I bought it for and that fell in the higher-medium NADA guide. One email picture to the insurance company is all that was needed.
Reasoning behind that, it won't take me long to get there either by what is going in it at the present rate, what it will be worth shortly, or what it would take to replace if a total loss.

regarding insurance..i recently had a 69 z28, matching numbers except the motor wasn't a 302, it was a 350 and had just put new foose wheels on it. scheduled an appointment for appraisal with a local company and just before i did, it was stolen. i had custom coverage thru allstate which i had a premium that i was paying for a 49k min. they are still messing around and its been months...woohoo, its funny..the appraiser who called me and had questions about it said he was an expert on camaro's, but when i started talking to him, he didn't have any idea what i talked bout.

i would get an appraiser asap, bc my 35k in receipts means nothing to my insurance. and if anyone knows of a hugger orange 69 z28, 350, 4spd muncie with white stripes and foose wheels somewhere for sale in mexico..let me know.

also, if you have any legal knowlege you could provide me, that would be awesome

if you restored it yourself, add up your receipts and divide by 3.
that's what the car is worth.

aint the car hobby awesome?