So have any of you ever had your car professionally appraised?  I'm debating having mine done.  When I was getting my car insured in August I asked my agent how to get it insured for more than what it books out at.  His answer was simple: just get it professionally appraised and keep it on file.  Then if it's stolen or totaled we can fall back on the appraisal.  Just looking for others' advice/experience/opinions.  I called two of the three outfits he gave me today, one was a complete flake and the other seemed OK but it was $150, a bit more than I anticipated.  But it sounds like it would be worth it?  Will a '76 appraise appreciably higher than book value?  Mine has decent paint, decent interior and good mechanical, but, hey, it's a '76.  

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Ive never had an appraisal done but if you are concerned about what your insurance will pay in case of a total loss, you may want to consider collector car insurance.   If you have never priced collector car insurance you may be surprised at how inexpensive it is and YOU specify the value your want your car insured for, within reason of course. I'm  paying much less than my regular insurance company was charging me.  I have Hagerty and am pleaed with their service and prices, but have never had to file a claim with them and hope I never do.  My car can't be a daily driver, you must have another vehicle which is your DD,  and the car  must be kept in a locked garage at night and that's pretty much it.  There is no mileage restriction.  Other companies may have different restrictions and Im pretty sure others will chime in here with their experiences, many here have collector car insurance.

|UPDATED|10/10/2012 3:19:40 AM (AZT)|/UPDATED|

Crossfire has it right; I'm with Hagerty here in Canada and it's the same restrictions. My '75 apprasial came in at $22,500 CDN + txs and that is what it's insurred for. It costs me $258 per year for full coverage insurance with a $100 dedutable.

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I too have Hagerty's (which I believe is now owned by Allstate).  When I contacted them, we discussed the value.  Hagerty's recognizes the value of the chrome I added and NOT justthe year of car it is.  We agreed on a value of $25,000.  My preminum is a lot less than the regular Allstate.  I did not need an appraisal either.

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Warning: The surgeon general has declared that it is NOT unhealthy to smoke your competition AND I just discovered that my corvette is a hybred.  It burns gas and rubber! 

A "true" appraisal will cost some $$$, BUT...it will be indisputable. You need to find someone familiar with Corvettes, tho, as "regular appraisers will not have the knowledge to properly value the car. Any optional equipment, additions, deletions, etc, can alter to true value of the vehicle, and that needs to be taken into consideration from a Corvette point of view. A guy that does mostly Caprices, an Mustang appraisals is not going to be knowledgeable enough to determine the value of a classic Corvette.
I have Heacock collector insurance on both on my Corvettes. Stated value on both, and I stated the value. I can change the value of either car anytime I want, and they have never asked for any new pics to verify. I did have to provide 4 pics of each when I first got the insurance, just so they would have something on file showing the vehicle actually existed.


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Joel Adams
C3VR Lifetime Member #56    
My Link


(click for Texas-sized view!)             NCRS

"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"

Thanks for the input, guys.  I have looked into collector car insurance several times in the past.  But my broker has always quoted me  a collector option from my regular company (right now that's Safeco).  And those options always have had severe restrictions such as a 1K miles/year limit and no parking in public parking lots.  Those would never work for me.  So I just went with the regular option and used their book value.  It's pretty affordable (Vette adds only about $300/year to our regular insurance) but I feel that I'm under-insured.  

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I also have hagerty Insurance on both my corvettes. When I bought each one I called to add them to my policy and was ask what the value I wanted them insured was. As Joel said I also had to supply them with the 4 pics of each. Now that the 72 is done I called last week to change the stated value from 20k to 35k. They required new pics and receipts from all the work and parts. I have never filed a claim but those I know that have them said things went well.
Rodney


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Just to talk about the appraisal aspect...here in Ontario from what I've been able to gather it is impossible to get collector car insurance without an appraisal. Even Hagerty wanted an appraisal. Also, I could not get the car plated without an appraisal form from the Ontario government filled out by a licensed appraiser. That cost me $50. This is due to the car being over 20 years old and no longer in the black book. This is so that the government gets their maximum tax money.  

|UPDATED|10/10/2012 7:00:54 PM (AZT)|/UPDATED|


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To get collector policies on "The Fleet" through my insurance company (American Family) I was required to get an official appraisal done on each car and also to send 4 pictures of each car (front, back and both sides).  The policies are an agreed value based on the appraised value and have no mileage or usage restrictions.

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Jim Olson 

"The Toys"...!!!  Save the Wave!

Where I've been in a Corvette...!!!

Mine are through Nationwide. They wanted appraisals also. Did the pictures and such on them, they wanted them in person at the dealership/office, took more pictures, added their own appraisal, and insured them for it. They have ALL coverage on ALL my assets. I got a VERY good deal, NOBODY has come close to beating it. Been using the same office since I was 16, no claims, and many discounts.

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Click on image for full view

My '71 came with an appraisal from the PO that was done after the car was finished in 2006, it cost him $125.

I currently have mine thru Grundy, they wanted 2 pics of each car and stated value, no appraisal needed. We went with what the appraisal said on the '71 (because I had it) and on the '90 took a best guess. I pay $320 for the ‘71 and $243 for the ‘90.

I've heard mixed feelings on Grundy and thankfully haven't had a claim.

Take a look at NCM Insurance via Adam Boca, they also have a nice online calculator (don't need to talk to anyone). They will just send you one email after you do the calculator and don't hassle you at all. I'll probably go with NCM next year.

Link to NCM Insurance below, Click on “Get a Free Quote!” button on the right, no need to call them.

http://www.ncminsurance.com/

John

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So I spoke with my agent today about Hagerty (or other collector car insurance) and he advised against it based on the way I drive my car.  For example, he said it probably would not cover driving it to work (at least not on a regular basis which I do like to do in the summer), running general errands around town, etc.  Do you guys that have Hagerty have other information to the contrary?  I just browsed around their website and the info on there seemed to support what my agent was saying, but it wasn't real specific.  I will probably call them and talk with one of their agents to get more specific info, just wanted to get y'all's take on it as well.  I would hate to have it get smashed in the grocery store parking lot and then be denied coverage.  

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I had spoken to one of the "collector" insurance companies at one point, and they also said I couldn't drive my car to work.  That put an end to the conversation and I stuck with State Farm

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I wanted a Corvette my whole life, but I never dreamed of all the wonderful people I would meet because of it!

ANY collector car insurance will specify that the vehicle cannot be used as "everyday" transportation. Most limit the miles per year you can drive, anyway. You can't use the car to go to, say, Wally World, and park in the parking lot there, and leave the car unattended. If it gets scratched/hit/stolen, tough nookies...it's all on YOU at that point. You CAN stop at a place like that, but the car HAS to be attended to by the owner, or a representative of the owner...preferably NOT your 5 year old.
You can drive the car to have work done, club functions, parades, shows, etc., and stuff like that, but they really want to limit the exposure to damage, so taking a weekend drive just for fun might be covered, and might not, depending on where you go, and the reason. With my policy, if we take BOTH cars, it is considered a "caravan/parade/function/event", and we can go anywhere....sneaky, eh?
Basically, if you drive your car quite a bit, the collector insurance is prolly not right for you.


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Joel Adams
C3VR Lifetime Member #56    
My Link


(click for Texas-sized view!)             NCRS

"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"

Haggerty fits me as I wouldn't dream of taking my car to work or the mall, etc. It's a pleasure vehicle only. It all depends on your needs.

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Yep, Collector's insurance is not for me.  I like driving my car and the way my life is right now, many of the chances I get involve the course of daily events like work and running errands (I'm getting good at finding way out of the way parking spots, though).  So I'll stick with trusty Safeco.  Thanks for the input on this one guys.  I know a little bit more about how insurance works for old cars now through this exchange and my agent.  

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