Topic: Appraised Value
in Forum: C3 General Discussion
An "agreed value" is what you and your insurance company agree that the car is worth. That is the $$ amount you would get if your car is totaled or stolen.
A "stated value" is a book value of your car. Lets say you have $40,000 in your car and it is stolen. If the book value of your car is $20,000, that is all you would get.
Grundy only requires an appraisal if you are trying to insure a $20,000 car for $40,000. You can insure your car with a "reasonable" agreed value by submitting 2 exterior pictures of your car, both left and right sides.
I have both of mine with Hagertys, I sent in information along with photos and they told me what they would insure my Corvettes at with a zero deductible. I looked the estimated value of each up with Vette-N-vestments and they were right on the money. I did agreed value on both cars. It was less that 1/2 the cost on the premiums of my regular car insurance. They did ask how many miles a year I planned to drive them and they are required to be inside a locked garage and not driven daily to work. I personally have no problem with those restrictions as I don't have a job.



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If you do get it appraised, make sure the appraiser is qualified to do Corvettes. Things like casting numbers and dates are things they should consider when setting the cost of replacement value. I've seen guys spend full days doing appraisals on Corvettes. They understand that you can't just go out and buy another car like the one you have. They'll do a fair market value appraisal.

Joel Adams
C3VR Lifetime Member #56
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"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"