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Topic: Appraised Value

in Forum: C3 General Discussion


Appraised Value

Posted: 11/2/07 1:08pm Message 1 of 9
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Burke, VT - USA
Joined: 1/23/2002
Posts: 7315
Vette(s):
SOLD - "The Toy" - '70 Convertible
SOLD - "The Beast" - '90 ZR-1 (#682)
SOLD - "Betty" - '28 Ford Model A Tudor
SOLD - "BLKBRRD" - '78 Pontiac Trans Am
"BLUBYU" - '04 Coupe
This is something I have put off for far too long.  I need to get "The Toy" appraised so I can convert the standard insurance policy coverage I currently have on it to "collector" coverage.
 
Doing a little research I see there are two types of coverage - "Agreed Upon Value" and "Stated Value".  Which is better?  I'm sure there are pros and cons to either one.
 
Also, what companies out there are "above board" and have good reputations?  (my insurance agent will not recommend an appraisal company due to "conflict of interest" concerns)
 
Thanks!



Jim Olson 

"The Toys"...!!!  Save the Wave!

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

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Appraised Value

Posted: 11/2/07 1:51pm Message 2 of 9
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Bladenboro, NC - USA
Joined: 1/22/2006
Posts: 1058
Vette(s): 1972 conv., sunfire yellow, blk interior, blk vinyl and convertible top. Off frame restoration with American Speed 383 stroker engine producing 500hp plus a 200hp NOS system. MSD ignition. Hooker super competition headers with chambered exhaust.
There is no need for you to get an appraisal on your car. Over the past 25 years, I have had 5 corvettes insured with Grundy Worldwide, had one claim that was hassle free and they only required one estimate.

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.



Appraised Value

Posted: 11/2/07 2:15pm Message 3 of 9
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Burke, VT - USA
Joined: 1/23/2002
Posts: 7315
Vette(s):
SOLD - "The Toy" - '70 Convertible
SOLD - "The Beast" - '90 ZR-1 (#682)
SOLD - "Betty" - '28 Ford Model A Tudor
SOLD - "BLKBRRD" - '78 Pontiac Trans Am
"BLUBYU" - '04 Coupe
Thanks Jim.
 
If I want to keep coverage with my current insurance company they are recommending an appraisal to convert the coverage to a "collector" status.  In lieu of an appraisal they would insure the car based on the purchase agreement price, at which I know the car would be undervalued at after 7 years of ownership.
 
In the explanations you gave the situations of totaled or stolen.  Whatever value is assigned to the car I'm assuming repair of damages from an accident or vandalism would be covered up to that value like under any other insurance coverage.  Correct?



Jim Olson 

"The Toys"...!!!  Save the Wave!

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

Appraised Value

Posted: 11/2/07 2:35pm Message 4 of 9
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Ronda, NC - USA
Joined: 6/7/2006
Posts: 1057
Vette(s): 77 & 71 & 85

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.LOL

I asked the what if questions and according to the agent I talked to, as long as I was within those requirements, it didn't matter what happened or how it happened I would get a check for that amount. They said they did the zero deductible  so if I got a bump or a scratch that I would be more likely to have it fixed than I would if I had say a  $500.00 deductible.





Appraised Value

Posted: 11/2/07 2:42pm Message 5 of 9
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North Charleston, SC - USA
Joined: 3/20/2004
Posts: 4176
Vette(s): 1975 L48 AT AC T-top
Norsky,
You are correct about accident damage being covered up to the agreed value. Where agreed value really benefits you is if you have an exceptional example of a particular year. Let's say someone owns a pristine, low mileage 78 anniversary model. NADA values this year at $12,500 -$34,500. An insurance adjuster, not familiar with these cars, may assume the car is worth somewhere mid-range when in fact the car is really worth $34,500. This wis where agreed value really pays off.
Your car being a 1970, low production run, may in fact be an example of a car that would benefit from a professional appraisal. With the appraisal in hand it will be much easier to negotiate an agreed value. Hope this helps.
 
Scott



Appraised Value

Posted: 11/2/07 3:02pm Message 6 of 9
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Joined: 10/21/2003
Posts: 1220
My State Farm insurance agent simply referred me to the body shop that they "recommend" for my appraisels. Guy came out to the house and did all 4. Free!  Accepted my input, also. I could have gone nuts with values but stayed pretty realistic.


Appraised Value

Posted: 11/2/07 7:01pm Message 7 of 9
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Victor, NY - USA
Joined: 7/12/2004
Posts: 6842
Vette(s): 2004 Commemorative Edition Coupe, Auto w/HUD. 13K miles in 2015. Sold 1982 Red Coupe
The higher the agreed value, the higher the annual premium.
So be fair and realistic.



 
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Appraised Value

Posted: 11/2/07 7:16pm Message 8 of 9
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Duncanville, TX - USA
Joined: 11/8/2003
Posts: 20229
Vette(s): #1-1974 L-48 4spd Cp Med Red Metallic/Black deluxe int w/AC/tilt/tele./p/w-p/b/ Am-Fm/map light National/Regional/Chapter NCRS "Top Flight" #2-1985 Bright Red/Carmine Cp.L-98/auto Member: NCRS, NCRS Texas, Corvette Legends of Texas
I have "Stated" value on the '74...that's just what I did when I got the ins. years ago. I need to up it to "Agreed". It's not that much more expensive.
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
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Appraised Value

Posted: 11/3/07 3:44am Message 9 of 9
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Dorr, MI - USA
Joined: 8/21/2002
Posts: 2581
Vette(s): 71 Colonnade Hardtop Coupe Torch Red with black interior originally L48 built to push around 360hp
I am also with Hagerty. Like Scott said. I tell them what I want the car insured for send in a picture and they set the premium. However they never did ask me how many miles I drive.


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