Vehicle value

[Jeff Skibenes]

My insurance company has asked me to give them a replacement value for the car. I don't really understand, since I told them what I paid for the car which was $7,700. Either way, I am new to this vintage car ownership, so I figured I would ask all of you to tell me your thoughts. Its a 1966 Newport 4dr hardtop (no pillar). Everything on the car is original. The car has 64,030 original miles on it. 383 2bbl with 727 3spd A/T. No A/C. The underside of the car shows very minor surface rust, but not a single place where rust has taken hold, and there is not a single spot of rust anywhere on the body. The driver side rear door is slightly misaligned for some reason, but it opens and closes freely. I've attached a number of pics and I would like to hear you all's opinions. Oh, and the original Chrysler Certicard is still in the fender jacket and I am technically the 2nd owner

 

[detmatt]

It’s a beauty! If it were totaled in an accident and you had to buy another one just like it to replace it how much would you have to spend? If you look at it like an agreed value policy I would insure that for around 10 to $12,000.

 

[azblackhemi]

I had my 66 New Yorker insured with Haggerty with a stated value of $15000. They didn't require a appraisal or even pictures.

 

[Snotty]

That's interesting. I'm insured with Hagerty for the Newport and the Gremlin. They asked for pictures (extensive) and description of what had been done to each. They then valued each car; the Gremlin at $9,500 and the Newport at $12,000.

I might need to contact them about updating these values as we all know prices of cars have gone up. In some cases ridiculously so!

 

[detmatt]

I bump the values of my cars through Hagerty almost every year and in fact I need to renew by next week.

 

[azblackhemi]

That's interesting. I'm insured with Hagerty for the Newport and the Gremlin. They asked for pictures (extensive) and description of what had been done to each. They then valued each car; the Gremlin at $9,500 and the Newport at $12,000.

I might need to contact them about updating these values as we all know prices of cars have gone up. In some cases ridiculously so!

I insured the NY'er for 15K and my 48 Desoto for $25K with no questions at all. I did wonder about it at the time.

 

[Jeff Skibenes]

I have Hagerty also. No photos required, and I have had the insurance for a month now but they sent me an email asking for this value price, so I figured I'd average you guys responses.

 

[413]

Usually your rate is based on this vehicle Value number. Did they use the purchase price to figure a rate? If you go higher Value they would spend more fixing it before it’s totaled.

 

[Snotty]

Guess I need to update them.

 

[Jeff Skibenes]

Usually your rate is based on this vehicle Value number. Did they use the purchase price to figure a rate? If you go higher Value they would spend more fixing it before it’s totaled.

So far I have only advised them what I paid for it. I'll give them this vehicle value once I get a few responses here.

 

[stubs300]

That reminds me, I gotta work on getting insurance. Thanx

 

[BigblueC]

So far I have only advised them what I paid for it. I'll give them this vehicle value once I get a few responses here.

Your car looks to be in an overall good condition. Personally, at $7,700 I think you paid fair market value for the car. For insurance purposes I would claim 10-12K, or a little more. If something does happen, parts and repair for your car will get expensive quickly.

On a side note I also have two vehicles with Hagerty. They required pictures of all sides and for them to be covered (garage or carport).

BTW, is this a water stain? Like water pooled that deep in your floor?

 

[Jeff Skibenes]

Your car looks to be in an overall good condition. Personally, at $7,700 I think you paid fair market value for the car. For insurance purposes I would claim 10-12K, or a little more. If something does happen, parts and repair for your car will get expensive quickly.

On a side note I also have two vehicles with Hagerty. They required pictures of all sides and for them to be covered (garage or carport).

BTW, is this a water stain? Like water pooled that deep in your floor?
View attachment 460489

I didn't notice that in the picture, and you had me wondering so I went outside and got down on my hands and knees. Not sure why the shades are so pronounced in the picture, but no there is no indication of water. The line that you see going side to side is the delineation between sun faded and not faded. Darker blue forward and backward and lighter faded blue in the middle.

 

[440Chrysler]

Somewhere between 10k and 12k is worth valuing it at. My 1967 Chrysler New Yorker needed 3/4 of a nose after an accident and the 9k from insurance is a little short to get it back to the way it was before, doing most of the work myself and having to source parts from the northeast (Damn salt and rust...)

 

[mrfury68]

I have my Fury insured through Condon & Skelley collector car insurance. I have an agreed value of $10 grand. I probably should increase the value because it has been a few years since I did. $10K doesn't get much anymore.

 

[Davea Lux]

I have my Fury insured through Condon & Skelley collector car insurance. I have an agreed value of $10 grand. I probably should increase the value because it has been a few years since I did. $10K doesn't get much anymore.

I also use Condon & Skelley and have found them easy to deal with.

Dave

 

[1978 NYB]

It's all about insurance premiums.

If you insure a car for $20k the insurance premium is going to be more than if you insured a car for $5k.

 

[CBODY67]

Several years ago, State Farm wanted values on my pre-1980 cars. I looked at the price guides and added a little bit for good measure. That resulted in a bit of a premium decrease.

ALL normal insurance is related to vehicle value, one way or another. Coverages are in the "so much per $1000.00 valuation" orientation. "Stated Value" means you set the value of the vehicle rather than it being set by some used car auction price guide, typically, as it will be for a normal policy. Some "antique vehicle" policies might also specify that when not in use, the vehicle is parked in a secure, locked garage or other secure, covered location that YOU control the access to.

"Agreed Value" is the way to go on a limited-use vintage vehicle. As I understand it, should the vehicle get totalled, they pay the face value of the policy and everybody moves on. Even if you have over-valued the vehicle's value, YOU pay premiums on that amount, so that's what the insurance company pays you.

As nice as that car appears to be, I would not hesitate to put $15K on it and let things "ride" for a few years (value-wise). Then look at the value in the future and go from there.

Enjoy!
CBODY67

 

[shooter65]

Sorry to take this thread in a different direction but wasn't there a thread a while back on the different classic car insurance companies and wasn't it stated that all the other companies are being underwritten by one company? Can anyone tell me who that company was or am I having a senior moment.

 

[fury fan]

Your car looks to be in an overall good condition. Personally, at $7,700 I think you paid fair market value for the car. For insurance purposes I would claim 10-12K, or a little more. If something does happen, parts and repair for your car will get expensive quickly.

I agree with this and will go a step further -
If your car is totalled, and you want to find another one just like it (in whatever criteria you require) you don't want to spend time bargain shopping, nor find the right car but be out-of-reach with the payoff amount.

Insurance should restore you to your pre-loss condition as quickly as possible (classic car availability is a always variable, of course)