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Old 08-30-2018, 07:00 PM
Channing Spencer Channing Spencer is offline
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Default Appreciating Value

As time goes by, our cars appreciate in value; given this, does anyone know of a classic car insurance company that issues policies which appreciate the value of the car over time?

Thank you in advance for any helpful answers.
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Old 08-30-2018, 09:27 PM
Danny Ryder Danny Ryder is offline
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I use Hagerty for my classics and they have contacted me before stating I needed more coverage for my Hearse as they believed it was worth more than I had it insured for.
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Old 08-30-2018, 09:42 PM
Channing Spencer Channing Spencer is offline
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Quote:
Originally Posted by Danny Ryder View Post
I use Hagerty for my classics and they have contacted me before stating I needed more coverage for my Hearse as they believed it was worth more than I had it insured for.
Danny,
Do they require an updated appraisal when they increase the coverage?

Thanks
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Old 08-30-2018, 10:25 PM
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Quote:
Originally Posted by Channing Spencer View Post
Danny,
Do they require an updated appraisal when they increase the coverage?

Thanks
No, Hagerty does not require an appraisal. I have been with Hagerty for nearly fifteen years and have been very happy with them. They have a chart, or some sort of a system they use for valuation and as long as you are within their guidelines for value, you can insure your car for the amount you desire.

Remember two things, collector cars being pampered and used sparingly by most people, it is in the best interest of an insurance company to insure these cars for a high value, because they charge you based on the value and their risk is small.

Also, it is up to us to know what our cars are worth and insure them for proper values. If you improve your car, send them photos and increase your amount of coverage, if necessary.
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Old 08-30-2018, 10:41 PM
Terry Lange Terry Lange is offline
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I have my '59 Comet Olds insured with Hagerty for $28K. That was my figure, and they never disputed it, as they had nothing to compare it to.

I also had my '72 Malibu convertible insured with them for $21K. Every year at renewal time, they suggested that the figure was too low. This year, I bumped it up to $30K at their suggestion, and it appears from our discussions that they would have been receptive to even a higher figure than that.

Many years ago when I first insured the Malibu with them for $18K, if I recall correctly, anything with an agreed value of over $30K required an appraisal. Anything lower did not, just photographs. Those figures probably have changed by now.

Obviously they have a data base on most collectible car values based on auctions, dealers, etc., on which to base their figures on the different condition categories. Procars, on the other hand.......not so much.

But I have to say they have been very easy to work with on both of my cars.
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Old 08-30-2018, 10:54 PM
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I have all mine under insured. values them all at 5000. cost me 5 bucks a month then with state farm. if anything happens to them I figured I can go out and buy me one nice car. you pay a lot for that extra amount you don't intend to ever collect on.
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Old 08-30-2018, 11:18 PM
Paul Steinberg Paul Steinberg is offline
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When I owned my 1963 Pinner Chrysler, I had it insured for $30,000, after having a discussion with the underwriter. I explained that it was an original car, with custom coach works, and a rear end collision could easily coast 10 or 15 thousand to repair, since there are no off the shelf part available for the car. They asked for pictures, which I provided, and they were agreeable to the increase of value. Originally, it was insured for $10,000, but that was before it was running and driving. When I sold it, I just through out a number that I thought equaled the amount that I had into the car. When I added it all up, I realized that I had miscalculated by a large amount. The only thing that I can say, is that it went to a good home, and that Nick is bringing the car to the next level.
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Old 08-31-2018, 12:11 AM
Channing Spencer Channing Spencer is offline
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A representative from American Collector's Insurance sent me an insurance quote after I posted my initial question. I have never heard of them before, so I am not 100% confident in them. Over the phone, the agent told me that they automatically increase the stated/agreed value of the vehicle by 4% every year. I am going to request this promise in writing before I agree to do business with them.
Does anyone have any experience with, or knowledge of, this company?
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Old 08-31-2018, 12:28 AM
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Kurt Arends Kurt Arends is offline
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Quote:
Originally Posted by Channing Spencer View Post
As time goes by, our cars appreciate in value; given this, does anyone know of a classic car insurance company that issues policies which appreciate the value of the car over time?

Thank you in advance for any helpful answers.
Who told you that these things appreciate in value??
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Old 08-31-2018, 12:47 AM
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Michael Mykulak Michael Mykulak is offline
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Default Reality check

Kurt, I am glad you had the guts to say it first. I have 16K into our 1969 Superior Royale and 10K into our 1969 Superior Sovereign combo and both Caddys are adored by many yet no one will make me an offer for anywhere near what I have into them or near the appraised value. I believe it is what ever someone is willing to pay and in this crowd most coach's are not considered to be worth paying anymore than at the most 3-5K for the ones that come up for sale if they are really nice. Our Royale appraised at 16K for replacement and 9.5K when I took out a loan against it. The majority of coach's that have come through the forum usually get the "I would give more than 1500 for that" am I right or not?
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