Re: insurance appraisal

[Jerry B.]

Need some help on determining a current insurance value. It is a documented 1957 no hit body and original matching number long block 283 ci to. the build date of the car and a certified original color. If so, what value should I increase to?

[Tom H.]

Re: insurance appraisal

Hi Jerry, if you are doing this for your insurance, you are best to have someone actually look at the car and evaluate it fairly for you. It just can't be done with the limited info given in your post. Sounds like a great car and well worth protecting !!

[John F.]

Re: insurance appraisal

Jerry, Without seeing pictures of the car and what has been restored vs original a wild guess could range from low $30s to $80s in this market. It comes down to what you and your insurance company "AGREE" on.
John F

[John S.]

Re: insurance appraisal

Jerry, Without seeing pictures of the car and what has been restored vs original a wild guess could range from low $30s to $80s in this market. It comes down to what you and your insurance company "AGREE" on.
John F

go on recent auction sites and find cars that have sold that are comparable with yours. insurance companies like to see current sales when agreeing on a new value.

[Terry D.]

Re: insurance appraisal

Most Classic Car insurance companies ( Grungy, Hagerty, etc.) only need pictures and the amount you want to insure it for. You determine what it is worth and pay accordingly. Never been asked by any of them for an appraisal.
Terry

[Bruce B.]

Re: insurance appraisal

I agree with Terry.
My agent (State Farm) comes over every few years, takes a picture from each corner of the car and asks how much I want to insure it for.
Never have had a question from him or a claim.

[Michael W.]

Re: insurance appraisal

I'd be careful and determine that your insurance policy is 'agreed value' type versus 'stated value'. There can be a huge difference at the time of a loss, always to the policy's owner's disadvantage!

[Jerry B.]

Re: insurance appraisal

Thanks for all your replies. Yes you are right. Insurance companies perfer pictures, Should I take current pictures of the car in its present condition reflecting no hit and original paint on different body panels? Ater reading many posts, "condition" is everything. I would think a front clip replacement car would not be as desireable as documented no hit original. I failed to mention it is a base production 283 ci 220 hp. Again, thanks all and I am not trying to beat a dead horse. I just want to protect my investment and making a dream come ture since I was thirteen years old.

[Steven B.]

Re: insurance appraisal

Jerry, years ago when I switched to collector insurance for my '57 the companies I contacted advised me what they wanted, which pictures, heritage, etc. I suggest you obtain applications from the various companies you are considering and they will tell you what they need. In my case it was a picture of the engine and engine compartment, interior and 2-4 pictures of the exterior. I told them what I wanted it insured for. To determine the amount I calculated replacement cost based upon a like car. This takes a bit of investigation looking at similiar cars, ads for sale, auctions, and some reasoning. I believe the archieves list a number of good insurance companies. Might also try insurance through National Corvette Museum.

Steve

[Jerry B.]

Re: insurance appraisal

Thanks Steven, good stuff.

[Alexander C.]

Re: insurance appraisal

I have my '56 insured for $85K. I am using NCM. They asked for no formal appraisal so I decided what coverage amount I could sleep with at night. My car is unrestored and the best case I ever see being able to sell it for is $65K given the current market. I figure $20K for the tears and emotional stress is fair if something happens

[Michael W.]

Re: insurance appraisal

I figure $20K for the tears and emotional stress is fair if something happens

Not if Adam reads this...........

[Alexander C.]

Re: insurance appraisal

Not if Adam reads this...........

lol, nice. I had it insured with Grundy for the same thing before switching to Adam. Actually, I have more than $65K invested personally into it hence the coverage amount.

[Michael J.]

Re: insurance appraisal

NCM insurance is a great option, as long as you don't need to stay with one company for multi-discounts and umbrella coverage, etc.