Valuations for Hagerty renewal |
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Valuations for Hagerty renewal |
bandjoey |
Aug 9 2018, 01:54 PM
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#1
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bandjoey Group: Members Posts: 4,923 Joined: 26-September 07 From: Bedford Tx Member No.: 8,156 Region Association: Southwest Region |
Renewing my Hagerty for another year and with $12000 value.
73, 2.0 4cyl. Rust repaired and average interior and paint. Runs and shifts great. Driver category. Pedrini wheels new Continental tires. Dell 36 carbs. They show $11k fair and $17 good. By their definitions it’s a fair and half and not quite a good. What do you think on valuation? Not enough? I still see average cars advertised in the $9-$10 range. |
GeorgeRud |
Aug 9 2018, 01:57 PM
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#2
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Advanced Member Group: Members Posts: 3,725 Joined: 27-July 05 From: Chicagoland Member No.: 4,482 Region Association: Upper MidWest |
Maybe check the Excellence valuations or sales data from Bring a Trailer for comps.
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Mark Henry |
Aug 9 2018, 02:23 PM
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#3
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that's what I do! Group: Members Posts: 20,065 Joined: 27-December 02 From: Port Hope, Ontario Member No.: 26 Region Association: Canada |
If yours is an average car, the value is what you expect a like replacement will cost you, then it's fine. If you think it's worth more, in better condition than stated, they will often ask for an professional appraisal.
This is common with Hagerty, if you're asking for average 7/10 quality replacement value they likely won't ask you for an appraisal. But when you ask for a 9/10-10/10 value they will ask for the appraisal to back up your claim. In this case they may also ask you to have it reappraised every so often. |
SKL1 |
Aug 9 2018, 02:48 PM
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#4
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Senior Member Group: Members Posts: 1,597 Joined: 19-February 11 From: north Scottsdale Member No.: 12,732 Region Association: Upper MidWest |
When I renewed Hagerty for both of my 914's I sent pictures and requested values quite a bit higher than that 17K and had no issues. My'71 is my first car and I've had it since new so to me it's priceless, but they at least thought it was worth at least 25K...
The '73 is restored and better than new, and will also always stay in the family so it is valued at more than 25... |
Andyrew |
Aug 9 2018, 02:53 PM
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#5
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Spooling.... Please wait Group: Members Posts: 13,376 Joined: 20-January 03 From: Riverbank, Ca Member No.: 172 Region Association: Northern California |
Original 2L in decent nick seems to be high teens low 20's. Sub 2k for the fuel injection, I think your a hair shy of its replacement value.
I'd say at least 15k. |
mepstein |
Aug 9 2018, 03:26 PM
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#6
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914-6 GT in waiting Group: Members Posts: 19,223 Joined: 19-September 09 From: Landenberg, PA/Wilmington, DE Member No.: 10,825 Region Association: MidAtlantic Region |
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Tom_T |
Aug 9 2018, 03:36 PM
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#7
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TMI.... Group: Members Posts: 8,318 Joined: 19-March 09 From: Orange, CA Member No.: 10,181 Region Association: Southern California |
Renewing my Hagerty for another year and with $12000 value. 73, 2.0 4cyl. Rust repaired and average interior and paint. Runs and shifts great. Driver category. Pedrini wheels new Continental tires. Dell 36 carbs. They show $11k fair and $17 good. By their definitions it’s a fair and half and not quite a good. What do you think on valuation? Not enough? I still see average cars advertised in the $9-$10 range. Bill, It's always a good idea to over-insure a bit for cars which are appreciating when on the stated or agreed value policy - because that caps your recovery, which may not be enough after 6-12 months of price/value increases. So you might want to go for the Good value & clean it up a bit, fix a few items to make it Fair.75 - Good condition, then take a bunch of pix (repeat & adjust values every year). You might also want to price Grundy, Leland & the other classic car insurers who advertise in Panorama, Excellence, Hemmings, etc., & some of the majors do it too (AAA, State Farm, etc.). PS - I agree & lean toward a $20-25K agreed value for a 73-74 2L, as others have said above. You may pay a few dollars more for insurance, but you'll have a better cushion on coverage for either repairs or finding a decent replacement. Good Luck! (IMG:style_emoticons/default/beerchug.gif) Tom /////// |
Big Len |
Aug 9 2018, 05:14 PM
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#8
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Senior Member Group: Members Posts: 1,747 Joined: 16-July 13 From: Edgewood, New Mexico Member No.: 16,126 Region Association: Southwest Region |
What are they charging you for the agreed value?
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Coastal6 |
Aug 9 2018, 05:30 PM
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#9
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Newbie Group: Members Posts: 47 Joined: 15-March 10 From: Florence, OR Member No.: 11,467 Region Association: Pacific Northwest |
I got an agreed value with State Farm. It was less expensive than Lealand because I could add the car on with my other cars for a multiple car discount.
Didn’t much care for Leland West. Every time I called them to change something on my policy they would always screw up the details and it would take multiple calls to straighten things out. |
JRust |
Aug 9 2018, 05:52 PM
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#10
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914 Guru Group: Members Posts: 6,305 Joined: 10-January 03 From: Corvallis Oregon Member No.: 129 Region Association: Pacific Northwest |
I haven't had my car insured for less than 50k for the last 5 years. Once my new motor is done I plan to bump it to 75k. It appraised for that for replacement value. Guy doing the appraisal's is more a Mopar guy but knows restorations. The key for that being you need to price it out at what it will cost a shop to replicate all the work. So when dealing with a more custom car. You can't just go buy one because there isn't another car like yours. Was kind of eye opening for me & changed my way of thinking. I could certainly build the car myself for a lot less. I would consider getting it appraised. With the value's going so nuts the last few years. It will probably appraise for more than you think
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horizontally-opposed |
Aug 9 2018, 06:02 PM
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#11
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Advanced Member Group: Members Posts: 3,430 Joined: 12-May 04 From: San Francisco Member No.: 2,058 Region Association: None |
I haven't had my car insured for less than 50k for the last 5 years. Once my new motor is done I plan to bump it to 75k. It appraised for that for replacement value. Guy doing the appraisal's is more a Mopar guy but knows restorations. The key for that being you need to price it out at what it will cost a shop to replicate all the work. So when dealing with a more custom car. You can't just go buy one because there isn't another car like yours. Was kind of eye opening for me & changed my way of thinking. I could certainly build the car myself for a lot less. I would consider getting it appraised. With the value's going so nuts the last few years. It will probably appraise for more than you think Really need to revisit my insurance, and the bolded text above really resonates for agreed value. I've had that old car for 28 years, and there's no way I'd be able to find one like it out there. "Better" 914s, sure. One truly like mine? No way. If I were to drop a good donor car and then ask a shop to build the same car, it would be fearsomely expensive...to the point that I doubt there are many insurance companies that would insure for that. But it's time to approach it with a bit of the above and "Okay, if the worst happens, what would fill that hole?" I can think of 1-2 cars that would at roughly similar money to what I'd sell my car for. Maybe that's the right number? |
oakdalecurtis |
Aug 9 2018, 06:20 PM
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#12
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Oakdalecurtis Group: Members Posts: 1,322 Joined: 5-June 15 From: Oakdale, Ca Member No.: 18,802 Region Association: Central California |
This thread made me call my agent, Jake w State Farm (Really!). He said The car’s value was at $18,800. Andyrew has seen the car up close and said that value seemed about right. Thanks! (IMG:style_emoticons/default/beerchug.gif)
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914_teener |
Aug 9 2018, 06:26 PM
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#13
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914 Guru Group: Members Posts: 5,193 Joined: 31-August 08 From: So. Cal Member No.: 9,489 Region Association: Southern California |
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My 914 |
Aug 9 2018, 07:31 PM
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#14
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Casual Member Group: Members Posts: 560 Joined: 23-April 16 From: Massachusetts Member No.: 19,928 Region Association: North East States |
I would go 18 to 20K for your car. It's a reasonable amount that the insurance company shouldn't have a problem with.
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Lucky9146 |
Aug 9 2018, 08:28 PM
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#15
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Always Wanted A Bigger Go Cart Group: Members Posts: 1,605 Joined: 22-September 14 From: Poway California Member No.: 17,942 Region Association: Southern California |
Renewing my Hagerty for another year and with $12000 value. 73, 2.0 4cyl. Rust repaired and average interior and paint. Runs and shifts great. Driver category. Pedrini wheels new Continental tires. Dell 36 carbs. They show $11k fair and $17 good. By their definitions it’s a fair and half and not quite a good. What do you think on valuation? Not enough? I still see average cars advertised in the $9-$10 range. Bill, It's always a good idea to over-insure a bit for cars which are appreciating when on the stated or agreed value policy - because that caps your recovery, which may not be enough after 6-12 months of price/value increases. So you might want to go for the Good value & clean it up a bit, fix a few items to make it Fair.75 - Good condition, then take a bunch of pix (repeat & adjust values every year). You might also want to price Grundy, Leland & the other classic car insurers who advertise in Panorama, Excellence, Hemmings, etc., & some of the majors do it too (AAA, State Farm, etc.). PS - I agree & lean toward a $20-25K agreed value for a 73-74 2L, as others have said above. You may pay a few dollars more for insurance, but you'll have a better cushion on coverage for either repairs or finding a decent replacement. Good Luck! (IMG:style_emoticons/default/beerchug.gif) Tom /////// What Tom said (IMG:style_emoticons/default/agree.gif) (IMG:style_emoticons/default/beerchug.gif) (IMG:style_emoticons/default/driving.gif) (IMG:style_emoticons/default/white914.jpg) |
wes |
Aug 9 2018, 08:50 PM
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#16
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wes Group: Members Posts: 1,588 Joined: 8-December 07 From: Ukiah Ca Member No.: 8,436 Region Association: Northern California |
What are they charging you for the agreed value? $175 per year 20k agreed value. AAA. 73. Stock with a few suspension goodies. Wow need to talk to my agent, you’ve got my attention mine is AAA also, good driver no accidents with house and 5 cars, two drivers but the 914 is only me $473 per year agreed value $25,000 and all they know about the car is recently restored. I wonder if that’s California $$. Oh Just noticed your Southern California I’m in The bergs of Northern California. |
mepstein |
Aug 9 2018, 09:00 PM
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#17
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914-6 GT in waiting Group: Members Posts: 19,223 Joined: 19-September 09 From: Landenberg, PA/Wilmington, DE Member No.: 10,825 Region Association: MidAtlantic Region |
What are they charging you for the agreed value? $175 per year 20k agreed value. AAA. 73. Stock with a few suspension goodies. Wow need to talk to my agent, you’ve got my attention mine is AAA also, good driver no accidents with house and 5 cars, two drivers but the 914 is only me $473 per year agreed value $25,000 and all they know about the car is recently restored. I wonder if that’s California $$. Oh Just noticed your Southern California I’m in The bergs of Northern California. I have 2 914's insured right now. first one is $140/year. 2nd one is $70. Both are antique tag but in PA, I can still drive them whenever I want. |
wes |
Aug 9 2018, 09:08 PM
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#18
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wes Group: Members Posts: 1,588 Joined: 8-December 07 From: Ukiah Ca Member No.: 8,436 Region Association: Northern California |
What are they charging you for the agreed value? $175 per year 20k agreed value. AAA. 73. Stock with a few suspension goodies. Wow need to talk to my agent, you’ve got my attention mine is AAA also, good driver no accidents with house and 5 cars, two drivers but the 914 is only me $473 per year agreed value $25,000 and all they know about the car is recently restored. I wonder if that’s California $$. Oh Just noticed your Southern California I’m in The bergs of Northern California. I have 2 914's insured right now. first one is $140/year. 2nd one is $70. Both are antique tag but in PA, I can still drive them whenever I want. I’ll be talking with my agent first thing Monday morning! One more reason to love the 914world |
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