Appraised value / appraisal question

[jaxgt]

Gents:
As some have commented in the past, Agreed Value Insurance is the way to go for one's GT. My car currently has such a policy, however I would like to have it insured for a greater amount than my insurer will currently allow. To increase my coverage, they are requiring my providing an independent appraisal. My 2 part question is:

- What amount are most using for their agreed value ? - for instance, my car is a black no stripe, with Whipple and lots of goodies. May be hard to replicate for under $200-220k
- Are any forum members or other recommended folks doing favorable appraisals on our cars? Does one need a certification for this?

Thanks !

 

[Neilda]

I had always assumed that an 'agreed value' (which is how my GT is insured here in the UK) could be any value the insured party chose. That's kind of the whole point isn't it? I use a Chubb insurance who were happy for me to chose the value and equally happy charge the appropriate premium.

 

[enrico]

on the "agreed value" - for some reason my insurer was skeptical due to the potential depreciation of the car over the year, so they were worried of over-insuring and me deliberatly totaling the car to get depreciation money back (a little bit of a strecth on moral hazard to be honest).

will switch to chubb next year though...

 

[Drew@ClassicAuto]

Unfortunately every insurance company / agency varies in how they come to Agree on the "Agreed Value". Some policies have inflationary guards built within the policy.

Most companies in the specialty market like to insure based on current high retail. Collecting cars is a commodity and especially in these trying times (except for the GT in certain cases) values are down from 2-3 years ago.

IMO Barrett-Jackson had a lot to do with inflating the market or making owners believe their car was worth that type of money.

 

[shelbyelite]

You can usually insure your car for about anything you want. When you are gonna find out how the "AGREED POLICY" thing works is when you have a claim and have to put it to the test and in most cases people find out that their "AGREED" value meant nothing. I think Drew at Classic above (yogi95) would be a good person to discuss this with over the phone. I have hung out with him at rally 4 and 5 and have several customers who have insured with him. All have been happy thus far!

 

[HHGT]

Why not publish what the GTs have historically been selling for Shelby and make that a public record (or at least in the owners section) for us and the insurance companies. Unless it would hurt us.

 

[jaxgt]

Neilda, interestingly I insure with Chubb (though probably a different subsidiary than you as I'm in the states). They would not insure replacement at more than $180k, regardless of premium, unless I provide an appraisal.

 

[shelbyelite]

Why not publish what the GTs have historically been selling for Shelby and make that a public record (or at least in the owners section) for us and the insurance companies. Unless it would hurt us.

I have given this information to insurance companies and owners that have needed it, any time that they have requested it over the years, FREE OF CHARGE. When someone needs it, all they have to do is come to me. Please dont request "JUST BECAUSE YOUR CURIOUS". I am here to help when ever I can, but I have to dig through a lot of previously sold cars to get an average selling price for a certain GT. All colors, years and miles bring different prices. When a GT owner comes to me with this request, I try to find atleast 6 cars that I have sold that are very CLOSE to the same specs as the requesting parties car. This has ALWAYS been a HUGE help in getting people paid fair value on their cars in time of need. I just recently did this on Rays Heritage car to help the insurance company some to a fair price for all involved. When any of you need my help, I am here.....

 

[Lorenzo]

I have been thinking about raising the insured value of mine as well. (yogi95) Have you evey heard of some one getting denied a claim because they have altered their vechical?

 

[HHGT]

Thanks Shelby. Will request if needed, which hopefully will be never....

 

[shelbyelite]

Thanks Shelby. Will request if needed, which hopefully will be never....

I will be here for you, but hopefully that day never presents itself......

 

[Drew@ClassicAuto]

I have been thinking about raising the insured value of mine as well. (yogi95) Have you evey heard of some one getting denied a claim because they have altered their vechical?

I have not heard of a claim being denied for alterations/customization made to the car. However, most standard insurance companies but a cap for accessories/customization done to a vehicle. The specialty market does not have that cap because of the Agreed Value payouts.

 

[Lorenzo]

Thanks drew PM sent

 

[GT 1547]

KBB and NADA both list retail value of my car, 2006 tungsten with 5800 miles at over $190,000. How else would an insurance company determine value? Just curious.

 

[Drew@ClassicAuto]

KBB and NADA both list retail value of my car, 2006 tungsten with 5800 miles at over $190,000. How else would an insurance company determine value? Just curious.

Well there are numerous ways. However, from a specialist point of view, this is what we do everyday so we get a pretty good feel for the market. We pay attention to certain collector/exotic dealers to see where retail prices are. We do not use KBB - rather CPI, NADA Collector.

 

[Lorenzo]

When a GT owner comes to me with this request, I try to find atleast 6 cars that I have sold that are very CLOSE to the same specs as the requesting parties car. This has ALWAYS been a HUGE help in getting people paid fair value on their cars in time of need.


If i were to request an appraisal from you to give my insurance company would you need to personally see it first hand or can you do it with pictures , Also How long is an appraisal usualy good for?

 

[twobjshelbys]

Kicking another old topic. I need to get an appraisal too, and it has to be from a certified appraiser. Does this have to be done in person or can it be done from "comps"? I'm going to have a problem finding someone in Colorado who knows enough about these cars.