Determining Agree Value on Higher Mileage '05 FGT

[JGT]

We are currently insured through Classic Auto Insurance after seeing the recommendations on this forum.
We have an agreed value of $300K and this is the maximum we were told is possible because of the miles on our car. The agent said he spoke with their GT specialist and he said, "miles on these cars mean everything". Our car has 40k miles -- other details that we think are significant are that this started out as Camilo's car, so it has some unique bits that were not allowed on the production cars, etc., plus most importantly for us is that it has "Camilo provenance." -- for us, its kind of like owning a Cobra that Carroll Shelby had as a personal car.

Not sure about the making sense of the value since the market has jumped so much and cars that have had accidents and/or been rebuilt are selling for the prices they are...??? Almost like more miles seems to affect value more than an accident history??

At any rate, I'd like to get opinions on the value and any advice is appreciated.

 

[Shark01]

Will they accept a 3rd party appraisal? If not, I would change companies.

You are correct, rebuilt salvages are pretty close to $300k these days. One sold on BAT for $259k, and would have been higher had the owner represented it better (some people aren’t good sellers).

 

[PeteK]

Same comment about getting an appraisal.

Your insurance company should not be giving you much difficulty about an agreed value, as long as it is within reason, because you will pay higher premiums for the higher value.

 

[JGT]

Just a quick follow up, I want everyone to know that we've been extremely happy with Classic Auto Insurance. We have a number of cars with them and their customer service and quick and attentive response times we have always appreciated. My post in no way is meant to reflect negatively on them. We rate them 5-stars.

 

[PeteK]

If they are not willing to insure your car for the real market replacement value, then that's a negative comment.

 

[twobjshelbys]

Drew knows the value of these cars.

 

[KJD]

Plus this is still the United States of America, lots of freedom and choices here.

Value and reward good financial relationships, vote with your wallet when necessary.

 

[Redfire03]

If they are unwilling to discuss and look at data about cars, just think about how difficult it may be to deal with them if something actually happens. It should be VERY easy to show what some crashed/parts cars are selling for and that 300k is not a realistic replacement value.

I would also be VERY concerned about that low of a value as replacement parts, etc. could easily hit 50% of the value just for light damage leading to a total loss and a LOW payout for you. Think 15K just for headlights if there is some front end damage.

Even more so, the rarity of some parts makes the total loss (low payout) more of a reality. You might have a light fender bender, crushed windshield or something similar and not be able to find a part for replacement.

I have raised the agreed value more than 300k on my GT in the last 3 years and have never once had an issue.

 

[dbk]

If they are unwilling to discuss and look at data about cars, just think about how difficult it may be to deal with them if something actually happens. It should be VERY easy to show what some crashed/parts cars are selling for and that 300k is not a realistic replacement value.

Please read what the actual poster wrote below.

Just a quick follow up, I want everyone to know that we've been extremely happy with Classic Auto Insurance. We have a number of cars with them and their customer service and quick and attentive response times we have always appreciated. My post in no way is meant to reflect negatively on them. We rate them 5-stars.

Drew is an awesome guy and Classic has always been extremely easy to deal with, which is why he insures such a huge number of GTs over the last 20+ years.

 

[Drew@ClassicAuto]

Appreciate the reply @JGT and @dbk. JGT and I have been in touch and working thru the details.

 

[Submoose]

I have been with Pure insurance, they always insure for replacement value of the car. I have found them to be very easy to work with and have adjusted values as I invested in repairs or upgrades in my cars. They tend to only insure high net worth individuals which cuts out on the silly claims that affect some insurance companies. Happy to provide any additional info if any of you need/wish.

 

[roketman]

My 06 GT has 61K on it and HAGERTY has it insured based on the condition of it for 320 maybe give HAGERTY a call

 

[Shark01]

My 06 GT has 61K on it and HAGERTY has it insured based on the condition of it for 320 maybe give HAGERTY a call

Those rates though......ugh

 

[roketman]

I found that HAGERTY had the best rates