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Author
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Topic: Appraisal
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Harley
Gearhead Posts: 204
From:
Registered: Jul 99
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posted 06-20-2006 01:52 PM
 
My insurance co. wants me to get an appraisal on my 69 sportsroof ... nothing too elaborate with photos, etc., but just a short letter from an expert saying what they believe it's worth. I had one place quote me $250 to do it.Excuse me, but I can get my home appraised for not much more than that. Anybody know what the going rate would be?
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Blacksmith
Gearhead Posts: 604
From: Front Royal, Va., USA
Registered: Feb 2006
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posted 06-20-2006 01:55 PM
Maybe check with a different insurance Co.Parish Heacock insured my65FB for what I asked & just wanted a few pictures...NO appraisal required at all. ------------------
66 GT350H clone
302, Holley 600, Tri-Y headers, Flowmasters, power front disc brakes.
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Scott H
Gearhead Posts: 1480
From: Chicago area
Registered: Mar 2005
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posted 06-20-2006 03:40 PM
I think $75 - $100 would be more in line.
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johnmustang
Gearhead Posts: 6748
From: British Columbia , Canada
Registered: Nov 2001
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posted 06-20-2006 03:53 PM
There is a guy here that does appraisals and he charges $350.00, but our insurance company will allow you to do an "agreed value" policy up to $40,000.00 with them with no appraisal needed all they want is for you to send them some photos of your car. If you want your car insured for more they then require a professional appraisal of your car for the value you want it insured for. This could be why the appraisal costs so much, because the guy is losing all the business from the vehicles he used to appraise up to $40,000.00 ------------------
JOHN
65 FASTBACK 2+2
87 TAURUS WAGON
03 F150 XLT SUPER CREW 4X4 SHORT BOX
Member: PACIFIC COAST MUSTANG ASSOCIATION
Member:Vancouver Island Mustang Association
M&M #1710
65 FASTBACK
2003 F150 XLT SUPER CREW 4X4
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Harley
Gearhead Posts: 204
From:
Registered: Jul 99
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posted 06-20-2006 04:56 PM
My situation is that I have a nice daily driver ... a few small chips here and there, dash pad has a crack and chrome on one of the mirrors is pitted. Everything is straight, no rust, and everything on it is original, and I've had a few mechanics who've got classic cars tell me it would take minimal work to put it back in showroom condition. Sometime, hopefully within the next year, I plan to get that work done on it.Currently, my insurance company has it valued at $12,000, which I'm told is too low. Should I bite the bullet and have a full-fledged appraisal done now, or should I wait until I get the work done to put it into really, really nice shape?
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johnmustang
Gearhead Posts: 6748
From: British Columbia , Canada
Registered: Nov 2001
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posted 06-20-2006 05:14 PM
quote:
Originally posted by Harley:
My situation is that I have a nice daily driver ... a few small chips here and there, dash pad has a crack and chrome on one of the mirrors is pitted. Everything is straight, no rust, and everything on it is original, and I've had a few mechanics who've got classic cars tell me it would take minimal work to put it back in showroom condition. Sometime, hopefully within the next year, I plan to get that work done on it.Currently, my insurance company has it valued at $12,000, which I'm told is too low. Should I bite the bullet and have a full-fledged appraisal done now, or should I wait until I get the work done to put it into really, really nice shape?
How much do you feel it is worth? If it is only a bit more then I would wait until you put it into really, really nice shape, but if you feel that your estimated value is way higher than what it is now insured for then I would get the appraisal done. If you have an accident before all the work is done will you be able to replace your car with a comparable car for the money the insurance company will give you? The choice is yours that is why it is called insurance. Weigh out your options and see where your best value is and what you can live with if the worst case scenario arises. ------------------
JOHN
65 FASTBACK 2+2
87 TAURUS WAGON
03 F150 XLT SUPER CREW 4X4 SHORT BOX
Member: PACIFIC COAST MUSTANG ASSOCIATION
Member:Vancouver Island Mustang Association
M&M #1710
65 FASTBACK
2003 F150 XLT SUPER CREW 4X4
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johnmustang
Gearhead Posts: 6748
From: British Columbia , Canada
Registered: Nov 2001
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posted 06-20-2006 05:18 PM
See if this helps you at all.http://www.nadaguides.com/default.aspx?LI=1-22-1-5013-0-0-0&l=1&w=22&p=1&f=5014&c=11&m=1065&d=74&y=1969&s=72001&o=13666&z=04005&da=-1 ------------------
JOHN
65 FASTBACK 2+2
87 TAURUS WAGON
03 F150 XLT SUPER CREW 4X4 SHORT BOX
Member: PACIFIC COAST MUSTANG ASSOCIATION
Member:Vancouver Island Mustang Association
M&M #1710
65 FASTBACK
2003 F150 XLT SUPER CREW 4X4
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Harley
Gearhead Posts: 204
From:
Registered: Jul 99
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posted 06-20-2006 05:54 PM
If the NADA pricing is even close to being accurate, maybe I should have someone look at this car. I knew values were going up, but that amazes me.
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johnmustang
Gearhead Posts: 6748
From: British Columbia , Canada
Registered: Nov 2001
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posted 06-20-2006 05:58 PM
quote:
Originally posted by Harley:
If the NADA pricing is even close to being accurate, maybe I should have someone look at this car. I knew values were going up, but that amazes me.
What (if any) are the options your car has, what size motor and so on?
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JOHN
65 FASTBACK 2+2
87 TAURUS WAGON
03 F150 XLT SUPER CREW 4X4 SHORT BOX
Member: PACIFIC COAST MUSTANG ASSOCIATION
Member:Vancouver Island Mustang Association
M&M #1710
65 FASTBACK
2003 F150 XLT SUPER CREW 4X4
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Harley
Gearhead Posts: 204
From:
Registered: Jul 99
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posted 06-20-2006 06:42 PM
351 Windsor, FMX automatic transmission, power steering, power brakes, AC, interior decor group (wood grain on the door panels and nicer upholstery with little chrome buttons, but not the full-fledged delux interior), AM radio (I gotta change that!), rim-blow wheel, fold-down rear seat, Mag 500 wheels.
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johnmustang
Gearhead Posts: 6748
From: British Columbia , Canada
Registered: Nov 2001
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posted 06-20-2006 06:48 PM
quote:
Originally posted by Harley:
351 Windsor, FMX automatic transmission, power steering, power brakes, AC, interior decor group (wood grain on the door panels and nicer upholstery with little chrome buttons, but not the full-fledged delux interior), AM radio (I gotta change that!), rim-blow wheel, fold-down rear seat, Mag 500 wheels.
With these options here is what the price guide says your car is worth. http://www.nadaguides.com/default.aspx?LI=1-22-1-5013-0-0-0&l=1&w=22&p=1&f=5014&c=11&m=1065&d=74&y=1969&s=72001&o=13666|13671&z=04005&da=-1 ------------------
JOHN
65 FASTBACK 2+2
87 TAURUS WAGON
03 F150 XLT SUPER CREW 4X4 SHORT BOX
Member: PACIFIC COAST MUSTANG ASSOCIATION
Member:Vancouver Island Mustang Association
M&M #1710
65 FASTBACK
2003 F150 XLT SUPER CREW 4X4
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Dave Gibson
Moderator Posts: 10769
From: Norfolk, Virginia, USA M&M#166 MCA#47921
Registered: Aug 99
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posted 06-20-2006 07:58 PM
Harley,
Have you considered a different insurance company? One that covers Classic Cars in particular?? We currently use Hagerty's Classic Auto Insurance for both of our mustangs. We did have to send them a few photo's, via e-mail, but we did not need an appraisal. We have stated value on both of our mustangs. Talk with an agent at Hagerty's. We were even advised that our stated value was low on one of our cars. We then increased it. We pay $289 a year for both of our stangs. As long as your stang isn't your daily driver and it is kept in a locked garage, you won't have a problem with Hagerty's. Just our $0.02 worth.  Dave & Terri ------------------
'65 Mustang Fastback
'66 Mustang Coupe
'02 Explorer XLT
Common sense isn't common anymore.
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Blacksmith
Gearhead Posts: 604
From: Front Royal, Va., USA
Registered: Feb 2006
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posted 06-21-2006 07:03 AM
quote:
Originally posted by Dave Gibson:
As long as your stang isn't your daily driver and it is kept in a locked garage, you won't have a problem with Hagerty's. Just our $0.02 worth. Dave & Terri
"Daily Driver" is the catch with most of the classic car insurance companies. They limit the useage & mileage too much for a daily driver (2500-3000 miles/year average).Good luck Harley.
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BryanM
Journeyman Posts: 78
From: Friendswood, TX
Registered: Dec 2005
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posted 06-21-2006 07:44 AM
quote:
Originally posted by Dave Gibson:
Harley,
Have you considered a different insurance company? One that covers Classic Cars in particular?? We currently use Hagerty's Classic Auto Insurance for both of our mustangs. We did have to send them a few photo's, via e-mail, but we did not need an appraisal. We have stated value on both of our mustangs. Talk with an agent at Hagerty's. We were even advised that our stated value was low on one of our cars. We then increased it. We pay $289 a year for both of our stangs. As long as your stang isn't your daily driver and it is kept in a locked garage, you won't have a problem with Hagerty's. Just our $0.02 worth. Dave & Terri
Same deal with Grundy's. Again as long as it's not a daily driver. You set the price. No appraisal. Cheap. ------------------
Bryan - 1965 coupe / front bench seat / 289 / T5.
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sprcoop
Gearhead Posts: 780
From: Tucson, AZ usa
Registered: Jan 2000
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posted 06-21-2006 11:14 AM
When I got Hagerty for my 66' the way my insurance agent explained it was "as long as you have another car available". I set the price and sent pictures. No mileage restriction. Better coverage and cheaper than my old insurance.
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Dave Gibson
Moderator Posts: 10769
From: Norfolk, Virginia, USA M&M#166 MCA#47921
Registered: Aug 99
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posted 06-21-2006 11:57 AM
quote:
Originally posted by Blacksmith:
[QUOTE]"Daily Driver" is the catch with most of the classic car insurance companies. They limit the useage & mileage too much for a daily driver (2500-3000 miles/year average).
Good luck Harley.
Harley,
No milage restrictions with Hagerty's.  They haven't even asked for an update on either mustangs current milage.
Can't complain about that.  Dave & Terri ------------------
'65 Mustang Fastback
'66 Mustang Coupe
'02 Explorer XLT
Common sense isn't common anymore.
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66 fastback
Gearhead Posts: 223
From: Califon, NJ 07830
Registered: Oct 2003
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posted 06-21-2006 03:33 PM
I used this guy, Classic Car Appraisals here in NJ 732-758-9373 He did the most recent appraisal without seeing the car. I emailed him many photos and he created and sent me an appraisal that Grundy used for my car's value. If I remember correctly the cost of this was either $100 or $150. He appraised my car at 35K, this was accepted by my insurance company without question.
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Harley
Gearhead Posts: 204
From:
Registered: Jul 99
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posted 06-21-2006 03:40 PM
Thanks to everyone for your input. You folks are great.I'll do some checking around to get the best appraisal for my situation. All my insurance company wants is a statement of value from a qualified expert and not a multiple-form report with photos.
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rjs68stang
Journeyman Posts: 36
From: South Bend, Indiana
Registered: Feb 2006
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posted 06-21-2006 06:21 PM
try using AON Collector car insurance. I've had a great time w/ them and all they need is some pics and you decide the agreed value. I pay $110 a year for full coverage.
www.aoncollectorcar.com
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