Agreed Value Insurance question

[greg g]

I insure my P 15 through American Collectors Insurance. They have an agreed value policy. My renewal came through the other day and in looking at the policy, I have my value set at $8500.00. It also covers up to 1500 Dollars worth of spare parts, I am now wondering if that is enough???? So I want to ask if you don't mind sharing the information, what is the condition/ value you have placed on your cars and trucks, and what level do you have them insured for. I think of mine, 1946 Deluxe business coupe, as a driver, basically an original car ( yea, cept for the motor, the paint, the tires and the upholstery), so whaddya got, and what value have you insured it for.

So lets stick to these catagories for vehicle classification;

Survivor (original car with only mechanical parts replacements)

Show Car (National level)

Show car (local level)

Driver

Beater

Work in progress

Basket case

[Young Ed]

Greg I think you're familiar with my car and truck. Currently they are both insured for 5K. I think I'll probably raise my trucks now that I've gotten the seat and door panels done and I plan to buy the headliner for it. The coupe will probably wait until it gets painted before an increase.

[Norm's Coupe]

Greg,

A car like ours that is driven around is usually considered a number 3 car in the price guide. Price guide says the #3 Plymouth coupe average price is $6800. We all know you can't find a decent #3 car for that kind of money. You'll spend about $9,000 or $10,000 at least, if not more.

That said, I consider my coupe a #3. I wouldn't sell (if I were to sell it) for anything under about $10,000 to $12,000. However, I only insure it for $6,000. I thought about raising it as I have to renew mine this month too. After thinking about it and the limited driving it gets, I'm sticking with the $6,000 and gambling it won't get totaled out. Insurance is a gamble as to if you will need it or not. What it comes down to is, how much are you willing to lose should you have to replace it. After all, the insurance company is also gambling that they will never have to pay you. So, in the end you have to insure it for whatever you are comfortable with, within reason.

[Dwight Pectol]

I would say my car is a "local show car" I have it insured for $15,000 and I know I wouldn't sell it for that. DW

[Dennis Hemingway]

Greg. I have my 48 P15 insured for $12,000. I would call it a Show car (local level) Driver.

The 56 Chevy is insured for $35.000. I would also call it a Show car (local level) Driver.

Dennis:cool:

[JohnS48plm]

Greg, You remember my car from the head gasket incedent in Vermont. I have somewhere around $11000 in my coupe. It's a nice driver but will have a rebuilt engine this summer. I have it insured for$8500 through Hagerty. John

[James_Douglas]

Greg,

Remember that insurance is to repair or replace your car. Not sell it. So the amount of insurance you need is for acquiring a core car if needed plus the cost to make it like the car you are now driving.

So, check the cars like your for sale and do the math and insure your car for that amount. Typically that amount is between 20%-40% more than the street price of your current car.

James

[Don Coatney]

I am insured through Taylor (now changed to Formost Insurance Company). My car is considered a "Customized/Modified" and I am insured for ten grand at a cost of $242/annually.

[Norm's Coupe]

Along the lines that James was talking about also remember. If the car is totaled out by the insurance company, you have the first option to buy that car back for scrap. That means you can either rebuild it, or part out what's left of the car, if you buy the car back for scrap. That is usually only a few hundred dollars. The parts alone could cover the difference between what you get on the total loss and selling the remaining good parts. Remember just because the insurance company says the car is a total loss, doesn't mean it can't be fixed. It just means that it can't be fixed for the value of the insurance. That doesn't take much to total a car today, even ours when you add up labor shop time. That's another reason I only carry $6000 on my coupe. Plus, if you put that extra $4,000 in the bank (or other investment) as in my case, you collect the interest on it instead of the insurance company collecting it. It's like self insurance that way and you don't have to put in a claim to get it.

[greg g]

I am familiar with the deal with the insurance companys. My daughter had a parking lot accident, another person ren into her front fender and drivers door. The insurance company's initial estimate was 1500, then they noticed the borrom of the A pilar was involved and totaled the car. Saying the repair would be 3800 and the car booked for 2900. So I bought it back for 814.00

Spent 75 bucks on a fender, 160 bucks on a used door, 180 bucks to have the pillar pulled on a frame machine, and paid a friend 600 bucks to paint the stuff hand the door etc. So I effected the repair of the totaled vehicle for 500 bucks less than their first estimate. Of course I had to drive to Florida and bring he car back to fix it. And her mother is down there as we speak on the return trip. But what could she have gotten with a check for 3000.00????

Least we know what condition the rest of this car is in since I have owned it since it had 3000 miles on it.