That time of year—insurance renewal. Leyland West raised value from $35K to $49K. Check your policies!
Agreed Value
- Thread starter NewSixCoupe
- Start date
Your coupe is worth more
My agreed value with Hagerty is $70K
My agreed value with Hagerty is $70K
Good to know. Thanks Stan. I haven't checked w/ Hagerty in a while...
Crikey! Values are up.
TodB
Well-Known Member
I'm not questioning it, but who came up with that number and how? Do you have a documented and recent appraisal for that value?
This was not based on an appraisal but was supported by several recent sale prices for coupes in similar condition. Also, in discussing with other E9 owners "how much money would it take for you to give up your coupe" My answer was $70K as it would take that much money to find one in equivalent condition or to find a dry one, re-upholster, and have a bare metal re-spray with all attendant bodywork.
I provided a dozen photos and have had the coupe insured with Hagerty for 12 years.
Only 3 claims so far; one windshield and two towing claims.
rb1971
Well-Known Member
As an additional data point, I had no problem getting American Collector to agree with a $75k valuation. I had a ream of receipts, etc., and didn't end up needing them.
Its interesting to see how different insurers determine value; Leyland West looks at market trends via auctions, recent sales, etc. which is why I check with them twice a year.
I had a long chat with a rep from Hagerty yesterday and their approach is different—basically you present them with a value that you think your car is worth, and then they ask for substantiating documentation (photos, receipts, an appraisal) before making a decision.
I had a long chat with a rep from Hagerty yesterday and their approach is different—basically you present them with a value that you think your car is worth, and then they ask for substantiating documentation (photos, receipts, an appraisal) before making a decision.
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TodB
Well-Known Member
Did they require an appraisal? They have never asked me for one in 14+ years (I provided only 2 pictures back in 2001) though I did provide an appraisal last year when I raised the agreed value to $40K. My car certainly does not compare to some of the high $ restorations (and I can't believe what some are paying) but its really nice underneath and presents well so I might ask to go to $50K and see what they say.
Hi Todd. No, the rep said they start with a request for photos...
Fstede1
Well-Known Member
Good feed back guys. When I purchased my 70 E9, with many upgrades this past January, I requested an agreed value with my carrier State Farm of $40k. They responded, due to NADA value of $26k, that the coverage limit would be the $26k number. Looks like I will be talking to Hagerty.
iconoclast6
Well-Known Member
Based on market trends, refresh & maintenance $$ spent on most of the coupes I've seen,
I think $75k is reasonable as the new norm of cars that present well.
Throw in the cost of current restorations, that amount seems to be a no-brainer.
I've been at $55k with Hagerty the last 5 years, so I'll give them whatever they need to upgrade my value.
Tod, I don't think you'll have an issue with your performance machine. And with adding your front bumper back, you've got the aesthetic as well.
I think $75k is reasonable as the new norm of cars that present well.
Throw in the cost of current restorations, that amount seems to be a no-brainer.
I've been at $55k with Hagerty the last 5 years, so I'll give them whatever they need to upgrade my value.
Tod, I don't think you'll have an issue with your performance machine. And with adding your front bumper back, you've got the aesthetic as well.
Don't bother with AAA or State Farm if you want a realistic agreed value policy.
Gernstetter
Well-Known Member
Have been with Hagerty for years....they will see what their own price trends are for other E9 cars they insure....if they won't do the whole amount you want, get half the increase and call them in another six months...this has worked for me many times....much easier than in Germany, where you pay about $500 for an official appraisal and then the insurance company uses only that value...a real pain in the ass when you want to increase the value in the coming years. They won't go just by price trends....but it is Germany, where everything is constipated beyond belief.
Sometimes with Hagerty it is also beneficial to write them an email with the photo submission detailing the work that has been done to the car...DO NOT EVER TELL THEM THAT YOU MODIFIED THE CAR WITH A BIGGER MOTOR, ETC. BECAUSE THEY WON'T INSURE THE CAR THEN, THAT HAS HAPPENED TO SEVERAL FRIENDS OF MINE....IT WAS A REAL PROBLEM WHEN I PUT A 150 HORSEPOWER MOTOR IN MY KARMANN GHIA!!!
dbower
Well-Known Member
State Farm
In Georgia, I have my 69 Camaro on agreed value ($35K) with State Farm because I drive it regularly. I had it appraised and provided pics, and they wrote it at the appraised value.
In Georgia, I have my 69 Camaro on agreed value ($35K) with State Farm because I drive it regularly. I had it appraised and provided pics, and they wrote it at the appraised value.
w. chen
Well-Known Member
claims with hagerty
don't want to take this too far off topic, i'm with hagerty and i had some minor frying of wires behind the dash. can i file a claim for such repairs or is such repairs out of my pocket?
good to hear that the values of our coupes are climbing. with parts prices going up, it should be commensurate with car value. but at the same time, it makes us drive more cautiously since we are driving cars of value, now. and these cars are such joy to drive that it is hard not to drive them. hate to let them sit at home.
don't want to take this too far off topic, i'm with hagerty and i had some minor frying of wires behind the dash. can i file a claim for such repairs or is such repairs out of my pocket?
good to hear that the values of our coupes are climbing. with parts prices going up, it should be commensurate with car value. but at the same time, it makes us drive more cautiously since we are driving cars of value, now. and these cars are such joy to drive that it is hard not to drive them. hate to let them sit at home.
Likely no coverage for burnt wires unless it was due to vandalism or a car crash...
A side note: over 12 years, the agreed value went up from $12K when I first bought the car, to $18K after the engine, to $26K as prices went up to $50K after bare metal respray, to $70K when I notices similar cars selling for more.
I would hate for any misfortune to befall my coupe, but at least I will come away with enough cash to get another one in similar condition. Also, if I notice a flurry of activvity where E9 CS coupes start selling for more than that, I may again approach Hagerty.
A side note: over 12 years, the agreed value went up from $12K when I first bought the car, to $18K after the engine, to $26K as prices went up to $50K after bare metal respray, to $70K when I notices similar cars selling for more.
I would hate for any misfortune to befall my coupe, but at least I will come away with enough cash to get another one in similar condition. Also, if I notice a flurry of activvity where E9 CS coupes start selling for more than that, I may again approach Hagerty.
TodB
Well-Known Member
Call me the curmudgeon, but:
I am having a hard time reconciling that each time you invest maintenance money in your car (and to me a paint job is longer term maintenance), you expect the value to go up by the same amount. There is no doubt the value of these cars is increasing, bu I think we've got some owner bias going on here also.
Of the coupes I have seen on the east coast, albeit most in the northeast, and in my unexpert opinion, only two, maybe three, warrant valuations above $50K and I think that's a stretch. Those would include Mike Balaban's because it is stunning throughout and Duane Swords because of its Alpina pieces and tribute.
The rest I have seen are nice or really cars but I would but them in the $40-55K range. I do not consider myself a collector expert by any means so I could be totally wrong (and hope that I am). These are my impressions and opinions only with no offense intended.
In the end, the market will decide.
I am having a hard time reconciling that each time you invest maintenance money in your car (and to me a paint job is longer term maintenance), you expect the value to go up by the same amount. There is no doubt the value of these cars is increasing, bu I think we've got some owner bias going on here also.
Of the coupes I have seen on the east coast, albeit most in the northeast, and in my unexpert opinion, only two, maybe three, warrant valuations above $50K and I think that's a stretch. Those would include Mike Balaban's because it is stunning throughout and Duane Swords because of its Alpina pieces and tribute.
The rest I have seen are nice or really cars but I would but them in the $40-55K range. I do not consider myself a collector expert by any means so I could be totally wrong (and hope that I am). These are my impressions and opinions only with no offense intended.
In the end, the market will decide.
Gernstetter
Well-Known Member
self vandalism is not a reason for a car company to cover a loss in of itself. However, my restoration shop ran a vent cable cover (metal) in the wrong place on my 55 Tbird and it caused the entire engine compartment to go up in flames...as it came free and touched the positive battery terminal....moral to story is the following....if you have an electrical problem which causes a loss beyond the wiring, it should be covered, the other hint is to always put something around the positive battery terminal so that it can't be touched by the wrong grounded metal. At least once a year with 40 year old cars, everyone should get several ****tails and a very good flashlight and peek just about everywhere there are wires....it is a pain to replace the wiring in a car and most folks, including me, did not replace the wiring harness in my car, just checked it all very carefully and replaced a couple of single wires that looked a bit tired...in this specific case, any wiring in the circuit, including any relay for what happened behind the dash or wherever is now compromised, and should be carefully inspected or replaced....