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View Full Version : Have you had your Consulier appraised?



Johnny
04-19-2016, 11:10 AM
Have you had your Consulier appraised to help with insurance value?

I know of two places to take my car and was thinking of having it appraised.

I did this with my wagon and it saved the car when someone damaged it and insurance
said "its just a k car".... I faxed the appraisal to them...they had the car fixed.

BUT I know it must be hard to come up with a value when they are so rare and not for sale often.

ANY info or knowledge about doing this...please pipe up. Thanks!

bfarroo
04-19-2016, 01:40 PM
Haven't yet. The insurance company let me do a declared value of 11000 on the car and parts I have. Didn't require anything special but that was as high as they would go. I did print out the eBay auction of the last red car that sold so I would have something showing what they were selling for if it came down to that.

DOHCRT
04-19-2016, 03:27 PM
Be careful of the declared value thing. I have a declared value of 10000 for my R/T, but when it got rear ended that guys insurance said 1500 no questions no negotiating period. I submitted a claim to my insurance figuring with my declared value I should be good, but not so. I have a $5k quote to fix the car, but that exceed market value according to them, so I will end up only getting a partial payment to fix the car and a salvage title to boot.:banghead:
I still haven't gotten the car fixed because I'm not happy with the situation and am going to make them wait until I'm satisfied...

Johnny
04-19-2016, 04:01 PM
What company do you have that did that?

i thought declared value was just that...what the hell?

83scamp
04-19-2016, 04:05 PM
Be careful of the declared value thing. I have a declared value of 10000 for my R/T, but when it got rear ended that guys insurance said 1500 no questions no negotiating period. I submitted a claim to my insurance figuring with my declared value I should be good, but not so. I have a $5k quote to fix the car, but that exceed market value according to them, so I will end up only getting a partial payment to fix the car and a salvage title to boot.:banghead:
I still haven't gotten the car fixed because I'm not happy with the situation and am going to make them wait until I'm satisfied...

That's when you lawyer up. In the end make them pay actual repair cost plus the lawyer fees to get them to do what they should have in the first place...

You will be amazed at how quickly an insurance company can change their tune when they start getting law office letterhead in the mail... Had to go that route many years ago when my wife was pregnant with my oldest son. Guy fell asleep at the wheel & ran her off the road. They didn't want to be "reasonable", so I lawyered up and made them wait until my son was born to make sure there weren't any issues. Not like they had to wait a long time, she was 8 months pregnant at the time of the accident...After the second nasty letter from my lawyer, they got real reasonable real quick. Especially when they found out my wife was pregnant... Even offered a $3000 "pain and suffering" settlement in addition to fixing the car...

ajakeski
04-19-2016, 04:33 PM
Your neck hurts…I can feel it from here.

bfarroo
04-19-2016, 08:41 PM
All insurance companies pull the same crap. It's a waiting game. In most cases people need the money for a new car and will settle quick because they need the money. The adjusters job is to pay the least possible. My cars either in my shop or my garage since it doesn't run. I just have the insurance incase something like a fire would happen since most homeowner policies won't cover vehicles.

Johnny
04-19-2016, 10:00 PM
Stated value or agreed value....must be a big difference?

Johnny
04-19-2016, 10:04 PM
great read here....

https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm

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Be careful of the declared value thing. I have a declared value of 10000 for my R/T,

Stated value or agreed value????????

If you want to guarantee yourself the value you expect on your classic car, refuse to settle for anything less than an Agreed Value on a classic insurance policy.

polopharm
04-19-2016, 11:14 PM
Thanks for the info I have 2 stated value collector car policies , that I will update asap

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Reaper1
04-20-2016, 02:20 PM
I think this information is great for ALL of us nowadays since everything but the latest model cars are now considered collectible or classics in most states and to the AACA.

Johnny
04-20-2016, 02:33 PM
But no one has had your Consulier appraised ?

polopharm
04-20-2016, 04:40 PM
Was just speaking to people at GEICO about classic insurance and about appraisals.

They felt that an appraisal would be too subjective to be of significant value , and would instead look at cost of replacing the vehicle with a similar vintage , design , performance and base value on that.

With no current market data on sales there is no basis for an appraisal.

So she would easily write an agreed upon value policy based on value of an Acura NSX, a 911 gt , a Ferrari etc.


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Johnny
04-20-2016, 06:45 PM
That sounds interesting.

Rrider
04-20-2016, 07:13 PM
..look at cost of replacing the vehicle with a similar vintage , design , performance and base value on that.
https://www.hagerty.com/apps/valuationtools/1988-lotus-esprit-s3

1988 2.2L turbo four, mid engine, light weight sports car. Not a ton of power, but nimble. I don't think a closer match exists. Obviously way higher production numbers though..

MPI_duster
04-20-2016, 08:06 PM
Was just speaking to people at GEICO about classic insurance and about appraisals.

They felt that an appraisal would be too subjective to be of significant value , and would instead look at cost of replacing the vehicle with a similar vintage , design , performance and base value on that.

With no current market data on sales there is no basis for an appraisal.

So she would easily write an agreed upon value policy based on value of an Acura NSX, a 911 gt , a Ferrari etc.


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I'd take an NSX value for my Consulier.

- - - Updated - - -


https://www.hagerty.com/apps/valuationtools/1988-lotus-esprit-s3

1988 2.2L turbo four, mid engine, light weight sports car. Not a ton of power, but nimble. I don't think a closer match exists. Obviously way higher production numbers though..

Body composition I think would play more towards value, steel isn't the same as carbon.

Rrider
04-21-2016, 12:46 PM
82 vs. thousands.. you would think that would be the #1 factor. But the GTP sale values match up better with the Esprit than with the NSX. Esprit body is composite, over steel skeletal like a Corvette I think.

NSX values have risen pretty recently, and everybody complains how the interior of the NSX is like an Integra. So that bodes well for the GTP if peeps don't care about low end interiors in their older M-R sportscars..

The #2 besides the low production you would think would be the 2100 pound curb weight. That has got to be worth $$$. Anybody who tries to lighten up a car knows that. Even the X180 ultralight Esprit was 2600 pounds. NSX is 3000.

GTP#44
04-21-2016, 06:47 PM
Who is going to know enough about a Consulier to even begin to appraise it properly that an insurance company will stand behind.?
That is the problem I see .
I had Haggerty and now I just changed to State Farm with an agreed value of 25,000 thats the highest they or Haggerty would go.
I had a post a while back about insurance cost ,I feel they go hand in hand.
In the 90's they sold for 60,000 .
There is really nothing to compare it to luckily for us….I think.!

polopharm
04-21-2016, 07:15 PM
Geico said they would do an agreed value of 65k , no problem.
But... I have had a moving violation. In the past 3 years and am not eligible.
I am going to do it in my wife's name but gotta start over.

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GTP#44
04-21-2016, 07:59 PM
If Geico would agree to 65,000 then violations should have nothing to do with value….maybe with premium.
Every dealing I have had with Geico has been a nightmare.
What kind of B.S. is that, just found another reason I stay as far away from Geico as possible.

polopharm
04-21-2016, 10:49 PM
I am covered by geico for the car liability etc , but underwriting of the classic car department allows no violations , as it indicates higher risk for accidents etc.

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Johnny
04-22-2016, 08:53 AM
I have Hagerty at 35k.

Rottie
04-22-2016, 02:08 PM
I have Agreed at 40k with State Farm

Johnny
04-22-2016, 05:00 PM
I just took all my info to a guy to have it appraised. After he looks through it he wants to see the car again. We shall see.

Johnny
08-15-2016, 09:19 AM
Got the appraisal back. He has it at $50k.

polopharm
08-15-2016, 01:13 PM
That's great. How was it determined? And was this for insurance? Can you post the appraisal so that others can use it as a comparable?

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Johnny
08-15-2016, 01:58 PM
When I get back to the office I will scan it and put it here.

Johnny
08-16-2016, 11:58 PM
It was a 60 page spiral bound piece. This was the money page.

MPI_duster
08-17-2016, 02:04 PM
It was a 60 page spiral bound piece. This was the money page.

Might want them to fix the "GTX" typo. I can seen an insurance company trying to capitalize on that error to disqualify the appraisal.

Johnny
08-17-2016, 02:16 PM
I didn't notice that, thanks.

stuartshomepc
04-10-2017, 10:24 PM
All insurance companies pull the same crap. It's a waiting game. In most cases people need the money for a new car and will settle quick because they need the money. The adjusters job is to pay the least possible. My cars either in my shop or my garage since it doesn't run. I just have the insurance incase something like a fire would happen since most homeowner policies won't cover vehicles.

I had a friend with a classic Mustang stored in his garage with "comprehensive" insurance on it. A drunk ran off the road and hit his garage, and the garage wall (among other things) hit his Mustang and did a lot of damage. The insurance company DENIED the claim as they said "it was in a collision with another car", and he didn't have collision insurance so they were not going to pay a dime. He tried talking to them that the freaking wall hit his car. Didn't matter if a tree knocked it in or something else hitting the wall. They just said "nope, no coverage". He "lawyer-ed up" and suddenly it was all handled. My agent warned me that I should spend the money for my Corvette, which has been in storage about 10yrs. Rather than pay those leaches I paid a construction company to put a rock about the size of a VW beetle by the wall. Even after seeing that, my insurance agent still encouraged me to get collision insurance.