J.P.
Yep, I saw your comments after I wrote and posted mine, sorry I missed you the first time thru. Totally agree with what you said and I'm not sure why it is that way. But if I recall correctly, my insurance company (State Farm) refused to recognize that there was such a thing as an 89 GT at all and would only insure me as an S4. This would have been an opportunity for Excellence to act as a resource to their readers, but instead they've just reinforced the problem.
thanks

 

I think it's fantastic. I'll be printing that one out and taking to my insurance company. Nice to see how much my new '83 is really worth.

 

Gary, the topic of "agreed value" when it comes to insurance policies is something that I've given some thought to lately, given the hell that my buddy is going through trying to get fair value for his '89 GT, and the 'resource' that we're discussing in this thread.
Since I don't know much about how to best go about adding an 'agreed value' addendum to my policy, how to properly set it up, cost, and whether all companies make it an option, I think that I'm going to start looking into the best approach (from Rennlisters - not my insurance company). Maybe in an OT thread.
What do you think?

 

Hi JP,
well I'm afraid we're pretty far afield from my area of expertise, but having said that, I would welcome any resources / documentation that could be developed that might be recognized as "legitimate" by an insurance company. My recollection (it's been a few years) in talking to State Farm was that if I wanted the car recognized as something other than what their database said it was, I would have to go to a specialized insurance company, i.e. they weren't interested. If there is a common practice of including an "agreed value" clause in a contract, I don't remember State Farm offering that to me as an option. Maybe one of our fellow rennlisters is in that business and could add some thoughts on the best way to approach it...?

 

Looks like I am giving the 84 away...

 

You piqued my curiosity, so I put a call in to my IC, who is USAA. They don't do an "agreed value" amendment or modification to their auto policies, and confirmed that in the event of a total loss or theft, that the adjuster would go by their prescribed methods of valuation. I've seen this first hand, and as Sterling can attest, it's a fight.
USAA suggests that I go through a "collectible car" insurer, if my sense is that my car would be undervalued by their adjuster & their methods.
USAA works with various companies, so they directly connected me to American Collectors Insurance. I told the rep. that I felt that the standard methods that the insurance companies use would undervalue my car in the event of a total loss. Their question was "what value are you looking to insure it for?"
I said $34k to see if they had any parameters.
They came back saying that their resources say $32k.
This is for a mint '91 GT regardless of mileage.
They rattled off miscellaneous sources that they derive their valuations from, and said that sales from auction houses or eBay are not used.
So it would seem that the only way to get an adjuster at USAA, State Farm, etc. to even consider the values given by the sources used by American Collectors Insurance, would be first to get the adjuster to acknowledge that a 928 is a collectible car.
I wonder what Sterling would have to say about this reasoning....

 

So call up your friendly local state legislator and get him or her to get you a "collector plate." Displayed on the rear only, of course.

Here's what we have in Minnesota:

Section 168.10, Subdivision 1c. Collector's vehicle, collector plate.
(a) The owner of any motor vehicle, including any truck, (1) that is (i) at least 20 model years old, or (ii) at least ten model years old and with a body or engine style of which not more than 500 were manufactured in or imported into the United States in any model year, (2) that was manufactured after 1935, and (3) that is owned and operated solely as a collector's vehicle, shall list the vehicle for taxation and registration as provided in paragraph (b).
(b) The owner shall execute an affidavit stating (1) the name and address of the person from whom purchased and of the new owner, (2) the make of the motor vehicle, (3) the year and number of the model, (4) the manufacturer's identification number, (5) in the case of a vehicle described in paragraph (a), clause (1)(ii), that the vehicle has a body or engine style of which not more than 500 were manufactured or imported into the United States in any model year, and (6) that the vehicle is owned and operated solely as a collector's item and not for general transportation purposes.
(c) The owner shall provide a statement of the manufacturer or importer regarding the number of vehicles manufactured or imported during the model year.
(d) The owner shall also prove that the owner also has one or more vehicles with regular license plates.
If the registrar is satisfied that the affidavit is true and correct and the owner pays a $25 tax, the registrar shall list the vehicle for taxation and registration and shall issue a single number plate.
(e) The number plate issued shall bear the inscription "Collector," "Minnesota," and the registration number or other combination of characters authorized under section 168.12, subdivision 2a , but no date. The number plate is valid without renewal as long as the vehicle is in existence. The registrar has the power to revoke the plate for failure to comply with this subdivision.

 

I am getting ready to do this with state farm here in Oklahoma. Now this is on my restored 81 Trans Am. They told me that I need to have it appraised and after they have that then I'd be able to put classic insurance on it and it would have an agreed apon value. It would cut my insurance on it in 1/2. If I don't get the appraisal then I will get hosed on the value of the car because they would only pay out on the run of the mill trashed Trans Am variety. Jason

 

Yes, I do agree with that but it seem only small percentage of buyers are looking for the " exceptional " cars, and the majority of buyers would be looking for "average" cars with middle of the road pricing, and with any downturn in the economy creating the buyer market, will turn up some pretty exciting values on some average to real nice cars, albiet not collector quality.

An example is a friend of mine just picked up an 1997 Ferrari F355 spyder w/ 36k in very good condition, records etc. for 56000.00 from a real estate investor.

Would I consider that car a Collector car, Maybe , Maybe not.


Matt

87 s4

 

That's great, thanks for telling us. I'm going to look into that. Not sure where I'd get a 928 appraised, anyone have any suggestions in the Bay Area? Just my regular shop do you think?