Tweet
I need to get my car appraised for insurance purposes, can this be done through NCRS? A local so called appraiser charges $100.00 but that doesn't seem right. I hate to pay someone espically since I know what the car is worth. Any advise is appreciated.
-
-
Re: Insurance Apprasial
Jim,
This can be best addressed if you know what the company will accept. I am an insurance agent and depending on the company I'm working with there are different guidelines. Check to see if along with any required pictures they will accept a value within a range given in a CPI guide or NADA book. I believe the NADA has a web page. Some companies will accept a copy of that information along with an endorsement from a used car appraiser to verify the overall condition of the vehicle. This could come from someone you probably already know in the business for free or a small token of appreciation from you. You might also check with your bank or credit union to copy the information from a value guide as they may have these books for their use. -
Re: Insurance Apprasial
You'll probably need an "official" appraiser with a letterhead for your insurance. If you ask the appraiser for "credentials" such as what type of cars does he typically appraise, you may feel a little more at ease. $100 is one of the "costs" of owning a high buck car....... His appraisal might make you pleasantly surprised. Remember, typical collector insurance premiums are based on the declared/appraised value for replacement purposes. If the car is "valued" high the insurance is higher. I take a more conservative approach. My car is appraised for "X" but the risk is very low that I might totally lose it, so I insure it for a lower value closer to what I have invested in it to keep my costs down.Comment
-
Re: Insurance Apprasial
It's not NCRS policy to affix a value to Corvettes. We simply judge cars based on our standards relating to factory originality and condition. Whatever market value results (changes with time/place), is outside the club's purpose/objective....Comment
-
Re: Insurance Apprasial
Hello Jim,
I recently did an insurance review for my C2 and this subject is fresh in my aged brain. In my area (Chicago burb) appraisals run $85-$150. So the price you were quoted does not seem out of line. Now, I too didn't want to shell out those dollars so I had my insurance rep come out and check out the car, fill in a condition form, and sign it. I use State Farm which is a replacement value Classic/Antique policy with a so called "specified" value. As you are aware their are lot's of "agreed" value insurers out there like Haggerty, Grundy, American Classic... which establish a hard "agreed" value up front so there is no appraisal necessary. The downside is the "agreed" value bunch wants twice the premium. So the short story is, if you are going other than "agreed" value YOU NEED DOCUMENTATION to support your cars value, whatever the form. I would go with whatever your insurance rep recommends for documentation.Comment
-
Re: Insurance Apprasial
All my cars are covered under an "agreed value" policy, and the underwriter required a professional appraisal and pictures on each of them in order to add them to the (very reasonably-priced) policy; I have the same guy update the appraisals every two years to cover their appreciation, and the underwriter accepts that as the basis to increase the agreed value amount. Professional appraisals in the metro Detroit area are about $100 per car, and $50 for subsequent updates. That's what it costs if you want coverage that truly protects your investment.Comment
-
Re: Insurance Apprasial
Who do you use? I recently applied to Hagerty, Grundy, and American Classics to get a quote. None of them required an appraisal; they all just wanted pics and money. I agree the prices are resonable but they are twice the State Farm rate.
BTW.. As a C2 hack, your presence/contributions/expertise on this board are greatly appreciated!!!Comment
-
Re: Insurance Apprasial
Jim:
I paid $150 for my appraisel. While NCRS does not do appraisels, I had an individual do mine who is well regarded in Corvette circles for his Corvette expertise. He is also an NCRS judge.
He spent a lot of time with my car, putting it up on a lift and doing a thorough inspection while showing/teaching me a few things. He told me a lot about the car. I thought it was money well spent. I not only received the appraisel I needed but picked up a lot of good information about my car and C2s in general. He even had other cars at his shop to show me things for comparison purposes.
You might want to try doing this. It might make you feel better about spending the money for the appraisel.Comment
-
Re: Insurance Apprasial
I've had a "Classic & Collector" policy underwritten by Great American for many years; they have always asked for appraisals and photos to add cars that greatly exceed the Kelley values, and the premiums are very reasonable.Comment
-
Re: Insurance Apprasial
Really?! Hagerty is much cheaper than State Farm here in North Carolina. What type of State Farm ploicy are you using to get such great rates? My Hagerty policy is less than $200 per YEAR with $50 deductible, usual restrictions.
ShannonComment
-
Re: Insurance Apprasial
State Farm calls it classic/antique class 1S . My annual rate is $150 for stated value of $40k.(300,000 bodily injury) Hagerty wanted about double.Comment
Comment