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59 four by four
11-04-2006, 08:11 PM
Hi gang...

I'm thinking about "stepping up to the plate" and having my rig appraised. And I thought I would ask you all if anyone has done the same thing with their treasured vehicles. If so, what was the outcome; was the appraisal in line or off base?

My next question regards insurance. I haven't insured my rig yet. Is it possible to get coverage for replacement value? And then, perhaps this is a no brainer, do you insure the rig based on the appraisal?

I sincerely appreciate your comments..

thanks,


B. Bandy

Swifster
11-04-2006, 09:18 PM
I can't comment on the appraisal because I've never had one done, but I've been in insurance claims for 20 years and can give you more guidance in this are. There are two types of collector policies, 'stated value' and 'agreed value'.

A 'Stated Value' policy will pay in one of three ways. The "Stated Amount" form states the insurance company will pay the lesser of:

1) The Stated Amount or

2) The cost to repair the covered auto not to exceed the "Stated Amount" or

3) The "Actual Cash Value"

The "Stated Amount" helps determine the premium cost.

It does not guarantee you a settlement amount that reflects the value of the car when a loss occurs. The "Actual Cash Value" language allows the claims adjuster to settle your loss for an amount less than the "Stated Amount".

An "Agreed Value" policy will pay the amount agreed upon by the insurance company and the policy holder, and this is typically based on the appraisal. Most collector car insurance companies such as Hagerty and Grundy use this type of policy.

State Farm, and a few others, use "Stated Value" policies. I tend to think these should be shied away from. "Agreed Value" policies are the way to go.

The other problem with S/V is that the adjuster has to have some type of knowledge of the car he's dealing with. While there are some car guys like myself, most others have no clue.

Another thing to look at is mileage limitations. Companies like Hagerty and Grundy have no mileage limitations. Some, such as Great American sell their policies with 5000 and 7500 mile per year limitations. If you exceed those limitations and have a loss, they can deny the claim.



---------------------------------------------------------------------------------------------------
Tom - Lakeland, FL

1964 Studebaker Daytona

Michigan Speed - www.michiganspeed.com
Club Hot Rod - www.clubhotrod.com
LS1 Tech - www.ls1tech.com

Swifster
11-04-2006, 09:18 PM
I can't comment on the appraisal because I've never had one done, but I've been in insurance claims for 20 years and can give you more guidance in this are. There are two types of collector policies, 'stated value' and 'agreed value'.

A 'Stated Value' policy will pay in one of three ways. The "Stated Amount" form states the insurance company will pay the lesser of:

1) The Stated Amount or

2) The cost to repair the covered auto not to exceed the "Stated Amount" or

3) The "Actual Cash Value"

The "Stated Amount" helps determine the premium cost.

It does not guarantee you a settlement amount that reflects the value of the car when a loss occurs. The "Actual Cash Value" language allows the claims adjuster to settle your loss for an amount less than the "Stated Amount".

An "Agreed Value" policy will pay the amount agreed upon by the insurance company and the policy holder, and this is typically based on the appraisal. Most collector car insurance companies such as Hagerty and Grundy use this type of policy.

State Farm, and a few others, use "Stated Value" policies. I tend to think these should be shied away from. "Agreed Value" policies are the way to go.

The other problem with S/V is that the adjuster has to have some type of knowledge of the car he's dealing with. While there are some car guys like myself, most others have no clue.

Another thing to look at is mileage limitations. Companies like Hagerty and Grundy have no mileage limitations. Some, such as Great American sell their policies with 5000 and 7500 mile per year limitations. If you exceed those limitations and have a loss, they can deny the claim.



---------------------------------------------------------------------------------------------------
Tom - Lakeland, FL

1964 Studebaker Daytona

Michigan Speed - www.michiganspeed.com
Club Hot Rod - www.clubhotrod.com
LS1 Tech - www.ls1tech.com

Swifster
11-04-2006, 09:20 PM
One other thing. Get appraisals done annually, or at minimum, bi-annually. This is the amount that you will be paid on. If the car increases in value and you don't update the policy, you'll lose during a loss.

---------------------------------------------------------------------------------------------------
Tom - Lakeland, FL

1964 Studebaker Daytona

Michigan Speed - www.michiganspeed.com
Club Hot Rod - www.clubhotrod.com
LS1 Tech - www.ls1tech.com

Swifster
11-04-2006, 09:20 PM
One other thing. Get appraisals done annually, or at minimum, bi-annually. This is the amount that you will be paid on. If the car increases in value and you don't update the policy, you'll lose during a loss.

---------------------------------------------------------------------------------------------------
Tom - Lakeland, FL

1964 Studebaker Daytona

Michigan Speed - www.michiganspeed.com
Club Hot Rod - www.clubhotrod.com
LS1 Tech - www.ls1tech.com

studegary
11-05-2006, 11:10 AM
An appraisal is only as good as the person doing it. Typically, an appraisal is based on recent actual sales. If you have a '57 Chevrolet, that is easy. With most Studebakers, there is a small sampling. With a 4X4 truck, there is almost nothing, in the way of actuals, to go on, except that one 4X4 that changed hands for about $50K, but that was a near perfect example. That truck would skew any reasonable numbers for average 4X4 trucks. I would suggest trying the free route first, assuming that you are a member of SDC (join if you aren't). Use SDC's free vehicle insurance appraisal service. The SDC appraiser is probably more familiar with Studebakers than most appraisers that you have to spend 100s of dollars for. I second the comment about agreed value insurance.

Gary L.
Wappinger, NY

1959 DeLuxe pickup (restomod)

studegary
11-05-2006, 11:10 AM
An appraisal is only as good as the person doing it. Typically, an appraisal is based on recent actual sales. If you have a '57 Chevrolet, that is easy. With most Studebakers, there is a small sampling. With a 4X4 truck, there is almost nothing, in the way of actuals, to go on, except that one 4X4 that changed hands for about $50K, but that was a near perfect example. That truck would skew any reasonable numbers for average 4X4 trucks. I would suggest trying the free route first, assuming that you are a member of SDC (join if you aren't). Use SDC's free vehicle insurance appraisal service. The SDC appraiser is probably more familiar with Studebakers than most appraisers that you have to spend 100s of dollars for. I second the comment about agreed value insurance.

Gary L.
Wappinger, NY

1959 DeLuxe pickup (restomod)

BShaw
11-05-2006, 07:30 PM
Bill Oliver offers the SDC appraisal service. His contact information is on our contacts page. Scroll down to the bottom.

http://www.studebakerdriversclub.com/sdccontacts.asp

BShaw,Webmaster
http://i61.photobucket.com/albums/h53/StudeRobert/StudeWebService-small.gif
60 Hawk. 49 2R5, 39 Champion
Woodbury, Minnesota

BShaw
11-05-2006, 07:30 PM
Bill Oliver offers the SDC appraisal service. His contact information is on our contacts page. Scroll down to the bottom.

http://www.studebakerdriversclub.com/sdccontacts.asp

BShaw,Webmaster
http://i61.photobucket.com/albums/h53/StudeRobert/StudeWebService-small.gif
60 Hawk. 49 2R5, 39 Champion
Woodbury, Minnesota

55Studebaker
11-06-2006, 12:17 PM
If you insure with Grundy, they will insure your classic car with "Agreed Value", this is you tell them what you believe your vehicle is worth, as long as it is in line and reasonable they insure the car pretty much no questions asked. If the price is out of line they will ask you to get an appraisal before they insure it. Also if you want to change the value that the car is worth after you have insured it you will need to get an appraisal as well.

I have 3 cars insured with them and haven't had any problems.

John Reich
Long Island Chapter Spotlight Editor & Webmaster
1955 Studebaker President Stude Powered Street Rod
1960 Studebaker Lark VI (project)
1971 Avanti II w/4-speed(For Sale)

Check out the new Long Island Chapter Merchandise @ www.cafepress.com/listudebaker

55Studebaker
11-06-2006, 12:17 PM
If you insure with Grundy, they will insure your classic car with "Agreed Value", this is you tell them what you believe your vehicle is worth, as long as it is in line and reasonable they insure the car pretty much no questions asked. If the price is out of line they will ask you to get an appraisal before they insure it. Also if you want to change the value that the car is worth after you have insured it you will need to get an appraisal as well.

I have 3 cars insured with them and haven't had any problems.

John Reich
Long Island Chapter Spotlight Editor & Webmaster
1955 Studebaker President Stude Powered Street Rod
1960 Studebaker Lark VI (project)
1971 Avanti II w/4-speed(For Sale)

Check out the new Long Island Chapter Merchandise @ www.cafepress.com/listudebaker

JBOYLE
11-06-2006, 12:41 PM
quote:Originally posted by 55Studebaker
Also if you want to change the value that the car is worth after you have insured it you will need to get an appraisal as well.



Not necessarily. My collector car insurance company (American Collectors) operates the same way...no appraisal if it's within common sense, but if I want to up the insurance value to cover any market trends, I don't need to get a new appraisal. At least I haven't had to in the past.

63 Avanti R1 2788
1914 Stutz Bearcat
(George Barris replica)

Washington State

JBOYLE
11-06-2006, 12:41 PM
quote:Originally posted by 55Studebaker
Also if you want to change the value that the car is worth after you have insured it you will need to get an appraisal as well.



Not necessarily. My collector car insurance company (American Collectors) operates the same way...no appraisal if it's within common sense, but if I want to up the insurance value to cover any market trends, I don't need to get a new appraisal. At least I haven't had to in the past.

63 Avanti R1 2788
1914 Stutz Bearcat
(George Barris replica)

Washington State