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Car value for insurance
Posted by: kaminski45 ()
Date: August 19, 2021 10:04AM

Going to get insurance for my 64 Spyder through Hagerty. So far I've rebuilt and powder coated the front and rear suspension with new Konis and springs on all for corners. The transmission has been rebuilt and the diff changed and rebuilt to a posi with 4 spider gear upgrade. The carb and turbo have both been rebuilt, new ignition system, new exhaust, and the engine had a majority of the seals replaced. Been converted to front disk and dual master cylinder with new lines and rebuilt rear drums. The steering has been rebuilt minus the steering box. New main and engine harness also. What would be a good value of the car. The only rust on the car is a above the passenger headlight and the seam in the bottom of the trunk. Other than that the body is solid. The interior is in good shape but shows its age. All glass is good. Was thinking of a $6000 value, but know I have more into it. Is that too much or to little? Looking for thoughts.

64 Spyder

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Re: Car value for insurance
Posted by: Carburetor ()
Date: August 19, 2021 10:24AM

Sounds like a nice car - have you tried Hagerty's online valuation tool?

(Hopefully this link comes across correctly).

[www.hagerty.com]

Jim C.
Chesterfield, MI

1966 Monza convertible (140 / PG)
2017 Chevrolet Trax (daily driver)
2017 Chevrolet Volt (wife's ride)


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Re: Car value for insurance
Posted by: 66vairman ()
Date: August 19, 2021 10:26AM

Other discussions here indicate Hagerty will insure to a "guaranteed value" sometimes called "agreed value".

However they don't want someone buying an old junker and insuring it for far more than it's worth and then trying to collect after "it was stolen".

I know, hard to believe some folks are so dishonest in the old car hobby - LOL!!!

So ---- add your car's purchase price and cost of improvements you've made and if the value of your Corvair is within the average price range you should have no issues. If you've spent a lot of money on a custom paint job (or other work/parts), then they might ask for details and pictures to justify a higher than normal agreed on value.

After replacing the interior, or rebuilding the drivetrain I have asked for the agreed value to be increased and after a few questions Hagerty increased the cars value --- of course my premium went up a little.

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Re: Car value for insurance
Posted by: jcorvair ()
Date: August 19, 2021 10:38AM

My '65 Corsa turbo vert is insured for $55,000 CDN and my '66 140 Corsa coupe is insured at $40,000 CDN, both through Hagerty. Both are concours restorations mind you. Vert is almost what I have into it, but the coupe is about $30,000 below what it cost to buy and restore. I find that if you get the right person at Hagerty a good deal can be struck.

James
West Kelowna, BC

1965 Corvair, Corsa, Convertible 180/4 - Artesian Turquoise w/ white interior
1966 Corvair Corsa Coupe, 140/4 - Aztec Bronze w/ black interior
2019 Express Car Hauler (Aluminum, Enclosed)
2015 Polaris 570 EPS
2016 Polaris 570 SP
2020 Outdoors RV 25RLS
2020 Corvette HTC 3LT,Z51,FE4
2021 Toyota Tacoma (VooDoo)
2021 Silverado 3500HD Crew Cab 4x4 (for hauling cars, trailers, fifth wheels, quads, etc.)

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Re: Car value for insurance
Posted by: playerpage ()
Date: August 19, 2021 12:42PM

I have my car insured for an agreed upon value with Hagerty, but maybe I'll look into upping it after doing the engine work and installing the Nash fan.

Do they recognize the value of some of those things?

So, if the car is cashed out because of insurance, do they haul it away or do they let you keep the leftovers? In three years I never thought to ask.

Eric C. Player
Fargo, North Dakota
MEMBER: CORSA National, Central Coast CORSA, South Coast CORSA, Vintage CORSA, Sfba CORSA, and Great Plains Corvair Club.
THEN: 1965 Monza 110, Canary Yellow - 1965 Corsa 180 Turbo, Red - 1966 Monza 110, Purple - 1967 Monza 140, Red - 1966 500 110, Black; nicknamed "Shadow" - 1965 Monza 110, Camaro Yellow; nicknamed "Silver"
NOW: 1966 Corsa 180 Turbo, Blue; nicknamed "Bluvair"
---------------------------------------
"He cautioned me not to take notes. It would not have helped if I had, as he would start a paragraph with, 'It is therefore obvious. . .'
and go on from there to matters which may have been obvious to him and God but to no one else."
-- Robert A. Heinlein, character of Daniel B. Davis, 'The Door Into Summer.'

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Re: Car value for insurance
Posted by: 110PG ()
Date: August 19, 2021 01:23PM

Eric, If they total it out, they will usually obtain a salvage value. You can usually buy it back for that amount.

Joe
Western WI
66 Corsa Convertible
VCCA #

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Re: Car value for insurance
Posted by: playerpage ()
Date: August 19, 2021 01:43PM

Thanks for that.

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Re: Car value for insurance
Posted by: Caraholic4life ()
Date: August 19, 2021 02:20PM

I carry regular insurance on all my vehicles, collector or not.

When a vehicle is insured with Collector, Historic, Antique insurance the carrier will sometimes place restrictions or conditions in the policy.

Some of the restrictions I am aware of include when and where the vehicle can or can not be driven.
Stopping for a gallon of milk on the way home from a club meeting is a big No No for some carriers. Driving it to work may also be a No No to some carriers.

Some carriers insist the vehicle be kept in a securely locked garage while others say a carport is acceptable or behind a fence while others may not care.

Here in Maryland, we are specifically, no longer permitted to drive Historic tagged vehicles to work or school and must have Historic Vehicle Insurance rather than regular insurance for some odd reason. (It is the insurnce carrier that puts additional conditions on the vehicle & owner)

It seems the Historic plates have been abused enough that some "Do Gooder" with influence got this put these new laws and restrictions into place a couple years back.
The funny thing is it did not seem to stop the abuse since there is no apparent enforcement.

Last year when I registered my 1965 Monza convertible, I put it through a Maryland inspection, put regular tags and insurance on it because I do not want anyone trying to tell me where and when I can drive my vehicle or where I must park it. Yeah...I'm old and set in my ways AKA Stubborn!

I pay more for insurance but have less restrictions.
I carry full coverage including liability collision and comprehensive with the highest coverage available and the lowest deductibles.
In the event of a complete loss, I will get "Actual Cash Value" instead of an agreed value and that works for me.

1962 95 F.C. Van
1964 Greenbrier Deluxe
1965 Monza Coupe
1965 Monza Convertible
Westminster, Maryland

MID ENG enthusiast &
prior Kelmark owner.

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Re: Car value for insurance
Posted by: RexJohnson ()
Date: August 19, 2021 04:00PM

If a car gets totaled it is still your car until the insurance company settles with you. They don't automatically get ownership. Yes you will get less money if you keep your car.

RJ tools
Salem,Oregon

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Re: Car value for insurance
Posted by: joelsplace ()
Date: August 19, 2021 06:15PM

Hagerty has an option to keep your car in case of a total. It costs extra of course. I think I pay an extra $100/yr but I have 13 cars with them.

Joel
Northlake, TX
5 Ultravans, 123 Corvairs and counting...

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Re: Car value for insurance
Posted by: Frank DuVal ()
Date: August 19, 2021 09:21PM

Quote
Joel
Hagerty has an option to keep your car in case of a total. It costs extra of course.

Weird. Of course, we have to remember there are 50 states with 50 different insurance rules! It may be Hagerty in all 50 states, but they follow the state's rules.winking smiley

Here in Virginia I've never heard of a person being denied ability to "buy back" a car. Priced too high, yes, denied, no. For a long time it was about 15% of ACV, but sometimes they would get bids from salvage operators, and if the model was popular, the price went up.

Does your policy state what the buy back will be in dollars or percent?

Frank DuVal

Fredericksburg, VA

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Re: Car value for insurance
Posted by: gbullman ()
Date: August 20, 2021 05:59AM

Each state is so different when it comes to collectible cars! NJ Historic License Plates are quite restrictive but those restrictions are seldom enforced, in fact most police officers I’ve talked to are not aware of them.

In NJ how you insure the vehicle is pretty much independent of how you register it. My only “restrictions” from Hagerty are that my classic won’t be my primary car and currently I agree to drive it 3000 or less miles per year (will need to up that soon). The occasional drive to work is fine, I can drive it whenever and wherever I want as long as I have another car I consider my primary.

My 66 has a standard registration with Hagerty Insurance works great for me. The regular registration was an easy decision since NJ did away with vehicle inspections for pre-OBD II cars a few years back.

Historic plates would save me the annual registration (1 time fee vs ~ $40 per year) but technically I could only drive it to/from shows, repairs or educational events and I would not be allowed to drive it at night.

It is amazing how different each state is in this area.


Gary
1966 Corsa Convertible
Northern New Jersey


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Re: Car value for insurance
Posted by: MonzaDave ()
Date: August 20, 2021 06:48AM

playerpage Wrote:
-------------------------------------------------------

> So, if the car is cashed out because of insurance, do they haul it away or do they let you keep the leftovers? In three years I never thought to ask.

For an additional fee on top of your regular insurance, they let you keep, at no charge, whatever is left after the car is totaled -- or you can buy it for the salvage value.

Dave Keillor
Rochester, MN

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Re: Car value for insurance
Posted by: Frank DuVal ()
Date: August 20, 2021 09:50AM

Quote
Dave
For an additional fee on top of your regular insurance, they let you keep, at no charge, whatever is left after the car is totaled -- or you can buy it for the salvage value.

?? Contradicting statements, or something is in those dashes.

Frank DuVal

Fredericksburg, VA

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Re: Car value for insurance
Posted by: MonzaDave ()
Date: August 21, 2021 07:27AM

Frank DuVal Wrote:
-------------------------------------------------------
>
Quote
Dave
> For an additional fee on top of your regular insurance, they let you keep, at no charge, whatever is left after the car is totaled -- or you can buy it for the salvage value.
>
>
> ?? Contradicting statements, or something is in those dashes.

Yes, contradicting. If you pay the extra, you keep the remains. If you don't pay the extra, you can buy it for salvage. I pay the extra for the Corvair because it has a lot of expensive mods. I don't pay it for the Nova because it's basically stock.

Dave Keillor
Rochester, MN

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Re: Car value for insurance
Posted by: Frank DuVal ()
Date: August 21, 2021 08:36AM

Now it makes sense, it is a CHOICE one makes. That is what was missing from the original statement.

Frank DuVal

Fredericksburg, VA

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