Willie

iTrader: (1)

one of two (possibly three) in existence today. For insurance purposes. The car is basically irreplaceable, so how do I determine how much to insure it for? For those who don't know me, I was the original moderator of this forum. My car is in my signature. Scotty? Thanks!

okfoz

$25,000 Is the agreed upon value... you cannot take more than what you agree to,

scottmoyer

Willie, based on the rarity of the 87 Z28 Vert, set your value. I have about a 2:1 ratio of IROC-Z to Z28 convertibles documented. Of the 75 cars, 50 IROC-Zs and 25 Z28s, only four Z28s have the LB9 manual. Just under half of the IROC-Zs have the LB9 manual. So, in mathematical theory, there could be about 40 LB9/manual Z28 verts produced. The question is, where are they?

Based on what I'm seeing other cars sell for, Id put your car at no less than $30k for insurance. Now, appraised value and sale value are two different things. I've seen cars sell for considerably less than they are appraised for. Based on that, if the insurance company agrees that the rarity of the car makes it more valuable, you may be able to get away with insuring it for more than $30k.

Just for reference, my car is one of almost 13k IROC-Zs built with the 350 and my insurance has my car at $25k. It's not a vert and it isn't anywhere near as rare. I could probably call them tomorrow and get mine bumped to $30k without any questions.

scottmoyer

BTW, I was just researching more '87 verts and found that Mecum has high regards and expectations for the 1987 convertibles. Here is a listing in May of 2014 where they estimate the sale to be between $35k and $50k. The car has 4k miles, is an LG4 auto with fabric interior and the bid goes on at $32k. You can use this as a benchmark for insurance as to what Mecum feels these are worth. And this was for an IROC-Z, not the rarer Z28.

https://www.mecum.com/lot-detail/SC0...ble/Automatic/

eseibel67

I would be hesitant to set the agreed value too high. Realistically, it should be insured, but with the way toy cars get handled they are exposed to very low risk of a claim.


The insurance company however would certainly be very happy to charge you a higher premium. I would set the value somewhere that would just ease the pain in the unfortunate circumstance of a loss.

jharrison5

My biggest fear is not that I'm going to wreck my IROC, it's that something bad is going to happen to it when I'm not even around. My buddy Eric almost lost the '68 Stingray his dad left him because his wife's Prius caught on fire and burned up everything in the garage. The Corvette was priceless to him and he only had it insured for $10k. The actual value of the car was around $50k at the time of the fire. Luckily the car wasn't totaled, but it took him five years to fix the damage.

My IROC isn't anything special, but it's insured for $8000. Which is what it would cost me to replace it.

ray jr

iTrader: (2)

so how many 1987 z28 convertibles were made with the lb9 and a 5 speed ?

scottmoyer

We don't know. There are 1007 1987 factory convertibles built. Of that, 744 are Z28 and IROC-Z based. The majority, by 2:1 ratio, appears to be IROC-Z right now. As I continue to collect the details and locate more of them, this ratio could change. But, based on what I have now, of the almost 100 cars that I have documented, only four Z28 convertibles have the LB9/5 speed combo. So mathematically speaking, my total count is 1/10 ofthe total, so 10x the 4 could mean 40. But since math isn't reality in this case, the number could be 5 or it could be 205. Until I get all of the documentation, we can only guess.

ray jr

iTrader: (2)

Well im always looking to purchase third gens if the deal is right and I know where there is one for sale with 32k miles on it .. its all original and mint condition .. if I can get it for 17,000 do you think thats a good deal ?

scottmoyer

Let's save that for a different thread. This one is regarding the insurance requirements for a car, not the purchasing of one.

RedLeader289

iTrader: (2)

With a car that (realistically) can't be replaced the number is basically just what it would take to make your future inconsolable self feel a little bit better.

If you can get $25,000 it would be more than enough to get a good representative, low-mile, thirdgen (today). Understandably it won't most likely be exactly like your car, but it appears(by the data) that nothing is.

5-10 years down the road you just update the policy based on inflation/new appraisals.

ray jr

iTrader: (2)

ok, forget the purchasing part .. if you guys are looking to see how many are left out there i know where there is one at .. 87 zs8 conv. lb9 with a 5 speed in connecticut and its for sale ..

scottmoyer

The black and silver one? Willie and I both have spoken with the owner. He's a nice guy.

sofakingdom

iTrader: (1)

What did you pay for the car? (i.e. the # on the bill of sale)

THAT is the "agreed value", legally. You agreed to pay it, the seller agreed to accept it. Period paragraph end of story. That's all the "agree"ment there is.

Anything else you try to claim, you will have to substantiate, or pay SIGNIFICANTLY extra for; as, at that point, to the ins co, it looks like somebody trying to overinsure something and thus prepare to subsequently bogosify a GINORMOUS claim.

It helps to THINK THROUGH what goes on in the real world, from the POV of the people on BOTH SIDES of the negotiating table.

jharrison5

Sofa I don't agree with that statement at all. By your logic the car would never be able to appreciate in value as time goes on. It would make a Shelby Daytona that was bought for $4500 in 1966 worth the same amount today instead of the $4 million it's actually worth.

ray jr

iTrader: (2)

this has nothing to do what the op is talking about and really doesnt make any sense ..

okfoz

Here are the values of my car
What I paid $1,100 (in 1997)
Total Investment $35,000 (I wish I would have never added it all up)
Appraised Value $25,000 (my appraiser worked with me and asked me what I thought it was worth.)
"Agreed Value" with the Insurance company $25,000
Resale Value $8000
Wholesale Value $2000 (You have got to be kidding me, is what you tell the dealer)

John

Willie

iTrader: (1)

Thanks all for your insights. It made me think really hard. The problem is that is has a ton of sentimental value, which totally clouds the issue.

I bought the car in March 1994 from the original owner. My wife was pregnant at the time. My daughter was born June, 1994. I brought her home in this car! It has been in storage for about eight years. Three weeks ago, I pulled the car covers off, stuck a new battery in and had it towed to my house. My daughter, who is now 21, rode in it for the first time since she was a baby. It was quite the joy ride! She's been wanting to do this ever since I put it into storage

That being said, I insured it for $30k. UPDATE ON THIS BELOW!!

Willie

scottmoyer

Good choice Willie. Hopefully you went with a good insurer. I have yet to find any collector insurer that can beat the price Grundy is giving me. I also get unlimited mileage, which Hagerty and the others don't allow for their base premium.

Willie

iTrader: (1)

Grundy it is Scott. That's who I had it insured with many years ago. They still had my personal information.

I'd like to know more about the "fourth" LB9/5-speed Z28 that I don't have any info on. But that's a different topic so I'll call you this weekend.

Willie

PurelyPMD

iTrader: (3)

Does Grundy care where/when you drive the car? Hagerty seems to limit you to shows & the occasional joy ride. All of mine are with Hagerty at the moment & this morning I'm taking one of the cars out, doing some errands and will be stopping at a customer's house. I'd hate to have something happen and find out I'm not covered because of where I was going!

Bob88GTA

iTrader: (2)

I also have mine through Hagerty. I am limited to 3k a year, car shows, Ice cream, joy ride, and occasional drive to work. Your covered Chris. You are going to a Customers, which is WORK!

GASPEDDLER

iTrader: (2)

I'm with Grundy, they allow me 5k miles per year, occasional joy rides, to and from shows, no errands, no work or school, no one under 25 years of age, garage kept. I pay $220 per year for $16,000 of agreed value. I'm pleased with these requirements and the $750 yearly savings over State Farm's conventional coverage.

Willie

iTrader: (1)

I just got an e-mail from Grundy saying they will insure my car for only $13k. I'm not exactly sure what happened. I contacted Hagerty and applied. They told me they will insure it for only $14k, so I pointed them to this thread. Not sure what's going on but they are supposed to contact me within 24 hours. I'll keep you guys informed.

Willie

scottmoyer

I just called Grundy to ask about my car. They said my current policy is rated at $20.5k. I asked about increasing it and they said that with the car being almost 30 years old and looking at current sales figures for cars similar to mine, I could insure it up to $30k without issue. I would call back and ask about that. My dad has his '82 insured with Grundy for $22k. Something's not right. Tell them it's a show car.

GCrites80s

Granted, this is a motorcycle example, but I bought my 85 Yamaha RZ350 for $2700. These bikes are a real bitch to obtain in my part of the country whereas in California they are much more common. I explained to my insurance company (Progressive) that the thing would be a real hassle to replace around here and they agreed to a value of $4500 on it for time, travel and/or shipping.

okfoz

Get an appraisal... Then they would have a harder time arguing. Ask around at car shows who to use... My appraiser used to be an insurance adjuster...

TTOP350

iTrader: (8)

This is very sound advice.

okfoz

Willie, you have a very unusual car, just as unusual as my Formula 350 convertible, (probably more so) I have 39,000 miles on it, and it really is not bad condition, but sitting in the FL sun baked the paint off of it and there is a minutia of rust in some unusual places that we do not see in the salt belt. (in MI they rust from the bottom up, in FL they rust from the top down) They did not blink when I stated $15,000... Even my 87 Formula show car is stated & appraised at $25000

I have appraisals for all of my cars except my wife's Yellow Hard top LB9/MM5

John

FrankieRider2

When I had my GTAs insured with Grundy, they were covered for $15,000 each agreed value and all Grundy wanted was a photo of each car and a photo of the locked shop they were stored in. That's it.

I have State Farm Specialty Car insurance now, but I'm strongly considering going back to Grundy in the near future.

subroc

iTrader: (2)

I have my iroc insured through hargarty for 15k. Granted its not a rare car but it has a lot done to it and is an occasional show car. I am not limited to mileage either the way i did it. Ive driven it up to MA and out to the Cape from my home.

okfoz

Honestly, I have looked into Hagerty & Grundy for insurance on my cars, the reason I have not pulled the switch is, it is less expensive for me to insure them through my regular insurer, and I have a stated value.

I do not remember the exact particulars, but this is an example of what I came up against. Since I live in Michigan, I cannot drive my cars for half of the year, and honestly I am lucky to get from May thru Sept (I could drive it more, but I do not), and they basically rest in the barn until summer. So I put them into "Storage" Which is basically Comp, Fire, theft, glass breakage, etc.
Here is the example I remember:

87 Formula $25,000 stated value
1 full year of storage cost $125.00
1 full year of full coverage $800.00
If I simply have full coverage on the car for 6 months, then that is only $400 + $62.50 for the comp the other half of the year. Therefore I paid $462.50 for insurance (If I drive it for 6 months).

Grundy 7 Hagarty wanted around $500 for the year, AND I am limited to where and when I can drive it. The only time I really get a chance to drive my car is to and from work, I work in a place where someone is watching it all day long as the door is open.

PurelyPMD

iTrader: (3)

What company is that John? I have Allstate for my regular vehicles & have been talking to my agent about my older cars but he's telling me they don't have agreed value. My son is 20 & would like to drive some of them to work & sometimes out in the evening but with the Hagerty policy, I'm not covered if he does.

DynoDave43

iTrader: (11)

I'd be a little careful here...Stated Value and Agreed Value are not the same. All of the agreed values I have found do have restrictions, but I chose to live with those and have true agreed value in case of a loss.

https://www.lelandwest.com/stated-va...-insurance.cfm

https://www.hagerty.com/articles-vid...Value-coverage

okfoz

It is thru Citizens Insurance, part of Hanover Insurance.

I state I drive them less than 3K per year, which is way above what I actually drive.

John